Avocet Mining said it had transferred its remaining 30% interest in the Tri-K gold project in Guinea to Moroccan company Managem, but was still in discussions about costs.

Avocet had last year agreed to sell its 70% holding the project to Managem and received an initial payment in May of $4m for the first 40% stake.

Transfer of the remaining 30% was conditional on completion of a $10m work programme and the production of a bankable feasibility study for an operation with a reserve of at least 1m ounces.

Last month, Managem sent Avocet an overview of the work programme, the costs incurred and a feasibility study indicating a reserve of approximately 1.1m ounces.

'The company has now transferred the remaining 30% of the Tri-K project and the related shareholder loans to Managem,' Avocet said.

'However, a discussion is ongoing between the parties regarding a significant overspend of the costs incurred as part of the work programme.'


At 2:29pm: (LON:AVM) Avocet Mining PLC share price was +0.33p at 12.05p