Avalon Minerals Limited (ASX: AVI)
ASX RELEASE 4
AUGUST 2008
AVALON
ANNOUNCES PROPOSED SALE
OF WEST AUSTRALIAN
EXPLORATION
ASSETS
NEWLY
ESTABLISHED CALIBURN RESOURCES TO UNDERTAKE IPO AND ASX LISTING
Key Points
- 13 of Avalon?s Western Australian exploration tenements
to be acquired by newly established Caliburn Resources Limited.
- Caliburn to undertake an IPO and ASX listing as a
dedicated energy and minerals exploration company.
- Exploration portfolio includes 13 Exploration Licences
in the Yilgarn and Kimberley
regions of WA covering several known uranium occurrences.
- Portfolio sale consistent with Avalon?s focus on its
advanced copper projects in Sweden.
Avalon Minerals Limited (ASX: AVI ? ?Avalon?) is pleased to announce that it intends to
divest its West Australian exploration assets via the proposed sale to Caliburn
Resources Limited, which will undertake an Initial
Public Offer and proposed listing on the Australian Securities Exchange (ASX).
The sale to Caliburn Resources as a dedicated energy and
minerals exploration company is consistent with Avalon?s focus on its advanced
Viscaria and Adak Copper Projects in Sweden.
The Company recently reported a maiden JORC Code
compliant mineral resource comprising an Inferred Resource of 24.1 million
tonnes grading 0.8% Cu for the ?B? Zone and 2.5 million tonnes grading 1.6% Cu
for the ?D? zone, for a combined 220,000 tonnes of contained copper for the
Viscaria Project.
Caliburn has entered into an agreement with Avalon?s
wholly owned subsidiary, Resource Properties Pty Ltd, to acquire a 100%
interest in nine prospective uranium projects encompassing 13 Exploration
Licences (nine granted and three under application) in Western
Australia. The portfolio covers a total area of
approximately 1,900km2 in the central and northern part of the Yilgarn Craton and the Kimberley
region of Western Australia.
It is expected that Avalon shareholders will be offered
a priority entitlement to take up shares in the Caliburn Resources IPO. The
capital raised will be used by Caliburn to accelerate the exploration of
Avalons?s uranium assets and to target other opportunities in mining and
exploration in Australia.
The key dates for the Caliburn IPO are listed below;
-
ENDS ?
-
Released by:
On behalf of:
Nicholas Read/Jason Cunningham
Mr David McSweeney
Read Corporate
Managing Director and CEO
Telephone: +61 (0)8 9388 1474
Avalon Minerals Limited
Mobile: +61 0439 399 318
Avalon Minerals ? Background
Avalon Minerals Ltd
listed in March 2007 with the aim of developing and discovering mineral
deposits. Avalon?s corporate objective is to build a
diversified resource mining group based on cash flows from producing
operations. The primary project generation strategy has been successful with
the acquisition of the advanced Viscaria and Adak copper deposits in northern
Sweden where a maiden JORC Code compliant copper resource comprising an
Inferred Resource of 24.1 million tonnes grading 0.8% Cu for the ?B? Zone and
2.5 million tonnes grading 1.6% Cu for the
?D? zone, for a combined 220,000 tonnes of contained copper has been
delineated.
READ
CORPORATE
Public Relations Corporate Communications
T: (+61-8) 9388-1474 | F: (+61-8)
9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au
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