Thursday, 14th October 2004 (3257 views)

Avocet Mining has announced that gold production at the North Lanut mine in North Sulawesi, Indonesia, is now underway.

The company's third mine, of which it owns an 80 per cent share, commenced production on schedule and its first gold pour was celebrated during an opening ceremony attended by local, regional and central government representatives on October 7th.

Avocet, which is listed on the AIM market of the London Stock Exchange, claims North Lanut is the first significant gold mine to be developed in Indonesia in six years and predicts that annual production will average in excess of 50,000 ounces over the current five year mine life for the Riska deposit.

Exploration activities continue on the Contract of Work (CoW) on which the North Lanut mine is located, with the immediate aim of increasing the resource base at North Lanut.

Other known prospects on the CoW are also being evaluated, including the Bakan deposit which has the potential to host another mine.

Avocet's principle focus is gold mining and exploration in Malaysia, Tajikistan, and Indonesia.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.