Avocet Mining PLC | Operations

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Guinea

Avocet has a number of development projects across twelve exploration licenses in the Republic of Guinea. These include the 986 km² Tri-K Block, consisting of eight permits including the Koulékoun, Kodiéran and Kodiafaran gold prospects as well as the 142 km² Balandougou permit and the 130 km² Kankan permit. Avocet owns 100% of all permits it holds in Guinea.

Tri-K is located in the northeast of the country, approximately 90 km northeast of Kankan, the second largest city in Guinea. An exploration programme has been ongoing at Tri-K, which is situated in a large basin of Birimian geology, since 2005. In the first half of 2011, Avocet completed a VTEM geophysical survey over the area, the results of which significantly increased our geological understanding of the prospect.

Koulékoun

Within Tri-K, Avocet's most advanced exploration project is Koulékoun with a Mineral Resource of 1.83 million ounces. The deposit at Koulékoun contains porphyry hosted orogenic style gold deposits hosted in Birimian rocks. The Koulékoun Mineral Resource is hosted in a 20-80m wide, northwest striking quartz-feldspar porphyry that has intruded a northeast striking folded sequence of volcanogenic sedimentary rocks. This porphyry is cut by a shallow-dipping Mesozoic dolerite sill. Gold mineralisation is largely confined to the porphyry and is associated with disseminated pyrite and quartz-carbonate-arsenopyrite veins. Limited preliminary metallurgical test work on this mineralisation has shown that approximately 90% of the contained gold can be recovered by conventional CIL processing.

Koulékoun's Mineral Resource estimate of 1.83 million ounces includes Indicated Mineral Resources of 21.61 million tonnes at 1.44 g/t of gold containing 1,000,800 ounces and Inferred Mineral Resources of 22,600,000 tonnes at 1.15 g/t of gold containing 832,200 ounces.

We expect to expedite the Koulékoun project towards a feasibility study in 2012. Should the feasibility study yield positive results, we are targeting construction of a gold mine in 2013 with gold production in 2014.

Kodiéran

Tri-K's second most advanced prospect is at Kodiéran. Kodiéran is located immediately south of Koulékoun and is located within the Siguiri basin. Promising initial drill results and the identification of a large gold-in-soil anomaly at Fowara and Kourounin announced in late 2011, indicate significant resource potential at Kodiéran. Infill drilling and metallurgical test work was accelerated in late 2011 with the aim of establishing a maiden Mineral Resource at Kodiéran in early 2012.

At the end of 2011, we announced that Kodiéran had a maiden Mineral Resource estimate of 7.26 million tonnes at 1.76 g/t of gold containing 411,100 ounces.

GEOLOGICAL MAPS

RESOURCES & RESERVES