TORONTO, ONTARIO--(CCNMatthews - June 21, 2007) - Avalon Ventures Ltd. (TSX VENTURE:AVL) (the "Company") is pleased to announce the appointments of Dr. William Mercer, P.Geo. to the position of Vice President, Exploration of the Company and Ms. Cindy Hu, CA, CPA, CGA to the position of Controller. Both appointments are effective immediately. Mr. Mercer's primary responsibility will be to oversee all of the Company's mineral exploration programs. Ms. Hu will be responsible for maintaining the Company's general ledger and for preparation of financial statements.
Dr Mercer spent 24 years with Noranda, then Falconbridge and finally Xstrata holding various positions including Assistant Exploration Manager, Cordilleran District; Director, International Exploration; Director, Geology and Geochemistry and most recently Chief Geologist. Dr. Mercer has also been a very active member of the Prospectors and Developers Association of Canada (PDAC) serving on numerous committees over many years and as PDAC President from 2000 to 2002. During his career both at Noranda-Falconbridge and PDAC, Dr. Mercer has been an advocate for improved environmental, health and safety practice in the mineral exploration industry, and will be in charge of implementing such programs for the all of the Company's projects, consistent with the Company's strategic objectives for sustainable development.
Ms. Hu is a chartered accountant who has been in public accounting practice for over ten years. She is currently Senior Manager for Andersen & Company Professional Corporation and has extensive experience in all aspects of financial reporting issues affecting junior public companies.
Dr. Mercer and Ms. Hu have been granted an aggregate of 500,000 incentive stock options exerciseable at a price of $1.61 for a period of five years from the date of grant of the option. The options will vest at the rate of 25% per year. 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. A further 25,000 are granted on the same terms to a new employee.
The Company also announces that it has granted an aggregate of 250,000 incentive stock options exerciseable for two years at a price of $1.61 per share to four consultants, of which 100,000 are being granted to consultants involved in investor relations activities. These options will vest at the rate of 25% every three months following the date of grant of the options and 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.
About Avalon Ventures Ltd.
Avalon Ventures Ltd. (TSX VENTURE: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 VENTURE:AVL), please visit our website at www.avalonventures.com. Shares Outstanding as at the date of this release: 51,685,123. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Avalon Ventures Ltd.
Don Bubar, P.Geo
(416 ) 364-5162 (FAX)