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Date: Wednesday 09 Jul 2008

LONDON (ShareCast) - Indonesia and Malaysia focused gold miner Avocet Mining said pre-tax profit rose as demand and prices for the precious metal increased.

Pre-tax profit rose to $37.6m for the year ended 31 March 2008 compared with $23.6m the year before. Sales advanced 19% to $128.7m.

Group production increased 10% to 157,907 ounces with gold prices around 25% higher than the same time last year.

Avocet said it is, "well positioned for growth with year end cash of $122m and no debt".

Chief executive Jonathan Henry added, "We have had very encouraging results from exploration drilling both at our existing operations and at the Banda properties acquired last year, giving us a strong pipeline of projects for the future."

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