AGREEMENT WITH MAJOR COPPER MINER BRINGS THREE FOLD INCREASE TO THE RIO VERDE PROJECT The Company is very pleased to announce the closure on a transaction which provides Avanco 100% of an extensive tenement package adjacent to the Rio Verde Project. The new tenure hosts an extremely prospective 14km long copper trend which clearly justifies a significant increase and widening of the Rio Verde drill programme. Additional rigs have been sourced and are mobilising. HIGHLIGHTS Transaction completed for 100% interest in an extensive land package which secures additional ground along strike from the Rio Verde Project. The new tenements include an extremely prospective 14km long anomalous copper trend hosting immediate and high priority drill targets. The potential for a large discovery is underscored by Xstrata Copper (Xstrata) who have elected to carry an ?option? to ?back-in? and form a joint-venture with Avanco. New tenure is adjacent to Rio Verde and comprises: Three exploration licenses for a total of 16,000ha Two exploration applications for a total of 10,000ha The three fold increase in the Rio Verde land holding increases Avanco?s total copper footprint to a massive 38,800ha (approximately 388sq km?s). Three rigs are currently drilling at Rio Verde and Serra Verde with another mobilising in the coming days. The ramp-up is ongoing with a total of six rigs expected before the end of May 2011.
AVB Price at posting:
12.5¢ Sentiment: Buy Disclosure: Held