Avocet Mining ("Avocet") (AIM: AVM) confirmed this morning that it has poured its first gold at the Inata mine in Burkina Faso. The mine is expected to produce between 90,000 and 110,000 ounce in 2010 as it ramps up production towards full capacity of 10,000 ounces per month. Once at full production, the mine is expected to produce at a rate of around 120,000 ounces per annum for approximately seven years.
Avocet acquired the Inata Mine through the all share acquisition of Oslo listed Wega Mining earlier this year. Inata hosts a measured and indicated resource of 1.4 million ounces.
"We are excited to be working with the government of Burkina Faso in bringing the country's fifth gold mine into production since it introduced a new mining code in 2003,” Jonathan Henry, CEO, commented.”We will continue to work diligently to ensure a successful ramp up to full production in the shortest possible period."
Avocet Mining already operates two gold mines, in Malaysia (100% of the Penjom gold mine) and Indonesia (80% of the North Lanut gold mine).