Avnel Gold Mining Limited

Avnel Gold Mining Limited

Avnel is a gold mining producing company operating the Kalana gold mine (West Africa Gold Exploration) and is engaged in the exploration of the Kalana Exploitation Permit and Fougadian exploration permit. Avnel’s principal asset is an 80% interest in Société d’Exploitation des Mines d’Or de Kalana (“SOMIKA”). SOMIKA is the holder of a 30 year […]

 

Avnel is a gold mining producing company operating the Kalana gold mine (West Africa Gold Exploration) and is engaged in the exploration of the Kalana Exploitation Permit and Fougadian exploration permit. Avnel’s principal asset is an 80% interest in Société d’Exploitation des Mines d’Or de Kalana (“SOMIKA”). SOMIKA is the holder of a 30 year exploitation permit encompassing 387.4 sq. km. around and to the south of the operating Kalana gold mine in south west Mali. Avnel also holds the Fougadian exploration permit covering an area of 150 sq. km. which lies to the south of the main Kalana exploitation permit.

The Kalana exploitation permit in Mali is being actively explored by joint venture partner IAMGOLD Corporation (“IAMGOLD”). The Option Agreement dated August 11, 2009 provides IAMGOLD with the option to earn an initial 51% interest in Avnel’s share of the Kalana project by spending US$11,000,000 on exploration activities over a three year period and by delivering a NI-43-101 resource calculation of at least 2 million ounces of gold as well as proceeding with a feasibility study.

 
 
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