Initial Mineral Resource at Souma - Avocet Mining PLC

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(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 mayoccur due to rounding.The Souma Mineral Resource is based on 18,335 metres of broad-spaced scout RC drillingthat was completed in July 2010 in the southern two-thirds of the 16 kilometre known strikelength of the Souma Trend. The drilling results were reported on 10 August 2010 and 20September 2010. The Souma Trend is a 16 kilometre long gold-in-soil anomaly within a larger30 kilometre long structural corridor defined by the geophysical (VTEM) survey completed inJune 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 broadspacing of the drill holes, which ranges from 50 x 25 to 100 x 50 metres. The Mineral Resourceis classified as Indicated in the core of the Dynamite prospect where the drill spacing isapproximately 25 x 25 metres. Gold grades are interpolated using an inverse distance squaredtechnique with appropriate top cuts applied to reduce the impact of the few high-grade outliersin the drilling database. Bulk densities are also interpolated into the block model and are in therange of 1.7 t/m 3 for saprolite to 2.5 t/m 3 for fresh rock.This Mineral Resource represents Avocet’s initial assessment of the resource potential of theSouma district. There are several known prospects, as well as a number of additional targetsgenerated by the recent geophysical (VTEM) survey, that are yet to be drilled and have thepotential to increase the Mineral Resource in the Souma district. While further drilling toexpand the resource in and around Souma is planned for the future, Avocet’s immediateexploration efforts will focus on growing resources in the Inata area that can be brought intoproduction more quickly and cost effectively. The Company currently has five drill rigsexploring extensions to Inata and new satellite targets.Commenting on the initial Mineral Resource at Souma, Brett Richards, Chief Executive Officerfor Avocet, stated:“The 31% resource upgrade from our Bélahouro assets, which now stands at 2.4 millionounces 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 theresources 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 MrPeter Flindell (MAusIMM), Executive Vice President of Exploration for Avocet, and the information in this announcement thatrelates 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 andtype of deposit under consideration to qualify as Qualified Persons as defined by the Canadian National Instrument 43-101 forthe reporting of Exploration Results, Mineral Resources and Mineral Reserves (NI 43-101) and as Competent Persons asdefined 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 contextin which it appears.For further information please contact:Avocet Mining PLC Buchanan Communications Ambrian Partners Limited J.P. Morgan Cazenove Arctic SecuritiesBrett Richards, CEOMike Norris, FDHans-Arne L’orange, EVP BusinessDevelopment & Investor RelationsFinancial PR Consultants NOMAD and Joint Broker Lead Broker Financial AdviserBobby MorseKatharine Sutton+44 20 7766 7676 +44 20 7466 5000+44 7802 875227Richard BrownMichael Wentworth-StanleyNiklas KloepferArne Wenger+44 20 7634 4700 +44 20 7588 2828 +47 21013100www.avocet.co.uk www.buchanan.uk.com www.ambrian.com www.jpmorgancazenove.com www.arcticsec.noNotes to EditorsAvocet Mining PLC (“Avocet” or “the Company”) is a gold mining company listed on the AIM market of the London StockExchange (Ticker: AVM.L) and the Oslo Børs (Ticker: AVM.OL). The Company’s principal activities are gold mining andexploration in Burkina Faso (as 90 per cent owner of the Inata gold mine), Malaysia (as 100 per cent owner of thePenjom gold mine, the country’s largest gold producer) and Indonesia (as 80 per cent owner of the North Lanut goldmine 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 thesurrounding Bélahouro district with the objective of significantly increasing Inata’s Mineral Resource and MineralReserve base as well as investigating the highly prospective Souma Trend, located 20 km from the Inata mill. TheCompany has a number of other advanced exploration projects in West Africa and South East Asia.Background to operationsThe Inata deposit presently comprises a Mineral Resource of 1.84 million ounces and a Mineral Reserve of 1.08 millionounces. Inata poured its first gold in December 2009 and has now reached a production rate in excess of 12,000ounces per month. Other assets in West Africa include exploration permits in Burkina Faso (the most advanced beingthe Souma trend at Bélahouro with a Mineral Resource of 561,100 ounces), Mali and Guinea (the most advanced beingthe 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 islocated 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 over300,000 ounces since it was commissioned in 2004. North Lanut is located within a Contract of Work, which includes
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Initial Mineral Resource at Souma - Avocet Mining PLC

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