Avocet Mining secures US$56.5 million via placement
Friday, May 5 2006 - 08:45 AM WIB
UK gold miner Avocet Mining PLC announced Friday it had secured a total of ?30.5 million (US$56.5 million) gross proceeds through a placement of about 15.25 million shares at 200 pence per share.
Avocet said up to US$25 million of the proceeds will be used to further development of a new gold mine at the Bakan district, close to its North Lanut gold mine in North Sulawesi.
Avocet reported earlier diamond drilling program at Durian prospect of Bakan district had confirmed continuous, oxidised, highsulphidation epithermal mineralization over a minimum strike length of 600 meters.
Avocet has 80 percent interest in Mongondow Contract of Work (CoW), where the North Lanut mine is located.
The mine produced 13,703 ounces of gold during January-March 2006 quarter. (Robert)