Avoca Resources Limited (ASX:AVO)

Description

• Avoca Resources Limited (ASX: AVO), is an emerging gold producer and development company
  with assets in Western Australia. Since its initial listing in April 2002, Avoca has developed
  from a junior greenfield explorer into a producer with a portfolio of high-quality exploration
  assets, both wholly-owned and in joint ventures with a number of reputable international mining houses.

• Avoca’s currently producing Higginsville Gold Project has a resource base of over 1.3 million
  ounces, and is expected to reach production rates of 160-190,000 ounces per year.

• Avoca is successfully expanding its resource base with continued exploration in Western Australia.

Transaction Overview

• Pala acquired 13.3% of Avoca from Gold Fields in January 2007.

• Pala’s equity interest in Avoca is currently just over 22%.

• Pala is the largest shareholder of Avoca and was invited to join the board.

• Pala was the cornerstone investor in a A$110m Avoca financing, taking over 25%
   of the financing and participated in Avoca’s equity raising in December 2008.

http://www.avocaresources.com.au