Issue of Equity - Placing

RNS Number:6804P
Avocet Mining PLC
12 September 2003

                               AVOCET MINING PLC



                   ISSUE OF EQUITY AND APPOINTMENT OF BROKER





Avocet Mining PLC ("the Company") is pleased to announce that Evolution Beeson
Gregory Limited ("EVBG") has placed 23,900,000 new ordinary shares of 25p each
in the Company ("Ordinary Shares") on behalf of the Company with institutional
investors at a price of 42.75 pence per new Ordinary Share, raising #10.2
million gross for the Company ("the Placing").



The proceeds of the Placing will be used to develop the Company's North Lanut
project in Indonesia and for exploration at its other properties.



The Company is also pleased to announce that it has appointed Evolution Beeson
Gregory Limited to act as the Company's broker with immediate effect.



The Placing is conditional, inter alia, upon admission of the new Ordinary
Shares to AIM becoming effective on or before 19 September 2003 or such later
date as the Company and EVBG may agree.



The new Ordinary Shares will on admission rank pari passu in all respects with
the existing Ordinary Shares in the Company and application is being made for
the new Ordinary Shares to be admitted to the Alternative Investment Market
("AIM"). Admission of the new Ordinary Shares to AIM is expected to become
effective by 19 September 2003.



The Company's principal activities are gold mining and exploration in Malaysia
(as 100% owner of the Penjom mine, the country's largest gold producer),
Tajikistan (as 49% owner and operator of the Zeravshan Gold Company,
Tajikistan's principal gold mine), and Indonesia (as 80% owner of the North
Lanut gold project in North Sulawesi).









________________________________________________________________________________

For further information please contact:

Avocet Mining PLC                                   Evolution Beeson Gregory

John Catchpole (Chief Executive)                    Rob Collins

Jonathan Henry (Finance Director)                   020 7071 4300

020 7907 9000                                       Grant Thornton

www.avocet.co.uk                                    Fiona Kindness

                                                    0870 991 2520


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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