Avalon Minerals listing on the Australian Stock Exchange has attracted a cornerstone investment from Hong Kong-based metals trader Sinom.

The IPO - comprising 17.5 million shares at 20 cents each - closed in less than a month following the launch of the prospectus on 16 February after attracting strong Australian and international investor support, including the cornerstone investment by Hong Kong-based metals trader Sinom. Oversubscriptions were not accepted for the offer.

The $3.5 million raised will underpin initial exploration of Avalon's Lennard Shelf Project, located within an acclaimed zinc province in the West Kimberley region of Western Australia. In 2003, reported resources in the Lennard Shelf region totalled 22.18 million tonnes, grading 6.9% zinc and 2.8% lead.

Avalon has assembled a large Lennard Shelf landholding, with three granted and 11 pending exploration licences covering 2600sqkm within three distinct project areas - each containing untested zinc targets considered highly prospective for large Mississippi Valley Style (MVT) deposits.

The company has budgeted $1.63 million for a comprehensive two-year exploration program initially covering the Lawford, Oscar Range and Barramundi projects, with the objective of rapidly developing a significant base metal resource inventory in the Lennard Shelf region.

Work will start in April, with field crews employed to conduct detailed sampling and mapping, using the latest hand-held geochemical sampling analysis equipment.

David McSweeney sayd, "The Lennard Shelf area of the West Kimberley region of Western Australia is a world-class base metal province.

"Until very recently, it was the State's largest source of zinc and lead production.

"Avalon has noted with interest, the recent recommencement of mining and processing operations at the Pillara Zinc Mine, owned by TeckCominco and Xstrata, and located just 28km from our Lennard Shelf Lawford Project," he said.

Avalon's successful IPO and listing will also ensure Avalon Minerals can progress its Paterson Range copper-gold Project in the Pilbara region, covering seven licences located in close proximity to the Telfer Gold Mine, Nifty Copper Mine and Kintyre Uranium Deposit.

"We will be a proactive and aggressive exploration company, with a focus on adding value rapidly for our shareholders by applying innovative thinking and techniques to unlock the value of our excellent asset base and moving quickly to secure additional opportunities," David McSweeney says.