Fern Trust announces increase in holdings in Avnel Gold Mining Limited



    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES/

    ST. PETER PORT, Guernsey, Feb. 27 /CNW/ - Fern Trust has announced that
it has acquired a further 2,638,908 ordinary shares (the "Shares") in the
capital of Avnel Gold Mining Limited ("Avnel"), representing 3.33% of the
issued and outstanding Shares of Avnel following the acquisition. Fern Trust
acquired the Shares through a non-arm's length, non-brokered private placement
whereby Avnel issued to its principal shareholders 5,277,817 Shares at a price
of $0.0315 per Share in partial satisfaction of the payment of the interest
due on December 31, 2008 on certain outstanding convertible loan notes
previously issued by Avnel to such principal shareholders.
    The Shares acquired by Fern Trust, when taken together with Fern Trust's
existing holdings, comprise a total of 22,515,229 Shares, representing 28.43%
of the outstanding Shares. Fern Trust may from time to time, depending on
market and other conditions, increase or decrease such holdings of Shares or
other securities of Avnel.





For further information:

For further information: or to obtain a copy of Fern Trust's early
warning report, please contact: Diorite Securities Limited as Trustees of the
Fern Trust, c/o Merlin Quayport Trustees Limited, Quay House, South Esplanade,
St. Peter Port, Guernsey, Channel Islands, GY1 4EJ, Attention: Mr. Martin
Priest, Email: mrp@quayport.com


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