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Gold/Mining/Energy : AVL.V - AVALON VENTURES -- Ignore unavailable to you. Want to Upgrade?

To: Bruce Robbins who wrote (1454)	2/19/2001 3:46:47 PM
From: NAUGHTY NOTES	Read Replies (1) \| Respond to of 1474

CHECK THIS OUT-NEWS February 19, 2001 NEWS RELEASE LEGRIS LAKE PLATINUM-PALLADIUM PROJECT OPTIONED TO PLACER DOME (CLA) LIMITED Avalon Ventures Ltd. ("Avalon") and Starcore Resources Ltd. ("Starcore"), (collectively, the "Companies") are pleased to announce that they have agreed to the essential terms of a proposed option/joint venture agreement received from Placer Dome (CLA) Limited ("Placer") concerning the Companies' 50/50 Legris Lake Platinum-Palladium Joint Venture Project located near Thunder Bay, Ontario. The Companies completed a $400,000 work program on the property in 2000 resulting in the discovery of significant palladium-platinum-copper-nickel mineralization assaying up to 2.04 g/t Pd, 0.41 g/t Pt, 0.71 g/t Au, 0.42% Cu and 0.13% Ni over a 9.95 metre interval in hole L00-08. Under the proposed agreement, Placer will have the right to earn a 50% interest in the Legris Lake property by spending $4.0 million on exploration work over 4 years. Placer can ultimately increase its interest to 60% upon delivery of a bankable feasibility study. Other essential terms of the proposed agreement are as follows: * Firm commitment by Placer to fund a minimum $1.0 million exploration program during the first year; * Placer is responsible for funding all future cash payment obligations due under the underlying option agreement and will reimburse Starcore for cash payments made to date, totalling $30,000; * Future year program budgets to be not less than $250,000; * Avalon to be the manager of the exploration work programs. Placer has the right to become project manager upon commencement of a feasibility or pre-feasibility study. Closing of this transaction is subject to due diligence on title and all technical data to be completed by Placer before March 16, 2001, as well as regulatory approval and execution of a definitive Option/Joint Venture Agreement. For further information contact Donald Bubar at (416) 364-4938