Avalon Rare Metals Limited (TSE:AVL) Announce Negotiation Agreement with the Yellowknives Dene First Nation Regarding the Nechalacho Rare Earth Elements Deposit
Toronto, Dec 9, 2010 AEST (ABN Newswire) - Avalon Rare Metals Inc. (TSX:AVL) (OTCQX:AVARF) ("Avalon" or the "Company") is pleased to announce that it has entered into a Negotiation Agreement with the Yellowknives Dene First Nation ("Yellowknives") regarding the Nechalacho rare earth elements deposit located at Thor Lake, 100 kilometres southeast of Yellowknife, Northwest Territories (the "Project"). This form of initial agreement (often referred to as a Memorandum of Understanding), is done in order to frame the negotiations towards an impacts and benefits type agreement.
The Negotiation Agreement outlines broad principles for co-operation and provides the basis for the negotiation of an Accommodation Agreement. The Accommodation Agreement, (like an "Impacts and Benefits" agreement) if agreed to, will be structured to mitigate any adverse impacts of project development, define the benefits to the parties and provide greater certainty with respect to the development of the Project.
After several years of regular consultation, Avalon and the Yellowknives have established a co-operative and respectful relationship for responsible mineral development in the Yellowknives' traditional territory, known as the Chief Drygeese Territory. The Company and the Yellowknives intend to continue and broaden this relationship through these negotiations. Accommodation Agreements typically cover a number of topics such as environmental protection, business and employment opportunities, in respect of the Project. Avalon and the Yellowknives have agreed to commence negotiations on the Accommodation Agreement as soon as possible, with the objective of concluding this agreement in 2011.
Don Bubar, President and CEO of Avalon, stated: "We are very pleased with the positive relationships we have built within the Yellowknives Dene First Nation community to date and look forward to strengthening these relationships as we move forward with the Project. The signing of this Negotiation Agreement is reflective of Avalon's commitment to working collaboratively with our aboriginal partners in the north and our commitment generally to socially responsible mineral development".
About Avalon Advanced Materials Inc
Avalon Advanced Materials Inc. (TSE:AVL) (OTCMKTS:AVLNF) (formerly Avalon Rare Metals) 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.
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