Avocet Mining PLC Purchase of Shares by Chairman (4471Q)

TIDMAVM

RNS Number : 4471Q

Avocet Mining PLC

06 November 2012

6 November 2012

Avocet Mining - Purchase of Shares by Chairman

The Company has been notified that Russell Edey, Chairman, on 5 November 2012 purchased 100,000 ordinary shares of 5 pence each in the Company at a price of 63.75 pence per share.

PDMR interests

As a result of the above transaction, interests in shares held by the following Directors and senior managers (primary insiders), either directly, through connected persons (eg family members), or within the EBT or Avocet Shareholder Incentive Plan ('SIP') will be as follows:

 
               Shares owned          Restricted           PSP shares  Share options 
                                shares held in EBT/SIP 
-------------  ------------  ---------------------------  ----------  ------------- 
                                   EBT     SIP     Total 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
D Cather             50,000          -       -         -     250,000        250,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
M Norris            515,516     10,179   1,951    12,130     210,000      1,355,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
R Edey              100,000     91,500       -    91,500           -              - 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
R Pilkington        222,763          -       -         -           -              - 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
M Donoghue           38,029          -       -         -           -              - 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
R Gray              521,109        115       -       115     130,000        365,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
P Flindell          561,928        223       -       223     130,000        765,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
J Wynn                  548     31,346   2,367    33,713           -        200,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
J Lee                48,993          -       -         -           -        275,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
R Demblon                 -          -       -         -           -         60,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
A Parr                    -          -       -         -           -         60,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
                  2,058,886    133,363   4,318   137,681     720,000      3,330,000 
-------------  ------------  ---------  ------  --------  ----------  ------------- 
 

FOR FURTHER INFORMATION PLEASE CONTACT

 
Avocet Mining  Pelham Bell        J.P. Morgan Cazenove       Arctic Securities  SEB Enskilda 
 PLC            Pottinger          Lead Broker                Financial          Financial Adviser 
                Financial                                     Adviser            & 
                PR Consultants                                & Market           Market Maker 
                                                              Maker 
=============  =================  =========================  =================  ================== 
David Cather,  Daniel Thöle  Michael Wentworth-Stanley  Arne Wenger        Fredrik Cappelen 
 CEO            Joanna Boon        Neil Passmore              Petter Bakken 
 Mike Norris, 
 FD 
 Angela Parr, 
 IR 
-------------  -----------------  -------------------------  -----------------  ------------------ 
[phone]    [phone]                                   +47 2101 
 7676           3232              [phone]            3100              [phone] 
 

NOTES TO EDITORS

Avocet Mining is a 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 deposit at Inata currently comprises a Mineral Resource of 3.99 million ounces and a Mineral Reserve of 1.85 million ounces. The Inata Gold Mine poured its first gold in December 2009 and produced 167,000 ounces of gold in 2011 and is expected to produce 135,000 - 140,000 ounces of gold in 2012.

Other assets in Burkina Faso include eight exploration permits surrounding the Inata Gold Mine in the broader Bélahouro region. The most advanced of these projects are Souma, some 20 kilometres from the Inata Gold Mine, and Filio, adjacent to the mine licence area, where Mineral Resources of 0.56 million ounces and 0.14 million ounces respectively exist.

In Guinea, Avocet owns twelve exploration licences in the north east of the country. Mineral Resource development has been ongoing since 2005 and the project at Tri-K is the most advanced. Within the Tri-K project, Koulékoun has a Mineral Resource of 2.15 million ounces and Kodiéran of 0.87 million ounces.

This information is provided by RNS

The company news service from the London Stock Exchange

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