http://online.hemscottir.com/ir/avm/ir.jsp?page=news-item&item=1919700057456640
RNS Number : 5782Z Avocet Mining PLC
12 December 2014
12 December 2014
End of Strike at Inata
Avocet Mining PLC ("Avocet" or "the Company") announces that the strike at its Inata Mine has ended peacefully. The striking workers, who since 4 December had illegally occupied the mine and prevented management access to the mine or plant, have dispersed to their homes.
The strike followed discussions with workforce representatives regarding cost reductions that are essential for Inata to continue operations, especially at times of lower gold prices.
An inspection of all plant and machinery is being undertaken to identify whether any damage has been incurred and what adverse impact on processing has occurred. Damage assessment and assessing options for a return to operations may take several weeks.
The Company will provide further updates as appropriate.
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
http://online.hemscottir.com/ir/avm/ir.jsp?page=news-item&i...
processing method.
This information is provided by RNS
The company news service from the London Stock Exchange
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