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MeldingsID: 416480
Dato/tid 20.12.2016 08:00
Utsteder Avocet Mining PLC
UtstederID AVM
Instrument AVM
Marked OB
Kategori ANDRE MELDINGER
Informasjonspliktig   Informasjonspliktige opplysninger
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Tittel Mining convention signed in respect of Tri-K
Tekst
Avocet Mining PLC ("Avocet" or "the Company") confirms 
that at 17.30 on 19 October 2016, a Mining Convention 
was signed in Conakry in respect of the Tri-K project 
in Guinea by His Excellency Abdoulaye Magassouba, 
Minister of Mines and Geology, by His Excellency 
Mohamed Lamine Doumbouya, Minister of Budgets, by Imad 
Toumi on behalf of Managem SA, and by Jim Wynn on 
behalf of Avocet Mining PLC.

The Mining Convention, which remains subject to 
ratification by the Guinean National Assembly, 
represents the governmental approval of the Tri-K 
transaction between Avocet and Managem. Further 
details of its contents have been set out in Part VI 
of the Circular sent to shareholders on 29 November 
2016, a copy of which is available on the Company's 
website on www.avocetmining.com

The transaction to divest part of the Tri-K project to 
Managem also remains subject to approval by Avocet's 
shareholders at a general meeting on 22 December 2016, 
after which the Mining Convention will be submitted to 
the Guinean National Assembly for ratification. It is 
hoped this ratification will be obtained early in 
January 2017, although the precise date remains 
subject to the parliamentary agenda.

Avocet's shareholder approval, and the ratification by 
the Guinean National Assembly, will allow Avocet and 
Managem to proceed directly towards achieving "First 
Closing", the first stage of the transaction with 
Tri-K as described in the announcement of 10 October 
2016. 

At First Closing, Avocet will transfer 40% of its 
interest in the Tri-K project to Managem in return for 
a payment of US$4m, and Managem will commence a US$10m 
work programme to complete a feasibility study for a 
Carbon-in-Leach (CIL) project at the site, targeting a 
mineral reserve of 1 million ounces. After the 
successful completion of this programme and the 
associated feasibility study, which is expected to 
take 12 months, Managem will be entitled to increase 
its interest in the project to 70% (or 60% if the 
reserve is less than 1 million ounces).

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