AVM.L Share News (AVM)

(ShareCast News) - Avocet Mining said it has drawn down $2m in loans to meet its corporate requirements through to the end of October 2015. In a statement, the gold miner said the funding would allow it to continue its business review "while exploring longer term funding options".Shares in the London and Oslo-listed company fell 2.35% to 331p on the news.Avocet owns 90% of the Inata gold mine in the north of Burkina Faso, with the government holding the remaining 10%. It also has exploration interests in Guinea at the Tri-K project.The said it expects to submit to submit two further draw down requests of $200,000 each under one of its loan deals "as required over the coming months"."As part of the business review Avocet continues to consider options for maximising the value of its assets for the benefit of shareholders, including its Inata mine and the adjacent Souma deposit in Burkina Faso, and its Tri-K development project in Guinea," the company said.The Inata mine poured its first gold in December 2009 and produced 86,037 ounces of gold in 2014, compared with its expectations of about 95,000 ounces. Other assets in Burkina Faso include eight exploration permits surrounding Inata in the broader Bélahouro region. The most advanced of these projects is Souma, some 20 kilometres from Inata.A strike at Inata halted operations last December. The company, along with all bullion miners, was hit by a sharp drop in gold prices last year.