26th Apr 2006 07:01
Avocet Mining PLC26 April 2006 Avocet Mining PLC 26 April 2006 YEAR END AND FOURTH QUARTER GOLD PRODUCTION Avocet Mining PLC ("Avocet" or "the Company") announces that total goldproduction for the financial year ended 31 March 2006 amounted to 208,526 ounces(2005: 172,938 ounces), and included fourth quarter production of 49,932 ounces(Q4 2005: 50,264 ounces). Gold production from Penjom in Malaysia amounted to 28,257 ounces for the fourthquarter (Q4 2005: 32,260 ounces) bringing Penjom's total production for thefinancial year to 117,679 ounces (2005: 119,850 ounces). Production from JV Zeravshan LLC (ZGC) in Tajikistan for the fourth quarter was7,972 ounces (Q4 2005: 9,827 ounces), bringing total production for thefinancial year to 36,328 ounces (2005: 44,241 ounces). As was reported on 20March 2006, current operations at Jilau are concentrated on waste removal at theJilau Pit where the Company expects to reach consistent high grade ore by thesummer of 2006. This should allow the operation to return to break even cashflow with a substantial pick up in gold production. Stripping costs continue tobe expensed. Production from North Lanut in Indonesia amounted to 13,703 ounces for thefourth quarter (Q4 2005: 8,177 ounces) bringing total production for thefinancial year to 54,520 ounces (2005: 8,852 ounces). Total unaudited cash costs for the group are estimated to be US$300/oz for thefinancial year (2005: US$278/oz), with an average gold price received of US$437/oz (2005: US$414/oz) for sales of 207,995 ounces (2005: 171,092 ounces). It isnoted that gold sales included 48,000 ounces sold into an historical gold hedgeat an average price of US$302/oz. As of today's date 10,000 ounces at US313/ozremain to be sold into the hedge prior to the end of June 2006. Full details of each operation, including updated resources and reserves, willbe announced at the time of the Company's preliminary year end audited resultsdue on 12 July 2006. The Company notes that it expects the year end results willfall within analysts' current estimates. 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 and operator of the ZGC, Tajikistan'sprincipal gold mine), and Indonesia (as 80% owner of the North Lanut gold minein North Sulawesi). The Company has a number of advanced mining and explorationprojects in Asia and owns 26% of Dynasty Gold Corporation, a Canadian listedexploration company active in Western China.________________________________________________________________________________ For further information please contact:Avocet Mining PLCJohn Catchpole (Chief Executive)Jonathan Henry (Finance Director)020 7907 9000www.avocet.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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