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

To: Gary K who wrote (1462)	4/24/2001 2:37:14 PM
From: NAUGHTY NOTES	Read Replies (1) \| Respond to of 1474

Avalon completes financing and JV agreement with Placer Avalon Ventures Ltd AVL Shares issued 22,182,748 2001-04-20 close $0.71 Monday Apr 23 2001 News Release Mr. Donald Bubar reports The alliance, private placement subscription and Legris Lake property option/joint venture agreements with Placer Dome (CLA) Ltd. announced in Stockwatch Feb. 19, 2001, all closed on April 20, 2001, with the final execution of the definitive agreements. On closing, the company issued one million units to Placer at a price of 98 cents per unit, each unit consisting of one common share and one share purchase warrant to purchase one additional share at a price of 98 cents until April 20, 2003. No finders' fees or commissions were paid to any third party in connection with this transaction. The shares contained in the units and any shares issuable upon exercise of the warrants are subject to a four-month hold period in British Columbia, expiring on Aug. 20, 2001. The proceeds from the private placement, totalling $980,000, will be used to finance a program of new precious and rare metals project generation with a minimum budget of $250,000, with the balance of the proceeds to be used for administrative expenses and other general corporate purposes. The agreement essentially gives Placer a right of first refusal to participate (under similar terms as the Legris Lake property agreement described below) in any precious or rare metals properties currently held or acquired by the company during the minimum three-year term of the agreement, and other rights as previously disclosed in the news in Stockwatch Feb. 19, 2001. Under the Legris Lake platinum-palladium property option/joint venture agreement, Placer will have the right to earn a 50-per-cent interest in the property (currently held under a 50/50 joint venture with Starcore Resources Ltd.), by spending $4-million on exploration work over four years. The company will be the operator of the exploration programs. Placer will have the right to operate once the project reaches the prefeasibility study stage and can ultimately increase its interest in this property to 60 per cent upon delivery of a bankable feasibility study. Placer has made a firm commitment to finance a $1-million exploration program to be completed before the first anniversary of the agreement. This program is scheduled to begin in May with mapping, stripping, geochemical and geophysical surveys, in preparation for a diamond drilling program slated for later this summer.