BELLINGHAM, Wash., Dec. 8, 2003 (PRIMEZONE) -- Avalon Gold Corporation (OTCBB: AVGC) states that according to a Report dated July 2002 by Geologist David Yeager, the Mayske Gold Deposit had its first gold discovery in 1991 although exploration work on the property began as early as 1963. Exploration work funded by the state included 160 drill holes on 23 sections totaling 55,788 meters of drilling. A total of 17,936 samples were taken for fire assaying. Drill sections were spaced 100m to 500m apart and drill hole spacing on the sections ranged from 100m to 200m. An area of detailed drilling has been performed on both of the two parts of the deposit; in these areas 100m of strike has been drilled at 50m x 50m spacing. A 6m diameter exploration shaft was sunk to 201m of depth on the flank of the northern part of the deposit.
In 1998, the Authorized Fund of Ukrainian Polymetals, a State Joint Stock company owned the Mayske property and performed 1,500 fire assays using core recovered in previous years. Also, 19 additional holes were drilled on 6 sections in the northern part of the deposit totaling 5,008m of drilling. Visible gold was reported in 40% of these drill holes, however assay results have not been available. No horizontal workings have been driven from the exploration shaft.
The State Geological Survey of Ukraine estimates the gold resource of the Mayske deposit to be approximately 1.3 million ounces (2002).
Character Cut-off tonnes Avg. Contained Gold
Grade Grade kg oz
g/t
Higher
Grade 1.0 3,545,161 6.2 21,980 709,032
Lower
Grade 1.0 6,696,429 2.8 18,750 604,839
Total (approx.): 1,300,000
Ukrainian resource estimation techniques are very rigorous, giving full consideration to deposit geology/geometry, core recovery, and statistical reliability of data and probability of continuity of mineralization, according to Mr. Yeager, although he has not examined the plans and sections used in the estimation of the resource.
Avalon Gold Corporation is an aggressive gold mining company focused on finding, exploring and developing exceptional gold properties internationally.
/s/ Robert Waters ------------------------ Robert Waters, President
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