Toronto, ON -- Avalon Rare Metals Inc.
(TSX:AVL, OTCQX:AVARF) ("Avalon" or the "Company") is
pleased to announce that it has entered into a Negotiation Agreement with
the Yellowknives Dene
First Nation ("Yellowknives")
regarding the Nechalacho rare earth elements
deposit located at Thor Lake, 100 kilometres
southeast of Yellowknife, Northwest Territories (the
"Project"). This form of initial agreement (often referred to
as a Memorandum of Understanding), is done in order to frame the
negotiations towards an impacts and benefits type agreement.
The Negotiation Agreement outlines
broad principles for co-operation and provides the basis for the
negotiation of an Accommodation Agreement. The Accommodation Agreement,
(like an "Impacts and Benefits" agreement) if agreed to, will
be structured to mitigate any adverse impacts of project development,
define the benefits to the parties and provide greater certainty with
respect to the development of the Project.
After several years of regular
consultation, Avalon and the Yellowknives have
established a co-operative and respectful relationship for responsible
mineral development in the Yellowknives'
traditional territory, known as the Chief Drygeese
Territory. The Company and the Yellowknives
intend to continue and broaden this relationship through these
negotiations. Accommodation Agreements typically cover a number of topics
such as environmental protection, business and employment opportunities,
in respect of the Project. Avalon and the Yellowknives have agreed to
commence negotiations on the Accommodation Agreement as soon as possible,
with the objective of concluding this agreement in 2011.
Don Bubar, President and CEO of
Avalon, stated: "We are very pleased with the positive relationships
we have built within the Yellowknives Dene First Nation community to date
and look forward to strengthening these relationships as we move forward
with the Project. The signing of this Negotiation Agreement is reflective
of Avalon's commitment to working collaboratively with our aboriginal
partners in the north and our commitment generally to socially
responsible mineral development".
About Avalon Rare Metals Inc. (TSX:AVL, OTCQX:AVARF) Avalon Rare Metals Inc.
Avalon Rare Metals Inc. is a
mineral exploration and development company focused on rare metals
deposits in Canada. Its flagship project, the 100%-owned Nechalacho
Deposit, Thor Lake, NWT, is emerging as one of the largest undeveloped
rare earth elements resources in the world. Its exceptional enrichment in
the more valuable 'heavy' rare earth elements, which are key to enabling
advances in green energy technology and other growing high-tech
applications, is one of the few potential sources of these critical
elements outside of China, currently the source of 95% of world supply.
Avalon is well funded, has no debt and its work programs are progressing
steadily. Social responsibility and environmental stewardship are
corporate cornerstones. Avalon's performance on community engagement in
the north earned it the 2010 PDAC Environmental and Social Responsibility
Award.
Shares Outstanding:
92,391,470. Cash resources: approximately $39 million.
To find out more about Avalon Rare
Metals Inc., please visit our website at www.avalonraremetals.com. For questions and feedback,
please e-mail the Company at ir@avalonraremetals.com or phone Don Bubar, President at
416-364-4938.
This news release contains
forward-looking information and is subject to a variety of risks and
uncertainties and other factors that could cause actual events or results
to differ materially from those projected in the forward-looking
information. Forward-looking information is based on the opinions and
estimates of management at the date the information is given, and is
subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those
projected in the forward-looking information. The forward-looking
information contained herein is given as of the date hereof and the
Company assumes no responsibility to update or revise such information to
reflect new events or circumstances, except as required by law.
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