NORTHWEST TERRITORIES – Avalon Rare Metals of Toronto is looking to potential Asian investors for the output of its Nechalacho REE deposit at Thor Lake. The company has signed non-binding memorandums of understanding with three Asian companies, offering them the opportunity to participate in the project and/or provide technical expertise in exchange for obtaining off take rights.
Meanwhile, Avalon is pressing ahead with work at the project site. The company has completed the environmental impact assessment and filed it with the Mackenzie Valley Environmental Impact Review Board. A new land use permit has been issued, allowing the company to work at the site until July 4, 2016. Bench scale metallurgical tests are being conducted. The winter drilling program was completed on April 8, 2011, but two drills remain active. One is tasked with geotechnical examination of the proposed production ramp, and the other is to take bulk samples.
To find out more about Avalon, please visit the company’s website at www.AvalonRareMetals.com. For questions and feedback, please send email to IR@AvaloneRareMetals.com.