Avocet Mining: Speculation On PT Lebong Offer Talks Incorrect

10th Jun 2010 07:38

LONDON (Dow Jones)--Avocet Mining PLC (AVM.LN), an exploration company, announced Thursday that reports attributed to PT Lebong Tandai that it was interested in buying Avocet outright and that Avocet's management was supporting such a plan, are incorrect and without foundation. MAIN FACTS: -Discussions with potential interested parties in the South East Asian mines remain ongoing and at a preliminary stage and may or may not result in a sale of Avocet's South East Asian assets. -The company confirms that no discussions have taken place with any parties in respect of the acquisition of Avocet. -Indonesian press speculates that Avocet had signed an agreement to sell its South East Asian mines, consisting of North Lanut and Penjom, to PT Lebong Tandai, a wholly owned subsidiary of PT Merukh Enterprises, for $250 million. -PT Lebong Tandai currently owns 20% of Avocet's North Lanut mine and Bakan project in Indonesia. -Shares closed Wednesday at 125.50 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires June 10, 2010 02:38 ET (06:38 GMT)