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ST. PETER PORT, Guernsey, July 26 /CNW/ - Avnel Gold Mining Ltd. ("Avnel" or the "Company") (TSX: AVK) announces today that the Company has re-filed its annual certifications and Management Discussion and Analysis ("MD&A") for the year ended December 31, 2009. Under the original MD&A, the Company had stated that the Company's management had concluded that the Company's internal controls over financial reporting were not effective during the year 2009 due to certain immaterial deficiencies. In actuality, pursuant to National Instrument 52-109, given that these deficiencies were determined to be immaterial, the Company should have disclosed that the Company's management had concluded that its internal controls over financial reporting were effective for the year 2009. The certifications and a revised MD&A disclosing the Company's effective internal control over financial reporting were re-filed at the request of the Ontario Securities Commission after the Commission's review of Avnel's compliance with the certification requirements outlined in National Instrument 52-109.
About the Company
Avnel is a producing gold mining company operating the Kalana gold mine 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 which lies to the South of the main Kalana exploitation permit.
Currently, Avnel and IAMGOLD are working together to explore the large geologically prospective Kalana permit area, focussing initially on the bulk mineable potential of the Kalana gold mine which currently has resources of approximately 1,000,000 ounces. This partnership leverages Avnel's considerable investment in the project and is aimed at fully exploring the upside potential at Kalana with IAMGOLD's West African mining experience.
SOURCE Avnel Gold Mining Ltd.
For further information: For further information: Howard Miller, Chief Executive Officer, Phone +44 207 589 9082 or 416.726.8194, Email: Howard@hbmiller.co.uk, Website: www.avnelgold.com