Avalon Provides Corporate Update
Toronto, ON -- Avalon Rare Metals Inc. (TSX:AVL, OTCQX:AVARF)
(“Avalon” or the “Company”) is pleased to provide the following corporate update.
NYSE Amex Listing
Application
The Company has applied for and received approval from NYSE Regulation on behalf of NYSE
Amex LLC, to file an Original Listing Application to list its common shares on the NYSE Amex, an
affiliate of the New York Stock Exchange. There are a number of conditions that the Company must satisfy
for listing on the NYSE Amex and efforts are underway to satisfy these conditions as part of the
Original Listing Application. Avalon expects that this process will take approximately four to six
weeks.
Avalon President, Don Bubar stated that “Listing of the Company’s shares in the United States
will better accommodate the growing interest amongst American investors in Avalon’s rare metals
business. A full US Stock Exchange listing will facilitate greater participation by US investors and
will likely result in increased liquidity for shareholders generally.”
Audited Annual Financial
Statements, MD&A and AIF
The Company announces that it has filed its Audited Annual Financial
Statements, Management Discussion and Analysis (“MD&A”) and Annual Information Form (“AIF”) for the
fiscal year ended August 31, 2010. These documents may be viewed at www.sedar.com. The audit was
performed by McCarney, Greenwood LLP, Toronto, ON, who are a registered firm with the Public Company
Accounting Oversight Board in the United States, which is a required condition of the NYSE Amex listing
application.
Annual General Meeting
The Company will hold its Annual General Meeting of
Shareholders at 4:30 p.m. on Thursday, January 27, 2011 at The Toronto Board of Trade, located at 1
First Canadian Place, Toronto, Ontario.
At the meeting, the Company’s shareholders will be asked to
approve a special resolution for continuance of the Company from being governed by the Business
Corporations Act (British Columbia) (“BCA”) to being governed by the Canada Business Corporations Act
(“CBCA”). The Company’s operations have been outside British Columbia for some time and being governed
by the CBCA, rather than the BCA, will reduce the Company’s legal costs and streamline its corporate
functions.
About Avalon Rare Metals Inc. (TSX:AVL, OTCQX:AVARF)
Avalon Rare Metals Inc. is a
mineral exploration and development company focused on rare metals deposits in Canada. Its flagship
project, the 100%-owned Nechalacho Deposit, Thor Lake, NWT, is emerging as one of the largest
undeveloped rare earth elements resources in the world. Its exceptional enrichment in the more valuable
'heavy' rare earth elements, which are key to enabling advances in green energy technology and other
growing high-tech applications, is one of the few potential sources of these critical elements outside
of China, currently the source of 95% of world supply. Avalon is well funded, has no debt and its work
programs are progressing steadily. Social responsibility and environmental stewardship are corporate
cornerstones. Avalon's performance on community engagement in the north earned it the 2010 PDAC
Environmental and Social Responsibility Award.
Shares Outstanding: 92,391,470. Cash resources:
approximately $39 million.
To find out more about Avalon Rare Metals Inc., please visit our website
at www.avalonraremetals.com. For questions and feedback, please e-mail the Company at
ir@avalonraremetals.com or phone Don Bubar, President and CEO at 416-364-4938.
This news release
contains forward-looking information and is subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ materially from those projected in the
forward-looking information. Forward-looking information is based on the opinions and estimates of
management at the date the information is given, and is subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to differ materially from those projected in
the forward-looking information. The forward-looking information contained herein is given as of the
date hereof and the Company assumes no responsibility to update or revise such information to reflect
new events or circumstances, except as required by law.
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