Avocet?s Lanut mine to pour 1st gold by Nov

UK gold mining Avocet Mining PLC. said its Lanut gold project in North Sulawesi is expected to pour first gold by no latter than November this year.

The company will operate an open pit and dump leaching operation producing an average of just over 50,000 ounces of gold per year for approximately 5 years at a total cash cost below US$200/oz.

The company said total cost to develop the mine may be up to 20 percent higher than the US$11 million previously estimated largely due to US dollar depreciation and unbudgeted items that will enhance the project?s future.

Avocet mining Mining of the upper benches of its Riska deposit has already commenced and the dump leach facility should be ready for receipt of ore in August 2004.

In 2002 Avocet completed the purchase 80 percent interest in Lanut mine from Newmont Mining Corporation. The mine area consisted of a 460 square mile exploration property in North Sulawesi. (alex)