Avalon Rare Metals Inc. (TSX:AVL)
(NYSE MKT:AVL) ("Avalon" or the "Company") is pleased to provide an
update on progress at its East Kemptville Tin-Indium Project, Nova
Scotia, Canada, and announce the release of its fourth annual
comprehensive Sustainability Report entitled Balancing
Opportunities (the "2015 Sustainability Report") along with the
release of its 2015 annual filings. The 2015 Sustainability Report
is available from the Company's website at
http://www.avalonraremetals.com/sustainability/2015_sustainability_report.
Update on East Kemptville Tin-Indium Project
The Company is continuing to work towards completing a
Preliminary Economic Analysis ("PEA") on the East Kemptville
Project. While the Company had originally targeted having a PEA
completed by the end of November, that timeline has proven to be
unrealistic. The Company now plans to have a PEA completed in early
calendar 2016 which will allow for the 2015 drilling data to be
compiled and integrated into an updated resource estimate. It will
also allow more time for completion of ongoing metallurgical
testwork and finalization of the transfer of surface tenure at the
site to Avalon.
The 2015 drilling program was completed on November 19, 2015, at
a total of 4,514 metres in twenty two holes. Initial results from
this drill program were released on November 3, 2015. Assays are
now pending for the remaining drill holes which tested the Duck
Pond Zone and the Main Zone extension. The PEA will now incorporate
all the new data generated from the 2015 work program including the
results of preliminary environmental assessment work.
Before finalizing the PEA, the Company plans to evaluate a
number of alternative development scenarios for the scale of the
operation. One interesting possibility to be considered is to
initiate production at a relatively small scale by utilizing the
existing ore stockpiles on the site, before eventually re-starting
mining operations at a larger scale. This scenario has the
attraction of potentially realizing production and cash flow in the
relative short term with a small initial capital investment in a
mill and gravity circuit to produce tin concentrate. A detailed
cost-benefit analysis of this scenario is presently being
undertaken by the Company's technical team.
Discussions continue towards reaching an agreement to transition
full title to the property to Avalon. The parties now expect to be
able to conclude an arrangement for transfer of surface tenure in
Q1 of calendar 2016.
2015 Sustainability Report
The 2015 Sustainability Report was prepared in accordance with
the Global Reporting Initiative ("GRI") Version 4 guidelines for
core reporting. In accordance with the guidance, the Company
conducted a review of the 2014 detailed materiality assessment
process identifying the topics that have the highest priority to
the Company and its communities of interest. This report focuses on
the social, environmental and economic issues that are most
material to the Company. In response to comments from our
readership, a more focused report has been prepared and formatted
to facilitate easy access to the sections of the report of most
interest to the reader. It also provides the detailed underlying
data for those who wish to complete a more in-depth analysis and
links to related corporate governance.
The 2015 Report also incorporates a self-assessment of Fiscal
2015 performance and sets targets for 2016 against the applicable
Mining Association of Canada's Toward Sustainable Mining
indicators. In addition to safety performance, the report
highlights many other positive accomplishments such as the risk
management program, management system development and metallurgical
improvements that contribute to improved environmental performance
to name a few.
Don Bubar, President and CEO comments, "Avalon continues to
integrate sustainability into all aspects of its business.
Reporting on our sustainability successes and challenges keeps our
stakeholders informed and ourselves accountable. We believe that
there is significant potential for creating additional shareholder
value through exceptional sustainability performance and we remain
committed to doing our part to advocate for improved sustainability
performance across the entire natural resource extraction
sector."
Annual Filings
The Company has also completed the filings of its Consolidated
Financial Statements, Management's Discussion and Analysis, and
Annual Information Form with Canadian security regulators, as well
as its Annual Report on Form 20-F with the U.S. Securities and
Exchange Commission for its fiscal year ended August 31, 2015.
Copies of these filings are available on the Company's website at
http://www.avalonraremetals.com/investors/regulatory_filings/,
through SEDAR at http://www.sedar.com or through EDGAR at
http://www.sec.gov.
Consistent with prior years, the auditors' report received from
its independent public accounting firm on its audited financial
statements for the fiscal year ended August 31, 2015, contained a
going concern emphasis of matter. Disclosure of this going concern
explanatory language is required by Section 610(b) of the NYSE MKT
Company Guide.
Shareholders may request a printed copy of the Consolidated
Financial Statements and/or the 2015 Sustainability Report by email
to ir@avalonraremetals.com or by regular mail to Investor
Relations, Avalon Rare Metals Inc., 130 Adelaide Street West, Suite
1901, Toronto, ON M5H 3P5.
For questions or feedback, please email the Company at
ir@avalonraremetals.com, or phone Don Bubar, President & CEO,
at 416-364-4938.
Avalon Rare Metals
Inc. (TSX & NYSE
MKT: AVL) is a Canadian mineral
development company specializing in niche market metals and
minerals with growing demand in new technology. The Company has
three advanced stage projects, all 100%-owned, providing investors
with exposure to lithium, tin and indium, as well as rare earth
elements, tantalum, niobium, and zirconium. Avalon is currently
focusing on its Separation Rapids Lithium Project, Kenora, ON and
its East Kemptville Tin-Indium Project, Yarmouth, NS. Social
responsibility and environmental stewardship are corporate
cornerstones.
Cautionary Statement
This news release contains "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to,
statements regarding the commencement and completion of its work
programs, that the Company now plans to have a PEA completed in
early calendar 2016 which will allow for the 2015 drilling data to
be compiled and integrated into an updated resource estimate, that
this will also allow more time for completion of ongoing
metallurgical testwork and finalization of the transfer of surface
tenure at the site to Avalon, that the PEA will now incorporate all
the new data generated from the 2015 work program including the
results of preliminary environmental assessment work and that the
Company plans to evaluate a number of alternative development
scenarios for the scale of the operation, that the parties now
expect to be able to conclude an arrangement for transfer of
surface tenure in Q1 of calendar 2016 . Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "potential", "scheduled",
"anticipates", "continues", "expects" or "does not expect", "is
expected", "scheduled", "targeted", "planned", or "believes", or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might" or "will be" or
"will not be" taken, reached or result, "will occur" or "be
achieved". Forward-looking statements are subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
Avalon to be materially different from those expressed or implied
by such forward-looking statements. Forward-looking statements are
based on assumptions management believes to be reasonable at the
time such statements are made. Although Avalon has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. Factors that may cause
actual results to differ materially from expected results described
in forward-looking statements include, but are not limited to
market conditions, the possibility of cost overruns or
unanticipated costs and expenses, and unanticipated results from
the work programs, as well as those risk factors set out in the
Company's current Annual Information Form, Management's Discussion
and Analysis and other disclosure documents available under the
Company's profile at www.SEDAR.com. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Such forward-looking statements have been provided
for the purpose of assisting investors in understanding the
Company's plans and objectives and may not be appropriate for other
purposes. Accordingly, readers should not place undue reliance on
forward-looking statements. Avalon does not undertake to update any
forward-looking statements that are contained herein, except in
accordance with applicable securities laws.
CONTACT: 130 Adelaide Street W., Suite 1901
Toronto, ON M5H 3P5
Tel: (416) 364-4938 Fax: (416) 364-5162
ir@avalonraremetals.com
www.avalonraremetals.com
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