www.avalonraremetals.com
Avalon Rare Metals Inc. (TSX & NYSE Amex: AVL) is a mineral exploration and development company focused on rare metals deposits in Canada. Its flagship project, the 100%-owned Nechalacho Deposit, Thor Lake, NWT, is emerging as one of the largest undeveloped rare earth elements resources in the world. Its exceptional enrichment in the more valuable 'heavy' rare earth elements, which are key to enabling advances in green energy technology and other growing high-tech applications, is one of the few potential sources of these critical elements outside of China, currently the source of 95% of world supply. Avalon is well funded, has no debt and its work programs are progressing steadily. Social responsibility and environmental stewardship are corporate cornerstones. Avalon's performance on community engagement in the north earned it the 2010 PDAC Environmental and Social Responsibility Award.
Avalon's PEA report for East Kemptville in Nova Scotia on hold
Avalon Rare Metals (TSX:AVL, OTCQX:AVARF) has said that completion of its preliminary economic analysis report for the past producing East Kemptville tin-indium mine in Nova Scotia is on hold pending the execution of its planned $540,000 work program on the property.
The company commissioned the report in 2009, but it is now on hold until Avalon completes sampling and confirmation drilling on the historical tin resource, for which it has a special license, to meet the NI 43-101 requirements.
Accordingly, Avalon said a work program proposal was submitted to the government of Nova Scotia and Rio Algom, the holder of surface tenure at the mine site, to access the property and carry out sampling.
In the meantime, the company received a 12 month extension to complete the expense obligations required under the special license, which total approximately $1.5 million. Total expenditures for the 12 months ending August 31, 2010 were $574,673.
On Avalon's neighbouring Ikes Ridge 12,520 acre prospect, a $500,000 grass roots exploration program was carried out in 2010 to test targets for additional tin/rare metal resources.
The most encouraging results were obtained from the Gardners Meadow Area, where results returned several 0.10 to 3.00 metre wide zones of tin-indium mineralization. The best individual assay returned 0.26% tin, 0.96% zinc, 0.12% copper, 3.0g/t silver and 22 ppm indium across 1.75 metres, the company said.
