26 January 2017

Avocet Mining PLC ("Avocet" or "the Company"), the West 
African focused gold mining and exploration company with 
operations in Burkina Faso and Guinea, today announces 
production and cash costs for the fourth quarter of 2016. 

Summary

-	Gold production in Q4 was 13,177 ounces at a cash 
cost of US$1,156 per ounce, compared with 17,694 ounces at a 
cash cost of US$1,047 per ounce in Q3

-	This fall in production was predominantly due to 
operations at the mine being interrupted for a period of 
four weeks

-	The 1,392 ounces of gold which had been seized in 
October, causing the interruption, have now been released 
and sold

-	Full year production totalled 72,485 ounces, 
slightly below guidance, at a cash cost of US$991 per ounce

-	The Tri-K transaction with Managem was approved by 
shareholders on 22 December 2016

-	This transaction will allow Managem to commence a 
US$10 million work programme targeting a 1-million-ounce 
reserve and the completion of a bankable feasibility study 
for a Carbon-in-Leach ("CIL") operation. 


 
Q4 2016 and Full Year production at Inata

Gold production in Q4 was 13,177 ounces at a cash cost of 
US$1,156 per ounce compared with 17,694 ounces at a cash 
cost of US$1,047 per ounce in Q3 2016.

This fall in production was predominantly due to operations 
at the mine being interrupted for a period of four weeks 
between 27 October and 25 November 2016, following the 
seizure of the gold shipment on 7 October 2016.  The 
increase in cash costs in the quarter reflected the fact 
that fixed costs were still incurred in spite of there being 
no gold production during this period.

Full year production totaled 72,485 ounces at a cash cost of 
US$991 per ounce, which was slightly below the guidance of 
75-85,000 ounces notified prior to the stoppage in October.

Although production at Inata has returned to normal, the 
impact of the disruption on the cash position of the mine 
continues to be felt. Short term funding to allow for 
critical payments during the stoppage was provided by the 
mine's bankers, Ecobank and Coris Bank in Ouagadougou, and 
discussions are continuing with regard to the timing of 
repayments of these facilities as well as overdue balances 
with trade creditors. 

The 1,392 ounces of gold which had been seized in October 
have now been released and sold, however the majority of the 
proceeds are to be used to settle agreed amounts in respect 
of the ex-workers' claim for back pay. Negotiations towards 
finalising the amount due in respect of this matter 
continue, however no further gold seizures are now expected. 

Avocet's management has been concerned by the increase in 
security incidents in the Sahel region in the North of 
Burkina Faso, including in the vicinity of the Inata mine. 
The Company is treating the situation very seriously and is 
working with Burkinabe military representatives and third 
party advisers to identify and implement measures to 
mitigate these risks wherever possible.

The Company's full year financial results are due to be 
published on 13 April 2017. 


Update on Tri-K project

The Tri-K transaction with Managem was approved by 
shareholders on 22 December 2016, and the only outstanding 
step ahead of completing the initial stage of the deal 
(defined as 'First Closing') is the ratification by the 
Guinean National Assembly of the project's Mining 
Convention, which is now expected to take place in February. 
The Mining Convention was signed by two Government 
Ministers, by Avocet and by Managem on 19 December 2016. 

Once First Closing has been completed, Avocet will receive 
US$4 million in funds (less approximately US$1.5 million of 
transaction costs), and will transfer 40 per cent of its 
interest in the project to Managem, who will commence a 
US$10 million work programme targeting a 1 million ounce 
reserve and the completion of a bankable feasibility study 
for a CIL operation. 

FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC		
David Cather, CEO
Jim Wynn, FD
+44 20 3709 2570

Blytheweigh 
Financial PR 	
Tim Blythe
Camilla Horsfall
Megan Ray
+44 207 138 3204

J.P. Morgan Cazenove 
Corporate Broker
Michael Wentworth-Stanley
+44 20 7742 4000



NOTES TO EDITORS

Avocet Mining PLC ("Avocet" or the "Company") is an unhedged 
gold mining and exploration company listed on the London 
Stock Exchange (ticker: AVM.L) and the Oslo Børs (ticker: 
AVM.OL). The Company's principal activities are gold mining 
and exploration in West Africa.
In Burkina Faso the Company owns 90 per cent of the Inata 
Gold Mine. The Inata Gold Mine poured its first gold in 
December 2009 and produced 72,485 ounces of gold in 2016. 
Other assets in Burkina Faso include five exploration 
permits surrounding the Inata Gold Mine in the broader 
Bélahouro region. The most advanced of these projects is 
Souma, some 20 kilometers from the Inata Gold Mine.
The Company also holds an interest in the Tri-K project in 
Guinea. On 10 October 2016, the Company announced that it 
had agreed to dispose of 40 per cent of the project to 
Managem, a Moroccan group listed on the Casablanca stock 
exchange, which remains subject to approval by the Guinean 
National Assembly, and which will increase upon completion 
of a bankable feasibility study for a CIL plant at the site, 
the incurring of expenditures of at least US$10 million, and 
the enlarging of the ore reserve, to 70 per cent (in the 
event of an increase of the reserve to 1 million ounce or 
more) or 60 per cent (if less than 1 million ounces).