Avocet Mining Plc ("Avocet" or the "Company") announces today that it has sold
one of its subsidiary companies, the wholly-owned Norwegian entity Wega Mining
AS ("Wega Mining") and certain intercompany receivables of the Company's group
to Natholmen AS for a total consideration of USD 400,000 in cash (the
"Disposal").

Signing and completion of the Disposal have taken place simultaneously: Avocet
has received the cash proceeds.

BACKGROUND
Discussions between the Company and its secured creditor, Manchester Securities
Corp. ("Elliott") regarding the restructuring of its overdue loans to the
Company of in total USD 29.2 million are continuing.

In this context, Avocet is taking all practicable actions to minimise its costs
and streamline its remaining responsibilities, activities and group structure.
Together with the sale of its Burkina Faso assets, the disposal of Wega Mining
is part of that larger restructuring effort.

TRANSACTION DETAILS
The transaction comprises a sale by the Company of the entire issued share
capital of Wega Mining to Natholmen AS for USD 1 in cash, pursuant to a share
purchase agreement entered into today (the "Agreement"). The shares in Wega
Mining are being sold on an "as is/where is" basis. No warranties are being
given in the Agreement other than with regard to title and capacity. 

Wega Mining is the shareholder of a number of companies, including Wega Mining
Guinée SA. This entity has, after the transfer of its interest in the Tri-K
mining and exploration permits into the Avocet's joint venture with Managem as
part of the first closing in May 2017, no assets other than a receivable in
relation to a possible reclaim of VAT. In relation to this claim the Agreement
includes a mechanism to share equally any amounts received (after costs) if and
when paid by the tax authorities.
 
In addition, the transaction involves the sale by Avocet of certain intercompany
receivables owed to the Company by Wega Mining and its subsidiaries for a total
cash consideration of USD 400,000. 
In advance of the Disposal, Wega Mining has, against partial settlement of an
intercompany receivable owed by Avocet to Wega Mining, assigned to Avocet the
deferred part of the consideration owed to Wega Mining from the recent sale of
the Burkina Faso assets.

USE OF PROCEEDS
Given the Company's current circumstances and in order to enable the Company to
resolve its affairs, Elliott has agreed to the Disposal and to release its
security over the shares in Wega Mining and its subsidiaries. 

Discussions with Elliott regarding the restructuring of Avocet's debts will
continue, including the possible use of the proceeds of the Disposal for the
partial repayment of Elliott's debt. In this context, Avocet will be taking all
practicable actions to minimise its costs and streamline its remaining
responsibilities, activities and group structure.

APPROVAL OF TRANSACTION
Considering the above and the support of Elliott for the transaction, the board
of the Company believes that the terms of the Disposal are not unreasonable and
it does not disadvantage any other stakeholder of the Company given the high
level of debt in the Company. It has therefore entered into the Agreement. This
transaction does not require shareholder approval. 


FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC	
Boudewijn Wentink, CEO
Yolanda Bolleurs, CFO
+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.