Avnel Gold Mining (TSX:AVK) Updates Current Work Program in Mali, West Africa - Video Summary Posted on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, June 1, 2011 - Avnel Gold Mining (TSX:AVK)
provides a project update for the work program on its 80% owned Kalana
exploration permit in Mali, West Africa, with the government owning the balance.
InvestmentPitch.com has produced a "video news alert" based on this information.
If this link is not enabled, please visit www.investmentpitch.com and enter
"Avnel" in the search box.
Mali is currently the 3(rd) largest gold producer in Africa, behind South Africa
and Ghana.
Mineralization has been known in this area since the 1930's and this specific
area was actively explored from 1967 - 1982 under a Soviet Technical Assistance
Program. The Kalana produced 81,000 ounces of gold between 1985 and 1991 until
it was placed on care and maintenance when the Russians withdrew support
following the break-up of the Soviet Union. In 1992, the permit reverted to the
Malian Government.
It is interesting to note than the Government of Mali, with the help of the
World Bank, developed an electricity power supply infrastructure in 1995 to
accelerate development for the region.
The current work program is being conducted by the company's joint venture
partner, Iamgold (TSX:IMG). Iamgold should be an ideal partner. With a
capitalization of approximately $7 billion, it is large enough to give the
project the attention it merits but small enough to consider the Kalana project
important to its future.
Iamgold has a history in Western Mali, operating two open pit gold mines, one of
which, the Yatela, has been in operation since 2001 and is expected to be mined
out by the end of this year.
Iamgold has an option to earn an initial 51% in Avnel's Kalana Mine Project, by
spending $11 million over 3 years, delivering a NI 43-101 resource estimate of
at least 2 million ounces of gold, as well as proceeding with a feasibility
study. Iamgold is ahead of schedule, and expects to have spent $14.4 million by
the end of 2011.
Drilling at Kalana One North indicates a gold mineralized zone extending from
surface to a depth of 220 metres over an area of about 250 metres by 300 metres,
which demonstrates the potential for bulk mining. Drill and assay results from
the Kalana One South domain, also demonstrate the potential for an open pit,
running east-west over 300 metres and with a strike of at least 300 metres to a
depth of 100 metres. And over at the Kalana Two domain, drill results confirm
the existence of an extensive mineralized zone down to 100 metres over a surface
area of 300 metres by 400 metres. These 3 domains are contiguous and can be
considered as one potential mine.
Between January and April 2011, 11,592 metres of diamond drilling was completed
at the Kalana Mine using two diamond drill rigs. An additional reverse
circulation drill rig has been mobilized. The 2011 work program aims to complete
34,500 metres of drilling with a total budget of $8 million. During 2011 infill
drilling will increase the density of drill data in preparation for a mineral
resource estimate.
Avnel has other projects in the area, and recently closed a $10 million private
placement led by Dundee Securities.
If you're looking for more information about Avnel, there is an in-depth article
on the company coming up in the July issue of the Resource World. Also, please
visit their website at www.avnelgold.com, or contact FronTier Consuling at
416-800-9156 or email atodd(at)frontierconsultingltd.com.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan(at)investmentpitch.com
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Source: InvestmentPitch via Thomson Reuters ONE
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Unternehmensinformation / Kurzprofil:
Datum: 01.06.2011 - 16:49 Uhr
Sprache: Deutsch
News-ID 55233
Anzahl Zeichen: 4488
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Kategorie:
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