Avocet Mining Chairman tops up stake after disappointing update

6th Nov 2012 16:21

Russell Edey, the Chairman of Avocet Mining since 2010, has boosted his stake by 100,000 shares, less than a week after the company saw its shares fall following a mixed third-quarter update. Edey purchased the shares at 63.75p a time for a total of £63,750. In an update last Thursday, the company said that an anticipated reduction in the Inata Mineral Reserves at its Inata mine now makes expansion unlikely in the short term.Gold production was 33,067oz (Q2 2012: 32,917 oz) with cash costs of $937 per ounce in the quarter (Q2 2012: $1,006 per oz). Whilst cost savings were achieved on reagent consumption and operating efficiency improvements, overall cash costs reduced as a result of lower maintenance activity and less grade control drilling, both of which are expected to reverse in the fourth quarter of 2012. Full-year production guidance is maintained at 135,000 to 140,000 ounces at a cash cost of $1,000 to $1,050 per ounce. Top Director BuysSt Ives (SIV) Director name: Mr Patrick MartellAmount purchased: 123,584 @ 101.44p Value: £125,376CLS Holdings (CLI) Director name: Mr Sten A MortstedtAmount purchased: 15,000 @ 697.50p Value: £104,625St Ives (SIV) Director name: Mr Matthew ArmitageAmount purchased: 80,270 @ 101.44p Value: £81,434Avocet Mining (AVM) Director name: Mr Russell EdeyAmount purchased: 100,000 @ 63.75p Value: £63,750St Ives (SIV) Director name: Mr Lloyd WigglesworthAmount purchased: 58,378 @ 101.44p Value: £59,224Telecity Group (TCY) Director name: Mr Michael TobinAmount purchased: 2,000 @ 843.60p Value: £16,872Manchester & London Inv Trust (MNL) Director name: Mr P H A StanleyAmount purchased: 5,000 @ 305.00p Value: £15,250Alkane Energy (ALK) Director name: Mr Roger McDowellAmount purchased: 50,000 @ 24.50p Value: £12,250Top Director SellsVirgin Media Inc. (VMED) Director name: Mr Eamonn O'HareAmount sold: 37,596 @ 2,036.75p Value: £765,737