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News Article | April 26, 2017
Site: www.PR.com

St. Louis company collects more than 12,000 pounds of food and personal care items. St. Louis, MO, April 26, 2017 --( Founded in 1996, Connectria provides cloud hosting, remote monitoring, and cloud security for more than 1,000 customers in over 30 countries worldwide. Headquartered in St. Louis, Connectria is active in giving back to the community and encourages other organizations to give as well through its “No Jerks Allowed” company philosophy and culture. “When local businesses hold area food drives, it’s a win-win situation for everyone involved,” said Operation Food Search Executive Director Sunny Schaefer. “The company’s team works together for a philanthropic cause, and the community benefits from their dedicated efforts.” Schaefer added that OFS partners with many St. Louis and Illinois companies in order to raise awareness and assist the area’s hungry. Founded in 1981, Operation Food Search (OFS) is a hunger relief organization that provides food and nutrition education. With a strategic focus aimed at ending childhood hunger, OFS empowers families with a range of programs and services proven to reduce food insecurity and increase access to healthy and affordable food. OFS helps feed more than 200,000 individuals on a monthly basis – one-third of which are children – through a network of 330 community partners in 31 Missouri and Illinois counties. Operation Food Search is located at 1644 Lotsie Blvd. For more information, call (314) 726-5355. St. Louis, MO, April 26, 2017 --( PR.com )-- Connectria Hosting recently held a food drive and collected more than 12,000 pounds of food and personal care items for Operation Food Search (OFS), a hunger relief organization that provides food to the area’s hungry. The value of the donations is over $20,000 and represents enough to feed 3,042 people for one day.Founded in 1996, Connectria provides cloud hosting, remote monitoring, and cloud security for more than 1,000 customers in over 30 countries worldwide. Headquartered in St. Louis, Connectria is active in giving back to the community and encourages other organizations to give as well through its “No Jerks Allowed” company philosophy and culture.“When local businesses hold area food drives, it’s a win-win situation for everyone involved,” said Operation Food Search Executive Director Sunny Schaefer. “The company’s team works together for a philanthropic cause, and the community benefits from their dedicated efforts.” Schaefer added that OFS partners with many St. Louis and Illinois companies in order to raise awareness and assist the area’s hungry.Founded in 1981, Operation Food Search (OFS) is a hunger relief organization that provides food and nutrition education. With a strategic focus aimed at ending childhood hunger, OFS empowers families with a range of programs and services proven to reduce food insecurity and increase access to healthy and affordable food. OFS helps feed more than 200,000 individuals on a monthly basis – one-third of which are children – through a network of 330 community partners in 31 Missouri and Illinois counties. Operation Food Search is located at 1644 Lotsie Blvd. For more information, call (314) 726-5355. Click here to view the list of recent Press Releases from Operation Food Search


News Article | July 13, 2017
Site: www.prnewswire.com

Criswell was founded in 1992 by David Criswell in Canyon, Texas. Criswell specializes in the packaging, distribution, and servicing of automated valves. The Criswell team brings over 43 years of combined experience supplying valves and automation equipment to numerous industries such as the oil and gas production, pipeline, chemical, and power industries. Criswell possesses a loyal customer base that includes Fortune 500 companies with operations in the Texas panhandle. It also maintains exclusive distributor agreements with select vendors, providing Criswell with a competitive advantage relative to others in the valve automation industry in the form of lower prices and faster delivery times. The Company has regional sales offices in Midland, Texas and El Paso, Texas. "We are thrilled to add David, Alexia, and the rest of the Criswell team to VanZandt," said Larry Richards, VanZandt's President and CEO. "David and his team have a reputation in the valve automation industry for providing high-quality products and services and bring with them a wealth of knowledge and expertise to VanZandt." Since its founding in January 2015, VanZandt has quickly grown into one of the top providers of automated valves in west Texas. It serves blue chip upstream, midstream, and downstream customers active in the construction of energy-related infrastructure throughout the Permian Basin. VanZandt was acquired by OFS in partnership with Larry Richards and Dave Latch, former senior management team members at Hy-Bon Engineering and Key Energy Services, in mid-2017. In acquiring VanZandt, OFS, Richards, and Latch planned to utilize the Company as a platform to create a market-leading provider of premier automated valve, control, and instrumentation components that have demand across multiple packaged energy products and in the buildout of energy infrastructure. The acquisition of Criswell furthers this vision via the expansion of VanZandt's distribution network into new geographic segments and the diversification of VanZandt's customer base through the addition of customers in the midstream and downstream energy verticals. "Criswell is a strong strategic fit with the VanZandt platform. The acquisition is a tangible step in the execution of the growth plan we underwrote to in making our investment in VanZandt," said Jerad McMayon, Partner at OFS. About VanZandt VanZandt Controls, LLC specializes in valve automation, valve sourcing, instrumentation, and process controls. The Company is headquartered in Odessa, Texas. For more information, please visit www.vanzandtcontrols.com. About OFS OFS Energy Fund is a Houston-based private equity firm specializing in acquisitions and recapitalizations of middle-market companies in the energy industry with enterprise values between $5 million and $100 million. For more information, please visit www.ofsfund.com.


News Article | August 16, 2017
Site: www.prweb.com

For the third year in a row, Inc. magazine has listed ObjectFrontier, Inc. (OFS) among the fastest-growing private companies in America on its 36th annual Inc. 5000 list. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment—its independent small and midsized businesses. Companies such as Microsoft, Dell, Domino’s Pizza, Pandora, Timberland, LinkedIn, Yelp, Zillow, and many other well-known names gained their first national exposure as honorees of the Inc. 5000. OFS, a leader in building digital products that transform companies and enable them to drive revenue in a 21st-century market, is thrilled to be ranked on the Inc. 5000 list for a third time, knowing this is no small feat. "Our third-time ranking on the Inc. 5000 list is the result of our unstoppable passion for innovation," says OFS CEO Rich Napoli. "I have never seen a team so dedicated to understanding clients’ needs and creating the forward-thinking digital products that not only meet our clients’ challenges but also win them new business and help them transform their companies." OFS’s dedication is evident in its impressive list of high-profile clients, including several Fortune 500 firms in broadcasting, advertising and healthcare. The software engineering firm also does business across three continents, including the United States, Asia and Europe. The 2017 Inc. 5000, unveiled online at Inc.com and with the top 500 companies featured in the September issue of Inc. (available on newsstands August 16), is the most competitive crop in the list’s history. The average company on the list achieved a mind-boggling three-year average growth of 481%. The Inc. 5000’s aggregate revenue is $206 billion, and the companies on the list collectively generated 619,500 jobs over the past three years. Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at http://www.inc.com/inc5000. "The Inc. 5000 is the most persuasive evidence I know that the American Dream is still alive," says Inc. President and Editor-In-Chief Eric Schurenberg. "The founders and CEOs of the Inc. 5000 tell us they think determination, risk taking, and vision were the keys to their success, and I believe them." About OFS: OFS helps clients build digital products that drive revenues for their business. OFS uses the latest in social, mobile, cloud and analytics technologies to build software that is compelling, packed with innovative features, and designed for rapid evolution to propel customers past their competition. Founded in 1997, OFS has a deep heritage of building commercial products for software vendors, which has given them the insight and experience to create impactful software for any business. OFS has more than 500 employees spread across its U.S. offices in Atlanta, New Jersey, Philadelphia, Boston, Washington D.C., and its development center in Chennai, India. For more information, please visit http://www.objectfrontier.com/. More about Inc. and the Inc. 5000 Methodology The 2017 Inc. 5000 is ranked according to percentage revenue growth when comparing 2013 to 2016. To qualify, companies must have been founded and generating revenue by March 31, 2013. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2016. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2013 is $100,000; the minimum for 2016 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.'s September issue. They represent the top tier of the Inc. 5000, which can be found at http://www.inc.com/inc5000. About Inc. Media: Founded in 1979 and acquired in 2005 by Mansueto Ventures, Inc. is the only major brand dedicated exclusively to owners and managers of growing private companies, with the aim to deliver real solutions for today's innovative company builders. Winner of the National Magazine Award for General Excellence in both 2014 and 2012. Total monthly audience reach for the brand has grown significantly from 2,000,000 in 2010 to over 18,000,000 today. For more information, visit http://www.inc.com. The Inc. 5000 is a list of the fastest-growing private companies in the nation. Started in 1982, this prestigious list of the nation's most successful private companies has become the hallmark of entrepreneurial success. The Inc. 5000 Conference & Awards Ceremony is an annual event that celebrates their remarkable achievements. The event also offers informative workshops, celebrated keynote speakers, and evening functions. For more information on Inc. and the Inc. 5000 Conference, visit http://conference.inc.com/.


News Article | May 26, 2017
Site: www.PR.com

St. Louis, MO, May 26, 2017 --( Operation Food Search (OFS), a local relief organization dedicated to ending childhood hunger and family food insecurity in the St. Louis bi-state region, was recently awarded $28,744 from the Episcopal Presbyterian Health Trust. The money will be used to support OFS’ mobile summer meals program, which is part of the agency’s five-year-old Summer Food Service Program (SFSP). Episcopal Presbyterian Health Trust (EPHT) represents a diocesan commitment shared by the Episcopal Diocese of Missouri and the Presbytery of Giddings-Lovejoy to the St. Louis region. The two denominations first partnered to support St. Luke’s Hospital in 1948 and, since that time, their work has demonstrated how jointly pursuing their missions and ministries can create extraordinary change for the community. This is the second year OFS’ summer program has utilized mobile vans, and it will be the first year the expanded service will distribute meals at 33 locations. Designed to feed children 18 years of age and younger, the no-cost mobile service is available Mon. through Fri. from June 5 through Aug. 11. Children will also engage in fun activities that stimulate young minds and bodies, as well as encourage positive peer interactions. OFS will hold complimentary community pop-up pantries, which will provide supplies and instructions for families to prepare healthy, delicious meals over the weekend, on the mobile meals route. The mobile summer meals program targets children losing school year access to breakfasts and lunches provided by the National School Breakfast and Lunch Program, which equates to 10 meals per week per child. As a result, the food budget during summer months for low-income families rises by $300, or nearly $1,000, over a three-month period. “This grant will greatly support our mobile meal’s model, which is a game changer for children living in high need, low resource communities,” said Operation Food Search Executive Director Sunny Schaefer. “These children are more vulnerable to hunger and summer learning loss since they have little access to camps or organized learning opportunities. We do our best to help them stay fed and remain mentally challenged throughout the summer.” Founded in 1981, Operation Food Search (OFS) is a hunger relief organization that provides food and nutrition education. With a strategic focus aimed at ending childhood hunger, OFS empowers families with a range of programs and services proven to reduce food insecurity and increase access to healthy and affordable food. The agency helps feed more than 200,000 individuals on a monthly basis – one-third of which are children – through a network of 330 community partners in 31 Missouri and Illinois counties. OFS is headquartered at 1644 Lotsie Blvd. For more information, call (314) 726-5355. St. Louis, MO, May 26, 2017 --( PR.com )-- A St. Louis summer meal program just received a much-needed boost that will make a monumental difference in the lives of food insecure children.Operation Food Search (OFS), a local relief organization dedicated to ending childhood hunger and family food insecurity in the St. Louis bi-state region, was recently awarded $28,744 from the Episcopal Presbyterian Health Trust. The money will be used to support OFS’ mobile summer meals program, which is part of the agency’s five-year-old Summer Food Service Program (SFSP).Episcopal Presbyterian Health Trust (EPHT) represents a diocesan commitment shared by the Episcopal Diocese of Missouri and the Presbytery of Giddings-Lovejoy to the St. Louis region. The two denominations first partnered to support St. Luke’s Hospital in 1948 and, since that time, their work has demonstrated how jointly pursuing their missions and ministries can create extraordinary change for the community.This is the second year OFS’ summer program has utilized mobile vans, and it will be the first year the expanded service will distribute meals at 33 locations. Designed to feed children 18 years of age and younger, the no-cost mobile service is available Mon. through Fri. from June 5 through Aug. 11. Children will also engage in fun activities that stimulate young minds and bodies, as well as encourage positive peer interactions. OFS will hold complimentary community pop-up pantries, which will provide supplies and instructions for families to prepare healthy, delicious meals over the weekend, on the mobile meals route.The mobile summer meals program targets children losing school year access to breakfasts and lunches provided by the National School Breakfast and Lunch Program, which equates to 10 meals per week per child. As a result, the food budget during summer months for low-income families rises by $300, or nearly $1,000, over a three-month period.“This grant will greatly support our mobile meal’s model, which is a game changer for children living in high need, low resource communities,” said Operation Food Search Executive Director Sunny Schaefer. “These children are more vulnerable to hunger and summer learning loss since they have little access to camps or organized learning opportunities. We do our best to help them stay fed and remain mentally challenged throughout the summer.”Founded in 1981, Operation Food Search (OFS) is a hunger relief organization that provides food and nutrition education. With a strategic focus aimed at ending childhood hunger, OFS empowers families with a range of programs and services proven to reduce food insecurity and increase access to healthy and affordable food. The agency helps feed more than 200,000 individuals on a monthly basis – one-third of which are children – through a network of 330 community partners in 31 Missouri and Illinois counties. OFS is headquartered at 1644 Lotsie Blvd. For more information, call (314) 726-5355. Click here to view the list of recent Press Releases from Operation Food Search


News Article | June 12, 2017
Site: www.prnewswire.com

The new InvisiLight Façade Solution is offered with a twelve or twenty four fiber count indoor/outdoor rated cable, which can be installed on the face of a building or tucked behind other outdoor structures such as rain water downspouts. The two cables have a 3.0mm and 3.8mm diameter respectively and can be factory pre-terminated or connectorized on site with a fusion splice or a mechanical connector. During installation, the cables are connected to an outdoor building terminal that is usually installed at the base of a building. From the terminal, the cable can be installed vertically on the face of the building into the attic and be connected to a distribution terminal from which EZ-Bend® Fiber Optic Cables can be fished down into living units. Alternatively, the cable can be placed along the building facade using clips to pass each living unit with compact slack loops placed outside or inside the unit. From this point, the optical fiber can easily be extracted to connect to the other InvisiLight solutions to reach the Optical Network Terminal (ONT). OFS' class-leading EZ-Bend Optical Fiber is used in the InvisiLight Façade cable and all InvisiLight products. With its 2.5 mm bend radius, this fiber easily handles the sharp corners typically encountered when conforming the cable neatly to the building. Since 2012, OFS has revolutionized the deployment of discrete and easily installable solutions for buildings and homes with InvisiLight Solutions. The InvisiLight Façade Solution solves an old pain point of visible exterior cabling or raceways, with a new virtually invisible approach to place fiber on and into buildings. To view these products and solutions or for more information, please visit us at Booth #601. OFS is a world-leading designer, manufacturer and provider of optical fiber, optical fiber cable, connectivity, FTTx and specialty photonics solutions.  Our marketing, sales, manufacturing and research teams provide forward-looking, innovative products and solutions in areas including Communications, Medicine, Industrial Networking, Sensing, Aerospace and Defense applications. We provide reliable, cost effective optical solutions to enable our customers to meet the needs of today's and tomorrow's digital and energy consumers and businesses. OFS' corporate lineage dates back to 1876 and includes technology powerhouses such as AT&T and Lucent Technologies. Today, OFS is owned by Furukawa Electric, a multi-billion dollar global leader in optical communications. For more information, please visit www.ofsoptics.com. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ofs-launches-invisilight-facade-solution-300472257.html


News Article | May 14, 2017
Site: www.PR.com

St. Louis non-profit agency to host second School of Cooking and Sharing's culinary classes. St. Louis, MO, May 14, 2017 --( This month’s program, entitled “Healthy Baking in a Hurry,” will be led by Father Dominic who is also known as The Bread Monk. Fr. Dominic Garramone, an author and cooking show host, is a monk at Saint Bede Abbey in Peru, Ill. He will share his recipe for a multigrain baking mix, which he will use to make coffee cake with seasonal fruit from the farmers market. He also will cook whole grain sausage muffins plus a savory tomato and gorgonzola galette, which is a crusty cake. Father Dominic will provide additional recipes for pancakes, waffles, scones and muffins. This month’s program is sponsored by McMahon Berger, PC. Tickets are $50 per person and include delicious food, class instruction, and wine. Proceeds will fund cooking and nutrition education programs for children and families throughout the community. Reservations are required since the program is only open to the first 40 registrants. To learn more about the Operation Food Search School of Cooking and Sharing or to register for the culinary class, call Operation Food Search at (314) 726-5355. Founded in 1981, Operation Food Search (OFS) is a hunger relief organization that provides food and nutrition education. With a strategic focus aimed at ending childhood hunger, OFS empowers families with a range of programs and services proven to reduce food insecurity and increase access to healthy and affordable food. The agency helps feed more than 200,000 individuals on a monthly basis – one-third of which are children – through a network of 330 community partners in 31 Missouri and Illinois counties. St. Louis, MO, May 14, 2017 --( PR.com )-- Operation Food Search (OFS), a local hunger relief organization dedicated to ending childhood hunger and family food insecurity in the St. Louis bi-state region, will host the School of Cooking and Sharing’s “Cook, Learn and Share” culinary class event on Tues., June 13 from 6 to 8:30 p.m. at the OFS headquarters located at 1644 Lotsie Blvd. The monthly program will feature a culinary instructor who will cook a special dish for the audience to enjoy while simultaneously learning about OFS’ direct impact on the community.This month’s program, entitled “Healthy Baking in a Hurry,” will be led by Father Dominic who is also known as The Bread Monk. Fr. Dominic Garramone, an author and cooking show host, is a monk at Saint Bede Abbey in Peru, Ill. He will share his recipe for a multigrain baking mix, which he will use to make coffee cake with seasonal fruit from the farmers market. He also will cook whole grain sausage muffins plus a savory tomato and gorgonzola galette, which is a crusty cake. Father Dominic will provide additional recipes for pancakes, waffles, scones and muffins. This month’s program is sponsored by McMahon Berger, PC.Tickets are $50 per person and include delicious food, class instruction, and wine. Proceeds will fund cooking and nutrition education programs for children and families throughout the community. Reservations are required since the program is only open to the first 40 registrants. To learn more about the Operation Food Search School of Cooking and Sharing or to register for the culinary class, call Operation Food Search at (314) 726-5355.Founded in 1981, Operation Food Search (OFS) is a hunger relief organization that provides food and nutrition education. With a strategic focus aimed at ending childhood hunger, OFS empowers families with a range of programs and services proven to reduce food insecurity and increase access to healthy and affordable food. The agency helps feed more than 200,000 individuals on a monthly basis – one-third of which are children – through a network of 330 community partners in 31 Missouri and Illinois counties. Click here to view the list of recent Press Releases from Operation Food Search


News Article | May 11, 2017
Site: globenewswire.com

ST. PETER PORT, Guernsey, May 11, 2017 (GLOBE NEWSWIRE) -- Avnel Gold Mining Limited (“Avnel” or the “Company”) (TSX:AVK) is reporting that it has filed its unaudited Interim Consolidated Financial Statements and the related Management Discussion & Analysis (“MD&A”) for the three-month period ended March 31, 2017 on SEDAR. In March 2016 a positive Feasibility Study for the Kalana Main Project was completed and the related environmental and social impact assessment (the “ESIA”) and associated environmental and Social Management Plan (the “ESMP” have been approved by the Malian authorities. The approval of the ESIA was the key government approval required to advance the Kalana Main Project towards construction as the Kalana Exploitation Permit was awarded to Avnel in 2003 with an initial term of 30 years plus two ten year extensions. The Company continues to advance the Kalana Main Project towards a construction decision through its 80% ownership in Société d’Exploitation des Mines d’Or de Kalana, S.A. (“SOMIKA”). In January 2017 the company announced the results of an Optimisation of the Feasibility Study (see Kalana Main Project Optimisation below). The results enhanced the financial parameters for the project and reduced the execution risk for construction and operations. An engineering procurement and construction (the ”EPC”) Contract for the construction of the gold plant and associated infrastructure has been awarded to a Joint Venture of two international engineering companies namely DRA Mineral Services and Group Five. The EPC Contract has improved the construction period by 3 months and the fixed cost is within the Feasibility Study capex. A Power Supply Contract has been negotiated with an international power provider, subject to final documentation. The hybrid power plant will utilise solar and fossil fuels, reducing annual fuel consumption with financial and environmental benefits. The company issued a request for tender to international contract mining companies for the mining of the Kalana Main Project. Assuming positive results the project, financials will be enhanced and the execution risk reduced. The company advanced the resettlement action plan (the “RAP”) of impacted persons resulting from the future operation. Final urban planning approval for the extension of Kalana Town is expected by Quarter 3, 2017 and this will allow construction of new housing and public infrastructure to commence when funding is available. The RAP Commission to oversee the process was established by the Malian authorities and will implement the plan in consultation with all stakeholders according to Malian legislation and IFC Performance Standards. The Company is committed to construct and operate the Project in compliance with Malian legislation, the Equator Principles and IFC Performance Standards. Resources are being applied to the health, safety and environmental policies and systems to meet this commitment. Discussions are ongoing with banks and other financial institutions to provide financing for the development of the Kalana Main Project. The Company anticipates that the Kalana Main Project will be sufficiently advanced to consider a construction decision in 2017, subject to the availability of adequate financing on a timely basis. With respect to operations at the small, Soviet-era, underground mine (the “Kalana Mine”), gold production in the quarter to March 31, 2017 was 1,765 ounces. The Company continues to sustain operations to partially offset the cost of providing underground access to facilitate due diligence activities necessary to secure mine development financing. The continued operation of the underground mine also helps to maintain socio-economic stability in the local community as the workforce prepares to transition to activities related to the construction and operation of the proposed Kalana Main Project. The Company intends to sustain operations for as long as it is economically feasible and safe to do so, without incurring any significant capital expenditures, until such a time as the Company is able to commence construction of the Kalana Main Project. The directors recognise the continuing requirement for short term funding, working capital purposes, and in the longer term to build the proposed open pit mine operations of the Company which are dependent upon its ability to raise adequate financing. The directors believe that the required financing will be raised and in conjunction with management are actively pursuing various financing options with the major shareholders and are engaged in ongoing discussions with banks, financial institutions and other mining companies regarding proposals for financing. While these discussions are ongoing, it cannot be guaranteed that such financing will be available on a timely basis or on acceptable terms. In preparation for the approval to commence construction of the Kalana Main Project, a number of activities have progressed during the first quarter 2017: Located less than 3 km northeast of the Kalana Main Project and the milling facilities proposed in the OFS and the Feasibility Study, the Kalanako prospect is an old area of traditional mining activity. Several mineralised trends have been established from RC and diamond drilling at Kalanako, resulting in a single northwest-southeast corridor of 1,500 meters by 250 meters. These mineralised zones are typically less than 10-20 meters wide and appear to be steeply dipping to the East, often contain high-grade intercepts near surface (i.e. in the weathered zone). The depth of saprolite and saprock is between 70 m and 130 m, much deeper than that observed at the Kalana deposit. Diamond drilling at Kalanako intersected numerous high strain zones, packets of densely laminated quartz veins or vein stockwork with sulphides and locally highly altered and mineralised felsic intrusive rocks. Mineralisation is associated with these felsic intrusive rocks or quartz stockwork that occur along northwest-southeast striking shear zones, parallel or less than 10° in azimuth from the main IP boundary between a low and a high IP gradient domain. The March 2015 MRE for the Kalanako deposit was based upon information from 46 diamond drill holes and 232 RC drillholes. Historical drill-hole intersection were independently summarised and press-released in October 2016. A maiden Inferred In Situ Mineral Resource for Kalanako has been reported, which is summarised in the subsection titled “Mineral Resource Estimates”. An infill drilling programme of 8,635 meters has been successfully achieved in December 2016, on time and on budget and with an excellent productivity and safety record (no Lost Time Injury). This programme was focused on Kalanako's saprolite and saprock weathered domains, a depth considerably deeper than observed at Kalana Main (drillhole depth of 50-175 meters). A large part of the Kalanako prospect remains undrilled. The drilled portion of Kalanako is located at the central part of a 5 km long geophysical structure defined as a contact between low and high IP gradient domains. Kalanako is open on strike. Some large collapses above old artisanal underground developments in the north and more modern artisanal pits in the south, highlights the continuity of the mineralisation along the main northwest-southeast structure. Future drilling campaigns would target extensions along strike following our low-risk infill programme. Metal revenues decreased to $2,400,000 in the quarter to March 31, 2017 from $3,251,000 in the quarter to March 31, 2016. The decrease in revenue is a result of a 27% decrease in ounces sold from 2,696 ounces in the quarter to March 31, 2016 relative to 1,956 ounces in quarter to March 31, 2017, that was partly offset by a 2% increase in the realised average sales price of gold from $1,203 per ounce in the quarter to March 31, 2016 to $1,224 per ounce in the quarter to March 31, 2017. Total expenses remained at $3,800,000 in the quarter to March 31, 2017 compared to $3,811,000 in the quarter to March 31, 2016. Operating costs per ounce of gold sold for the quarter to March 31, 2017 increased from $832 per ounce to $1,311 per ounce resulting from reduced production. Avnel recorded a net loss of $3,548,000 ($0.008 attributable loss per share) for the quarter ended March 31, 2017 compared to a net loss of $745,000 ($0.001 attributable loss per share) in the quarter to March 31, 2016. Included in the quarter to March 31, 2017 is a loss on the fair value of derivative financial instruments of $2,012,000, compared to a loss of $175,000 in the quarter to March 31, 2016. The fair value accounting gains reported have no cash effect on the Company. As compared to the balance sheet as at December 31, 2016, Avnel’s cash and cash equivalents as at March 31, 2017 increased by $7,055,000 from $3,720,000 to $10,775,000 arising from cash proceeds from the exercise of warrants of $10,205,000, offset by cash used in operations of $2,721,000 and cash used in investing activities of $456,000. There was a working capital surplus of $12,927,000 as at March 31, 2017 compared to a working capital surplus of $8,336,000 as at December 31, 2016. Total assets increased from $24,815,000 as at December 31, 2016 to $32,549,000 at March 31, 2017. Total provisions increased from $3,653,000 as at December 31, 2016 to $3,707,000 at March 31, 2017. Total stockholders’ equity increased to $44,567,000 as at March 31, 2017 from $34,494,000 as at December 31, 2016. ABOUT AVNEL GOLD Avnel Gold is a TSX-listed gold mining, exploration and development company with operations in south-western Mali in West Africa. The Company’s strategic objective is to develop the Kalana Main Project into an open-pit mining operation through its 80% ownership in SOMIKA. A secondary objective of the Company is to explore the remainder of the 387 km2 Kalana Exploitation Permit to discover new mineral deposits. For further information, please contact: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release. This news release includes certain “forward-looking statements”. All statements, other than statements of historical fact, included in this release, including the future plans and objectives of Avnel Gold, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Avnel Gold’s expectations include, among others, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold and silver, as well as those factors discussed in the section entitled “Risk Factors” in Avnel Gold’s most recently completed Annual Information Form, which is available on SEDAR (www.sedar.com). Although Avnel Gold has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Except where indicated, the disclosure contained or incorporated into this news release of an economic, scientific or technical nature, has been summarised or extracted from the National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) compliant technical report titled “NI43-101 Technical Report on Kalana Main Project”, dated effective 1 April 2016 (the “Kalana Technical Report”), prepared by Snowden Mining Industry Consultants (Pty) Ltd. (“Snowden”), Denny Jones Ltd (“Denny Jones”), DRA Projects SA (Pty) Ltd (“DRA”) and Epoch Resources (Pty) Ltd (“Epoch Resources”). The Kalana Technical Report was prepared under the supervision of Mr. Allan Earl (Executive Consultant – Mining Engineering of Snowden), Mr. Ivor Jones (Executive Consultant – Applied Geosciences of Denny Jones), Mr. Glenn Bezuidenhout (Principal Process Engineer of DRA), Mr. Sybrand van der Spuy (Civil Engineer of DRA), Mr. Guy Wiid (Principal Consultant – Tailings and Waste Rock Facilities of Epoch Resources), and Mr. Stephanus (Fanie) Coetzee (Principal Consultant – Environmental and Social of Epoch Resources), all of whom are independent “Qualified Persons” as such term is defined in NI 43-101. Readers should consult the Kalana Technical Report to obtain further particulars regarding the Kalana Project, which contains the Kalana Main Project, the Kalana Mine, plus a number of mineral exploration prospects. The Company filed the Kalana Technical Report in support of the Feasibility Study and the ESIA on SEDAR on May 6, 2016. Avnel’s interim consolidated financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”) and the accounting policies adopted in accordance with IFRS. Management uses both IFRS and non-IFRS measures to monitor and assess the operating performance of the Company’s operations. Management uses certain non-IFRS performance measures to provide additional information, as the Company believes that certain investors use these measures to assess gold mining companies. These non-IFRS performance measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-IFRS performance measures do not have standardised definition under IFRS and therefore may not be comparable to similar measures presented by other organizations: “Cost per Tonne Milled” is calculated by dividing the relevant mining and processing costs and total costs by the tonnes of ore processed in the period. Management uses this measure as a possible indication of the mining and processing efficiency of the mine. “Cash Operating Cost” is calculated as reported production costs, which includes costs such as mining, processing, administration, non-site costs (transport and refining of metals, and community and environmental), less royalties paid. These costs are then divided by the number of ounces produced to arrive at “Cash Operating Cost per Ounce Produced” and are divided by the number of ounces sold to arrive at “Cash Operating Cost per Ounce Sold”, after taking into account certain inventory movements. These terms are commonly used by gold mining companies to assess the level of gross margin available to the company, typically by subtracting Cash Operating per Ounce Sold from the average per ounce price realised during the period. These terms are also often used as an indication of a mining company’s ability to generate cash flow from operations. “On-site All-in Sustaining Cost” is defined in the PEA by Snowden as mine site cash operating costs, which includes costs such as mining, processing, administration, but excludes non-site costs (transport and refining of metals and royalties), plus sustaining capital costs, which includes community, environmental, and closure costs. These costs are then divided by the number of ounces of expected production to arrive at “On-site All-in Sustaining Cost per Ounce”.


News Article | May 11, 2017
Site: www.PR.com

Brian Wieher brings more than 20 years of experience to the agency. St. Louis, MO, May 11, 2017 --( Wieher is an award-winning school nutrition specialist with more than 20 years of experience in developing, implementing and managing nutritional and other public health related programs. These programs include USDA Summer Food Service Program, as well as the Child and Adult Care Food Program. Child nutrition advocate Wieher has extensive background in project management, public relations, customer service, food service, and nutritional requirements for K-12 schools. “Brian will make an excellent addition to our team, particularly in regard to his overseeing and managing our upcoming Summer Food Service Program,” said Operation Food Search Executive Director Sunny Schaefer. “We welcome his insight and experience in spearheading this far-reaching program that will provide nutritious meals for our area’s food insecure children.” Founded in 1981, Operation Food Search (OFS) is a hunger relief organization that provides food and nutrition education. With a strategic focus aimed at ending childhood hunger, OFS empowers families with a range of programs and services proven to reduce food insecurity and increase access to healthy and affordable food. OFS helps feed more than 200,000 individuals on a monthly basis – one-third of which are children – through a network of 330 community partners in 31 Missouri and Illinois counties. Operation Food Search is located at 1644 Lotsie Blvd. For more information, call (314) 726-5355. St. Louis, MO, May 11, 2017 --( PR.com )-- Operation Food Search (OFS), a hunger relief organization that provides food to the area’s hungry, recently hired Brian Wieher as Director of Child Nutrition Programs. In this position, Wieher will manage OFS’ summer and after-school meal programs. He also will work with community partners to increase the number of children from birth to 18 years of age who are connected to nutritious food throughout the year.Wieher is an award-winning school nutrition specialist with more than 20 years of experience in developing, implementing and managing nutritional and other public health related programs. These programs include USDA Summer Food Service Program, as well as the Child and Adult Care Food Program. Child nutrition advocate Wieher has extensive background in project management, public relations, customer service, food service, and nutritional requirements for K-12 schools.“Brian will make an excellent addition to our team, particularly in regard to his overseeing and managing our upcoming Summer Food Service Program,” said Operation Food Search Executive Director Sunny Schaefer. “We welcome his insight and experience in spearheading this far-reaching program that will provide nutritious meals for our area’s food insecure children.”Founded in 1981, Operation Food Search (OFS) is a hunger relief organization that provides food and nutrition education. With a strategic focus aimed at ending childhood hunger, OFS empowers families with a range of programs and services proven to reduce food insecurity and increase access to healthy and affordable food.OFS helps feed more than 200,000 individuals on a monthly basis – one-third of which are children – through a network of 330 community partners in 31 Missouri and Illinois counties. Operation Food Search is located at 1644 Lotsie Blvd. For more information, call (314) 726-5355. Click here to view the list of recent Press Releases from Operation Food Search


News Article | May 11, 2017
Site: globenewswire.com

ST. PETER PORT, Guernsey, May 11, 2017 (GLOBE NEWSWIRE) -- Avnel Gold Mining Limited (“Avnel” or the “Company”) (TSX:AVK) is reporting that it has filed its unaudited Interim Consolidated Financial Statements and the related Management Discussion & Analysis (“MD&A”) for the three-month period ended March 31, 2017 on SEDAR. In March 2016 a positive Feasibility Study for the Kalana Main Project was completed and the related environmental and social impact assessment (the “ESIA”) and associated environmental and Social Management Plan (the “ESMP” have been approved by the Malian authorities. The approval of the ESIA was the key government approval required to advance the Kalana Main Project towards construction as the Kalana Exploitation Permit was awarded to Avnel in 2003 with an initial term of 30 years plus two ten year extensions. The Company continues to advance the Kalana Main Project towards a construction decision through its 80% ownership in Société d’Exploitation des Mines d’Or de Kalana, S.A. (“SOMIKA”). In January 2017 the company announced the results of an Optimisation of the Feasibility Study (see Kalana Main Project Optimisation below). The results enhanced the financial parameters for the project and reduced the execution risk for construction and operations. An engineering procurement and construction (the ”EPC”) Contract for the construction of the gold plant and associated infrastructure has been awarded to a Joint Venture of two international engineering companies namely DRA Mineral Services and Group Five. The EPC Contract has improved the construction period by 3 months and the fixed cost is within the Feasibility Study capex. A Power Supply Contract has been negotiated with an international power provider, subject to final documentation. The hybrid power plant will utilise solar and fossil fuels, reducing annual fuel consumption with financial and environmental benefits. The company issued a request for tender to international contract mining companies for the mining of the Kalana Main Project. Assuming positive results the project, financials will be enhanced and the execution risk reduced. The company advanced the resettlement action plan (the “RAP”) of impacted persons resulting from the future operation. Final urban planning approval for the extension of Kalana Town is expected by Quarter 3, 2017 and this will allow construction of new housing and public infrastructure to commence when funding is available. The RAP Commission to oversee the process was established by the Malian authorities and will implement the plan in consultation with all stakeholders according to Malian legislation and IFC Performance Standards. The Company is committed to construct and operate the Project in compliance with Malian legislation, the Equator Principles and IFC Performance Standards. Resources are being applied to the health, safety and environmental policies and systems to meet this commitment. Discussions are ongoing with banks and other financial institutions to provide financing for the development of the Kalana Main Project. The Company anticipates that the Kalana Main Project will be sufficiently advanced to consider a construction decision in 2017, subject to the availability of adequate financing on a timely basis. With respect to operations at the small, Soviet-era, underground mine (the “Kalana Mine”), gold production in the quarter to March 31, 2017 was 1,765 ounces. The Company continues to sustain operations to partially offset the cost of providing underground access to facilitate due diligence activities necessary to secure mine development financing. The continued operation of the underground mine also helps to maintain socio-economic stability in the local community as the workforce prepares to transition to activities related to the construction and operation of the proposed Kalana Main Project. The Company intends to sustain operations for as long as it is economically feasible and safe to do so, without incurring any significant capital expenditures, until such a time as the Company is able to commence construction of the Kalana Main Project. The directors recognise the continuing requirement for short term funding, working capital purposes, and in the longer term to build the proposed open pit mine operations of the Company which are dependent upon its ability to raise adequate financing. The directors believe that the required financing will be raised and in conjunction with management are actively pursuing various financing options with the major shareholders and are engaged in ongoing discussions with banks, financial institutions and other mining companies regarding proposals for financing. While these discussions are ongoing, it cannot be guaranteed that such financing will be available on a timely basis or on acceptable terms. In preparation for the approval to commence construction of the Kalana Main Project, a number of activities have progressed during the first quarter 2017: Located less than 3 km northeast of the Kalana Main Project and the milling facilities proposed in the OFS and the Feasibility Study, the Kalanako prospect is an old area of traditional mining activity. Several mineralised trends have been established from RC and diamond drilling at Kalanako, resulting in a single northwest-southeast corridor of 1,500 meters by 250 meters. These mineralised zones are typically less than 10-20 meters wide and appear to be steeply dipping to the East, often contain high-grade intercepts near surface (i.e. in the weathered zone). The depth of saprolite and saprock is between 70 m and 130 m, much deeper than that observed at the Kalana deposit. Diamond drilling at Kalanako intersected numerous high strain zones, packets of densely laminated quartz veins or vein stockwork with sulphides and locally highly altered and mineralised felsic intrusive rocks. Mineralisation is associated with these felsic intrusive rocks or quartz stockwork that occur along northwest-southeast striking shear zones, parallel or less than 10° in azimuth from the main IP boundary between a low and a high IP gradient domain. The March 2015 MRE for the Kalanako deposit was based upon information from 46 diamond drill holes and 232 RC drillholes. Historical drill-hole intersection were independently summarised and press-released in October 2016. A maiden Inferred In Situ Mineral Resource for Kalanako has been reported, which is summarised in the subsection titled “Mineral Resource Estimates”. An infill drilling programme of 8,635 meters has been successfully achieved in December 2016, on time and on budget and with an excellent productivity and safety record (no Lost Time Injury). This programme was focused on Kalanako's saprolite and saprock weathered domains, a depth considerably deeper than observed at Kalana Main (drillhole depth of 50-175 meters). A large part of the Kalanako prospect remains undrilled. The drilled portion of Kalanako is located at the central part of a 5 km long geophysical structure defined as a contact between low and high IP gradient domains. Kalanako is open on strike. Some large collapses above old artisanal underground developments in the north and more modern artisanal pits in the south, highlights the continuity of the mineralisation along the main northwest-southeast structure. Future drilling campaigns would target extensions along strike following our low-risk infill programme. Metal revenues decreased to $2,400,000 in the quarter to March 31, 2017 from $3,251,000 in the quarter to March 31, 2016. The decrease in revenue is a result of a 27% decrease in ounces sold from 2,696 ounces in the quarter to March 31, 2016 relative to 1,956 ounces in quarter to March 31, 2017, that was partly offset by a 2% increase in the realised average sales price of gold from $1,203 per ounce in the quarter to March 31, 2016 to $1,224 per ounce in the quarter to March 31, 2017. Total expenses remained at $3,800,000 in the quarter to March 31, 2017 compared to $3,811,000 in the quarter to March 31, 2016. Operating costs per ounce of gold sold for the quarter to March 31, 2017 increased from $832 per ounce to $1,311 per ounce resulting from reduced production. Avnel recorded a net loss of $3,548,000 ($0.008 attributable loss per share) for the quarter ended March 31, 2017 compared to a net loss of $745,000 ($0.001 attributable loss per share) in the quarter to March 31, 2016. Included in the quarter to March 31, 2017 is a loss on the fair value of derivative financial instruments of $2,012,000, compared to a loss of $175,000 in the quarter to March 31, 2016. The fair value accounting gains reported have no cash effect on the Company. As compared to the balance sheet as at December 31, 2016, Avnel’s cash and cash equivalents as at March 31, 2017 increased by $7,055,000 from $3,720,000 to $10,775,000 arising from cash proceeds from the exercise of warrants of $10,205,000, offset by cash used in operations of $2,721,000 and cash used in investing activities of $456,000. There was a working capital surplus of $12,927,000 as at March 31, 2017 compared to a working capital surplus of $8,336,000 as at December 31, 2016. Total assets increased from $24,815,000 as at December 31, 2016 to $32,549,000 at March 31, 2017. Total provisions increased from $3,653,000 as at December 31, 2016 to $3,707,000 at March 31, 2017. Total stockholders’ equity increased to $44,567,000 as at March 31, 2017 from $34,494,000 as at December 31, 2016. ABOUT AVNEL GOLD Avnel Gold is a TSX-listed gold mining, exploration and development company with operations in south-western Mali in West Africa. The Company’s strategic objective is to develop the Kalana Main Project into an open-pit mining operation through its 80% ownership in SOMIKA. A secondary objective of the Company is to explore the remainder of the 387 km2 Kalana Exploitation Permit to discover new mineral deposits. For further information, please contact: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release. This news release includes certain “forward-looking statements”. All statements, other than statements of historical fact, included in this release, including the future plans and objectives of Avnel Gold, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Avnel Gold’s expectations include, among others, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold and silver, as well as those factors discussed in the section entitled “Risk Factors” in Avnel Gold’s most recently completed Annual Information Form, which is available on SEDAR (www.sedar.com). Although Avnel Gold has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Except where indicated, the disclosure contained or incorporated into this news release of an economic, scientific or technical nature, has been summarised or extracted from the National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) compliant technical report titled “NI43-101 Technical Report on Kalana Main Project”, dated effective 1 April 2016 (the “Kalana Technical Report”), prepared by Snowden Mining Industry Consultants (Pty) Ltd. (“Snowden”), Denny Jones Ltd (“Denny Jones”), DRA Projects SA (Pty) Ltd (“DRA”) and Epoch Resources (Pty) Ltd (“Epoch Resources”). The Kalana Technical Report was prepared under the supervision of Mr. Allan Earl (Executive Consultant – Mining Engineering of Snowden), Mr. Ivor Jones (Executive Consultant – Applied Geosciences of Denny Jones), Mr. Glenn Bezuidenhout (Principal Process Engineer of DRA), Mr. Sybrand van der Spuy (Civil Engineer of DRA), Mr. Guy Wiid (Principal Consultant – Tailings and Waste Rock Facilities of Epoch Resources), and Mr. Stephanus (Fanie) Coetzee (Principal Consultant – Environmental and Social of Epoch Resources), all of whom are independent “Qualified Persons” as such term is defined in NI 43-101. Readers should consult the Kalana Technical Report to obtain further particulars regarding the Kalana Project, which contains the Kalana Main Project, the Kalana Mine, plus a number of mineral exploration prospects. The Company filed the Kalana Technical Report in support of the Feasibility Study and the ESIA on SEDAR on May 6, 2016. Avnel’s interim consolidated financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”) and the accounting policies adopted in accordance with IFRS. Management uses both IFRS and non-IFRS measures to monitor and assess the operating performance of the Company’s operations. Management uses certain non-IFRS performance measures to provide additional information, as the Company believes that certain investors use these measures to assess gold mining companies. These non-IFRS performance measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-IFRS performance measures do not have standardised definition under IFRS and therefore may not be comparable to similar measures presented by other organizations: “Cost per Tonne Milled” is calculated by dividing the relevant mining and processing costs and total costs by the tonnes of ore processed in the period. Management uses this measure as a possible indication of the mining and processing efficiency of the mine. “Cash Operating Cost” is calculated as reported production costs, which includes costs such as mining, processing, administration, non-site costs (transport and refining of metals, and community and environmental), less royalties paid. These costs are then divided by the number of ounces produced to arrive at “Cash Operating Cost per Ounce Produced” and are divided by the number of ounces sold to arrive at “Cash Operating Cost per Ounce Sold”, after taking into account certain inventory movements. These terms are commonly used by gold mining companies to assess the level of gross margin available to the company, typically by subtracting Cash Operating per Ounce Sold from the average per ounce price realised during the period. These terms are also often used as an indication of a mining company’s ability to generate cash flow from operations. “On-site All-in Sustaining Cost” is defined in the PEA by Snowden as mine site cash operating costs, which includes costs such as mining, processing, administration, but excludes non-site costs (transport and refining of metals and royalties), plus sustaining capital costs, which includes community, environmental, and closure costs. These costs are then divided by the number of ounces of expected production to arrive at “On-site All-in Sustaining Cost per Ounce”.


News Article | May 11, 2017
Site: globenewswire.com

ST. PETER PORT, Guernsey, May 11, 2017 (GLOBE NEWSWIRE) -- Avnel Gold Mining Limited (“Avnel” or the “Company”) (TSX:AVK) is reporting that it has filed its unaudited Interim Consolidated Financial Statements and the related Management Discussion & Analysis (“MD&A”) for the three-month period ended March 31, 2017 on SEDAR. In March 2016 a positive Feasibility Study for the Kalana Main Project was completed and the related environmental and social impact assessment (the “ESIA”) and associated environmental and Social Management Plan (the “ESMP” have been approved by the Malian authorities. The approval of the ESIA was the key government approval required to advance the Kalana Main Project towards construction as the Kalana Exploitation Permit was awarded to Avnel in 2003 with an initial term of 30 years plus two ten year extensions. The Company continues to advance the Kalana Main Project towards a construction decision through its 80% ownership in Société d’Exploitation des Mines d’Or de Kalana, S.A. (“SOMIKA”). In January 2017 the company announced the results of an Optimisation of the Feasibility Study (see Kalana Main Project Optimisation below). The results enhanced the financial parameters for the project and reduced the execution risk for construction and operations. An engineering procurement and construction (the ”EPC”) Contract for the construction of the gold plant and associated infrastructure has been awarded to a Joint Venture of two international engineering companies namely DRA Mineral Services and Group Five. The EPC Contract has improved the construction period by 3 months and the fixed cost is within the Feasibility Study capex. A Power Supply Contract has been negotiated with an international power provider, subject to final documentation. The hybrid power plant will utilise solar and fossil fuels, reducing annual fuel consumption with financial and environmental benefits. The company issued a request for tender to international contract mining companies for the mining of the Kalana Main Project. Assuming positive results the project, financials will be enhanced and the execution risk reduced. The company advanced the resettlement action plan (the “RAP”) of impacted persons resulting from the future operation. Final urban planning approval for the extension of Kalana Town is expected by Quarter 3, 2017 and this will allow construction of new housing and public infrastructure to commence when funding is available. The RAP Commission to oversee the process was established by the Malian authorities and will implement the plan in consultation with all stakeholders according to Malian legislation and IFC Performance Standards. The Company is committed to construct and operate the Project in compliance with Malian legislation, the Equator Principles and IFC Performance Standards. Resources are being applied to the health, safety and environmental policies and systems to meet this commitment. Discussions are ongoing with banks and other financial institutions to provide financing for the development of the Kalana Main Project. The Company anticipates that the Kalana Main Project will be sufficiently advanced to consider a construction decision in 2017, subject to the availability of adequate financing on a timely basis. With respect to operations at the small, Soviet-era, underground mine (the “Kalana Mine”), gold production in the quarter to March 31, 2017 was 1,765 ounces. The Company continues to sustain operations to partially offset the cost of providing underground access to facilitate due diligence activities necessary to secure mine development financing. The continued operation of the underground mine also helps to maintain socio-economic stability in the local community as the workforce prepares to transition to activities related to the construction and operation of the proposed Kalana Main Project. The Company intends to sustain operations for as long as it is economically feasible and safe to do so, without incurring any significant capital expenditures, until such a time as the Company is able to commence construction of the Kalana Main Project. The directors recognise the continuing requirement for short term funding, working capital purposes, and in the longer term to build the proposed open pit mine operations of the Company which are dependent upon its ability to raise adequate financing. The directors believe that the required financing will be raised and in conjunction with management are actively pursuing various financing options with the major shareholders and are engaged in ongoing discussions with banks, financial institutions and other mining companies regarding proposals for financing. While these discussions are ongoing, it cannot be guaranteed that such financing will be available on a timely basis or on acceptable terms. In preparation for the approval to commence construction of the Kalana Main Project, a number of activities have progressed during the first quarter 2017: Located less than 3 km northeast of the Kalana Main Project and the milling facilities proposed in the OFS and the Feasibility Study, the Kalanako prospect is an old area of traditional mining activity. Several mineralised trends have been established from RC and diamond drilling at Kalanako, resulting in a single northwest-southeast corridor of 1,500 meters by 250 meters. These mineralised zones are typically less than 10-20 meters wide and appear to be steeply dipping to the East, often contain high-grade intercepts near surface (i.e. in the weathered zone). The depth of saprolite and saprock is between 70 m and 130 m, much deeper than that observed at the Kalana deposit. Diamond drilling at Kalanako intersected numerous high strain zones, packets of densely laminated quartz veins or vein stockwork with sulphides and locally highly altered and mineralised felsic intrusive rocks. Mineralisation is associated with these felsic intrusive rocks or quartz stockwork that occur along northwest-southeast striking shear zones, parallel or less than 10° in azimuth from the main IP boundary between a low and a high IP gradient domain. The March 2015 MRE for the Kalanako deposit was based upon information from 46 diamond drill holes and 232 RC drillholes. Historical drill-hole intersection were independently summarised and press-released in October 2016. A maiden Inferred In Situ Mineral Resource for Kalanako has been reported, which is summarised in the subsection titled “Mineral Resource Estimates”. An infill drilling programme of 8,635 meters has been successfully achieved in December 2016, on time and on budget and with an excellent productivity and safety record (no Lost Time Injury). This programme was focused on Kalanako's saprolite and saprock weathered domains, a depth considerably deeper than observed at Kalana Main (drillhole depth of 50-175 meters). A large part of the Kalanako prospect remains undrilled. The drilled portion of Kalanako is located at the central part of a 5 km long geophysical structure defined as a contact between low and high IP gradient domains. Kalanako is open on strike. Some large collapses above old artisanal underground developments in the north and more modern artisanal pits in the south, highlights the continuity of the mineralisation along the main northwest-southeast structure. Future drilling campaigns would target extensions along strike following our low-risk infill programme. Metal revenues decreased to $2,400,000 in the quarter to March 31, 2017 from $3,251,000 in the quarter to March 31, 2016. The decrease in revenue is a result of a 27% decrease in ounces sold from 2,696 ounces in the quarter to March 31, 2016 relative to 1,956 ounces in quarter to March 31, 2017, that was partly offset by a 2% increase in the realised average sales price of gold from $1,203 per ounce in the quarter to March 31, 2016 to $1,224 per ounce in the quarter to March 31, 2017. Total expenses remained at $3,800,000 in the quarter to March 31, 2017 compared to $3,811,000 in the quarter to March 31, 2016. Operating costs per ounce of gold sold for the quarter to March 31, 2017 increased from $832 per ounce to $1,311 per ounce resulting from reduced production. Avnel recorded a net loss of $3,548,000 ($0.008 attributable loss per share) for the quarter ended March 31, 2017 compared to a net loss of $745,000 ($0.001 attributable loss per share) in the quarter to March 31, 2016. Included in the quarter to March 31, 2017 is a loss on the fair value of derivative financial instruments of $2,012,000, compared to a loss of $175,000 in the quarter to March 31, 2016. The fair value accounting gains reported have no cash effect on the Company. As compared to the balance sheet as at December 31, 2016, Avnel’s cash and cash equivalents as at March 31, 2017 increased by $7,055,000 from $3,720,000 to $10,775,000 arising from cash proceeds from the exercise of warrants of $10,205,000, offset by cash used in operations of $2,721,000 and cash used in investing activities of $456,000. There was a working capital surplus of $12,927,000 as at March 31, 2017 compared to a working capital surplus of $8,336,000 as at December 31, 2016. Total assets increased from $24,815,000 as at December 31, 2016 to $32,549,000 at March 31, 2017. Total provisions increased from $3,653,000 as at December 31, 2016 to $3,707,000 at March 31, 2017. Total stockholders’ equity increased to $44,567,000 as at March 31, 2017 from $34,494,000 as at December 31, 2016. ABOUT AVNEL GOLD Avnel Gold is a TSX-listed gold mining, exploration and development company with operations in south-western Mali in West Africa. The Company’s strategic objective is to develop the Kalana Main Project into an open-pit mining operation through its 80% ownership in SOMIKA. A secondary objective of the Company is to explore the remainder of the 387 km2 Kalana Exploitation Permit to discover new mineral deposits. For further information, please contact: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release. This news release includes certain “forward-looking statements”. All statements, other than statements of historical fact, included in this release, including the future plans and objectives of Avnel Gold, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Avnel Gold’s expectations include, among others, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold and silver, as well as those factors discussed in the section entitled “Risk Factors” in Avnel Gold’s most recently completed Annual Information Form, which is available on SEDAR (www.sedar.com). Although Avnel Gold has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Except where indicated, the disclosure contained or incorporated into this news release of an economic, scientific or technical nature, has been summarised or extracted from the National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) compliant technical report titled “NI43-101 Technical Report on Kalana Main Project”, dated effective 1 April 2016 (the “Kalana Technical Report”), prepared by Snowden Mining Industry Consultants (Pty) Ltd. (“Snowden”), Denny Jones Ltd (“Denny Jones”), DRA Projects SA (Pty) Ltd (“DRA”) and Epoch Resources (Pty) Ltd (“Epoch Resources”). The Kalana Technical Report was prepared under the supervision of Mr. Allan Earl (Executive Consultant – Mining Engineering of Snowden), Mr. Ivor Jones (Executive Consultant – Applied Geosciences of Denny Jones), Mr. Glenn Bezuidenhout (Principal Process Engineer of DRA), Mr. Sybrand van der Spuy (Civil Engineer of DRA), Mr. Guy Wiid (Principal Consultant – Tailings and Waste Rock Facilities of Epoch Resources), and Mr. Stephanus (Fanie) Coetzee (Principal Consultant – Environmental and Social of Epoch Resources), all of whom are independent “Qualified Persons” as such term is defined in NI 43-101. Readers should consult the Kalana Technical Report to obtain further particulars regarding the Kalana Project, which contains the Kalana Main Project, the Kalana Mine, plus a number of mineral exploration prospects. The Company filed the Kalana Technical Report in support of the Feasibility Study and the ESIA on SEDAR on May 6, 2016. Avnel’s interim consolidated financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”) and the accounting policies adopted in accordance with IFRS. Management uses both IFRS and non-IFRS measures to monitor and assess the operating performance of the Company’s operations. Management uses certain non-IFRS performance measures to provide additional information, as the Company believes that certain investors use these measures to assess gold mining companies. These non-IFRS performance measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-IFRS performance measures do not have standardised definition under IFRS and therefore may not be comparable to similar measures presented by other organizations: “Cost per Tonne Milled” is calculated by dividing the relevant mining and processing costs and total costs by the tonnes of ore processed in the period. Management uses this measure as a possible indication of the mining and processing efficiency of the mine. “Cash Operating Cost” is calculated as reported production costs, which includes costs such as mining, processing, administration, non-site costs (transport and refining of metals, and community and environmental), less royalties paid. These costs are then divided by the number of ounces produced to arrive at “Cash Operating Cost per Ounce Produced” and are divided by the number of ounces sold to arrive at “Cash Operating Cost per Ounce Sold”, after taking into account certain inventory movements. These terms are commonly used by gold mining companies to assess the level of gross margin available to the company, typically by subtracting Cash Operating per Ounce Sold from the average per ounce price realised during the period. These terms are also often used as an indication of a mining company’s ability to generate cash flow from operations. “On-site All-in Sustaining Cost” is defined in the PEA by Snowden as mine site cash operating costs, which includes costs such as mining, processing, administration, but excludes non-site costs (transport and refining of metals and royalties), plus sustaining capital costs, which includes community, environmental, and closure costs. These costs are then divided by the number of ounces of expected production to arrive at “On-site All-in Sustaining Cost per Ounce”.

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