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Avocet completes Indonesian project after Wega buyout

<div>GOLD miner Avocet said yesterday it had completed a drilling programme in Indonesia, adding it had issued and allotted 423,717 new ordinary shares at 5p each as it completes its acquisition of Wega Mining.<br /><br />The Aim-listed miner said it would undertake further drilling &ldquo;in order to outline an inferred mineral resource&rdquo; if testing on the mined metals prove positive.<br /><br />&ldquo;The drilling results from the project in Indonesia are impressive, and we believe that Avocet has some very good exploration ground,&rdquo; Evolution&rsquo;s Charles Kernot said.<br /><br />&ldquo;However, with cash more constrained following the Wega acquisition, we are concerned that Avocet will have to slow its exploration spend,&rdquo; he added.<br /><br />The group reported annual losses last year.</div>