Avocet completes Sulawesi copper-gold prospects acquisition

Avocet Mining PLC announced on Tuesday it had completed the purchase of the Banda copper-gold exploration properties in North Sulawesi.

The company has issued 712,000 ordinary shares of 5 pence each to close the transaction.

The Banda properties represent exploration and mining rights over a combined land position of 410 square kilometres predominantly located in North Sulawesi, the location of the company?s North Lanut mine.

These gold and copper properties include more advanced projects which have previously been reported as containing combined non-JORC compliant resources estimated at 2.2 million ounces of gold, the company said in June 2007. (alex)