TORONTO, Jan. 8 /CNW/ - Avalon Ventures Ltd. TSX-V: AVL (the "Company") is pleased to announce the appointment of Mr. Ian London, P.Eng., MBA to the position of Vice President, Corporate Development of the Company, effective immediately. Mr. London's primary responsibilities will be to develop the Company's rare metals and minerals business by overseeing current sales and marketing initiatives, while identifying new opportunities to expand the business both domestically and internationally. Mr. London will also assist the President with general administration including investor relations.
Mr. London, a metallurgical engineer by degree, is a proven senior executive with a strong Canadian and international track record of leading organizations through growth, innovation and change. Over his 30-year career in both the private and public sector, he has championed several successful technology commercialization initiatives, created innovative supply chain solutions in the industrial sector, and oversaw the building of respected consulting service business in the international power sector. Mr. London previously served as CEO of Process Products Limited and President & CEO of Ontario Hydro International Inc.
As part of his compensation package, Mr. London was granted 400,000 incentive stock options exercisable at a price of $0.98 for a period of five years from the date of grant of the option. The options will vest at the rate of 100,000 per year, with the first 50,000 vesting six months from the date of grant of the option. Any shares issuable on exercise of the options will be subject to a four month hold period beginning on the date of grant of the options.
The Company is also in the process of recruiting a new Vice-President, Operations to take charge of supervision of field operations on the Company's advanced exploration and development projects. The Company further announces that, following the resignation of Ms. Marie Thorne, Mr. Jim Andersen, currently Vice President, Finance and CFO will assume the duties of Corporate Secretary, until a new full-time Corporate Secretary is required.
To accommodate the expanding management team, the Company is re-locating its head office this week to larger premises located at Suite No. 1901, 130 Adelaide St. W., Toronto, M5H 3P5. All other contact information will remain unchanged. Commented Company President, Don Bubar, "these changes mark the beginning of a new phase in the growth of Avalon as we start to make the transition from a junior explorer to a profitable producer of specialty metals and minerals serving growing markets in the high-technology sector".
About Avalon Ventures Ltd.
Avalon Ventures Ltd. (TSX-V: AVL) is a Canadian junior mineral exploration and development company, with a primary focus on rare metals and minerals with high technology applications or offering environmental benefits. Avalon currently holds a portfolio of five such projects, including three that are at the feasibility stage. To find out more about Avalon Ventures Ltd. (TSX-V: AVL), please visit our website at www.avalonventures.com. Shares Outstanding as at the date of this release: 50,342,248. Cash resources: $3.0 million
This news release is available on the Company's official on-line investor relations site for investor commentary, feedback and questions. Investors are invited to visit the "Avalon Ventures" IR Hub at http://www.agoracom.com/ir/avalon. In addition, investors are invited to e-mail their questions and correspondence to AVL@agoracom.com or phone Don Bubar, P.Geo. President, at 416-364-4938. Mr. Bubar is the Qualified Person responsible for the technical content of this news release.
The language used in this News Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's forward-looking statements and expectations. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.