9th Jul 2007 07:30
Avocet Mining PLC09 July 2007 COMPLETION OF ZGC DISPOSAL Avocet Mining PLC ("Avocet" or "the Company"), the gold production andexploration company with assets focused on South East Asia, announces that,following the Chinese Government's approval, it has completed the sale of itsentire interest in ZGC, its operation in Tajikistan, to a wholly ownedsubsidiary of Zijin Mining Group Company Limited ("Zijin"), for a total cashconsideration of US$55.1 million, of which US$10 million is contingent on thegranting to ZGC of an exploration or mining licence in relation to certain areasof interest located in the vicinity of the current mining operations. Avocet will record an exceptional profit on the sale of approximately US$20million after associated costs, in the current financial year to 31 March 2008,assuming the receipt of the contingent payment. Preliminary Results to 31 March 2007 As previously announced, Avocet will be announcing its results for the twelvemonths to 31 March 2007 on Wednesday 11 July. A presentation to investors andanalysts will take place at the Stationers' Hall, Ave Maria Lane, London EC4M,at 11am on the day of the results. Commenting on the completion of the sale of ZGC, Jonathan Henry, ChiefExecutive, said: "We are pleased to have completed the disposal of our interest in ZGC - theCompany can now focus its resources and energy on its developing portfolio ofproduction and exploration projects in South East Asia.". ________________________________________________________________________________ For further information please contact: Avocet Mining PLC Buchanan Communications Grant Thornton Corporate Finance Jonathan Henry, Chief Executive Officer Bobby Morse, Director Fiona Kindness, Director Mike Norris, Chief Financial Officer Nick Melson, Manager 020 7728 3414 020 7907 9000 020 7466 5000 www.grant-thornton.co.uk www.avocet.co.uk www.buchanan.uk.com Notes to Editors Avocet is a mining company listed on the AIM market of the London Stock Exchange(Ticker: AVM). The Company's principal activities are gold mining andexploration in Malaysia (as 100% owner of the Penjom mine, the country's largestgold producer), and Indonesia (as 80% owner of the North Lanut gold mine andBakan project in North Sulawesi). The Company has a number of advanced miningand exploration projects in South East Asia and owns significant interests inDynasty Gold and Monument Mining, both Toronto Venture Exchange listed companieswith interests in Western China and Malaysia, respectively. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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