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Avnel Gold Mining - Avnel has noted the
significant increase in its share price following the issue of a press
release on January 20, 2011 by IAMGOLD
Corporation ("IAMGOLD") wherein IAMGOLD addresses exploration
progress at Avnel's Kalana
Mine site. IAMGOLD is the operator of exploration activities at this
mine site.
Following Avnel's
press release dated October 18, 2010 respecting
issues with sample preparation protocols for the Kalana
exploration programme, IAMGOLD, together with SGS,
have been re-assaying all of the samples from the diamond drilling campaign
being undertaken by IAMGOLD at Kalana.
The full suite of remediation assay data
relating to diamond drilling undertaken at Kalana
between February and July 2010 was received from
IAMGOLD on January 18, 2011. Only 15% of
reverse circulation drilling remediation assays are available at this
time. The data set is currently being compiled and analysed
by Avnel for purposes of issuing a market update
press release during the week of January 24, 2011.
ABOUT THE COMPANY
Avnel is a producing gold mining company
operating the Kalana Mine in south-west Mali and is engaged in the exploration of the
30-year Kalana Exploitation Permit encompassing
387.4 sq km around and to the south of the Kalana
Mine.
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 Kalana Exploitation 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.
Avnel also holds the Fougadian
Exploration Permit covering an area of 75 sq. km. to the south of the main Kalana Exploitation Permit area and abutting it. Avnel and IAMGOLD Corporation have entered into a joint
venture arrangements agreement whereby IAMGOLD has the option to acquire up
to an initial 51% interest in Avnel's interest in
the Fougadian Exploration Permit and in an
additional 75 sq. kms to the south of Avnel's Fougadian Exploration
Permit area for which IAMGOLD has applied for an exploration permit.
Technical Information and Qualified Person/Quality
Control Notes
Any 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").
Any 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.
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