Avalon Files Quarterly Financial Statements and Announces Grant of Incentive Stock Options

    TORONTO, Jan. 30 /CNW/ - Avalon Ventures Ltd. TSX-V: AVL (the "Company")
announces that its Interim Financial Statements and Management Discussion and
Analysis ("MDA") for the three months ended November 30, 2006 have been filed
on SEDAR and are also accessible for viewing on the Company's website at:

    Incentive Stock Options
    The Company also announces that it has granted 250,000 incentive stock
options to a senior officer to replace options which were recently exercised
just prior to their expiry. The options will be exerciseable at a price of
$1.20 per share for a period of five years and will vest at the rate of 25%
every twelve months following the date of grant of the options. Any shares
issuable on exercise of the options will be subject to a four month hold
period beginning on the date of grant of the options.

    About Avalon Ventures Ltd.

    Avalon Ventures Ltd. (TSX-V: AVL) is a Canadian junior mineral
exploration and development company, with a primary focus on rare metals and
minerals with high technology applications or offering environmental benefits.
Avalon currently holds a portfolio of five such projects, including three that
are at the feasibility stage. To find out more about Avalon Ventures Ltd.
(TSX-V: AVL), please visit our website at www.avalonventures.com. Shares
Outstanding as at the date of this release: 50,592,248. Cash resources:
$2.8 million

    This news release is available on the Company's official on-line investor
relations site for investor commentary, feedback and questions. Investors are
invited to visit the "Avalon Ventures" IR Hub at
http://www.agoracom.com/ir/avalon. In addition, investors are invited to
e-mail their questions and correspondence to AVL@agoracom.com or phone Don
Bubar, P.Geo. President, at 416-364-4938. Mr. Bubar is the Qualified Person
responsible for the technical content of this news release.

    The language used in this News Release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual events
or results could differ materially from the Company's forward-looking
statements and expectations. The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this news

For further information:

For further information: investors are invited to e-mail their questions
and correspondence to AVL@agoracom.com or phone Don Bubar, P.Geo. President,
at (416) 364-4938.

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