Drilling Report

RNS Number:0412D
Avocet Mining PLC
29 October 2002

                         SECOND QUARTER GOLD PRODUCTION

                    ENCOURAGING DRILLING RESULTS IN INDONESIA

                 US$5 MILLION REVOLVING CREDIT FACILITY AGREED





Avocet Mining announces that gold production from its Penjom mine in Malaysia
amounted to 26,741 ounces for the second quarter ended 30 September 2002.
Penjom's total production for the first six months was 54,382 ounces, the
highest level ever achieved by the mine for the first half of a year. The
principal reason for Penjom's improved performance was the realisation of higher
than expected ore grades.



At the company's North Lanut project in North Sulawesi, Indonesia, confirmatory
exploration drilling of the Riska deposit is nearing completion. Summarised at
the end of this release are the results from holes drilled since the company's
press release dated 10 July 2002.



An independent resource estimation for Riska has been completed based on 22
holes previously drilled by Newmont Mining Corporation and 25 holes drilled by
Avocet to the end of August. The results below accord with the JORC code for
resource estimation and categorisation (the internationally accepted Australian
code for reporting mineral resources) and assume a cut-off grade of 0.4 g/t.


        Category                   Tonnes                  Grade (g/t)                Gold (ozs)
Measured                          2,950,000                    2.2                      208,000
Indicated                         4,240,000                    1.2                      166,000
Inferred                          3,440,000                    0.8                       94,000
Total

                                 10,630,000                    1.4                      468,000



The results of hole NLD-81 (121m @ 6.22 g/t Au) indicate that the deposit
contains a high grade core that could improve the overall grade of the estimated
resource. Also, the results from a further thirteen holes drilled by Avocet,
which are not included in this resource estimation, are likely to increase
Riska's resource base.



Approximately 85% of the estimated total gold resource lies within oxide and
transition zones where metallurgical test work has confirmed that uncrushed ore
is amenable to heap leaching giving gold recovery rates averaging more than 70%.
With the likely improvements in Riska's resource base, and an apparently low
waste to ore ratio of approximately 1:1, Avocet believes that Riska will support
a gold mining operation with production costs in the lowest quartile of the
world's current producing gold mines. Therefore, the company is proceeding with
full feasibility studies with the objective of having the North Lanut project in
production by early 2004.



The North Lanut project also includes the smaller Effendi target, which already
has an inferred resource of 50,000 to 100,000 ounces following diamond drilling
by Newmont.  Like Riska, this deposit remains open in several directions.  The
company is also assessing a number of other targets in the area for the
potential to add further gold resources to the proposed mine at Riska.



Avocet has accepted an offer from Macquarie Bank Limited of a US$5 million line
of credit, which will be fully available until 30 June 2004. The company views
this financing as a strong endorsement of the prospects of its business. These
include not only improving cash flows from Penjom and the likelihood of a new
gold mine in Indonesia, but also the acquisition of Nelson Resources' gold
interests in Tajikistan and the divestiture of Avocet's tungsten business, both
of which are proceeding on schedule.



Avocet is a mining company listed on the Alternative Investment Market (AIM) of
the London Stock Exchange.



North Lanut Drill Results:

      Drill           From           To          Interval             Average Grade
      Hole            (m)           (m)            (m)                  (g/t Au)
     NLD-74            0           150.3*         150.3                   2.70
          incl.       40.5          78.0           37.5                   6.91
     NLD-76            0           113.1*         113.1                   1.50
          incl.       8.5           70.5           62.0                   2.12
     NLD-77           3.2           9.4            6.2                    2.21
          and         36.0         147.0          111.0                   2.25
     NLD-78           65.0          76.8           11.8                   0.82
     NLD-79           24.5          35.9           11.4                   1.03
     NLD-80           25.5          37.5           12.0                   1.27
         and          81.5          89.5           8.0                    1.78
     NLD-81           40.0         195.0*         155.0                   5.02
         incl.        74.0         195.0          121.0                   6.22
     NLD-82           90.0         129.1*          39.1                   1.32
     NLD-83           76.0         142.0*          66.0                   0.74
     NLD-84           4.0          115.0          111.0                   0.82
     NLD-85            0           102.7          102.7                   1.02
         incl.        4.3           17.0           12.7                   2.24
     NLD-86           14.0         80.0*           66.0                   1.37
         incl.        40.8          61.8           21.0                   2.74
     NLD-87           1.2           27.0           25.8                   0.92
          and         54.5         164.1*         109.6                   2.06
          incl.      120.3         147.0           26.7                   5.51

              * indicates that mineralisation is open at depth



Note:  Standard sampling procedures were followed whereby drill core was sawn in
half using a diamond saw then sampled on two metre or smaller intervals, leaving
half of the core for archival storage on site in Indonesia.  Gold is analysed
using a standard fire assay technique by an independent Indonesian subsidiary of
Analabs.  Analabs is an internationally recognised firm owned and operated by
Scientific Services Ltd., an Australian Stock Exchange listed company.

Note:  NLD-75 (12.4m @ 1.77 g/t Au) is not included in this list because it was
drilled at Effendi.

__________________________________________________________________________________________________

For further information please contact:

Avocet Mining PLC                            4C Communications Ltd

John Catchpole (Chief Executive and Finance Director) Carina Corbett

Jonathan Henry (Executive Vice President)    020 8949 7171

020 7907 9000                                020 7907 4761

www.avocet.co.uk


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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