SEATTLE, Oct. 22, 2003 (PRIMEZONE) -- Avalon Gold Corporation (OTCBB:AVGC) announces that the company will be sending its representatives to the Ukraine within the next few weeks.
The purpose for the trip is to formalize the understanding between Aurora Pacific Consulting and Development Corporation and Avalon Gold Corporation with respect to the 75% interest in the Mayske Gold Deposit Property located in the Odessa Region, Ukraine. It was indicated that a further 15% interest in the Mayske Gold Property may be available from the State Agency which regulates the terms and conditions of these properties.
The Company is working towards finalizing its agreement with Aurora Pacific Consulting and Development Corporation for at least a 75% interest in the Mayske Deposit with the possibility of increasing its stake to 90% providing terms and conditions can be met to the satisfaction of the State Agency in the Ukraine.
"We are particularly enthusiastic with our project in the Ukraine at this time in light of Barrick Gold Corp's recent foray into Russia through its investment into Highland Gold Mining Ltd., a London -AIM Listed Company. Barrick Gold Corp, the world's third largest gold producer is willing to tolerate the risk of investing in Russia in order to grow its reserves," states Company President Robert Waters. "The Ukraine, which was formerly part of Russia is home to some very attractive mineral deposits ready for further development and exploitation. Avalon Gold intends to be a pioneer in the Ukraine in this respect."
Avalon Gold Corporation is an aggressive gold mining company focused on finding, exploring and developing exceptional gold properties internationally.
/s/ Robert Waters
------------------------ Robert Waters, President
Visit our web site at www.avalongold.ws
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in Avalon gold filings with the Securities & Exchange Commission.