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Avala Resources Announces Initial Resource Estimate for Korkan, Part of the Timok Gold Project, Serbia

LONGUEUIL, QUEBEC -- (Marketwire) -- 11/05/12 -- Avala Resources Ltd. (TSX VENTURE:AVZ) (the "Company" or "Avala") is pleased to announce the initial resource estimate for the Korkan project area, part of its Timok Gold Project, a new gold discovery in an emerging sediment-hosted gold belt located in Eastern Serbia.

The Korkan mineral resource, prepared by AMC Consultants Limited (UK) ("AMC"), an independent mining consulting firm, has been estimated at 20,100,000 tonnes grading an average of 1.5 g/t gold in the inferred resource category for 1,000,000 ounces of gold, using a 0.6 g/t gold cut-off.

The combined inferred resource for Korkan and Bigar Hill has been estimated at 46,500,000 tonnes at an average grade of 1.6 g/t gold in the inferred resource category for 2,300,000 ounces of gold, using a 0.6 g/t gold cut off.

A summary of the Korkan mineral resource estimate using various cut-offs is tabulated below:


----------------------------------------------------------------------------
                                    KORKAN                                  
                   INFERRED RESOURCE ESTIMATE (1,2,3,4,5)                   
                         Combined Mineralized Zones                         
                              In Situ Resources                             
                      Local Multiple Indicator Kriging                      
                     5m x 5m x 5m Selective Mining Unit                     
----------------------------------------------------------------------------
Cut Off Grade                  Million                Au            Million 
(Au g/t)                        Tonnes              (g/t)        Ounces (Au)
----------------------------------------------------------------------------
0.2                               49.5                0.8                1.3
0.4                               31.0                1.2                1.2
0.6                               20.1                1.5                1.0
0.8                               13.5                1.9                0.8
1.0                               10.0                2.3                0.7
----------------------------------------------------------------------------

1.  The effective date of the mineral resource estimate is 30th October
    2012. 
2.  The gold price used in this estimate was the mean gold price for 2010
    and 2011 of US$1350/oz. First phase, extensive metallurgical test work
    is nearing completion and, based on information to date, along with
    possible projected throughput rates for the entire Timok Gold Project,
    typical mining costs and a range of processing costs and indicative
    ranges of processing recoveries it is, at this stage, believed that
    possible cut off grades lie in the range of 0.4g/t to 0.8g/t. 
3.  Mineral resources which are not mineral reserves do not have
    demonstrated economic viability. The estimate of mineral resources may
    be materially affected by environmental, permitting, legal, title,
    taxation, sociopolitical, marketing, or other relevant issues. 
4.  The quantity and grade of reported inferred resources in this estimation
    are uncertain in nature and there has been insufficient exploration to
    define these inferred resources as indicated or measured mineral
    resources. 
5.  Totals and average grades are subject to rounding to the appropriate
    precision. 

A summary of the Korkan and Bigar Hill resource estimates is tabulated below:


----------------------------------------------------------------------------
                              TIMOK GOLD PROJECT                            
                   INFERRED RESOURCE ESTIMATE (1,2,3,4,5)                   
                         Combined Mineralized Zones                         
                              In Situ Resources                             
                      Local Multiple Indicator Kriging                      
                     5m x 5m x 5m Selective Mining Unit                     
----------------------------------------------------------------------------
Cut Off Grade                  Million                Au            Million 
(Au g/t)                        Tonnes              (g/t)        Ounces (Au)
----------------------------------------------------------------------------
                                   KORKAN                                   
----------------------------------------------------------------------------
0.2                               49.5                0.8                1.3
0.4                               31.0                1.2                1.2
0.6                               20.1                1.5                1.0
0.8                               13.5                1.9                0.8
1.0                               10.0                2.3                0.7
----------------------------------------------------------------------------
                                 BIGAR HILL                                 
----------------------------------------------------------------------------
0.2                               63.9                0.9                1.8
0.4                               38.0                1.3                1.5
0.6                               26.4                1.6                1.4
0.8                               20.4                1.9                1.3
1.0                               16.5                2.1                1.1
----------------------------------------------------------------------------
                                    TOTAL                                   
----------------------------------------------------------------------------
0.2                              113.4                0.8                3.1
0.4                               69.0                1.2                2.7
0.6                               46.5                1.6                2.3
0.8                               33.9                1.9                2.0
1.0                               26.5                2.2                1.8
----------------------------------------------------------------------------

1.  The effective date of the mineral resource estimate is 30th October
    2012. 
2.  The gold price used in this estimate was the mean gold price for 2010
    and 2011 of US$1350/oz. First phase, extensive metallurgical test work
    is nearing completion and, based on information to date, along with
    possible projected throughput rates for the entire Timok Gold Project,
    typical mining costs and a range of processing costs and indicative
    ranges of processing recoveries it is, at this stage, believed that
    possible cut off grades lie in the range of 0.4g/t to 0.8g/t. 
3.  Mineral resources which are not mineral reserves do not have
    demonstrated economic viability. The estimate of mineral resources may
    be materially affected by environmental, permitting, legal, title,
    taxation, sociopolitical, marketing, or other relevant issues. 
4.  The quantity and grade of reported inferred resources in this estimation
    are uncertain in nature and there has been insufficient exploration to
    define these inferred resources as indicated or measured mineral
    resources. 
5.  Totals and average grades are subject to rounding to the appropriate
    precision, and the numbers may not correlate exactly due to rounding. 

The Timok Gold Project comprises several targets including Bigar Hill, Korkan and Kraku Pester. The Korkan resource estimate is the second of three scheduled resource estimates, with Kraku Pester to follow.

The Kraku Pester drilling database has been closed off and resource estimation by AMC is currently underway. Infill drilling at 40 meter by 40 meter spacing is being completed at Korkan, Bigar Hill and Kraku Pester. At the time of closing off the Korkan database for the Korkan resource estimate, approximately 25% of the deposit has been drilled to 40 meter by 40 meter spacing. Once all assay and QAQC data for the 40 meter by 40 meter drilling over the deposits has been received, the resource estimates will be updated with the aim of upgrading the estimates to Indicated Resources. The databases are expected to be completed and 'closed off' during January 2013 with revised resource estimates planned for completion in Q2 2013.

Avala controls 100% of this newly identified sediment-hosted gold belt which totals approximately 250 square kilometres.

1. HIGHLIGHTS


--  Independent resource estimation has been completed by AMC on the Korkan
    deposit. 
--  The Korkan resource estimate is based on 306 drill holes (145 diamond
    drill holes and 161 reverse circulation drill holes, including 10 RC
    holes with diamond drill core 'tails'). Details of the drilling and
    sampling program are summarised in the table below.  

    -------------------------------------------------------------------
    Item                                 DD            RC         Total
    -------------------------------------------------------------------
    HOLES                               145           161           306
    METERS DRILLED                   46,825        29,481        77,306
    SAMPLES                          47,754        29,481        77,235
    AVERAGE RECOVERY                    98%           88%           94%
    ASSAYS (Au)                                                  77,235
    BULK DENSITIES                                                9,543
    TWIN DRILL PAIRS                                                 18
    TWIN DRILL METERS                                             2,952
    40m x 40m (%)                                                    25
    -------------------------------------------------------------------

--  A very large amount of check sampling and assaying has been completed,
    as part of Avala's standard QAQC procedures, which is summarized below
    for the gold data. 

    -------------------------------------------------------------------
    Item                                 DD            RC         Total
    -------------------------------------------------------------------
    FIELD DUPLICATES                                1,454         1,454
    LAB DUPLICATES                    2,282         1,462         3,744
    LAB REPEATS                      10,527         5,985        16,512
    LAB SPLITS                        2,759         1,765         4,524
    REFEREE GENALYSIS (Au)                                          939
    REFEREE ALS VANCOUVER                                              
    (Au)                                                          2,478
    BLANKS                                                        1,778
    INTERNATIONAL STANDARDS                                       3,956
    -------------------------------------------------------------------

--  Block model preparation and resource estimation has been completed using
    Datamine and Isatis. One-meter composites (the standard Avala sampling
    unit) were used to define geological boundaries and mineralized
    wireframes, whilst three-meter down hole composites were used for
    statistical analysis, variography and resource estimation. The table
    below summarizes the block model parameters. 

    -------------------------------------------------------------------
    Item                               EAST         NORTH            RL
    -------------------------------------------------------------------
    LENGTH (METERS)                   1,780         2,380           670
    PARENT CELL (METERS)                 20            20            10
    SUB-CELL (METERS)                     5             5             5
    SELECTIVE MINING UNIT                 5             5             5
    -------------------------------------------------------------------

--  Resource estimation has been completed using the geostatistical
    technique, Local Multiple Indicator Kriging ("Local MIK"). Local MIK is
    a form of Multiple Indicator Kriging ("MIK") where the grades are
    'mapped' directly into selective mining unit ("SMU") sized blocks from a
    MIK estimate. Bulk density has been estimated into the block model using
    inverse distance weighting. Three main mineralized zones were defined;
    within the overlying volcanics ("Volcanics"), surrounding the boundary
    of the S1/S2 sedimentary units ("MSSS") and surrounding the
    S1/underlying limestone boundary ("MSSL", two zones). A total of 11
    indicator cut offs were used to define the metal distribution within the
    model cells. Upper limits were used in the top 'bin' of the indicator
    cut offs whilst an upper cut of 20.0g/t was used for each of the MSSL
    mineralization zones. 

--  The mineral resource was estimated using the Canadian Institute of
    Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral
    Resources and Reserves, Definitions and Guidelines prepared by the CIM
    Standing Committee on Reserve Definitions and adopted by CIM Council.
    The in-situ resource estimate is within the defined mineralized
    wireframes and is reported at a wide range of lower cut off grades. The
    initial, comprehensive, phase of metallurgical test work is being
    completed and will be used, along with the Preliminary Economic
    Assessment, which has been initiated and is being managed by G Mining
    Services Inc. of Montreal, to define the appropriate cut off grade for
    the complete Timok Gold Project (Bigar Hill, Korkan and Kraku Pester).
    The Korkan grade-tonnage report is summarised in the table below
    (reported to the appropriate level of precision). 


----------------------------------------------------------------------------
                                    KORKAN                                  
                       INFERRED RESOURCE ESTIMATE (1)                       
                         Combined Mineralized Zones                         
                      Local Multiple Indicator Kriging                      
                     5m x 5m x 5m Selective Mining Unit                     
----------------------------------------------------------------------------
Cut Off Grade                  Million                Au            Million 
(Au g/t)                        Tonnes              (g/t)        Ounces (Au)
----------------------------------------------------------------------------
0.2                               49.5                0.8                1.3
0.4                               31.0                1.2                1.2
0.6                               20.1                1.5                1.0
0.8                               13.5                1.9                0.8
1.0                               10.0                2.3                0.7
----------------------------------------------------------------------------

(1) See notes on page 1.

2. ADDITIONAL INFORMATION

Drilling and Sampling


--  Figure 1 shows the location of the Korkan deposit within the Timok Gold
    Project, whilst Figure 2 displays the drilling carried out to date at
    Korkan along with a gram-meter map of mineralization. Figure 3 shows
    typical cross sections through the Korkan deposit, illustrating the
    shallow dipping nature of gold mineralization. 
--  Diamond drilling has been carried out such that drill holes are always
    started using PQ core and then reduced to HQ triple tube (HQ3) once
    competent rock has been intersected. The diamond drill core size is kept
    as HQ or HQ3 for as long as possible. Drill core is carefully packed for
    transport to the sample preparation facility in Bor. 
--  Reverse circulation (RC") drilling is carried out with specialized
    custom drill rigs, which include separate, very high capacity compressed
    air boosters in order to ensure sampling is under dry conditions. 'Blow
    backs' are routinely used for every meter of advance (all the material
    within the drill stem for the relevant meter of advance is displaced
    into the sample bag prior to advancing to the next meter). The cyclone
    is cleaned thoroughly at every rod change and the hole is thoroughly
    conditioned (completely dried if any moisture has entered the drill
    hole) before drilling is re-initiated. If sampling cannot be carried out
    under dry conditions, the drill hole is abandoned and is then re-entered
    as a diamond core 'tail'. Each meter sample is weighed using electric
    scales and the data is recorded using data loggers in order to compare
    with the theoretical sample mass for the particular drill bit diameter
    and the lithology being drilled. 
--  The average core recovery is 98% and the average RC sample recovery is
    88%, with an average one-meter RC sample bag weight of 36.5kg. 
--  Drill hole collars were surveyed by differential GPS (DGPS) by Avala
    surveyors (registered independent surveyors regularly audit Avala's
    survey control and procedures). Two drill holes required surveying with
    Total Station equipment as dense forest cover rendered the use of DGPS
    impracticable. 
--  The diamond drill holes were down hole surveyed, on average, every 35
    meters using electronic survey equipment, whilst an average 37 metre
    spacing was used for the down hole surveying of RC holes. 
--  Korkan has been drilled on a nominal 80 meter by 80 meter grid spacing
    with approximately 25% of the surface area of the Korkan deposit drilled
    at 40 meters by 40 meters, on database 'close-off'. Further infill
    drilling at Korkan has been re-started now that the Korkan first-pass
    resource drilling program is complete. 
--  Diamond 'twin' drilling of the RC drill holes will continue across the
    target area at a nominal rate of 15% of total RC drilling. 
--  RC and diamond core sampling has been carried out using Avala's detailed
    protocols throughout the entire drilling program. 

Density Measurements


--  Density measurements are routinely taken every three meters down hole
    from diamond drill core. The bulk density of the core billets is
    measured at the SGS managed laboratory at Bor using the industry
    standard wax-seal immersion method. The table below summarises the large
    number of density measurements for each rock type in the Korkan drill
    hole data set that have been collected and measured to date. 

  ------------------------------------------------------------------------
                                              Mean Density                
  Lithology                                    (tonnes/M3)           Total
  ------------------------------------------------------------------------
  Volcanics/Andesite                                  2.60           1,633
  Marl                                                2.67             683
  S1 sediment                                         2.64           2,951
  S2 sediment                                         2.63             494
  Limestone                                           2.68           3,493
  Other (basement, karst etc)                         2.68             289
  Total                                                              9,543
  ------------------------------------------------------------------------

Twin Drilling


--  Twin drilling has been routinely performed with some 10% of all RC holes
    being twinned with diamond drilling. 
--  At Korkan 18 DD 'twin holes' have been completed, for 2,952 metres, out
    of a total of 29,481 RC metres. 
--  The routine reverse circulation-diamond 'twin' drilling program
    continues to confirm that the majority of mineralized intercepts and
    hence the deposit style, is dominated by layer-parallel, lithology-
    controlled gold mineralization and that there can be close spaced
    variation in gold grade, as is typical for gold deposits. 

Assaying


--  All Korkan, drilling has been routinely assayed for gold (Au), silver
    (Ag) and sulphur (S). The number of samples in the Korkan resource
    estimation database, at the time of the database 'close-off', is
    summarized below. In a future resource update, including the 40 meter by
    40 meter drilling that has been re-started, the resource model will be
    updated for these additional elements.  
--  The table below summarizes the primary and referee assaying that
    comprises the Korkan resource estimation database, at the time of the
    database 'close off' and handover to AMC, along with the assay methods
    that have been used. Each drilled interval for the Timok Gold Project
    will have a gold, silver and sulphur assay. When the 40 meter by 40
    meter drilling has been completed and the full databases have been
    'closed off' and validated, the revised resource estimates, planned for
    Q1 2013, will incorporate all three elements. 

----------------------------------------------------------------------------
Item                                Au                 Ag                  S
----------------------------------------------------------------------------
ASSAY METHOD        50g Fire assay/AAS     Aqua regia/AAS      Eltra furnace
PRIMARY ASSAYS                  77,235             17,768             77,731
REFEREE GENALYSIS                  939                788              1,188
REFEREE ALS                                                                 
VANCOUVER                        2,478                698              1,467
----------------------------------------------------------------------------

Variography


--  Detailed variography has been carried out for the 11 indicator cut offs
    that have been used in the Local MIK grade estimation. 
--  The table below summarises the modelled gold variography. 

         ----------------------------------------------------------
                                    Structure  Structure  Structure
                            Nugget     1 Sill     2 Sill     3 Sill
         Item                Value      Value      Value      Value
                                                                   
                                                                   
         ----------------------------------------------------------
         Andesite             0.03       0.03       0.02           
         MSSS (S1/S2)         0.13       0.17       0.06           
         MSSL1                                                     
         (S1/LMST)            0.19       0.41       0.04       0.05
         ----------------------------------------------------------
         MSSL2                                                     
          (S1/LMST)           0.80       0.81       0.59           
         ----------------------------------------------------------

----------------------------------------------------------------------------
                    Structure      Structure   Structure                    
                      1 Range        2 Range     3 Range                 Dip
Item                      (m)            (m)         (m)  Dip      Direction
                                                                            
                  X    Y    Z    X    Y    Z   X   Y   Z                    
----------------------------------------------------------------------------
Andesite         12   12   12   50   50   50              -30          N060E
MSSS (S1/S2)     20   25   20   90  120  100              -20          N230E
MSSL1                                                                       
(S1/LMST)        35   35   20   80   70   60 120 120 120  -25          N170E
----------------------------------------------------------------------------
MSSL2                                                                       
 (S1/LMST)       60   40   10   70  110   45              -20          N070E
----------------------------------------------------------------------------

Resource and Grade Modelling


--  Detailed interpretation of the geological and grade data has resulted in
    the modelling of 4 main zones of gold mineralization, which have been
    termed MSVO (andesite), MSSS (straddling the boundary and including the
    S1 and S2 sedimentary units) and MSSL (straddling the boundary and
    including the S1 and limestone units, two zones). The interpreted
    mineralized zones are in contact for much of the deposit. 
--  One-meter composites were used to define lithological boundaries,
    geological boundaries and the mineralized zone outlines. Three-meter
    down hole composites were used for statistical analysis, variography and
    grade estimation. The table below summarizes the number of 3 meter
    composites within the various domains. 

      ----------------------------------------------------------------
      Item                                                      Number
      ----------------------------------------------------------------
      Andesite Wireframe (MMVO)                                    169
      MSSS Wireframe (S1/S2)                                     1,640
      MSSL1 Wireframe (S1/S2)                                    5,393
      MSSL2 Wireframe (S1/S2)                                    1,056
      Background                                                17,950
      ----------------------------------------------------------------

--  The block model closely matches the volumes of the mineralized zone
    wireframes as shown in the table below. 

   ---------------------------------------------------------------------
                                                            Block Model 
                                 Wireframe Volume  Volume (million cubic
   Item                    (million cubic meters)                meters)
   ---------------------------------------------------------------------
   Andesite Wireframe                                                   
   (MMVO)                                     1.3                    1.3
   MSSS Wireframe (S1/S2)                     9.2                    9.1
   MSSL Wireframe                                                       
   (S1/LMST)                                 46.3                   45.6
   ---------------------------------------------------------------------

Grade-Tonnage Reporting


--  The Korkan resource model has been categorized as Inferred Resources
    using the CIM Standards on Mineral Resources and Reserves, Definitions
    and Guidelines. While the grade estimate has been classified as Inferred
    Resource, Avala believes that higher confidence resources should be
    defined once all the 40m x 40m infill drilling over the deposits is
    incorporated into the future resource estimate. The current resource
    estimate has 25% of the entire drilling area defined by 40m x 40m spaced
    drilling that confirms the mineralization zone continuity noted in the
    80m x 80m spaced drilling. The table below summarizes the grade-tonnage
    data, subdivided by the three main interpreted mineralized zones. 
--  In the table below the reported tonnes, grade and contained gold have
    been rounded to the appropriate level of precision for the reporting of
    an Inferred Resource, and the numbers may not correlate exactly due to
    rounding. 
--  A series of significant gold deposits has been defined at Korkan and
    Bigar Hill and Avala considers the potential for further discoveries in
    the Timok Gold Project to be very high. 

 -------------------------------------------------------------------------
                           KORKAN AND BIGAR HILL                          
     INFERRED RESOURCE ESTIMATE(1)Subdivided By Mineralized Zone Domain   
                      Local Multiple Indicator Kriging                    
                     5m x 5m x 5m Selective Mining Unit                   
 -------------------------------------------------------------------------
                  Andesite         S1/LMST           S1/S2                
                      MMVO            MSSL            MSSS           TOTAL
 Cut Off                                                                  
 Grade            Au              Au              Au              Au      
 (Au g/t)    Mt(g/t)   Moz   Mt(g/t)   Moz   Mt(g/t)   Moz   Mt(g/t)   Moz
 -------------------------------------------------------------------------
                                   KORKAN                                 
 -------------------------------------------------------------------------
 0.2        1.5  0.4   0.0 41.6  0.9   1.2  6.4  0.6   0.1 49.5  0.8   1.3
 0.4        0.7  0.6   0.0 27.3  1.2   1.0  2.9  1.0   0.1 31.0  1.2   1.2
 0.6        0.2  0.7   0.0 18.3  1.5   0.9  1.6  1.3   0.1 20.1  1.5   1.0
 0.8        0.0  0.9   0.0 12.5  1.9   0.8  1.0  1.8   0.0 13.5  1.9   0.8
 1.0                        9.4  2.3   0.7  0.6  2.3   0.0 10.0  2.3   0.7
 -------------------------------------------------------------------------
                                 BIGAR HILL                               
 -------------------------------------------------------------------------
 0.2        4.1  0.6   0.1 25.2  0.6   0.5 34.6  1.0   1.2 63.9  0.9   1.8
 0.4        2.2  1.0   0.1 13.2  1.0   0.4 22.7  1.4   1.1 38.0  1.3   1.5
 0.6        1.4  1.2   0.1  8.0  1.3   0.3 17.0  1.8   1.0 26.4  1.6   1.4
 0.8        1.0  1.4   0.0  5.5  1.6   0.3 14.0  2.0   0.9 20.5  1.9   1.2
 1.0        0.7  1.7   0.0  4.0  1.8   0.2 11.9  2.2   0.8 16.5  2.1   1.1
 -------------------------------------------------------------------------
                                   TOTAL                                  
 -------------------------------------------------------------------------
 0.2        5.6  0.6   0.1 66.7  0.8   1.7 41.0  1.0   1.3113.4  0.8   3.1
 0.4        2.9  0.9   0.1 40.5  1.1   1.5 25.6  1.4   1.1 69.0  1.2   2.7
 0.6        1.6  1.2   0.1 26.2  1.5   1.2 18.7  1.7   1.0 46.5  1.6   2.3
 0.8        1.0  1.4   0.0 17.9  1.8   1.1 15.0  2.0   0.9 34.0  1.9   2.0
 1.0        0.7  1.7   0.0 13.3  2.1   0.9 12.5  2.2   0.9 26.5  2.2   1.8
 -------------------------------------------------------------------------

(1) See notes on page 2.

Please see the following link to view all Korkan-Bigar and Kraku Pestar drill holes located spatially in three dimensions: http://www.corebox.net/properties/timok-gold-project

3. SAMPLING AND ANALYSIS

The majority of soil samples have been assayed at the ALS Chemex laboratory, Perth, Australia. More recent programs have been assayed at the SGS managed laboratory at Chelopech in Bulgaria using a combination of ICP-OES and ICP-MS; whereas gold has been assayed by low level detection fire assay method with an AAS finish. The Company has established a laboratory facility at Bor, Eastern Serbia which is independently managed by SGS. Trench samples were prepared at the laboratory facility at Bor and the samples have been assayed at the SGS managed laboratory at Chelopech in Bulgaria or the laboratory facility at Bor. Diamond drill core has been prepared at the laboratory facility at Bor and assayed at either the SGS managed laboratory at Chelopech in Bulgaria or the assay laboratory at Bor. A one meter sampling interval has been used where possible for the Timok Gold Project diamond drilling program. Half core is routinely submitted to the laboratory for analysis. Reverse circulation drill samples have been prepared at the laboratory facility at Bor and assayed at the laboratory at Bor. A one meter sampling interval has been used for the Timok Gold Project reverse circulation drilling program. Following Avala standard quality assurance procedures, a full suite of field and laboratory duplicates and replicates along with internationally accredited standards and blanks, have been submitted with each batch of samples.

Trench sampling was carried out as channels in the wall just above the trench floor on 2m intervals. Except where extensive soil cover is encountered, trenches are sampled in their entirety. The samples were routinely weighed prior to final bagging to maintain an even sample size and to avoid sampling bias in harder rock types. An average channel sample weight was maintained at 3kg/m, which produces a consistent sample weight approximating half HQ core samples. Field duplicate samples were taken every 20 samples and known standards were inserted into the sample stream after every 20th sample. A geological and structural log was completed as for diamond drilling. All data collected in the field is routinely entered into geology and structural geology spread sheets using Field Marshal software for subsequent inclusion in an acQuire database and validation.

4. QUALIFIED PERSONS

The Korkan resource estimate was undertaken by independent qualified person Chris Arnold MAusIMM CP(Geo) of AMC. Mr. Arnold of AMC has reviewed and approved the contents of this press release insofar as the Korkan mineral resource estimate is concerned.

AMC is completing a technical report for the mineral resource estimate in compliance with NI 43-101 to be filed on SEDAR within 45 days of this press release.

The other technical information contained in this press release was prepared and approved by Dr Julian F. H. Barnes, FAusIMM, MAIG, a director of the Company and special consultant. Dr. Barnes is a 'qualified person' within the meaning of that term under NI 43-101.

About Avala Resources Ltd.: Avala Resources is a mineral exploration company focused on the exploration and development of the Timok Gold Project in Eastern Serbia. The Timok Gold Project comprises several targets, including Korkan, Korkan, and Kraku Pestar. Avala controls 100% of this newly identified sediment-hosted gold belt which totals approximately 250 square kilometers. The common shares of Avala trade on the TSX Venture Exchange under the symbol AVZ.

Avala had approximately $7.7 million in its treasury at September 30, 2012. Avala's issued and outstanding share capital totals 214,492,223 common shares, of which approximately 51.4% is held by Dundee Precious Metals Inc. (TSX:DPM).

Cautionary Statement Regarding Forward-Looking Information

This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information.

"Inferred Resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource reported in this news release will ever be upgraded to a higher category or to reserves.

Forward looking information in this news release includes information with respect to the mineral resource estimate and its potential expansion and upgrade to a higher level of confidence, the Company's plans to complete resource estimates on the Kraku Pestar project area and to complete a preliminary economic assessment, the timing and location of future work programs, the results and interpretation of studies and exploration activities, the nature of the mineralization of the project, the potential size of the sediment-hosted gold system, and the possibility that the Timok Gold Project will prove to be economic.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be factors that cause results to be other than as anticipated, estimated or intended. There can be no assurance that the forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws.

Figure 1: Location of the Korkan-Bigar trend and the Kraku Pester target area within the greater sediment-hosted gold belt, as defined in this image by mapped 'target stratigraphy' (yellow) and anomalous gold soil geochemistry within the Timok Gold Project. The total metal contour plots for Korkan, Bigar Hill and Kraku Pester have been superimposed on the sediment-hosted gold belt, as defined to date by drilling.

http://file.marketwire.com/release/avzfig1.pdf

Figure 2: Final Gram-meter (intervals greater than 0.4g/t Au x thickness) plot following the completion of initial Korkan resource definition drilling program, total metal contour plot of all drilling to date superimposed on topography. The section lines A-A' and B-B' relates to Figure 3.

http://file.marketwire.com/release/avzfig2.pdf

Figure 3: Cross-sections through the Korkan target area showing detailed stratigraphy and gold mineralized drill intersections to date. The A-A' section is looking east and the B-B' section is looking northwest.

http://file.marketwire.com/release/avzfig3.pdf

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Contacts:
Avala Resources Ltd.
James Crombie
President and Chief Executive Officer
+1.450.640.0810
info@avalaresources.com
www.avalaresources.com

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