Avocet expects 2nd gold mine FS to be completed in 2008

UK gold miner Avocet Mining Plc expects final feasibility study on its Bakan mine project in North Sulawesi concession would be completed in the first quarter of next year.

The company said in an interim report released Wednesday that a pre-feasibility study on the project had been completed and environmental impact study had been approved.

The Bakan feasibility study is expected to show that reserves in the interim mine plan will amount to approximately 50% of the current Measured, Indicated and Inferred Resource of 519,100 ounces, the company said..

It is anticipated that these reserves will be expanded further as results from ongoing infill and step-out exploration drilling become available. Further resource potential outside the existing Durian and Osela deposits is yet to be explored and substantial upside still exists to extend the mine life at Bakan, it said.

The Bakan project is located in Mongondow concession, where the company?s already -operating mine called North Lanut is also located. (alex)