Avala Resources to Transfer Licences in Serbia
29 April 2011 - 11:30PM
Marketwired
Avala Resources Ltd. (TSX VENTURE: AVZ) (the "Company" or "Avala")
announces that it has entered into an agreement to transfer to
Queensland Minerals Ltd. ("Queensland") a group of mineral licences
located in Serbia in consideration for a 2% NSR royalty and
reimbursement of the costs spent by the Company on the licences,
which amount to $495,000.
The group of licences is comprised of four near contiguous
exploration licences known as the Lisa, Kotraza, Kraverica and
Dubac licences covering an area of 320 km(2) in central-southern
Serbia. Exploration activities conducted on the project consisted
mainly of high density stream sediment sampling, soil samples, rock
chip samples and channel sampling. No drilling has been conducted
on the project in recent times.
The closing of the transaction between the Company and
Queensland is subject to certain conditions including the approval
of the TSXV as the Company and Queensland have common directors and
officers.
This press release contains forward-looking information. In
particular, this press release contains statements concerning the
completion of the transaction between the Company and Queensland.
Forward-looking information is subject to known and unknown risks
and uncertainties, and depends on assumptions and other factors,
all of which may cause actual results or events to differ
materially from those anticipated in such forward-looking
information. The Company undertakes no obligations to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
About Avala Resources Ltd.: Avala is a recently-formed company
focused on the exploration and development of the Potoj Cuka
sediment-hosted gold project and the Timok gold-copper project in
Serbia. The common shares of Avala trade on the TSX Venture
Exchange under the symbol AVZ.
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.
Contacts: Avala Resources Ltd. James Crombie President and Chief
Executive Officer +1.450.640.0810 Email: info@avalaresources.com
www.avalaresources.com
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