12:11 PM EST - Avnel Gold Mining Ltd. : provided a project update for the exploration work programme on its 80% owned 387.4 km(2) Kalana exploitation permit in Mali conducted by its joint venture partner IAMGOLD Corporation as operator of the exploration venture. The Option Agreement dated August 11, 2009 provides IAMGOLD with the option to earn an initial 51% interest in Avnel's share of the Kalana project by spending a minimum $11,000,000 U.S. on exploration activities over a three year period and by delivering a NI-43-101 resource calculation of at least two million ounces of gold as well as proceeding with a feasibility study. Avnel Gold Mining Ltd.
shares T.AVK are trading up $0.135 at $0.60.
