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avala resources ltd (AVZ) Snapshot

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avala resources ltd (AVZ) Details

Avala Resources Ltd., an exploration stage company, engages in the acquisition, exploration, and development of mineral properties in the Republic of Serbia. The company primarily explores for gold and copper deposits. It holds interests in 10 exploration licenses and 1 concession that include approximately 813 square kilometers located in eastern Serbia. The company is based in Longueuil, Canada. Avala Resources Ltd. is a subsidiary of Dundee Precious Metals Inc.

avala resources ltd (AVZ) Top Compensated Officers

Vice Chairman, Chief Executive Officer, Presi...
Total Annual Compensation: C$62.0K
Executive Chairman and Member of Compensation...
Total Annual Compensation: C$62.0K
Chief Financial Officer
Total Annual Compensation: C$53.3K
Executive Vice President of Exploration
Total Annual Compensation: C$281.0K
Vice President of Administration - Avala Reso...
Total Annual Compensation: C$281.0K
Compensation as of Fiscal Year 2012.

avala resources ltd (AVZ) Key Developments

Avala Announces Positive Preliminary Economic Assessment for Timok Gold Project, Serbia

Avala Resources Ltd. announced the results of an independent preliminary economic assessment and an updated mineral resource estimate for its 100% owned Timok Gold Project located in Eastern Serbia. Open pit gold mine with an initial life of mine of 8.4 years. Average annual gold production LOM of approximately 81,000 ounces at $788 cash cost per ounce. Average annual gold production of approximately 92,000 ounces for the first three years of production. LOM gold production of 680,000 ounces. Average LOM operating costs (including royalties, selling costs, closure/environmental costs and sustaining capital) of $843 per ounce of gold. Annual processing rate of 1.68 million tonnes per year. Average LOM gold recovery of 75% from milling and flotation to produce a gold-rich concentrate. Estimated pre-production capital cost of $177 million, including working capital. LOM net cash flow of $127.6 million at a gold price of $1,300 per ounce. Net present value of $65 million at a 5% discount rate and a gold price $1,300 per ounce generating an internal rate of return of 14.3%. Project payback of 4.0 years. All economic outcomes presented in the PEA are the same on a pre- and after-tax basis as it is expected that the proposed level of investment and employment associated with the implementation of the proposed mine would qualify for a 10 year tax holiday under current Serbian tax legislation. Over 99.5% of the resources within the PEA pit designs are categorized as indicated resources. Prior to initiating the PEA, Avala carried out an internal, preliminary trade-off study to determine the optimum throughput rate for the Timok Gold Project. Throughput rates of 5,000 tonnes per day (1.68 million tonnes per annum) to 10,000 tonnes per day (3.36 million tonnes per annum) were evaluated at gold prices from $1,250 per ounce to $1,500 per ounce. The results of the study indicated that 5,000 tonnes per day provides the best project economics relative to other operating and financial parameters. Testwork to support pre-feasibility study activities would include: Detailed mineralogical evaluation to improve understanding of gold associations with gangue and sulphide minerals; SAG milling characterization; Further evaluation of scrubbing/attritioning (pre-concentration) potential; Evaluation of finer grind sizes to improve flotation recovery; Larger scale ultra-fine grinding testwork to confirm specific energy requirements and to prepare flotation feed; Staged Flotation Reactor circuit testing; Production of concentrate for marketing purposes; and Liquid-solid separation testwork (concentrate and tailings).

Avala Resources Announces Inferred Resource Estimate for Korkan East, Timok Gold Project

Avala Resources Ltd. announced a resource estimate for the Korkan East deposit, which is part of its Timok Gold Project located in Eastern Serbia. Using a 2g/t in situ gold-equivalent cut-off grade (Au_Eq) the Korkan East deposit contains in-situ inferred resources of 1.37 million tonnes at an average grade of 3.4g/t gold (Au), 44 g/t silver (Ag), 0.6% lead (Pb), 0.5% zinc (Zn) and 0.8% arsenic (As), for 147,000 ounces of Au, 1.919 million ounces of Ag, 8,300 tonnes of Pb and 7,100 tonnes of Zn. The resource estimate is based on 54 drill holes and 8,593 samples. The Timok Gold Project, incorporating the Bigar Hill, Korkan, Kraku Pester and Korkan East deposits, has a combined in-situ indicated resource estimated at 46.3 million tonnes at an average grade of 1.56 g/t Au for a total of 2.32 million ounces of Au. Additionally, a combined inferred resource of 10 million tonnes at an average grade of 1.6 g/t Au for a total of 0.5 million ounces of Au has been defined within the Timok Gold Project.

Avala Resources Ltd. Announces Board Changes

Avala Resources Ltd. announced that Jonathan Goodman has resigned as a director of the company and Rick Howes has been appointed to fill the vacancy created by Mr. Goodman's departure. Rick Howes is currently president, chief executive officer, and a director of Dundee Precious Metals Inc.


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