Avocet Mining Share Discussion Threads

[yikyak] 12/4/2005 17:54

A Chamber of Mines report reveals SA gold production at just 342.7 tons in 2004 - down 8.8% in the lowest output since 1931.

Hmmmmmmmmmmmmmmmmmm!

[bionicdog] 12/4/2005 07:57

no , but i've had enough of you worming a thinly veiled political diatribe into every post. for the umpteenth time , this is NOT the place.

[bionicdog] 08/4/2005 07:54

another one of your trademark changes of heart ash?
remember the mantra "buy and hold , buy and hold" , ummmmm , ummmmm , ummmmm :o)

[theberg] 08/4/2005 00:30

CURRYPASTY - 7 Apr'05 - 12:35 - 106 of 111


"The company's most advanced product is an aerosol spray containing an anaesthetic to help men who suffer from premature ejaculation and treat incontinence .

The treatment has been secretly tested on all long-term Avocet Mining Plc shareholders for the last 10 years and during clinical trials the company has yet to make one of them ejaculate.

Unfortunately controlling the incontinent side of things that are inherent with all things Avocetean has not proved a success.

C.P.




gardenboy - 8 Apr'05 - 00:20 - 113 of 114


great thread! - are the results coming much sooner than expected?

theberg - 8 Apr'05 - 00:28 - 114 of 114 edit


GB, LOL!

You can sleep in the damp spot Berg!(;-)0

[doobydave] 07/4/2005 23:57

Header updated to include this story.
DD

[bionicdog] 07/4/2005 19:59

Minews Story
Date: April 08, 2005

Avocet May Undershoot Its Target Of 300,000 Ozs In 2005, But Not By Much.

Heads have to roll from time to time and it looks as if chief operating officer Johannes Oelofse has had to carry the can for the disappointing progress by AIM listed Avocet Mining at its Zeravshan gold mine in Tajikistan. Production for the 3rd quarter to end 2004 amounted to only 11,437 ozs gold as compared with 12,638 ozs in the previous quarter and this meant that production for the first nine months of the year to end March was 34,435 ozs compared with 49,743 in 2003. The company pencilled in production of 100,000 ozs annually from this mine when it last claimed in mid- 2004 that it was on track for group production of 300,000 ozs by the end of 2005. At that time production costs were still way too high at US$322/oz and the company had decided to throw money at it with US$8 million budgeted over the next 18 months on an expanded mining fleet, plant and infrastructure refurbishment and the installation of a 2.5 million tonne/year dump leach facility.

The benefits of this were delayed as it took longer than anticipated to restructure the ownership of the Zeravshan Gold Company which was a pre-condition for the company's commitment to purchasing this mining equipment. Diesel was also in short supply and the reduction in high grade ore for the plant meant that the gap had to be filled by low grade stockpiles. One of its two SAG mills broke down last September and the winter weather was bad which added to problems. In fact the only good news was that a positive feasibility study was completed on the dump leach project which is a key component in the expansion and cost reduction programme. Trial underground mining and processing of ore from the nearby Taror underground project was also completed last autumn and the impact should start to be felt this year.

Into the breach has stepped Gordon Toll as technical director and his initial brief is clearly to get Zeravshan fixed. He certainly has to the right experience and credentials as his career has included four years as production manager with BHP Iron Ore in Australia and manager of Mining International for TexasGulf International. In the 1980s he was involved in building two world-class coal mines for Atlantic Richfiedl Coal and then worked for Rio Tinto, ending as group mining executive in London. He was then chairman of Emperor Gold Mines, an Aussie company producing gold in Jiji and until last Christmas was deputy chairman of Ivanhoe Mines. Anyone who survives working with Robert Friedland has not only to be good at his job, but tough to boot. He is also still on the board of Fortescue Metals which may, or may not, prove to be a good thing.

The engine room for Avocet is still the Penjom mine in Malaysia which looks as if it should have hit its 120,000 ozs target in 2004/5. The cash flow from this mine over the past three years has cut the borrowings from around £30 million to nil and it is a pity that the company still has a hedging programme round its neck to satisfy a banking covenant. It may be only 80,000 ozs, but at some time Avocet has to sell these ounces of gold for a pitiful US$300/oz. At the nine month stage it had produced 87,585 ozs which was a slight reduction due to downtime for modifications and additions to the plant which will improve performance over time and allow harder ores to be processed.

Looking ahead the North Lanut mine in Indonesia achieved its first gold pour back in October when 675 ozs of gold was produced. Since then, according to a comment on gold production in the December issued in February, gold has been accumulated in solution while open pit mining and plant operations are brought to full capacity.. At that time John Catchpole, the CEO, said that optimisation would be reached in three months when annualised production of over 60,000 ounces of gold is expected. If Avocet is going to achieve its target of 300,000 ozs in 2005/6 Penjom will have to maintain its present level of production, Lanut will have to boost its contribution to 80,000 ozs and Zeravshan will have to chip in 100,000 ozs. This is a big ask, but Gordon Toll must have known he was not going to have an easy ride when he took the job and it would be unwise to bet too much money against him succeeding. It may just be that Zeravshan will not hit its target until 2006 when operations at Jilau have been enhanced and in the meantime the final feasibility at Taror will have been completed.

With operations in three country's Avocet spent US$5 million on exploration last year. Steady progress is being made at Penjom in bringing more reserves into the mining plan and some excellent intercepts continue to be made to the north of the Kalampong open pit including 8 metres at 38.1 g/t and another 8 metres at 29.7 g/t gold. Bullion Reef is now going to be worked initially as a satellite to Penjom for its near surface oxide ore and exploration will then be carried out to test its deeper potential. Work is also in progress in and around North Lanut to boost reserves and identify another project for future development. Bakan is particularly interesting as Newmont did some drilling there so Peter Flindell must know where all the bones are buried as he was exploration manager for Newmont in the area before joining Avocet. For shareholders the good news is that the company now really seems to know where it is going.

[richgit] 06/4/2005 21:58

It all depends on how you wish to massage the figures,I`m sure Peter Hambro
do and Phil Edmonds would have a field day.................but Avocet dont,
as they are honest.

"The aforementioned gold resources do not include the additional exploration
potential within ZGC's land position, which totals approximately 3,000km2, where previous exploration has identified a large number of gold deposits containing a total of over..... 13 million ounces........ categorised under the Russian system as C and P resources. "

[pecker1] 06/4/2005 19:44

Berg,

Yes,as far as I know - haven't heard anything to suggest otherwise.

Toll's hiring is interesting. Should give AVM the depth of experience they need to get those mines in Tajik developed. Also should help with the evaluation of any existing mine/mine develoment project that comes to AVM's attention from outside or from the exploration projects in New Guinea.

FWIW, think AVM has lagged its peers because it lacks a "big one" - a 2/3 million oz resource that's at the start of its life (eg Amantaytau for OXS, Loulo for Randgold). Penjom is good but the context is life-of-mine extension. So Toll's arrival could signal some positive developments during the coming months. Let's hope so.

[pecker1] 06/4/2005 16:21

Good CV - great experience plus several elevated positions. But hope he's the kind of man who can roll his sleeves up too and get stuck in and lead from the front. Will be needed in Tajikistan.Perhaps this is one reason why he has come on board - let's hope so.

[mieke] 06/4/2005 16:11

Seems a calculated move - the incumbent doent leave for 5 months, and they have obviously taken the time to fill his boots - the new man looks a good 'un

[phillis] 06/4/2005 16:08

Sacrifice to appease the mining output gods?

[mieke] 06/4/2005 16:05

Avocet Mining PLC
06 April 2005


AVOCET MINING PLC

CHANGES TO BOARD OF DIRECTORS


Avocet Mining is pleased to announce the appointment of Gordon Toll to the board
of the Company in the position of Technical Director. Aged 57, Gordon is an
Australian mining engineer with over 36 years experience in the mining industry.
He has an MBA from Columbia University in the USA and is a Member of the
Australian Institute of Mining and Metallurgy. His career in the mining and
minerals industry has included six and a half years with BHP Iron Ore in
Australia including four years as production manager. Following this, he worked
for Texasgulf Inc as Manager of Mining International. In the 1980s, Gordon
worked for Atlantic Richfield Coal and was heavily involved in building two
world-class coalmines, one in Indonesia as General Manager of ARCO Indonesia
Coal and the other in Venezuela as President of ARCO de Venezuela. He then
worked for seven years with Rio Tinto finishing as Group Mining Executive in
London. Until 2001 he was the Chairman of Emperor Gold Mines, a gold mining
company listed in Australia and owner of a gold mine in Fiji, and concurrently
and until December 2004 was Deputy Chairman of Ivanhoe Mines, listed in Canada
and currently exploring a world class copper/gold deposit in Mongolia, as well
as various operating mines located globally with a primary focus in Asia.


The Company also announces that Johannes Oelofse has resigned from the board and
from his position of Chief Operating Officer on mutually agreeable terms. He
will leave the Company's employment permanently on 30th September 2005.


Nigel McNair Scott, Chairman, commented:


'With three gold mines now operating in three different countries Avocet will
expand through internal and external growth. I warmly welcome Gordon Toll to
the board of Avocet. His extensive experience in developing mines and growing
companies, particularly in Asia, will help us in this process'


Avocet is a mining company listed on the AIM market 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 75% owner of the Zeravshan Gold Company, Tajikistan's
principal gold mine), and Indonesia (as 80% owner of the North Lanut gold mine
in North Sulawesi).


Matters required under Schedule 2(f) of the AIM Rules in respect of appointment
of director:


Full name: Gordon Leonard Toll


Age: 57



Names of current and past directorships in the past five years:


Current Past

Compass Resources NL Emperor Mines Limited

Fortescue Metals Group Limited Intec Limited

LinQ Capital Limited Ivanhoe Mines Limited

Toll Management Limited



There are no other matters to be disclosed under Schedule 2(f) (iii) - (viii) of
the AIM Rules.

[simon54] 06/4/2005 14:39

Hi folks,
Thanks for the thread and the research. I've just come on board!

[giant steps] 05/4/2005 21:42

AVM now looking in oversold territory, imho
Screen prices bid 79p offer 80p.

O/T
JK8, re RDG - think theBerg, Biswell, Ashley James aka too many others to list
is "positive, very positive"

[jk8] 05/4/2005 17:13

So Bis - where do you expect this to go in the next couple of months. (ps - have you any views on RDG?)

Cheers

[dixi] 05/4/2005 16:14

Bis - you got lucky - simple!

How's the music career going?

[biswell] 05/4/2005 16:02

Bis says: I expected this fall, as I predicted falls last year for the little birdy.
but you guys left the olde thread and came here instead.
I expect you will probably kill me for reminding you of what I said.

But then what the heck...the truth hurts sometimes don't it ?


biswell - 5 Jan'05 - 12:11 - 621 of 694 edit


Dear Dear

I have to say I am somewhat suprised that my swimming pool comment, spoken in jest as readers of my many previous posts ought to have realised, caused such a overweight response.

The fall in POG to which I referred to before Xmas I trust had nothing whatsoever to do with you folks ganging up on me ? did it ?

Or the recent fall in AVM as I key over the last few days which I also forecast, and spake of 78p to come ?

AVM is actually operating in what is potentially a dangerous area. Both politically and geographically as we have seen. To make no comment about such matters is to adopt a 'Ostrich' posture. A SOH even in trying and sad times makes humans what we are.

B

biswell - 5 Jan'05 - 12:13 - 622 of 694 edit


AVM head formation taking shape nicely, right hand shoulder to follow soon

B

[mieke] 05/4/2005 08:44

Yes I am trying to garner the funds to add; it looks as though the worst is over - very, very oversold

[beckaroo] 05/4/2005 08:26

Nice to see a bounce going on. I have just added after reading your discussions and looking at the very oversold state of the charts.

Thanks everyone for all the information.

[saucepan] 05/4/2005 08:13

Thanks for the informatve discussion. I have just added to my position this morning - in the form of a December spreadbet.

[goml] 05/4/2005 07:24

Wow, so much action so early in the morning.