AVNEL APPOINTS STRATHCONA MINERAL SERVICES LIMITED ("STRATHCONA") AS
TECHNICAL ADVISOR TO ITS KALANA GOLD PROJECT
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES/
ST. PETER PORT, GUERNSEY, Nov. 17 /CNW/ - Avnel Gold Mining Limited (TSX: AVK) - Avnel Gold Mining Limited ("Avnel") is pleased to report that it has appointed Strathcona as technical advisor to the advanced exploration programme at the Kalana Project being conducted by IAMGOLD Corporation ("IAMGOLD") pursuant to the earn-in joint venture agreement concluded between IAMGOLD and Avnel on 11 August, 2009.
There has been a long history of gold exploration at the Kalana Project which was focussed on rich, narrow shallow-dipping quartz veins that occur within a broader mineralised system. This broader system and other satellite zones in and around the Kalana mine are now being evaluated in systematic detail and is the priority focus of IAMGOLD's exploration programme. IAMGOLD is also evaluating the remainder of the highly prospective Kalana permit area with a view to drilling in the remainder of the permit.
Strathcona's mandate is to monitor and review the ongoing exploration programme with and on behalf of Avnel, and in a collaborative manner with IAMGOLD, as the operator of the programme.
Avnel's CEO, Howard Miller, is reported as saying: "We and IAMGOLD welcome the involvement of Strathcona and believe that their expertise and depth of experience will help advance the programme's objectives to delineate bulk mineable gold resources at the Kalana mine and its environs as well as on the remainder of the permit."
Strathcona, having started a desk top review of the project, is currently on site together with Avnel's team and the IAMGOLD exploration team.
Drilling is continuing aggressively with the aim of completing 37,600m of drilling (15,600m diamond drilling and 22,000m RC drilling) by year end.
The re-assaying of all drill samples and the assaying of current drill samples is well under way with first results likely to be available at year end. IAMGOLD reports favourably on the geological results of the drilling and underground grab sampling to date and that those results are driving the aggressive programme notwithstanding the delay in receipt of assays.
ABOUT THE COMPANY
Avnel is a gold mining producing company operating the small Kalana Gold Mine and is engaged in the exploration of the 30 year exploitation permit encompassing 387.4 sq km around and to the south of the operating Kalana gold mine in south west Mali.
Avnel's principal asset is an 80% interest in Société d'Exploitation des Mines d'Or de Kalana ("SOMIKA") which is the holder of the 30 year exploitation permit. Avnel also holds the Fougadian exploration permit covering an area of 75 sq. km. which lies to the south of the main Kalana exploitation permit and abuts it. IAMGOLD, in cooperation with Avnel, is applying for a further 75 sq km exploration permit to the south of and abutting Avnel's Fougadian permit.
The Kalana project is situate in south west Mali. The 387.4 sq km exploitation permit has a NI-43-101 compliant resource of 1,020,000 oz (at an average grade of 10.4 g/t) in the measured and indicated category, and 249,000 oz (at an average grade of 3.4 g/t) in the inferred category.
Technical Information and Qualified Person/Quality Control Notes
The mineral resource estimates contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
The mineral resource estimates contained in this news release have been based on the 2005 Snowden Technical Report prepared by G.M. Greenway, Principal Resource Geologist, and D.H. Kullmann, Principal Consultant Mining Engineer, of Snowden Mining Industry Consultants (Pty) Ltd. ("Snowden"), each of whom is a "Qualified Person" in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("National Instrument 43-101"). The authors of the 2005 Snowden Technical Report are independent of Avnel within the meaning of National Instrument 43-101.
Information in this release arising subsequent to the date of the 2005 Snowden Technical Report regarding the Kalana Gold Mine and exploration activity is provided by Avnel management under the supervision of Roy Meade (a director of the Company) who is a non-independent "Qualified Person" as such term is defined in National Instrument 43-101. Portions of the information are based on assumptions, qualifications and procedures which are not fully described herein.
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts are forward-looking statements. Although Avnel believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Avnel does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
For further information:
Howard Miller
Chief Executive Officer
Phone: +44 207 589 9082; Fax: +44 207 589 8507
UK Mobile: +44 7768 696129
Canadian Mobile: +1 416 726 8174
Email: [email protected]
www.avnelgold.com
or
Roy Meade
Executive Director
Phone: +223 21 651603
Mobile: +223 674 7679
Email: [email protected]
or
Ari Todd
President
FronTier Consulting
1 King Street West - Suite 1411
Toronto, Canada
M5H 1A1
Direct: +1 416.800.9156
Mobile: +1 647.999.9734
Email: [email protected]
www.frontierconsultingltd.com
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