Avala Resources Announces 2012 Exploration Program; Focus on the Timok Gold Project With 180,000 Meter Drill Program
(firmenpresse) - LONGUEUIL, QUEBEC -- (Marketwire) -- 02/21/12 -- Avala Resources Ltd. (TSX VENTURE: AVZ) (the "Company" or "Avala") is pleased to outline the objectives of the Company's 2012 exploration program and budget for its Timok Gold Project, a new gold discovery in an emerging sediment-hosted gold belt located in a proven and prolific copper-gold mining district, the Timok Magmatic Complex ("TMC") in Eastern Serbia. The Timok Gold Project (formerly referred to by the Company as the sediment hosted gold project or the Potoj Cuka gold project) is comprised of several target areas including Bigar Hill, Korkan and Kraku Pestar. Avala controls 100% of this newly identified sediment-hosted gold belt which totals approximately 250 square kilometres.
"We are very pleased with the results of the recently completed resource definition drilling program at Bigar Hill. Infill drilling has continued to confirm the continuity and near surface nature of gold mineralization across a substantial area," said James Crombie, President and CEO of Avala. "We are now very much focused on completing initial resource definition drilling programs on our other two high priority target areas, Korkan and Kraku Pestar, which we expect to finalize towards mid-year. Avala has once more committed to a large exploration program during 2012 which strongly reflects our belief that the Timok Gold Project has the potential to develop into a substantial gold mining operation. We look forward to working closely with the Republic of Serbia as we continue to progress the Timok Gold Project."
HIGHLIGHTS
Dr. Julian F. H. Barnes, a qualified person under National Instrument 43-101, a Director and the Company's special consultant, has supervised the preparation of the technical data in this press release.
About Avala Resources Ltd.: Avala is a recently-formed company focused on the exploration and development of gold and copper projects in Serbia. The common shares of Avala trade on the TSX Venture Exchange under the symbol AVZ. Avala's issued and outstanding share capital totals 214,492,223 common shares, of which approximately 51.4% is held by Dundee Precious Metals Inc. (TSX: DPM).
Cautionary Statement
This press release contains forward-looking information. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Forward looking information in this news release includes statements regarding the planned exploration program and expenditures for 2012, the completion resource estimates, the commencement of a preliminary economic analysis, the nature of the mineralization of the project, the results of the exploration activities and interpretation of such results, the potential size of the sediment-hosted gold system, and the timing and location of 2012 work programs. Forward-looking information involves known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Figure 1 is available at the following address:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contacts:
Avala Resources Ltd.
James Crombie, President and Chief Executive Officer
+1.450.640.0810
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Datum: 21.02.2012 - 13:00 Uhr
Sprache: Deutsch
News-ID 116648
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contact information:
Town:
LONGUEUIL, QUEBEC
Kategorie:
Mining & Metals
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