Avocet completes Indonesian project after Wega buyout

GOLD miner Avocet said yesterday it had completed a drilling programme in Indonesia, adding it had issued and allotted 423,717 new ordinary shares at 5p each as it completes its acquisition of Wega Mining.

The Aim-listed miner said it would undertake further drilling “in order to outline an inferred mineral resource” if testing on the mined metals prove positive.

“The drilling results from the project in Indonesia are impressive, and we believe that Avocet has some very good exploration ground,” Evolution’s Charles Kernot said.

“However, with cash more constrained following the Wega acquisition, we are concerned that Avocet will have to slow its exploration spend,” he added.

The group reported annual losses last year.