BELLINGHAM, Wash., April 20, 2004 (PRIMEZONE) -- Avalon Gold Corporation (OTCBB:AVGC) reports that further to its news release dated April 14, 2004 pertaining to its interest in the LAK Ranch Oil Project, a hearing with the Wyoming Oil and Gas Commission (WOGCC) did take place.
Ivanhoe Energy (USA) Inc. (Nasdaq:IVAN), the project's operator, received approval on April 13, 2004 from the WOGCC to restart steam flooding of the LAK Field and the associated environmental monitoring plan.
Current estimates are that between 30 percent and 70 percent of the field's 100 million barrels of oil in place may be recovered using the thermal recovery techniques planned for the project. At current market prices the oil in place would generate between $USD840 million and $USD2 billion in gross revenue.
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
For further information contact Joseph Beyrouti at: 1-888-488-6882 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's filings with the Securities & Exchange Commission.