2nd Feb 2005 07:00
Avocet Mining PLC02 February 2005 AVOCET MINING PLC THIRD QUARTER GOLD PRODUCTION Avocet Mining announces gold production of 40,688 ounces for the third quarterending 31 December 2004 (compared with 44,712 ounces for the same period lastyear), and 122,695 ounces for the first nine months ended 31 December 2004(135,124 ounces). Gold production from Penjom in Malaysia amounted to 28,576 ounces for thequarter (32,074 ounces) and 87,585 ounces for the first nine months (94,381ounces). The lower gold production corresponds to a reduction in ore tonnesprocessed due to planned overhauls of the plant for improving and sustaining itsperformance over the expanding life of Penjom's mineral resources. Production from the Zeravshan Gold Company (ZGC) in Tajikistan was 11,437 ouncesfor the quarter (12,638 ounces) and 34,435 ounces for the first nine months(40,743 ounces). Production has been constrained as ZGC undergoes an expansionprogramme that includes pre-stripping waste from the main pit, additions to themining fleet and the building of a dump leach facility. These elements of theexpansion programme are scheduled for completion in mid 2005. Production from the North Lanut dump leach mine in Indonesia commenced inOctober 2004 as planned with an inaugural gold pour of 675 ounces. Since thengold has been accumulated in solution while open pit mining and plant operationsare brought to their full capacities. John Catchpole, Chief Executive Officer, commented: "Penjom continues to perform well. At ZGC, we are starting to see the benefitsof new investments following the corporate restructuring finalised lastNovember. We remain optimistic that ZGC's expansion programme for 2005 willresult in an increase in production to the targeted annual rate of 100,000ounces over the next 15 months. With North Lanut just having come on stream weexpect to reach optimisation within the next 3 months when annualised productionof over 60,000 ounces is planned. Combined with an expanding pipeline of goldprospects in Central and South East Asia, we look forward to the future withconsiderable confidence" Avocet is a mining company listed on the AIM market of the London StockExchange. The Company's principal activities are gold mining and exploration inMalaysia (as 100% owner of the Penjom mine, the country's largest goldproducer), Tajikistan (as 75% owner of the Zeravshan Gold Company, Tajikistan'sprincipal gold mine), and Indonesia (as 80% owner of the North Lanut gold minein North Sulawesi). __________________________________________________________________________________________________ For further information please contact: Avocet Mining PLC John Catchpole (Chief Executive) Jonathan Henry (Finance Director) 020 7907 9000 www.avocet.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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