SEATTLE, Oct. 8, 2003 (PRIMEZONE) -- Avalon Gold Corporation (OTCBB:AVGC) has signed a Letter of Intent to acquire a gold property in the Odessa Region, Ukraine.
The agreement allows for Avalon to acquire a 75% interest in the Mayske Gold Deposit located on the outskirts of the town of Savran in southern Ukraine, approximately 250 km south of the capital city of Kiev and 190 km north of the regional center of Odessa.
The State Geological Survey of Ukraine estimates the gold resource of the deposit to be approximately 1.3 million ounces with at least 10 other prospects known within the metallogenic zone hosting the Mayske deposit.
The Mayske and other gold deposits located in the Ukrainian Shield exhibit the same characteristics and potential as gold deposits located in other PreCambrian Shields of the world, including the Canadian Shield. The deposits of this entire region are available for exploration.
The exploration information available indicates that the previous exploration work was of high caliber and that the data compilation, interpretation and presentation had been modeled after classical western methods. The company intends to compile the large volume of existing exploration information in the Mayske deposit, which is in excellent order into Western Standards to English. A scoping study will be conducted immediately, which will include confirmation sampling and assaying.
"Avalon Gold is an aggressive gold mining company focused on finding, exploring and developing exceptional gold properties internationally," states Company President Robert Waters, "The Mayske Gold Deposit will be a great foundation to build the company's portfolio with."
/s/ Robert Waters ------------------------ Robert Waters, President
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's filings with the Securities & Exchange Commission.