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ST. PETER PORT, Guernsey, Nov. 25, 2013 /CNW/ - Avnel Gold Mining Limited ("Avnel" -TSX: AVK) is pleased to announce the appointment of Dr. Olivier Féménias as the group's Vice President Geology.
Dr. Féménias was previously appointed as the Group Geology Manager in May 2013 and is now a qualified person as defined in NI 43-101 with him having been granted membership of the European Federation of Geologists.
From 2009 until 2012 Dr. Féménias headed IAMGOLD's exploration activities at Kalana in Southern Mali taking the project through to preliminary resource estimation within a potential bulk mineable open pit.
Dr. Féménias was awarded PhD doctorates in Geology by the University of Brussels and the University of La Rochelle in France. He held the appointment of Assistant Professor at the University of Brussels from 2006 until 2009 when he was recruited by IAMGOLD.
As head of IAMGOLD's Kalana Project Team Dr. Féménias had the responsibility to implement the large programme (>$32m), recruit and supervise a very large exploration team and manage exploration activities throughout the exploration process. Under his leadership he managed the ground and airborne geophysics campaign, termite mound geochemistry, regolith and artisanal works mapping, mechanical auger, DD and RC drilling (>158,000 metres) on the Kalana deposit across an active underground mine as well as on regional targets.
Prior to leaving IAMGOLD Dr. Féménias headed its Geological Support, Database & Project Generation Group based in Dakar.
Dr. Féménias' priority objectives will remain the completion of the on-going work on the Kalana deposit with the objective of delineating resources at Kalana in addition to the on-going exploration of both the brownfields and greenfields exploration targets on the Kalana Exploitation Permit. Dr. Féménias will carry out his responsibilities where appropriate in cooperation with Avnel's external consultants (Snowden Mining Consultants). Dr. Féménias is expected to play a key role in driving the Kalana project which he is eminently qualified for given his academic background in research, structural geology, economic geology and intensive field experience in managing very large geological programmes.
ABOUT THE COMPANY
Avnel is a producing gold mining company operating the Kalana Mine in south-west Mali and is engaged in the exploration of the 30-year Kalana Exploitation Permit encompassing 387.4 sq km around and to the south of the Kalana Mine as well as on Avnel's abutting Fougadian Exploration Permit.
Avnel's principal asset is an 80% interest in Société d'Exploitation des Mines d'Or de Kalana ("SOMIKA") which is the holder of the Kalana Exploitation Permit. The Kalana Project is situate in south west Mali. The 387.4 sq km exploitation permit has a NI-43-101 compliant resource of 1,020,000 oz (at an average grade of 10.4 g/t) in the measured and indicated category, and 249,000 oz (at an average grade of 3.4 g/t) in the inferred category at January 2005. There remains approximately 826,000 ounces in the measured and indicated category due to mining depletion from 2005.
Avnel also holds the Fougadian Exploration Permit covering an area of 75 sq. km. to the south of the main Kalana Exploitation Permit area and abutting it. Avnel and IAMGOLD have entered into a joint venture arrangement agreement whereby IAMGOLD has the option to acquire up to an initial 51% in Avnel's interest in the Fougadian Exploration Permit and in an additional 75 sq. kms to the south of Avnel's Fougadian Exploration Permit area for which IAMGOLD has an exploration permit which is subject to that joint venture arrangement.
Technical Information and Qualified Person/Quality Control Notes
Information in this release arising subsequent to the date of the 2005 Snowden Technical Report regarding the Kalana Gold Mine and exploration activity is provided by Avnel management under the supervision of Roy Meade (a director of the Company) who is a non-independent "Qualified Person" as such term is defined in National Instrument 43-101. Portions of the information are based on assumptions, qualifications and procedures which are not fully described herein.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts are forward-looking statements. Although Avnel believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Avnel does not assume any obligation to update or revise its forward- looking statements, whether as a result of new information, future events or otherwise.
SOURCE: AVNEL GOLD MINING LTD.
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