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Avocet Mining Plc
Summary
| Project: | Inata | |
|---|---|---|
| Deposit: | Inata | |
| Location: | Burkina Faso | |
| Commodities: | Gold | |
| Date: | 2/2/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 2-2-2017: Avocet Mining Plc announces a Resource Estimation report for its Inata deposit at the Inata project. Updated LOM plan including ore reserve update. Avocet Mining PLC (“Avocet” or “the Company”) today announces an updated Life of Mine Plan (“LoMP | |
| Resources: | (Reserve, P+P): 5.762Mt @ 1.84g/t Au for 340'000oz Au contained at project | |
| CP/QP: | [Overall Report]: Martin Raml (Internal) | |
| ABSTRACT: | Avocet Mining PLC (“Avocet” or “the Company”) today announces an updated Life of Mine Plan (“LoMP”) at its Inata operation, and is seeking US$11-14m financing aimed at substantially extending Inata’s life for the benefit all stakeholders, including the mine’s creditors and Avocet’s shareholders. The latest LoMP now includes additional Ore Reserves which have extended the operation to the end of Q4 2019. Inata’s Ore Reserves are now estimated to be 340,400 ounces as at 31 December 2016, an increase of 105,300 ounces from the Reserves declared at the end of 2015. The increase in Ore Reserves can be primarily attributed to a higher gold price assumption (US$1,150 per ounce compared with US1,100 per ounce at 31 December 2015), the identification of additional geological resources at Minfo, and improved recoveries now assumed in the treatment of carbonaceous (preg-robbing) ores. Nevertheless, without the addition of further deposits (particularly Souma, Pali or Ouzeni, as outlined below), the LoMP at current gold prices remains unlikely to result in the full repayment of creditors. The revised Reserves and Resources for Inata and the surrounding exploration licences at Souma, Pali and Ouzeni are shown in Appendix 1. | |
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