NEWS RELEASE
June 18, 2001
Symbol: AVL:CDNX
Avalon Appoints PricewaterhouseCoopers LLP As New Auditor And Appoints
New CFO
Avalon Ventures Ltd. (the "Company") is pleased to announce the appointment of
PricewaterhouseCoopers LLP as auditor for the Company, effective June 8, 2001. Forbes Andersen &
Co., the Company's auditor since 1996, resigned effective the same date, but will continue to provide the
Company with accounting, taxation and other financial advisory services.
The Company is also pleased to announce the appointment of Mr. R.J. (Jim) Andersen, B.Comm., CA,
CPA (Illinois), to the position of Vice-President, Finance and Chief Financial Officer of the Company
effective June 11, 2001. Mr. Andersen is a partner with Forbes Andersen & Co. and has been in charge
of the Company's external audit since 1996. In connection with this appointment, Mr. Andersen has
been granted an incentive stock option to purchase up to 150,000 shares of the Company at a price of
$0.58 per share, for five years.
These new appointments reflect the continuing growth of the Company which is expected to accelerate
in the months ahead with the initiation of development work on the Big Whopper lithium-tantalum
deposit, Separation Rapids Project, Kenora, Ontario. Also, the Company is in the process of preparing
an SEC 20F filing for registration of its securities in the United States, for which division of the
Company's accounting and audit functions is required.
Avalon Ventures Ltd. is a Canadian junior mineral exploration and development company with a focus on
the "Metals of the Future", specifically the high-technology metals tantalum, lithium, cesium, rubidium,
platinum and palladium. 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 OF DIRECTORS
"Donald S. Bubar"
Donald S. Bubar, President
*The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this |
