Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (30909)	1/7/2009 3:18:38 PM
From: LoneClone	Read Replies (1) \| Respond to of 194223

Resumption of production at Avnel Gold Mining Limited's Kalana Mine - Resignation of CFO Wed Jan 7, 9:00 AM ca.news.finance.yahoo.com /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ ST. PETER PORT, Guernsey, Jan. 7 /CNW Telbec/ - Avnel Gold Mining Limited ("Avnel" or the "Company") (TSX: AVK.TO) - As announced on December 11, 2008 operations at the No. 2 Shaft at the Kalana mine (the mine's production shaft) was suspended on December 5, 2008 due to mechanical problems with the winder gearbox. Avnel is pleased to announce that production has now recommenced at the No. 2 Shaft following the re-engineering of parts of the gearbox and the complete refurbishment of the gearbox by Stork Gears & Services BV in Rotterdam. The gearbox was returned to the mine site on December 26, 2008 and installed and commissioned during the period December 27-30, 2008 and production has now resumed and will soon build up to the planned rates. Avnel regrets to announce that Mr. Firdaus (Fred) Abbasi has resigned as Chief Financial Officer with immediate effect due to ill health. Mr. Abbasi's colleagues at Avnel wish him well and thank him for his endeavours in the short period that he was with Avnel. About the Company: Avnel is a gold mining producing company operating the Kalana gold mine and is engaged in the exploration of the Kalana Exploitation Permit and Fougadian exploration permit. Avnel's principal asset is an 80% interest in Société d'Exploitation des Mines d'Or de Kalana ("SOMIKA"). SOMIKA is the holder of a 30 year exploitation permit encompassing 387.4 sq. km. around and to the south of the operating Kalana gold mine in South West Mali. Avnel also holds the Fougadian exploration permit covering an area of 150 sq. km. which lies to the South of the main Kalana exploitation permit. Forward-Looking Information This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts are forward-looking statements. Although Avnel believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Avnel does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. Contacts Howard Miller Chief Executive Officer +44 207 589 9082 Fax +44 207 589 8507 howard@hbmiller.co.uk www.avnelgold.com Renmark Financial Communications Inc.: Barry Mire: bmire@renmarkfinancial.com Ryan van de Polder: rvandepolder@renmarkfinancial.com Montreal - (514) 939-3989 Fax: (514) 939-3717 Toronto - (416) 644-2020 Fax: (416) 644-2021 www.renmarkfinancial.com