Initial Mineral Resource At Souma
2010年11月15日 - 4:00PM
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RNS Number : 1248W
Avocet Mining PLC
15 November 2010
AVOCET MINING PLC
("Avocet" or the "Company")
INITIAL MINERAL RESOURCE AT SOUMA
Avocet Mining PLC ("Avocet" or "the Company") announces an initial Mineral
Resource of 561,100 ounces gold on the Souma Trend, approximately 20 kilometres
to the east-northeast of the Company's Inata Gold Mine, in the Bélahouro
District of Burkina Faso. This increases the total Mineral Resource in the
Company's Bélahouro permits by 31 per cent to 2.40 million ounces gold, up from
the current 1.84 million ounce Mineral Resource at Inata reported on 7 September
2010.
CSA Global has independently verified Avocet's internal resource estimate,
reported above a 0.5 g/t Au cut off, that includes Indicated Mineral Resources
of 0.32Mt @ 1.49 g/t Au (15,500 ounces) and Inferred Mineral Resources of
10.38Mt @ 1.64 g/t Au (545,600 ounces). The following table details the Mineral
Resources, which have been developed and are reported in accordance with
National Instrument 43-101.
+-----------------------+------------+-----------+-----------+
| Souma Mineral | Metric | Grade | Gold |
| Resource | tonnes | (g/t Au) |ounces(1) |
+-----------------------+------------+-----------+-----------+
| Dynamite | | | |
+-----------------------+------------+-----------+-----------+
| Indicated | 320,000 | 1.49 | 15,500 |
+-----------------------+------------+-----------+-----------+
| Inferred | 4,650,000 | 1.36 | 203,400 |
+-----------------------+------------+-----------+-----------+
| Miilam North | | | |
+-----------------------+------------+-----------+-----------+
| Inferred | 870,000 | 1.06 | 29,500 |
+-----------------------+------------+-----------+-----------+
| Miilam Central | | | |
+-----------------------+------------+-----------+-----------+
| Inferred | 2,498,000 | 2.14 | 171,800 |
+-----------------------+------------+-----------+-----------+
| Miilam South | | | |
+-----------------------+------------+-----------+-----------+
| Inferred | 2,354,000 | 1.86 | 140,800 |
+-----------------------+------------+-----------+-----------+
| Total | | | |
+-----------------------+------------+-----------+-----------+
| Indicated | 320,000 | 1.49 | 15,500 |
+-----------------------+------------+-----------+-----------+
| Inferred | 10,380,000 | 1.64 | 545,600 |
+-----------------------+------------+-----------+-----------+
(1) Avocet owns 100 per cent of the Souma property through its wholly-owned
subsidiary, Goldbelt Resources (West Africa) SARL
(2) The resource is quoted for blocks with a grade of greater than 0.5 g/t Au.
Differences may occur due to rounding.
The Souma Mineral Resource is based on 18,335 metres of broad-spaced scout RC
drilling that was completed in July 2010 in the southern two-thirds of the 16
kilometre known strike length of the Souma Trend. The drilling results were
reported on 10 August 2010 and 20 September 2010. The Souma Trend is a 16
kilometre long gold-in-soil anomaly within a larger 30 kilometre long structural
corridor defined by the geophysical (VTEM) survey completed in June 2010. This
survey identified several new targets along strike from Dynamite and Miilam, as
well as in parallel structures.
The majority of the Souma Mineral Resource is classified as Inferred because of
the broad spacing of the drill holes, which ranges from 50 x 25 to 100 x 50
metres. The Mineral Resource is classified as Indicated in the core of the
Dynamite prospect where the drill spacing is approximately 25 x 25 metres. Gold
grades are interpolated using an inverse distance squared technique with
appropriate top cuts applied to reduce the impact of the few high-grade outliers
in the drilling database. Bulk densities are also interpolated into the block
model and are in the range of 1.7 t/m3 for saprolite to 2.5 t/m3 for fresh rock.
This Mineral Resource represents Avocet's initial assessment of the resource
potential of the Souma district. There are several known prospects, as well as a
number of additional targets generated by the recent geophysical (VTEM) survey,
that are yet to be drilled and have the potential to increase the Mineral
Resource in the Souma district. While further drilling to expand the resource in
and around Souma is planned for the future, Avocet's immediate exploration
efforts will focus on growing resources in the Inata area that can be brought
into production more quickly and cost effectively. The Company currently has
five drill rigs exploring extensions to Inata and new satellite targets.
Commenting on the initial Mineral Resource at Souma, Brett Richards, Chief
Executive Officer for Avocet, stated:
"The 31% resource upgrade from our Bélahouro assets, which now stands at 2.4
million ounces gold, is an encouraging return on a broad-spaced drilling
programme at Souma. Further drilling at Souma will add to these resources. For
now, our focus is on expanding the resources in an around Inata where we have
five drill rigs active.
The information in this announcement that relates to Exploration Results is
based on information reviewed and audited by Mr Peter Flindell (MAusIMM),
Executive Vice President of Exploration for Avocet, and the information in this
announcement that relates to Mineral Resources is based on information compiled
by Mr David Williams (MAusIMM, MAIG), Principal Consultant, CSA Global. Both Mr
Flindell and Mr Williams have sufficient experience, which is relevant to the
style of mineralisation and type of deposit under consideration to qualify as
Qualified Persons as defined by the Canadian National Instrument 43-101 for the
reporting of Exploration Results, Mineral Resources and Mineral Reserves (NI
43-101) and as Competent Persons as defined by the Australian JORC Code (2004)
for the reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr
Williams and Mr Flindell consent to the inclusion of the technical information
in this announcement in the form and context in which it appears.
+------------------+---------------------+------------------+--------------------------+------------------+-------------+-+
| For further information please contact: | |
+-----------------------------------------------------------------------------------------------------------------------+-+
| Avocet | Buchanan | Ambrian | J.P. Morgan | Arctic | First |
| Mining PLC | Communications | Partners | Cazenove | Securities | Securities |
| | | Limited | | | |
+------------------+---------------------+------------------+--------------------------+------------------+---------------+
| | Financial | NOMAD | Lead Broker | Financial | Financial |
| | PR | and | | Adviser | Adviser |
| | Consultants | Joint | | | |
| | | Broker | | | |
+------------------+---------------------+------------------+--------------------------+------------------+---------------+
| Brett | Bobby | Richard | Michael | Arne | Stein |
| Richards, | Morse | Brown | Wentworth-StanleyAnish | Wenger | Hansen |
| CEO Mike | Katharine | | Patel | | Eirik |
| Norris, FD | Sutton | | | | Lilledahl |
| Hans-Arne | | | | | |
| L'orange, | | | | | |
| EVP Business | | | | | |
| Development | | | | | |
| & Investor | | | | | |
| Relations | | | | | |
+------------------+---------------------+------------------+--------------------------+------------------+---------------+
| +44 20 7766 7676 | +44 20 7466 5000 | +44 20 7634 4700 | +44 20 7588 2828 | +47 21013100 | +47 2323 |
| | +44 7802 875227 | | | | 8000 |
+------------------+---------------------+------------------+--------------------------+------------------+---------------+
| www.avocet.co.uk | www.buchanan.uk.com | www.ambrian.com | www.jpmorgancazenove.com | www.arcticsec.no | www.first.no |
+------------------+---------------------+------------------+--------------------------+------------------+---------------+
| | | | | | | |
+------------------+---------------------+------------------+--------------------------+------------------+-------------+-+
Notes to Editors
Avocet Mining PLC ("Avocet" or "the Company") is a gold mining company listed on
the AIM market of 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 Burkina Faso (as 90 per cent owner of the Inata gold mine),
Malaysia (as 100 per cent owner of the Penjom gold mine, the country's largest
gold producer) and Indonesia (as 80 per cent owner of the North Lanut gold mine
and Bakan project in North Sulawesi).
The Company announced in May 2010 that it had initiated exploration within the
Inata Mining Licence area and in the surrounding Bélahouro district with the
objective of significantly increasing Inata's Mineral Resource and Mineral
Reserve base as well as investigating the highly prospective Souma Trend,
located 20 km from the Inata mill. The Company has a number of other advanced
exploration projects in West Africa and South East Asia.
Background to operations
The Inata deposit presently comprises a Mineral Resource of 1.84 million ounces
and a Mineral Reserve of 1.08 million ounces. Inata poured its first gold in
December 2009 and has now reached a production rate in excess of 12,000 ounces
per month. Other assets in West Africa include exploration permits in Burkina
Faso (the most advanced being the Souma trend at Bélahouro with a Mineral
Resource of 561,100 ounces), Mali and Guinea (the most advanced being the Tri-K
gold exploration project in with a Mineral Resource of 666,500 ounces).
Penjom is Malaysia's largest gold mine and was developed by Avocet in an area of
historic alluvial mining. The mine is located in Pahang State, approximately 120
km north of the country's capital, Kuala Lumpur.
North Lanut in North Sulawesi, Indonesia, was developed by Avocet from the
exploration stage and has produced over 300,000 ounces since it was commissioned
in 2004. North Lanut is located within a Contract of Work, which includes
exploration and mining rights over approximately 50,000 hectares in an area
highly prospective for gold. Avocet holds an 80 per cent interest and an
Indonesian company, PT Lebong Tandai, owns the remaining 20 per cent.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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