8 December 2014
INATA MINE HALTED BY ILLEGAL STRIKE
Avocet Mining PLC ("Avocet" or "the Company") announces that it has halted operations at its Inata mine in Burkina Faso due to an illegal strike.
The strike, which commenced at 10.30 pm on 4 December 2014, follows discussions with workforce representatives regarding labour cost reductions that are essential for Inata to continue operations, especially at times of lower gold prices.
The Company is currently continuing discussions with a committee representing the Inata mine's workforce, and is being assisted by various ministries and departments in the Burkina Faso government in an effort to mediate an amicable resolution of the situation.
The Company will provide further updates in due course.
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC Bell Pottinger
Financial PR Consultants
J.P. Morgan
Cazenove
Corporate Broker
NM Rothschild
Financial Adviser
Investec Bank Plc
Financial Adviser
David Cather, CEO
Mike Norris, FD Daniel Thöle
Michael
Wentworth-Stanley
Roger Ewart-Smith
Sam Critchlow
George Price
+44 203 709 2570 +44 20 2772 2555 +44 20 7742 4000 +44 20 7280 5424 +44 20 7597 4180
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. Across the Bélahouro district, which includes both Inata and Souma, there is a Mineral Resource of 6.1 million ounces and an Ore Reserve of 0.5 million ounces. The Inata Gold Mine poured its first gold in December 2009 and produced
118,443 ounces of gold in 2013. 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 is Souma, some 20 kilometres from the Inata Gold Mine, where there is a Mineral Resource estimate of
0.8 million ounces.
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 CIL processing method.
Avocet Mining PLC * 5th floor 15 Old Bailey London EC4M 7EF * t +44 203 709 2570 * www.avocetmining.com