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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Antares Vision Spa | AQEU:AVM | Aquis Europe | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -0.59% | 3.39 | 3.39 | 3.41 | 3.45 | 3.39 | 3.395 | 1,428 | 16:27:28 |
RNS Number:1466M Avocet Mining PLC 11 June 2003 Avocet Mining PLC 7th Floor 9 Berkeley Street London W1J 8DW Tel +44 (0) 20 7907 9000 Fax +44 (0) 20 7907 9019 E-mail avocetmining@avocet.co.uk www.avocet.co.uk AVOCET COMPLETES POSITIVE FEASIBILITY STUDY IN INDONESIA Avocet Mining is pleased to announce that it has completed a positive and bankable feasibility study at the Company's North Lanut project in Indonesia. With an average gold recovery rate of 73%, the mine will produce about 50,000 ozs. of gold per year for five years. Pre-production capital costs are estimated at US$11 million, including contingencies. At a gold price of US$350/oz., and given total cash operating costs that average US$188/oz., pre-tax financial results show a net present value of US$15 million at a discount rate of 10% p.a., and an internal rate of return of 45%. There is scope for improvements in these results. The Company is now proceeding to obtain all the necessary permits that are required to construct and operate the mine. A construction and mine management team is being assembled and the Company has commenced discussions with various parties on a financial package for the mine's construction and working capital requirements. The feasibility study has been prepared by Avocet with the support of independent consultants and organisations, including: RSG Global (ore resources), Knight Piesold (geotechnical, civil engineering and water quality), Kappes Cassidy (metallurgy and plant) and the Sam Ratulangi University (social and environment). The North Lanut project is designed to be an open pit mine using dump leaching for the recovery of gold. The geological resource for the Riska deposit only, which was derived in accordance with JORC standards and assumes a cut-off grade of 0.4 g/t, is: Ore, Mt Au, g/t Au, '000ozs Ag, g/t Ag, '000ozs Ore Type: Oxide 6.81 1.2 259 5 1,015 Transition 3.53 1.8 204 5 528 Sulphide 1.37 2.0 87 4 180 Resource Type: Measured 3.40 2.1 227 5 560 Indicated 4.55 1.4 208 5 741 Inferred 3.75 1.0 114 3 421 Total Resources 11.70 1.5 550 5 1,722 The total life of mine production scheduled from the above resources is as follows: Ore Au Grade Waste Strip Ratio Contained Au (tonnes) (g/t) (tonnes) (ozs) 7,076,000 1.51 7,452,000 1.05 343,000 Avocet is a mining company listed on the Alternative Investment Market (AIM) of the London Stock Exchange. 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 a gold project ready for development in North Sulawesi). NOTES TO EDITORS In 2002 Avocet completed the purchase from Newmont Mining Corporation of an 80% interest with respect to a 6th generation Contract of Work (CoW) in Indonesia. The CoW consisted of a 460 square mile exploration property in North Sulawesi. From the 37 gold occurrences identified by Newmont, the Company has focused on evaluating a gold project based on two adjacent deposits, Riska and Effendi, in an area known as North Lanut where exploration drilling by Newmont identified a mineral inventory of 800,000 ozs. The Company has now reduced the CoW's area of interest to 200 square miles where the best exploration potential is believed to exist. __________________________________________________________________________________________________ For further information please contact: Avocet Mining PLC 4C Communications Ltd John Catchpole (Chief Executive) Carina Corbett Jonathan Henry (Finance Director) 020 7907 4761 020 7907 9000 020 8949 7171 www.avocet.co.uk This information is provided by RNS The company news service from the London Stock Exchange END MSCSFSFDSSDSELM
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