North Lanut - Indonesia
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5% NSR¹ 73,336 oz (Au) 227,400 oz (Au) 467,600 oz M&I¹ / 370,800 oz Inf. (Au)² Avocet Mining PLC |
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Avocet owns an 80% interest in an Indonesian company which holds a 6th generation Contract of Work (CoW) located in the central portion of North Sulawesi in the District of Bolaang Mongondow. The North Lanut gold mine is located within the CoW, which includes exploration and mining rights over approximately 50,000 hectares. The property includes the Riska, Effendi, Talugon, Durian and Osela deposits. Gold production commenced in October 2004.
Franco-Nevada has a 5% NSR on 80% of gold production which will cease after 500,000 oz of production.
On December 11, 2007 Avocet announced an increase to the MI&I resource at Riska to 338 koz from 185.7 koz. (This increase is not reflected in the resource number above.)
¹ Measured and indicated resources are exclusive of reserves.
² Measured and indicated figures were reported separately but have been combined to provide an aggregate measured and indicated amount.