2008 annual report is out

2007/2008 Highlights
• Avoca’s first gold pour took place at the newly commissioned Higginsville treatment plant on Tuesday 1st July 2008.
• Construction of the $AUD49.2 million one million tonne per annum CIL treatment plant was completed on time and under budget.
• Avoca’s Higginsville Gold Project is the first new gold operation in Western Australia since 2001.
• Construction of additional project infrastructure at Higginsville including 160 person accommodation village, 10MW dual diesel gas-fired power station, site
administration complex, waste water treatment facility, 1.5GL borefield, on-site assay laboratory and optic fibre telephone and data link between site and Perth were
all completed on time and on budget.
• Total underground development at Trident for the year was 9,380m comprising 5,484m of capital development and 3,896m of operating development.
• Mine production totalling 145,000t @ 4 g/t gold for 18,686 ounces was stockpiled on the surface ROM pad awaiting treatment by year end.
• The Higginsville site had reached 906 days LTI-free.
• Exploration success continued at Trident with the discovery of the high grade Artemis Lodes. The Trident resource has increased to 951,000 ounces at a grade of
6 g/t gold and remains open at depth.
• Regional exploration within the 2,700km2 Higginsville Project area was successful in discovering the outcropping Musket prospect located 40km south-east of the new
treatment plant. The first diamond drill hole returned 18m @ 10.9 g/t gold at a depth of 55m.
• Highly encouraging intersections were recorded along the Higginsville Line of Lode at Two Boys, Fairplay North and the Vine JV; and also at Wills and Chalice.
• The Higginsville resource base increased to 1.45Moz. The underground Chalice resource increased 58% to 123,000 ounces at a grade of 5.2 g/t gold.
• Avoca secured an $AUD71 million senior debt facility from Société Generale and Commonwealth Bank of Australia.
• Avoca purchased put options over 438,933 ounces providing a minimum revenue of $AUD830 per ounce whilst giving the company full exposure to the appreciating
gold price.