Avala Resources Ltd.
TSX VENTURE : AVZ

Avala Resources Ltd.

November 05, 2012 08:42 ET

Avala Resources Announces Initial Resource Estimate for Korkan, Part of the Timok Gold Project, Serbia

LONGUEUIL, QUEBEC--(Marketwire - Nov. 5, 2012) - Avala Resources Ltd. (TSX VENTURE:AVZ) (the "Company" or "Avala") is pleased to announce the initial resource estimate for the Korkan project area, part of its Timok Gold Project, a new gold discovery in an emerging sediment-hosted gold belt located in Eastern Serbia.

The Korkan mineral resource, prepared by AMC Consultants Limited (UK) ("AMC"), an independent mining consulting firm, has been estimated at 20,100,000 tonnes grading an average of 1.5 g/t gold in the inferred resource category for 1,000,000 ounces of gold, using a 0.6 g/t gold cut-off.

The combined inferred resource for Korkan and Bigar Hill has been estimated at 46,500,000 tonnes at an average grade of 1.6 g/t gold in the inferred resource category for 2,300,000 ounces of gold, using a 0.6 g/t gold cut off.

A summary of the Korkan mineral resource estimate using various cut-offs is tabulated below:

KORKAN
INFERRED RESOURCE ESTIMATE
(1,2,3,4,5)
Combined Mineralized Zones
In Situ Resources
Local Multiple Indicator Kriging
5m x 5m x 5m Selective Mining Unit
Cut Off Grade
(Au g/t)
Million
Tonnes
Au
(g/t)
Million
Ounces (Au)
0.2 49.5 0.8 1.3
0.4 31.0 1.2 1.2
0.6 20.1 1.5 1.0
0.8 13.5 1.9 0.8
1.0 10.0 2.3 0.7
  1. The effective date of the mineral resource estimate is 30th October 2012.
  2. 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.
  3. 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.
  4. 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.
  5. Totals and average grades are subject to rounding to the appropriate precision.

A summary of the Korkan and Bigar Hill resource estimates is tabulated below:

TIMOK GOLD PROJECT
INFERRED RESOURCE ESTIMATE
(1,2,3,4,5)
Combined Mineralized Zones
In Situ Resources
Local Multiple Indicator Kriging
5m x 5m x 5m Selective Mining Unit
Cut Off Grade
(Au g/t)
Million
Tonnes
Au
(g/t)
Million
Ounces (Au)
KORKAN
0.2 49.5 0.8 1.3
0.4 31.0 1.2 1.2
0.6 20.1 1.5 1.0
0.8 13.5 1.9 0.8
1.0 10.0 2.3 0.7
BIGAR HILL
0.2 63.9 0.9 1.8
0.4 38.0 1.3 1.5
0.6 26.4 1.6 1.4
0.8 20.4 1.9 1.3
1.0 16.5 2.1 1.1
TOTAL
0.2 113.4 0.8 3.1
0.4 69.0 1.2 2.7
0.6 46.5 1.6 2.3
0.8 33.9 1.9 2.0
1.0 26.5 2.2 1.8
  1. The effective date of the mineral resource estimate is 30th October 2012.
  2. 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.
  3. 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.
  4. 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.
  5. Totals and average grades are subject to rounding to the appropriate precision, and the numbers may not correlate exactly due to rounding.

The Timok Gold Project comprises several targets including Bigar Hill, Korkan and Kraku Pester. The Korkan resource estimate is the second of three scheduled resource estimates, with Kraku Pester to follow.

The Kraku Pester drilling database has been closed off and resource estimation by AMC is currently underway. Infill drilling at 40 meter by 40 meter spacing is being completed at Korkan, Bigar Hill and Kraku Pester. At the time of closing off the Korkan database for the Korkan resource estimate, approximately 25% of the deposit has been drilled to 40 meter by 40 meter spacing. Once all assay and QAQC data for the 40 meter by 40 meter drilling over the deposits has been received, the resource estimates will be updated with the aim of upgrading the estimates to Indicated Resources. The databases are expected to be completed and 'closed off' during January 2013 with revised resource estimates planned for completion in Q2 2013.

Avala controls 100% of this newly identified sediment-hosted gold belt which totals approximately 250 square kilometres.

1. HIGHLIGHTS

  • Independent resource estimation has been completed by AMC on the Korkan deposit.
  • The Korkan resource estimate is based on 306 drill holes (145 diamond drill holes and 161 reverse circulation drill holes, including 10 RC holes with diamond drill core 'tails'). Details of the drilling and sampling program are summarised in the table below.
Item DD RC Total
HOLES 145 161 306
METERS DRILLED 46,825 29,481 77,306
SAMPLES 47,754 29,481 77,235
AVERAGE RECOVERY 98% 88% 94%
ASSAYS (Au) 77,235
BULK DENSITIES 9,543
TWIN DRILL PAIRS 18
TWIN DRILL METERS 2,952
40m x 40m (%) 25
  • A very large amount of check sampling and assaying has been completed, as part of Avala's standard QAQC procedures, which is summarized below for the gold data.
Item DD RC Total
FIELD DUPLICATES 1,454 1,454
LAB DUPLICATES 2,282 1,462 3,744
LAB REPEATS 10,527 5,985 16,512
LAB SPLITS 2,759 1,765 4,524
REFEREE GENALYSIS (Au) 939
REFEREE ALS VANCOUVER (Au) 2,478
BLANKS 1,778
INTERNATIONAL STANDARDS 3,956
  • Block model preparation and resource estimation has been completed using Datamine and Isatis. One-meter composites (the standard Avala sampling unit) were used to define geological boundaries and mineralized wireframes, whilst three-meter down hole composites were used for statistical analysis, variography and resource estimation. The table below summarizes the block model parameters.
Item EAST NORTH RL
LENGTH (METERS) 1,780 2,380 670
PARENT CELL (METERS) 20 20 10
SUB-CELL (METERS) 5 5 5
SELECTIVE MINING UNIT 5 5 5
  • Resource estimation has been completed using the geostatistical technique, Local Multiple Indicator Kriging ("Local MIK"). Local MIK is a form of Multiple Indicator Kriging ("MIK") where the grades are 'mapped' directly into selective mining unit ("SMU") sized blocks from a MIK estimate. Bulk density has been estimated into the block model using inverse distance weighting. Three main mineralized zones were defined; within the overlying volcanics ("Volcanics"), surrounding the boundary of the S1/S2 sedimentary units ("MSSS") and surrounding the S1/underlying limestone boundary ("MSSL", two zones). A total of 11 indicator cut offs were used to define the metal distribution within the model cells. Upper limits were used in the top 'bin' of the indicator cut offs whilst an upper cut of 20.0g/t was used for each of the MSSL mineralization zones.
  • The mineral resource was estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council. The in-situ resource estimate is within the defined mineralized wireframes and is reported at a wide range of lower cut off grades. The initial, comprehensive, phase of metallurgical test work is being completed and will be used, along with the Preliminary Economic Assessment, which has been initiated and is being managed by G Mining Services Inc. of Montreal, to define the appropriate cut off grade for the complete Timok Gold Project (Bigar Hill, Korkan and Kraku Pester). The Korkan grade-tonnage report is summarised in the table below (reported to the appropriate level of precision).
KORKAN
INFERRED RESOURCE ESTIMATE
(1)
Combined Mineralized Zones
Local Multiple Indicator Kriging
5m x 5m x 5m Selective Mining Unit
Cut Off Grade
(Au g/t)
Million
Tonnes
Au
(g/t)
Million
Ounces (Au)
0.2 49.5 0.8 1.3
0.4 31.0 1.2 1.2
0.6 20.1 1.5 1.0
0.8 13.5 1.9 0.8
1.0 10.0 2.3 0.7
(1) See notes on page 1.

2. ADDITIONAL INFORMATION

Drilling and Sampling

  • Figure 1 shows the location of the Korkan deposit within the Timok Gold Project, whilst Figure 2 displays the drilling carried out to date at Korkan along with a gram-meter map of mineralization. Figure 3 shows typical cross sections through the Korkan deposit, illustrating the shallow dipping nature of gold mineralization.
  • Diamond drilling has been carried out such that drill holes are always started using PQ core and then reduced to HQ triple tube (HQ3) once competent rock has been intersected. The diamond drill core size is kept as HQ or HQ3 for as long as possible. Drill core is carefully packed for transport to the sample preparation facility in Bor.
  • Reverse circulation (RC") drilling is carried out with specialized custom drill rigs, which include separate, very high capacity compressed air boosters in order to ensure sampling is under dry conditions. 'Blow backs' are routinely used for every meter of advance (all the material within the drill stem for the relevant meter of advance is displaced into the sample bag prior to advancing to the next meter). The cyclone is cleaned thoroughly at every rod change and the hole is thoroughly conditioned (completely dried if any moisture has entered the drill hole) before drilling is re-initiated. If sampling cannot be carried out under dry conditions, the drill hole is abandoned and is then re-entered as a diamond core 'tail'. Each meter sample is weighed using electric scales and the data is recorded using data loggers in order to compare with the theoretical sample mass for the particular drill bit diameter and the lithology being drilled.
  • The average core recovery is 98% and the average RC sample recovery is 88%, with an average one-meter RC sample bag weight of 36.5kg.
  • Drill hole collars were surveyed by differential GPS (DGPS) by Avala surveyors (registered independent surveyors regularly audit Avala's survey control and procedures). Two drill holes required surveying with Total Station equipment as dense forest cover rendered the use of DGPS impracticable.
  • The diamond drill holes were down hole surveyed, on average, every 35 meters using electronic survey equipment, whilst an average 37 metre spacing was used for the down hole surveying of RC holes.
  • Korkan has been drilled on a nominal 80 meter by 80 meter grid spacing with approximately 25% of the surface area of the Korkan deposit drilled at 40 meters by 40 meters, on database 'close-off'. Further infill drilling at Korkan has been re-started now that the Korkan first-pass resource drilling program is complete.
  • Diamond 'twin' drilling of the RC drill holes will continue across the target area at a nominal rate of 15% of total RC drilling.
  • RC and diamond core sampling has been carried out using Avala's detailed protocols throughout the entire drilling program.

Density Measurements

  • Density measurements are routinely taken every three meters down hole from diamond drill core. The bulk density of the core billets is measured at the SGS managed laboratory at Bor using the industry standard wax-seal immersion method. The table below summarises the large number of density measurements for each rock type in the Korkan drill hole data set that have been collected and measured to date.
Lithology Mean Density (tonnes/M3) Total
Volcanics/Andesite 2.60 1,633
Marl 2.67 683
S1 sediment 2.64 2,951
S2 sediment 2.63 494
Limestone 2.68 3,493
Other (basement, karst etc) 2.68 289
Total 9,543

Twin Drilling

  • Twin drilling has been routinely performed with some 10% of all RC holes being twinned with diamond drilling.
  • At Korkan 18 DD 'twin holes' have been completed, for 2,952 metres, out of a total of 29,481 RC metres.
  • The routine reverse circulation-diamond 'twin' drilling program continues to confirm that the majority of mineralized intercepts and hence the deposit style, is dominated by layer-parallel, lithology-controlled gold mineralization and that there can be close spaced variation in gold grade, as is typical for gold deposits.

Assaying

  • All Korkan, drilling has been routinely assayed for gold (Au), silver (Ag) and sulphur (S). The number of samples in the Korkan resource estimation database, at the time of the database 'close-off', is summarized below. In a future resource update, including the 40 meter by 40 meter drilling that has been re-started, the resource model will be updated for these additional elements.
  • The table below summarizes the primary and referee assaying that comprises the Korkan resource estimation database, at the time of the database 'close off' and handover to AMC, along with the assay methods that have been used. Each drilled interval for the Timok Gold Project will have a gold, silver and sulphur assay. When the 40 meter by 40 meter drilling has been completed and the full databases have been 'closed off' and validated, the revised resource estimates, planned for Q1 2013, will incorporate all three elements.
Item Au Ag S
ASSAY METHOD 50g Fire assay/AAS Aqua regia/AAS Eltra furnace
PRIMARY ASSAYS 77,235 17,768 77,731
REFEREE GENALYSIS 939 788 1,188
REFEREE ALS VANCOUVER 2,478 698 1,467

Variography

  • Detailed variography has been carried out for the 11 indicator cut offs that have been used in the Local MIK grade estimation.
  • The table below summarises the modelled gold variography.
Item Nugget
Value
Structure
1 Sill
Value
Structure
2 Sill
Value
Structure
3 Sill
Value
Structure
1 Range
(m)
Structure
2 Range
(m)
Structure
3 Range
(m)
Dip Dip
Direction
X Y Z X Y Z X Y Z
Andesite 0.03 0.03 0.02 12 12 12 50 50 50 -30 N060E
MSSS (S1/S2) 0.13 0.17 0.06 20 25 20 90 120 100 -20 N230E
MSSL1
(S1/LMST)
0.19 0.41 0.04 0.05 35 35 20 80 70 60 120 120 120 -25 N170E
MSSL2 (S1/LMST) 0.80 0.81 0.59 60 40 10 70 110 45 -20 N070E

Resource and Grade Modelling

  • Detailed interpretation of the geological and grade data has resulted in the modelling of 4 main zones of gold mineralization, which have been termed MSVO (andesite), MSSS (straddling the boundary and including the S1 and S2 sedimentary units) and MSSL (straddling the boundary and including the S1 and limestone units, two zones). The interpreted mineralized zones are in contact for much of the deposit.
  • One-meter composites were used to define lithological boundaries, geological boundaries and the mineralized zone outlines. Three-meter down hole composites were used for statistical analysis, variography and grade estimation. The table below summarizes the number of 3 meter composites within the various domains.
Item Number
Andesite Wireframe (MMVO) 169
MSSS Wireframe (S1/S2) 1,640
MSSL1 Wireframe (S1/S2) 5,393
MSSL2 Wireframe (S1/S2) 1,056
Background 17,950
  • The block model closely matches the volumes of the mineralized zone wireframes as shown in the table below.
Item Wireframe Volume
(million cubic meters)
Block Model
Volume (million cubic meters)
Andesite Wireframe (MMVO) 1.3 1.3
MSSS Wireframe (S1/S2) 9.2 9.1
MSSL Wireframe (S1/LMST) 46.3 45.6

Grade-Tonnage Reporting

  • The Korkan resource model has been categorized as Inferred Resources using the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines. While the grade estimate has been classified as Inferred Resource, Avala believes that higher confidence resources should be defined once all the 40m x 40m infill drilling over the deposits is incorporated into the future resource estimate. The current resource estimate has 25% of the entire drilling area defined by 40m x 40m spaced drilling that confirms the mineralization zone continuity noted in the 80m x 80m spaced drilling. The table below summarizes the grade-tonnage data, subdivided by the three main interpreted mineralized zones.
  • In the table below the reported tonnes, grade and contained gold have been rounded to the appropriate level of precision for the reporting of an Inferred Resource, and the numbers may not correlate exactly due to rounding.
  • A series of significant gold deposits has been defined at Korkan and Bigar Hill and Avala considers the potential for further discoveries in the Timok Gold Project to be very high.
KORKAN AND BIGAR HILL
INFERRED RESOURCE ESTIMATE
(1)Subdivided By Mineralized Zone Domain
Local Multiple Indicator Kriging
5m x 5m x 5m Selective Mining Unit
Andesite
MMVO
S1/LMST
MSSL
S1/S2
MSSS
TOTAL
Cut Off
Grade
(Au g/t)
Mt Au
(g/t)
Moz Mt Au
(g/t)
Moz Mt Au
(g/t)
Moz Mt Au
(g/t)
Moz
KORKAN
0.2 1.5 0.4 0.0 41.6 0.9 1.2 6.4 0.6 0.1 49.5 0.8 1.3
0.4 0.7 0.6 0.0 27.3 1.2 1.0 2.9 1.0 0.1 31.0 1.2 1.2
0.6 0.2 0.7 0.0 18.3 1.5 0.9 1.6 1.3 0.1 20.1 1.5 1.0
0.8 0.0 0.9 0.0 12.5 1.9 0.8 1.0 1.8 0.0 13.5 1.9 0.8
1.0 9.4 2.3 0.7 0.6 2.3 0.0 10.0 2.3 0.7
BIGAR HILL
0.2 4.1 0.6 0.1 25.2 0.6 0.5 34.6 1.0 1.2 63.9 0.9 1.8
0.4 2.2 1.0 0.1 13.2 1.0 0.4 22.7 1.4 1.1 38.0 1.3 1.5
0.6 1.4 1.2 0.1 8.0 1.3 0.3 17.0 1.8 1.0 26.4 1.6 1.4
0.8 1.0 1.4 0.0 5.5 1.6 0.3 14.0 2.0 0.9 20.5 1.9 1.2
1.0 0.7 1.7 0.0 4.0 1.8 0.2 11.9 2.2 0.8 16.5 2.1 1.1
TOTAL
0.2 5.6 0.6 0.1 66.7 0.8 1.7 41.0 1.0 1.3 113.4 0.8 3.1
0.4 2.9 0.9 0.1 40.5 1.1 1.5 25.6 1.4 1.1 69.0 1.2 2.7
0.6 1.6 1.2 0.1 26.2 1.5 1.2 18.7 1.7 1.0 46.5 1.6 2.3
0.8 1.0 1.4 0.0 17.9 1.8 1.1 15.0 2.0 0.9 34.0 1.9 2.0
1.0 0.7 1.7 0.0 13.3 2.1 0.9 12.5 2.2 0.9 26.5 2.2 1.8
(1) See notes on page 2.

Please see the following link to view all Korkan-Bigar and Kraku Pestar drill holes located spatially in three dimensions: http://www.corebox.net/properties/timok-gold-project

3. SAMPLING AND ANALYSIS

The majority of soil samples have been assayed at the ALS Chemex laboratory, Perth, Australia. More recent programs have been assayed at the SGS managed laboratory at Chelopech in Bulgaria using a combination of ICP-OES and ICP-MS; whereas gold has been assayed by low level detection fire assay method with an AAS finish. The Company has established a laboratory facility at Bor, Eastern Serbia which is independently managed by SGS. Trench samples were prepared at the laboratory facility at Bor and the samples have been assayed at the SGS managed laboratory at Chelopech in Bulgaria or the laboratory facility at Bor. Diamond drill core has been prepared at the laboratory facility at Bor and assayed at either the SGS managed laboratory at Chelopech in Bulgaria or the assay laboratory at Bor. A one meter sampling interval has been used where possible for the Timok Gold Project diamond drilling program. Half core is routinely submitted to the laboratory for analysis. Reverse circulation drill samples have been prepared at the laboratory facility at Bor and assayed at the laboratory at Bor. A one meter sampling interval has been used for the Timok Gold Project reverse circulation drilling program. Following Avala standard quality assurance procedures, a full suite of field and laboratory duplicates and replicates along with internationally accredited standards and blanks, have been submitted with each batch of samples.

Trench sampling was carried out as channels in the wall just above the trench floor on 2m intervals. Except where extensive soil cover is encountered, trenches are sampled in their entirety. The samples were routinely weighed prior to final bagging to maintain an even sample size and to avoid sampling bias in harder rock types. An average channel sample weight was maintained at 3kg/m, which produces a consistent sample weight approximating half HQ core samples. Field duplicate samples were taken every 20 samples and known standards were inserted into the sample stream after every 20th sample. A geological and structural log was completed as for diamond drilling. All data collected in the field is routinely entered into geology and structural geology spread sheets using Field Marshal software for subsequent inclusion in an acQuire database and validation.

4. QUALIFIED PERSONS

The Korkan resource estimate was undertaken by independent qualified person Chris Arnold MAusIMM CP(Geo) of AMC. Mr. Arnold of AMC has reviewed and approved the contents of this press release insofar as the Korkan mineral resource estimate is concerned.

AMC is completing a technical report for the mineral resource estimate in compliance with NI 43-101 to be filed on SEDAR within 45 days of this press release.

The other technical information contained in this press release was prepared and approved by Dr Julian F. H. Barnes, FAusIMM, MAIG, a director of the Company and special consultant. Dr. Barnes is a 'qualified person' within the meaning of that term under NI 43-101.

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 Korkan, Korkan, and Kraku Pestar. Avala controls 100% of this newly identified sediment-hosted gold belt which totals approximately 250 square kilometers. The common shares of Avala trade on the TSX Venture Exchange under the symbol AVZ.

Avala had approximately $7.7 million in its treasury at September 30, 2012. Avala's issued and outstanding share capital totals 214,492,223 common shares, of which approximately 51.4% is held by Dundee Precious Metals Inc. (TSX:DPM).

Cautionary Statement Regarding Forward-Looking Information

This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by the Company 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.

"Inferred Resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource reported in this news release will ever be upgraded to a higher category or to reserves.

Forward looking information in this news release includes information with respect to the mineral resource estimate and its potential expansion and upgrade to a higher level of confidence, the Company's plans to complete resource estimates on the Kraku Pestar project area and to complete a preliminary economic assessment, the timing and location of future work programs, the results and interpretation of studies and exploration activities, the nature of the mineralization of the project, the potential size of the sediment-hosted gold system, and the possibility that the Timok Gold Project will prove to be economic.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be factors that cause results to be other than as anticipated, estimated or intended. There can be no assurance that the forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws.

Figure 1: Location of the Korkan-Bigar trend and the Kraku Pester target area within the greater sediment-hosted gold belt, as defined in this image by mapped 'target stratigraphy' (yellow) and anomalous gold soil geochemistry within the Timok Gold Project. The total metal contour plots for Korkan, Bigar Hill and Kraku Pester have been superimposed on the sediment-hosted gold belt, as defined to date by drilling.

http://file.marketwire.com/release/avzfig1.pdf

Figure 2: Final Gram-meter (intervals >0.4g/t Au x thickness) plot following the completion of initial Korkan resource definition drilling program, total metal contour plot of all drilling to date superimposed on topography. The section lines A-A' and B-B' relates to Figure 3.

http://file.marketwire.com/release/avzfig2.pdf

Figure 3: Cross-sections through the Korkan target area showing detailed stratigraphy and gold mineralized drill intersections to date. The A-A' section is looking east and the B-B' section is looking northwest.

http://file.marketwire.com/release/avzfig3.pdf

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.

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