Aim-listed Avocet is assessing whether the conditions for the second closing of its Tri-K transaction with Managem have been met.
Avocet announced in October 2016 that it had entered into an agreement with Managem for Managem to ultimately earn a 70% interest in the Tri-K gold project, in Guinea, in two phases.
In the first phase, Managem paid Avocet $4-million to earn a 40% interest in the project.
The second phase required the completion of a $10-million work programme and the production of a bankable feasibility study for an operation with a reserve of at least one-million ounces of gold.
Avocet has now received an exercise notice in relation to the transfer of the further 30% interest in the Tri-K project to Managem to be completed on September 4.
Along with the exercise notice, Managem submitted an overview of the work programme, the costs incurred as part of that programme and a feasibility study indicating a reserve of about 1.1-million ounces.