Avocet Mining PLC Prospectus December 2011

c105718pu030 Proof 5: 7.12.11_13:38 B/L Revision:
Gold production in the fourth quarter is expected to be at or above 40,000 ounces at a cash cost of
US$775 to US$825 per ounce, for a full year total of between 160,000 and 165,000 ounces at US$700
to US$725 per ounce.
The third quarter marks the rainy season in West Africa, and a break in the Company’s drilling
campaigns in Burkina Faso and Guinea. Focus in the recent months has therefore been on analysis
of drill results and the estimation of Mineral Resources and Ore Reserves which has enabled the
announcement of Mineral Resource and Ore Reserve upgrades throughout the third quarter of 2011.
Mineral Resource upgrade announcements included an increase in Mineral Resources at Koulékoun
to 1.47 million ounces, representing an increase of 34 per cent on the previous resource of 1.1 million
ounces announced in May 2011 and an increase of 121 per cent since Avocet Mining commenced
exploration in 2010. This brings the Company closer to achieving its target of 2 million ounces at the
Tri-K Block by year end. The Company intends to progress Koulékoun to a definitive feasibility
study in 2012.
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