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Avnel, IAMGOLD Agree on Exploration Extension

Avnel Gold Mining Limited (AVK.TO) and IAMGOLD Corporation (IMG.TO) have agreed to extend the Exploration Phase under their Option Agreement to enter into joint venture arrangements. Under the original Kalana Option Agreement IAMGOLD was scheduled to deliver a Resource Study during the third quarter of 2012.

On May 15, 2012, Avnel announced its agreement with IAMGOLD to extend the Exploration Phase to December 31, 2012. The companies have now agreed to a further extension of the Exploration Phase to January 31, 2013.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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