Avocet Mining PLC

Published : November 30th, 2015

Loan agreed with Coris Bank

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Keywords :   Burkina Faso | Gold | Gold Mine | Guinea | London |

Loan agreed with Coris Bank

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30 November 2015




Loan agreed with Coris Bank



Avocet Mining PLC ('Avocet' or the 'Company') announces that its Burkina Faso subsidiary, Société des Mines de Bélahouro SA ('SMB'), has secured a short-term loan of

5 billion CFA (approximately US$8.2 million) with Coris Bank International, a leading commercial and retail bank in West Africa.


The proceeds of the loan will be used to address temporary working capital shortages at the Company's Inata mine in Burkina Faso, as a result of the disruption to gold shipments and transportation of supplies in the wake of the recent attempted coup, together with an anticipated temporary period of mining lower grades and higher stripping in the Inata North Pit.


The loan carries a coupon of 10%, and is repayable monthly between January and June 2016. It is secured over the Inata mining permit and other assets of the mine.


FOR FURTHER INFORMATION PLEASE CONTACT



Avocet Mining PLC Bell Pottinger

Financial PR Consultants


J.P. Morgan Cazenove Corporate Broker



David Cather, CEO Jim Wynn, FD

Daniel Thöle Michael Wentworth-Stanley



+44 20 3709 2570 +44 20 2772 2500 +44 20 7742 4000


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. The Inata Gold Mine poured its first gold in December 2009 and produced 86,037 ounces of gold in 2014. Other assets in Burkina Faso include five 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.


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 the CIL processing method. The Company announced on 2 April 2015 that an exploitation permit had been awarded for Tri-K.

Read the rest of the article at www.noodls.com
Data and Statistics for these countries : Burkina Faso | Guinea | All
Gold and Silver Prices for these countries : Burkina Faso | Guinea | All

Avocet Mining PLC

PRODUCER
CODE : AVM.L
ISIN : GB0000663038
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Avocet Mining is a producing gold company based in United kingdom.

Avocet Mining produces gold, lead, silver and zinc in Burkina Faso, in Canada, in Indonesia and in Malaysia, develops gold in Indonesia, and holds various exploration projects in Indonesia.

Its main assets in production are NORTH LANUT in Indonesia, PENJOM in Malaysia, INATA in Burkina Faso and J&L in Canada, its main asset in development is DOUP in Indonesia and its main exploration properties are KOULEKOUN in Guinea and BAKAN in Indonesia.

Avocet Mining is listed in United Kingdom. Its market capitalisation is GBX 273.9 millions as of today (US$ 319.9 millions, € 285.9 millions).

Its stock quote reached its highest recent level on January 26, 2007 at GBX 99.98, and its lowest recent point on May 27, 2016 at GBX 0.58.

Avocet Mining has 20 905 471 shares outstanding.

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Annual reports of Avocet Mining PLC
2008 Annual report
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4/13/2012(Inata)Inata Gold Mine Expansion Update
Corporate news of Avocet Mining PLC
6/9/2016Results of AGM and General Meeting
5/27/20162016 First Quarter Production Update
4/28/20162016 first quarter production update
4/27/2016Annual Report and Accounts 2015
4/26/2016Avocet Mining PLC 2015 Full Year Results
4/20/2016Additional short-term funding arrangement
1/27/2016Q4 2015 Inata production update
1/26/2016Short-term funding arrangement and adoption of FRS 101
11/30/2015Loan agreed with Coris Bank
10/29/20152015 third quarter production update
9/8/2015Change of Directorate
2/12/20152014 fourth quarter and full year
1/26/2015Short term loan arrangement & Inata update
12/12/2014End of strike at Inata
12/8/2014Inata Mine halted by illegal strike
3/8/2012Inclusion in the FTSE 250 index
2/3/2012(Inata)Inata Mineral Resource and Mineral Reserve Increase
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