16th Mar 2012 12:30
Resignation of Non-Executive Director
Avocet Mining PLC ("Avocet" or "the Company") today announces that Harald Arnet has resigned from the Board of Directors, after nearly three years as a Non-Executive Director. This follows the successful placement this morning of the 23.7 million shares in Avocet held by Datum AS, of which Harald is Chief Executive, at a price of 200 pence
Commenting on the resignation, Avocet Chairman Russell Edey said:
"Since Harald joined our board in 2009, Avocet has grown significantly in West Africa - it has commenced production at the Inata mine; it has doubled its Mineral Resources and Mineral Reserves, and has advanced its projects in two countries. Avocet is on track to treble gold production to over 500,000 ounces by 2015, within one of the most prospective gold regions in the world. On behalf of the whole Board, I would like to thank Harald for his strong contribution to this successful development and for his original vision in respect of the Inata asset. We wish him and Datum AS well in their future endeavours."
For further information please contact
Avocet Mining PLC | BuchananFinancial PR Consultants | J.P. Morgan CazenoveLead Broker | Arctic SecuritiesFinancial Adviser & Market Maker | SEB Enskilda Market Maker |
Brett Richards, CEOMike Norris, FDAngela Parr, IR | Bobby MorseJames Strong | Michael Wentworth-StanleyNeil Passmore | Arne WengerPetter Bakken | Fredrik Cappelen |
+44 20 7766 7676 | +44 20 7466 5000 | +44 20 7588 2828 | +47 2101 3100 | +47 2100 8500 |
Notes to Editors
Avocet Mining PLC is a gold mining and exploration company listed on the London Stock Exchange (Ticker: AVM.L) and the Oslo Børs (Ticker: AVM.OL). The Company's principal activities are gold mining and exploration in West Africa.
In Burkina Faso the Company owns 90% of the Inata Gold Mine. The deposit at Inata currently comprises a Mineral Resource of 3.46 million ounces and a Mineral Reserve of 1.85 million ounces. The Inata Gold Mine poured its first gold in December 2009 and produced 167,000 ounces of gold in 2011.
Other assets in Burkina Faso include eight exploration permits in surrounding the Inata Gold Mine in the broader Bélahouro region. The most advanced of these projects is at Souma, some 20 kilometres from the Inata Gold Mine, where a Mineral Resource of 0.56 million ounces exists.
In Guinea, Avocet owns twelve exploration licenses in the north east of the country. Mineral Resource development has been ongoing since 2005 and the project at Tri-K is the most advanced. Within the Tri-K project, Koulékoun has a Mineral Resource of 1.83 million ounces and Kodiéran of 0.4 million ounces.
Related Shares:
AVM.L