Avalon enters negotiations with First Nations group on Thor Lake

Rare metals-focused mining and exploration company, Avalon Rare Metals (TSE:AVL) (AMEX:AVL) announced Friday it has entered into negotiations with the Lutsel K'e Dene First Nations community regarding developments on the company's Thor Lake property.
The Lutsel K'e Dene First Nation resides 100 kilometres east of Thor Lake, in the Northwest Territories, which is within Lutsel K'e traditional territory. Avalon's discussions with the community are regarding the development of the Nechalacho rare earth elements deposit, which is known for its enrichment in the more valuable heavy rare earths, at the company's wholly owned Thor Lake site.
The negotiations will outline broad principles for co-operation, Avalon said, and will provide a structure for the Accommodation Agreement, which outlines the adverse impacts of project development and defines the benefits to both parties involved, among other things.
Avalon said it hopes to conclude the agreement by the end of the year.
"We have already established strong business relationships with the Lutsel K'e Dene First Nation and we are very pleased to have reached initial agreement on how we can further build and strengthen these relationships," said Avalon president and CEO, Don Bubar.
Based in Toronto, Ontario, Avalon saw its stock jump 0.66% on the NYSE Amex Exchange, trading at $6.13.