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Toronto, ON -- Avalon Rare Metals Inc. is pleased
to announce that its common shares have been authorized for listing on
the NYSE Amex ("NYSE Amex") in New York. The shares will begin
trading on Wednesday, December 22, 2010 under the ticker symbol
"AVL". The Company will retain its primary listing on the
Toronto Stock Exchange ("TSX") also under the symbol
"AVL".
"We are pleased to welcome
Avalon Rare Metals, a Canadian miner focused on the production of
minerals critical to green energy technology and other growing high-tech applications,
to NYSE Amex," said Scott Cutler, EVP and Co-Head of US Listings and
Cash Equities, NYSE Euronext. "Avalon Rare
Metals is a good fit to our family of NYSE Amex-listed companies and we
look forward to being a strategic partner in Avalon's growth and to
providing the company and its shareholders the highest levels of market
quality, liquidity and global brand visibility."
Don Bubar,
President and CEO of Avalon, stated: "Listing our shares on the NYSE
Amex represents another significant milestone in the growth of the
Company. We believe that this listing will provide better liquidity for
our US investors and broaden our exposure to institutional investors both
in the US and around the world."
About Avalon Rare Metals Inc. (TSX & NYSE Amex: AVL) 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:
92,396,383. Cash resources: approximately $37 million.
This press release includes certain
"Forward-Looking Statements" within the meaning of section 21E
of the United States Securities Exchange Act of 1934, as amended, as well
as applicable Canadian securities laws, including the anticipated
commencement of trading on the NYSE Amex on December 22, 2010. All statements,
other than statements of historical fact, included herein are
forward-looking statements and are based on the opinions and estimates of
management at the time such statements are given, and involve various
risks and uncertainties and other factors including factors that could
cause actual events and future events to differ from those anticipated in
the forward looking statements including the need for regulatory approval
and the continued cooperation of the NYSE Amex. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated
in such statements.
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