Avocet Mining PLC Arbitration verdict received (2487K)

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RNS Number : 2487K

Avocet Mining PLC

29 December 2015

29 December 2015

Arbitration verdict received

Avocet Mining PLC ("Avocet" or the "Company") announces that a verdict in respect of the arbitration between the Company and J&Partners has now been received.

The arbitrator ordered that each side should pay for their own costs, which means that no other fees in respect of the arbitration are now payable by Avocet. This has removed an important threat to the short-term liquidity of the Company.

The verdict found in favour of Avocet in almost all aspects, however the implications of those areas that remain unresolved are unclear. The Company is taking legal advice, to understand what residual risks might remain in this matter.

FOR FURTHER INFORMATION PLEASE CONTACT

 
Avocet Mining PLC      Bell Pottinger             J.P. Morgan Cazenove 
                        Financial PR Consultants   Corporate Broker 
=====================  =========================  ========================= 
David Cather, CEO      Daniel Thöle          Michael Wentworth-Stanley 
 Jim Wynn, FD 
---------------------  -------------------------  ------------------------- 
[phone]/2572  [phone]           [phone] 
 

NOTES TO EDITORS

Avocet Mining PLC ("Avocet" or the "Company") is an unhedged 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 Inata Gold Mine poured its first gold in December 2009 and produced 86,037 ounces of gold in 2014. Other assets in Burkina Faso include five exploration permits surrounding the Inata Gold Mine in the broader Bélahouro region. The most advanced of these projects is Souma, some 20 kilometres from the Inata Gold Mine.

In Guinea, Avocet owns 100% of the Tri-K Project in the north east of the country. Drilling to date has outlined a Mineral Resource of 3.0 million ounces, and in October 2013 the Company announced a maiden Ore Reserve on the oxide portion of the orebody, which is suitable for heap leaching, of 0.5 million ounces. As an alternative, the potential exists to exploit the entire 3.0 million ounce Tri-K orebody via the CIL processing method. The Company announced on 2 April 2015 that an exploitation permit had been awarded for Tri-K.

This information is provided by RNS

The company news service from the London Stock Exchange

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December 29, 2015 02:01 ET (07:01 GMT)