03/03/2006
Avocet Mining has signed an agreement to earn up to 36 per cent of Dynasty Gold Corporation's interests in China's Xinjiang Province.
Chief executive John Catchpole has signed a memorandum of understanding with Canadian group Dynasty, which allows AIM-quoted Avocet to earn up to 36 per cent of Dynasty's acreage in western China. This includes 1,000 sq km at Hatu in Xinjiang Province, as well as 100 sq km at Red Valley in Qinghai and 2,000 sq km at WildHorse in Gansu (where AngloGold Ashanti has invested).
Avocet, which is producing gold at Penjom in Malaysia, can invest up to £1 million, with a minimum of £470,000, in the Hatu joint venture by 31 March next year for a maximum 36 per cent of Dynasty's joint venture share. Avocet currently holds 29 per cent of Dynasty, which is listed on the Toronto Venture Exchange.
Avocet shares, recommended as a speculation by Growth Company Investor at 76.5p last May, are 7p up today at 144p, valuing the company at £153 million. Hold on for now.
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