03:40 PM EST - Avnel Gold Mining Limited : reported that, pursuant to its joint venture arrangements with IAMGOLD Corporation, the exploration work programme for 2011 has been agreed and IAMGOLD plans to incur exploration expenditures of approximately $8 million U.S. on the Kalana project during 2011. Since the commencement of the joint venture arrangements in August 2009, IAMGOLD has incurred expenditures of approximately $6.6 million U.S. (to December 31, 2010). The expenditures proposed by IAMGOLD in 2011 will more than double the minimum total spending requirements provided for in the joint venture arrangements for the period concerned. Avnel Gold Mining Limited
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