Bought in at what seems now a high 70. Has dropped back to 59. Does anyone have any views on whether it will drop down any further ? Or should I top up now ?

Good news and still it goes down? Irrational markets!!!!

Avocet Mining PLC
11 March 2004

AVOCET MINING PLC

INDONESIAN MINE CONSTRUCTION UPDATE

GROUP EXPLORATION UPDATE

Avocet Mining is pleased to announce its progress with respect to the
development of the Company's gold projects and its exploration activities.


North Lanut Project, Indonesia

Development of the Company's new dump leach gold mine in North Sulawesi is
within budget and on schedule. Gold production from the Riska deposit is
scheduled to commence in the last calendar quarter of 2004. The Company has
brought forward its evaluation of the nearby Effendi deposit which is likely to
add to the project's mine life.

The last reported mineral resource of Riska (11.7 million tonnes at 1.5 g/t gold
and 5 g/t silver, for 550,000 ounces of gold and 1.7 million ounces of silver)
was originally drilled using man-portable diamond drill rigs, on account of
limited access to the deposit. Improved access has allowed additional reverse
circulation (RC) drilling to test the upper portion of Riska from which the
first year of production is scheduled. Best intercepts received to date from
this drilling are included in Table 1 at the end of this release. Results not
only indicate that ore grades may be substantially higher than previous
estimates but also that volumes modeled as waste, due to limited drilling
information, may actually be ore. Therefore, annual gold production is likely to
be above the 50,000 ounces per year average previously forecasted.


Penjom Gold Mine, Malaysia

An underground exploration drift (the E-Drive) from Penjom's main open pit has
now been extended by over 150 metres allowing underground exploration drilling
to commence within the next month. Surface exploration has already delineated a
satellite open pit (Kurnia) and identified northern extensions to the main pit.
Some of the better exploration results received to date are shown in Table 2 at
the end of this release.

A significant factor for the Penjom operation has been its production results
during this fiscal year. Ore production to date has been 7% higher in tonnes and
36% higher in grade than was budgeted from mineral resources modeled a year ago.
These results, together with those to be incorporated from surface exploration,
are likely to show that Penjom has extended its mine life by at least a year.


ZGC, Tajikistan

Trenching and drilling results have been encouraging within the area of existing
operations. The best trenching results are included in Table 3 at the end of
this release. The prospects Laylee, Gavazmon and Vera are new discoveries.

As well as substantially extending the life of ZGC's operations, one of the
Company's objectives has been to source additional production from the dump
leaching of low grade mineral resources that would otherwise be uneconomic for
current mill production. Results from the first 32,000 tonnes of low grade (0.65
g/t) stockpiles that have been dump leached as part of a large scale pilot test
have been very positive. 66.7% of contained gold was recovered after 62 days of
leaching. Total costs were less than US$200 per ounce.


Resource and Reserve Statements

Avocet Mining PLC intends to provide a full statement of its mineral resources
and ore reserves by no later than the preliminary announcement of its results
for the year ending 31 March 2004, which is scheduled for 21 July 2004.

Although it is not a requirement under the rules of AIM, Avocet aspires to a
transparent and internationally recognised system for reporting its mineral
resources and ore reserves. Avocet does operate in the Former Soviet Union (FSU)
which has its own standards for reporting resources and reserves. However,
Avocet believes that adopting FSU standards would be inconsistent with the fact
that it also operates outside the FSU. Therefore, any statements made by Avocet
concerning 'mineral resources' and 'ore reserves' will relate only to measured,
indicated and inferred mineral resources and proven and probable ore reserves as
defined under the better recognised Australian JORC code.

A presentation by Avocet's Chief Geologist on the geology and exploration of the
Company's gold properties was given to the Australian Institute of Geoscientists
in October 2003. This can be found on our website at
http://www.avocet.co.uk/
exploration.html.

Avocet is a mining company listed on the AIM market of the London Stock
Exchange. The Company's principal activities are gold mining and exploration in
Malaysia (as 100% owner of the Penjom mine, the country's largest gold
producer), Tajikistan (as 49% owner and operator of the Zeravshan Gold Company,
Tajikistan's principal gold mine), and Indonesia (as 80% owner of the North
Lanut gold project in North Sulawesi).