2 February 2017

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.

Summary

-	Current Inata LoMP now extended to Q4 2019 
-	Ore Reserves increased to 340k ounces from 235k 
ounces at 31 December 2015.
-	Financing of US$11-14 million sought for the 
development of 3 satellite projects, including Souma, to add 
potentially up to 7 years and 500-600,000 ounces of gold 
production to the mine life

Inata LoMP

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, the 
LoMP at current gold prices remains unlikely to result in 
the full repayment of creditors. Furthermore, the operation 
continues to face ongoing day-to-day challenges, including:

-	Cashflow constraints - meeting the payment demands 
from suppliers with overdue balances, at the same time as 
servicing bank loans (including the obligation to repay a 
2.5bn CFA loan to Coris Bank by 31 March 2017)
-	Security issues - implementing measures in response 
to the increase in security incidents in the region around 
the Inata site
-	Mechanical availability - with stores of spare parts 
and repair cycles impacted by cash shortages, production 
continues to be exposed to mechanical outages affecting the 
mining fleet or the plant

Full year guidance for 2017 is 75-85,000 ounces at cash cost 
of US$900-1,000 per ounce 

The revised Reserves and Resources for Inata and the 
surrounding exploration licences at Souma, Pali and Ouzeni 
are shown in Appendix 1.





Funding sought to extend the LoMP

The Company is now seeking finance of approximately $10-12 
million for Souma and a further US$1-2 million for Pali and 
Ouzeni, to extend the Inata LoMP by adding additional 
reserves at all three of these development projects. 

It has been estimated by way of a desktop scoping study that 
the development of these three satellite sites could add a 
further six to seven years to the LOMP and additional gold 
production of 500-600,000 ounces. The work needed will focus 
on upgrading the largely inferred resources at the three 
projects, together with carrying out feasibility studies 
based on hauling ore from the satellite sites to the Inata 
processing plant. 

In order to bring the Souma deposit into the mine life, an 
estimated US$5-7 million will need to be spent on a drilling 
programme, completing a feasibility study for the new 
deposit, and submitting an application for a new mining 
permit. Upon receiving approval, capex of approximately US$5 
million has been estimated, mainly for haulage roads and 
enhancements to the comminution circuit at the Inata plant. 

The deposits at Pali and Ouzeni are expected to require 
expenditure of US$1-2 million, mainly drilling work, in 
order to improve confidence sufficiently to convert 
resources into reserves. Although these sit outside the 
Inata mining permit, it is anticipated that the permit can 
be extended to include these deposits without the 
requirement for a separate mining permit application.




FOR FURTHER INFORMATION PLEASE CONTACT

Avocet Mining PLC	+44 20 3709 2570
David Cather, CEO
Jim Wynn, FD

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

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


	

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).  



Appendix 1

BURKINA FASO ORE RESERVES AND MINERAL RESOURCES

Avocet Mining PLC owns 90% of Société des Mines de Bélahouro 
SA ("SMB"), owner of the Inata gold mine.  Avocet owns 100% 
of the exploration permits surrounding the Inata mining 
licence through its wholly owned subsidiary, Goldbelt 
Resources (West Africa) SARL. 
The Company's Burkina Faso Mineral Resource estimates are 
presented in the tables below, quoted for blocks above a 
nominated cut-off grade of 0.8g/t Au. The Inata and Minfo 
Mineral Resources reflect the depletion of the mining 
surfaces up to the end of December 2016.
Inata's Ore Reserves were estimated to be 0.34 million 
ounces as at 31 December 2016 based on pit shells optimised 
at US$1,150 per ounce, increased from 0.24 million ounces as 
at 31 December 2015. Cut off grades within the US$1,150 per 
ounce pit shells were based on a gold price assumption of 
US$1,250 per ounce.  The increase in Ore Reserves is 
attributable to an increased gold price assumption,  the 
identification of additional geological resources at Minfo, 
and improved recoveries now assumed in the treatment of 
carbonaceous (preg-robbing) ores. 

Inata, Minfo and Filio Ore Reserves
 
Ore Reserve estimates are reported below the 31st December 
2016 topographic surface and above an effective weighted 
average 0.8 g/t Au economic cut-off grade within mine 
designs based on economic shell optimisations. Mineral 
Resources are reported above a 0.8 g/t Au cut-off and below 
the 31 December 2016 topographic surface. 
	Gross	Attributable
 	Tonnes	Grade (g/t) 	Contained ounces	
Tonnes	Grade (g/t) 	Contained ounces
Ore Reserves						
Proven	3,066,000	1.89	186,000	2,759,000	1.89	
167,400
Probable	1,823,000	1.81	106,000	1,641,000	
1.81	95,400
ROM stockpiles	873,000	1.72	48,400	786,000	1.72	
43,600
Ore Reserves total	5,762,000	1.84	340,400	
5,186,000	1.84	306,400

Inata Mineral Resources

	Gross	Attributable
 	Tonnes	Grade (g/t) 	Contained ounces	
Tonnes	Grade (g/t) 	Contained ounces
Mineral Resources						
Measured	7,318000	1.59	373,000	6,586,000	
1.59	335,700
Indicated	22,217,000	1.74	1,245,300	
19,995,000	1.74	1,120,800
Measured+Indicated	29,535,000	1.70	1,618,300	
26,581,000	1.70	1,456,500
Inferred	29,018,000	1.61	1,506,000	
26,116,000	1.61	1,355,400
Mineral Resources Total	58,553,000	1.66	3,124,300	
52,697,000	1.66	2,811,900
Note: rounding errors may occur



Souma Mineral Resources

	Gross	Attributable
	Tonnes	Grade (g/t) 	Contained ounces	
Tonnes	Grade (g/t) 	Contained ounces
Mineral Resources						
Measured	-	-	-	-	-	-
Indicated	2,410,000	2.32	179,500	2,410,000	
2.32	179,500
Measured + Indicated	2,410,000	2.32	179,500	
2,410,000	2.32	179,500
Inferred	9,220,000	1.67	496,100	9,220,000	
1.67	496,100
Mineral Resources total	11,630,000	1.81	675,600	
11,630,000	1.81	675,600

Ouzeni and Pali Mineral Resources

	Gross	Attributable
	Tonnes	Grade (g/t) 	Contained ounces	
Tonnes	Grade (g/t) 	Contained ounces
Mineral Resources						
Measured	-	-	-	-	-	-
Indicated	-	-	-	-	-	-
Measured + Indicated	-	-	-	-	-	
-
Inferred	5,190,000	1.62	269,700	5,190,000	
1.62	269,700
Mineral Resources total	5,190,000	1.62	269,700	
5,190,000	1.62	269,700

Total Burkina Faso Mineral Resources

	Gross	Attributable
	Tonnes	Grade (g/t) 	Contained ounces	
Tonnes	Grade (g/t) 	Contained ounces
Mineral Resources						
Measured	7,318,000 	 1.59 	 373,000 	 
6,586,000 	 1.59 	 335,700 
Indicated	 24,627,000 	 1.80 	 1,424,800 	 
22,405,000 	 1.80 	 1,300,300 
Measured + Indicated	 31,945,000 	 1.75 	 1,797,800 	 
28,991,000 	 1.75 	 1,636,000 
Inferred	 43,428,000 	 1.62 	 2,271,800 	 
40,526,000 	 1.62 	 2,121,200 
Mineral Resources total	 75,373,000 	 1.68 	 4,069,600 	 
69,517,000 	 1.68 	 3,757,200 

The information in this report that relates to Inata Ore 
Reserves in Burkina Faso is based on information compiled by 
Mr Martin Raml, who is a Qualified Person, as defined by NI 
43.101.  Martin Raml is employed by Avocet Mining PLC.

The information in this report that relates to Exploration 
results is based on information supplied by Mr Robert Seed, 
a competent person. Robert Seed is employed by Avocet Mining 
PLC and has sufficient experience which is relevant to the 
style of mineralisation and type of deposit under 
consideration and to the activity which he is undertaking to 
qualify as a Competent Person as defined in the 2012 Edition 
of the "Australasian Code for Reporting of Exploration 
Results, Mineral Resources and Ore Reserves". Robert Seed 
consents to the inclusion in the report of the matters based 
on his information in the form and context in which it 
appears.