Avala Resources Ltd.Avala Resources Ltd. (TSX.V: AVZ)
is a Canadian-based company focused on the acquisition, exploration and development of mineral properties in the Republic of Serbia. Avala's major projects are as follows:
Timok Gold Project
a major, north-trending mineralized belt which includes the Bigar Hill, Korkan, Kraku Pester and Korkan East deposits,
Tulare Copper-Gold Porphyry Project
which includes the Kiseljak and Yellow Creek deposits, and
which is strategically located along the eastern margin of the Timok Magmatic Complex and is the object of an option and joint venture agreement with Rio Tinto Mining & Exploration Limited under which Rio Tinto has the right to earn up to a 75% interest by funding project expenditures of US$40 million over a period of up to 8 years.
Avala's projects in Serbia are well located to access both major transportation corridors and the markets. The fiscal regime in Serbia is highly supportive of the extractive industries with a 15% corporate tax rate and a 5% NSR royalty.
Proposed acquisition by Dundee Precious Metals Inc.
On February 12, 2016, Avala announced that it had entered into an arrangement agreement in respect of a proposed transaction with Dundee Precious Metals Inc. ("DPM") (TSX:DPM), the controlling shareholder of Avala, whereby DPM proposes to acquire all of the issued and outstanding common shares of Avala that it does not already own by way of a plan of arrangement under the Business Corporations Act (British Columbia). Information about the arrangement is available in Avala's Management Information Circular furnished in connection with the special meeting of its shareholders scheduled to be held on April 5, 2016.
Click here for Avala Circular
This website contains information of a scientific or technical nature which requires the approval of a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Justin van der Toorn, CGeol FGS, EurGeol, the Company's exploration manager in Serbia, is the qualified person who has approved the scientific and technical information on this website.