Avala Resources Ltd. Files Technical Report
19.12.2012 | Marketwire
LONGUEUIL, December 19, 2012 - Avala Resources Ltd. (TSX VENTURE:AVZ) is pleased to report the filing on SEDAR of a NI 43-101 technical report supporting the initial inferred mineral resource for the Korkan deposit of its Timok Gold Project, as announced in a press release on November 5, 2012. The technical report was prepared by Chris Arnold, MAusIMM (CP), of AMC Consultants (UK) Limited ("AMC") and Deepak Malhotra, P. Eng, PhD (SME), of Resource Development Inc.As previously announced, the Korkan mineral resource together with the Bigar Hill mineral resource, is estimated at 46,500,000 tonnes for 2,400,000 ounces of gold, using a 0.6 g/t gold cut-off.
TIMOK GOLD PROJECT MINERAL RESOURCE ESTIMATES
Deposit Cut-off Grade
(g/t Au) Category Tonnage
(Mt) Au
(g/t) Moz
Bigar Hill
(as at June 30, 2012) 0.6 Inferred 26.4 1.6 1.4
Korkan
(as at October 30, 2012) 0.6 Inferred 20.1 1.5 1.0
TOTAL 0.6 Inferred 46.5 1.6 2.3
1. The gold price used in this estimate was the mean gold price for 2010 and 2011 of US$1350/oz. First phase, extensive metallurgical test work is nearing completion and, based on information to date, along with possible projected throughput rates for the entire Timok Gold Project, typical mining costs and a range of processing costs and indicative ranges of processing recoveries it is, at this stage, believed that possible cut off grades lie in the range of 0.4g/t to 0.8g/t.
2. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
3. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as indicated or measured mineral resources.
4. Totals and average grades are subject to rounding to the appropriate precision.
The technical report is available on SEDAR (www.sedar.com) and on the website of Avala (www.avalaresources.com).
Dr Julian F. H. Barnes, a qualified person under NI 43-101, a director and the Company's special consultant, has reviewed the technical data in this press release.
About Avala Resources Ltd.:
Avala Resources is a mineral exploration company focused on the exploration and development of the Timok Gold Project in Eastern Serbia. The Timok Gold Project comprises several targets, including Bigar Hill, Korkan, and Kraku Pestar. Avala controls 100% of this newly identified sediment-hosted gold belt which totals approximately 250 square kilometers.
Cautionary Statement
This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking information is based on reasonable assumptions that have been made by Avala as at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. Forward looking information in this news release includes information with respect to the Bigar Hill and Korkan mineral resource estimates. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as indicated or measured mineral resources.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contact
Avala Resources Ltd.
James Crombie, President and Chief Executive Officer
+1.450.640.0810
info@avalaresources.com
www.avalaresources.com