For Immediate Release

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF THAT JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION


Avocet Mining Plc (“Avocet” or the “Company”) announces that its Board has
completed the review of Company’s future strategy following the sale of its last
significant equity interest, as announced on 18 June 2019.

Having considered all available options, the Board proposes that the Company be
put into members’ voluntary liquidation with a view to Avocet’s residual assets,
if any, being returned to its shareholders.

Introduction
On 18 June 2019, Avocet announced the sale of its remaining interests in the
Tri-K gold project in Guinea for an aggregate consideration of USD 21 million
(the “Disposal”). 

The Disposal was part of the restructuring of Avocet’s overdue loans to its
secured creditor Manchester Securities Corp. (“Elliott”) of in total USD 32.2
million. As part of the Disposal, Elliott has released the Company from all
amounts outstanding under the various facility agreements against, amongst
other, the payment of the majority of the proceeds of the Disposal.

Avocet’s interest in the Tri-K gold project was its last significant equity
interest, leaving the Company with no significant subsidiaries or other equity
investments, and, following the settlement of the overdue loans, a minimal
residual cash sum. 

Against this background, the Board of the Company commenced a strategic review.

Strategic Review
Having considered all available options for the future of Avocet, the Board has
resolved that the residual cash sum shall be used in the short term to pay its
limited ongoing expenses and to repay any remaining unsecured creditors,
following which it is proposed that Avocet will be placed into a members’
voluntary liquidation with residual assets, if any, returned to its
shareholders.

General Meeting
Avocet has today published a circular (the "Circular") containing details of the
proposed members’ voluntary liquidation of Avocet, including Notice of a general
meeting of Avocet (the “General Meeting”) to be held on 18 July 2019 at 11:00
a.m. at Felix Spier Room at 15 Old Bailey, London, EC4M 7EF.  

The purpose of the General Meeting is to seek shareholders’ approval of certain
resolutions required in order for the proposed members’ voluntary liquidation to
be implemented.

The Circular provides the background to the Board’s decision and the resolutions
to be proposed at the General Meeting.  A copy of the Circular is available for
review at www.avocetmining.com. 

If the resolutions are passed by shareholders at the General Meeting, Avocet
also proposes to apply for the cancellation of both the admission of the
Ordinary Shares to the Official List of the Financial Conduct Authority and the
admission of the Ordinary Shares to trading on the main market for listed
securities of the London Stock Exchange and the Oslo Stock Exchange.
— END —

FOR FURTHER INFORMATION PLEASE CONTACT

Avocet Mining PLC	 
Boudewijn Wentink, CEO
Yolanda Bolleurs, CFO
+44 203 709 2570	

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


NOTES TO EDITORS

Avocet Mining PLC (“Avocet”) is a gold mining and exploration company listed on
the London Stock Exchange (ticker: AVM.L) and the Oslo Børs (ticker: AVM.OL).