Avocet says drilling results show potentiality of Papua gold prospect

UK miner Avocet Mining PLC announced on Monday that it had completed 10 hole diamond drilling campaign at the Idenburg JV in Papua with intention to drill more targets in 2006.

Avocet has the right to earn a 51% interest in an Indonesian company, PT Iriana Mutiara Idenburg (IMI), by expending US$2.5 million prior to December 2006.

The company said the results of the diamond drilling had showed several gold anomalies in the region within 6 x 3km area from Afley prospect in the west to the Sua prospect in the east where the Avocet had identified several zones of high-grade mineralisation within a 400m strike length and 500m width.

?The company's objective for 2006 is to drill a number of targets, in the Sua-Afley district, with the potential of hosting ore zones similar to that already identified by the initial 10 hole scout drilling programme at Sua. Infill drilling will then follow to outline a resource base,? said the company.

PT IMI holds a 6th generation Contract of Work with the Government of the Republic of Indonesia. (alex)