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

To: Ron Baxter who wrote (530)	2/10/1998 8:21:00 PM
From: The Fix	Read Replies (1) \| Respond to of 1474

NEWS.......NEWS.............. Subject: Stockwatch: Avalon Ventures Ltd - News Release Date: Tue, 10 Feb 1998 14:42:46 -0800 From: newsout@canada-stockwatch.com Drilling starts at Wolf Mountain Avalon Ventures Ltd AVL Shares issued 16,695,897 Feb 9 close $1.94 Tue 10 Feb 98 News Release Mr Donald Bubar reports A first phase diamond drilling program has started on the Wolf Mountain platinum-palladium project, 90km north of Thunder Bay, Ontario. A minimum of 1000m of drilling in six to eight holes is planned to test the lateral continuity of highly anomalous platinum-palladium (PGE) mineralization discovered in a surface showing last summer, and assaying up to 3.8 g/t platinum and 3.8 g/t palladium. Avalon can earn a 100% interest (subject to a 2% nsr royalty) in the original 3,440 acre property by making $50,000 in cash payments, issuing 60,000 shares to the vendor and incurring $400,000 in exploration expenditures on the property over four years. The company has since staked additional claims so that its land holdings in the area now total 30,080 acres. The PGE mineralization on the Wolf Mountain property is hosted by a magnetic, ultramafic rock unit described as a peridotite, which is interpreted to be a sub-horizontal horizon within a layered mafic-ultramafic intrusion. This unit is also enriched in copper, nickel, chromium, cobalt and vanadium and the higher grade PGE values appear to be associated with a specific layer containing minor sulphide mineralization including pentlandite, pyrrhotite and chalcopyrite. Petrographic studies revealed the presence of the platinum ore mineral sperrylite in association with the sulphides. The geology of the northern Lake Superior region has important similarities with the Noril'sk region in Russia, which is home to some of the largest nickel-copper-PGE deposits in the world. The Wolf Mountain property is believed to have potential for similar large nickel-copper-PGE massive sulphide deposits at depth and at least one deep hole is planned in the current program to test this possibility. Significant results will be announced as they become available. The company has granted incentive stock options to three employees and one officer, entitling these four individuals to acquire up to a total of 180,000 shares at $1.75 for five years, until February 10 2003. FIXER