Release of EBT and Treasury Shares (4524F)

TIDMAVM

RNS Number : 4524F

Avocet Mining PLC

15 June 2012

Release of EBT and Treasury Shares

Exercise of share options

The Company announces that it has requested Maitland Trustees Limited ('Maitland'), Trustee of the Company's Employee Benefit Trust ('EBT'), to release 37,997 ordinary shares of 5p each in the Company ("Shares") to satisfy the Company's obligations for employee share options exercise. The exercise price for the options was 90.75 pence per Share.

In addition, the Company has also issued 35,733 of treasury Shares to satisfy the exercise of share options. The price for these options was 82 pence per share.

EBT Shareholding

Following the above release, the EBT holds a total of 493,588 Ordinary Shares in Avocet, representing less than 0.2 per cent of the share capital in issue of the Company.

Total Voting Rights

The Company holds 559,105 ordinary shares in treasury representing less than 0.3 per cent of the total ordinary shares in issue. The total number of voting rights (being ordinary shares in issue less those held in treasury) amounts to 198,987,605.

For further information please contact

 
 Avocet Mining     Buchanan          J.P. Morgan                 Arctic        SEB Enskilda 
  PLC               Financial         Cazenove                    Securities    Market Maker 
                    PR Consultants    Lead Broker                 Financial 
                                                                  Adviser 
                                                                  & Market 
                                                                  Maker 
================  ================  ==========================  ============  ================= 
 Brett Richards,   Bobby Morse       Michael Wentworth-Stanley   Arne Wenger   Fredrik Cappelen 
  CEO               James Strong      Neil Passmore               Petter 
  Mike Norris,                                                    Bakken 
  FD 
  Angela Parr, 
  IR 
================  ================  ==========================  ============  ================= 
 +44 20 7766       +44 20 7466       +44 20 7588                 +47 2101 
  7676              5000              2828                        3100         +47 2100 8500

Notes to Editors

Avocet Mining PLC is a gold mining and exploration company listed on the London Stock Exchange (Ticker: AVM.L) and the Oslo Bors (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 deposit at Inata currently comprises a Mineral Resource of 3.46 million ounces and a Mineral Reserve of 1.85 million ounces. The Inata Gold Mine poured its first gold in December 2009 and produced 167,000 ounces of gold in 2011.

Other assets in Burkina Faso include eight exploration permits in surrounding the Inata Gold Mine in the broader Belahouro region. The most advanced of these projects is at Souma, some 20 kilometres from the Inata Gold Mine, where a Mineral Resource of 0.56 million ounces exists.

In Guinea, Avocet owns twelve exploration licenses in the north east of the country. Mineral Resource development has been ongoing since 2005 and the project at Tri-K is the most advanced. Within the Tri-K project, Koulekoun has a Mineral Resource of 1.83 million ounces and Kodieranof 0.4 million ounces.

This information is provided by RNS

The company news service from the London Stock Exchange

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