Slowly but surely.
Thanks for the clarification Marcia.
NEWS RELEASE
Avalon Ventures Ltd.
Shares Outstanding 20,141,731
Working Capital $0.6 Million
SEC 12g3-2(b): 82-4427
Symbol AVL:VSE
AVALON AND WABASEEMOONG INDEPENDENT NATIONS
SIGN MEMORANDUM OF UNDERSTANDING REGARDING
CO-OPERATIVE DEVELOPMENT OF THE BIG WHOPPER
PETALITE DEPOSIT
Avalon Ventures Ltd. (the "Company") is pleased to announce that a Memorandum of
Understanding ("MOU") has been signed with the Wabaseemoong Independent Nations
("Wabaseemoong") First Nations of Whitedog, Ontario, regarding the development of the Big
Whopper Petalite deposit on the Company's Separation Rapids rare metals project, Kenora,
Ontario. This agreement is a key component in the rapid advancement of the project through
the feasibility study stage, which is now underway.
The MOU sets out basic principles for co-operation in the development of the Big Whopper
petalite deposit, which is located approximately 30 km northeast of Whitedog, within the
traditional land use area ("TLUA") of Wabaseemoong. Wabaseemoong have agreed to
support development of a mine at Separation Rapids provided that the environment of the
TLUA is protected from potential adverse environmental effects of mining and that
Wabaseemoong benefits directly from the mine. These benefits shall consist of job
opportunities and training for band members and funding for the social and economic
development of the band.
The parties have agreed to initiate discussions forthwith toward negotiation of a
comprehensive Impacts and Benefits Agreement with the objective of executing such an
agreement by March 1, 2000. In the interim, the Company has agreed to provide
Wabaseemoong with notice of all mine development plans, permit applications and
manpower requirements, and shall use its best efforts to provide band members with
employment opportunities during current and future exploration and development work
programs. The Company plans to work with federal and provincial government authorities to
initiate job training programs as soon as possible.
Management is pleased to have the support of the Wabaseemoong people for the
development of the Separation Rapids project. The Company recognized at an early stage,
the legitimate concerns of First Nations people regarding new resource development in their
traditional land use areas, particularly with respect to environmental issues. The Company
has been pro-active in providing information and addressing First Nations' concerns over the
past two years, and as a result, has developed a positive working relationship with the
Wabaseemoong people, which has provided the basis for forming a co-operative partnership
to develop the project.
Exploration work on the property continues. The Company is awaiting approvals for its
advanced exploration permit and aggregate permit in order to complete the new access road
and initiate the bulk sampling program later this summer.
For further information contact Donald S. Bubar, at (416) 364-4938. Corporate Information
may also be accessed on the Internet at www.avalonventures.com.
ON BEHALF OF THE BOARD
"Donald S. Bubar"
Donald S. Bubar, President
*No stock exchange has either approved or disapproved the information contained herein* |
