Holding in Company

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Avocet Mining PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

No

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

No

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

Yes

An event changing the breakdown of voting rights

No

Other (please specify):

No

3. Full name of person(s) subject to thenotification obligation: iii

Elliott Capital Advisors, L.P (for itself and related general partners and investment managers)

4. Full name of shareholder(s)  (if different from 3.):iv

Elliott International, L.P, Elliott Associates LP

Liverpool Limited Partnership, Manchester Securities Corp

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

1st October 2013

6. Date on which issuer notified:

3rd October 2013

7. Threshold(s) that is/are crossed orreached: vi, vii

28%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary Shares

GB0000663038

25,695,037

25,695,037

25,695,037

25,695,037

12.9053%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

CFD over Ordinary Shares

GB0000663038

29,648,233

14.8908%

Warrants over Ordinary Shares

GB0000663038

40p

03/06/2016

Until 03/06/2016

3,000,000

(Delta Adj 903,102)

0.4536%

Warrants over Ordinary Shares

GB0000663038

40p

02/09/2016

Until 02/09/2016

1,000,000

(Delta Adj 321,421)

0.1614%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

56,567,793

28.411%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

Based on voting rights as of 1st October 2013. Disclosure based on Delta adjusted position

14. Contact name:

Michael Cross

15. Contact telephone number:

0203 009 1305