Avalon to Acquire Title of a Closed Mine Site with Rare Earth Potential

Avalon Advanced Materials Inc. (TSX: AVL, OTCQB: AVLNF, Forum) announced that it had entered into a binding letter of intent to purchase ownership of a private Ontario corporation which owns four industrial minerals properties and a demonstration-scale processing plant located at Matheson, Ontario. One of the industrial minerals property assets this company owns is an asset transfer agreement that gives it the right to acquire full title to the Cargill Carbonatite Complex near Kapuskasing, Ontario. This carbonatite complex hosts significant concentrations of a number of critical minerals, contained both in the bedrock and in the tailings from a historic phosphate mining operation at the site. Work done on the site has demonstrated that the tailings contain phosphate levels ranging from 15-20% P2O5 and the total purchase price to be paid by Avalon will be $16 million.

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This Canadian mineral development Company recently closed its $3 million convertible security financing and plans to use this financing to proceed with the bulk sampling program on its 100% owned Separation Rapids Lithium Project near Kenora, Ontario later this month. The Company also intends to begin Feasibility Study work for the lithium refinery planned for Thunder Bay, Ontario.


FULL DISCLOSURE: Avalon Advanced Materials Inc. is a client of Stockhouse Publishing.