Agoracom

Avalon Ventures Ltd. TSX-V: AVL (“Avalon”) is pleased to announce today that it has entered into an agreement with Research Capital Corporation (“Research Capital” or “Agent”) to act as its lead agent, of a syndicate including TD Securities Inc., for a private placement offering (the “Offering”) of up to approximately $15,000,000 of equity securities.

The Offering, which is subject to regulatory approval, will consist of up to approximately $10,000,000 of units of securities of Avalon (the “Units”), with each Unit consisting of one common share and  one-half share purchase warrant (each whole warrant entitling the purchase of one common share at an exercise price of $2.00 per share for 18 months) and up to approximately $5,000,000 in common shares issued on a “flow-through” basis (the “Flow-Through Shares”).  The Offering is priced at $1.55 per Unit and $1.85 per Flow-Through Share. Research Capital has also been granted an option to increase the size of the Offering by up to approximately $2,225,000 in Units, exercisable at any time up to 24 hours before closing.

Proceeds from the Offering will be used by Avalon to advance its priority exploration and development projects,  for working capital and other general corporate purposes.  The top priority project is the Thor Lake rare metals project in the Northwest Territories where up to $5 million will be allocated to complete additional drilling and metallurgical studies on the Lake Zone Rare Earth Elements deposit.  The Offering is anticipated to close on or about November 15, 2007.  On closing of the Offering, Research Capital will receive a 7% commission and a compensation option to acquire a number of Units equal to 7% of the securities sold under the Offering. Any securities issued pursuant to the Offering will be subject to a four month hold period from closing.

THIS NEWS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.  THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

About Avalon Ventures Ltd.

Avalon Ventures Ltd. (TSX-V: AVL) is a Canadian junior mineral exploration and development company, with a primary focus on rare metals and minerals with high technology applications or offering environmental benefits. Avalon currently holds a portfolio of five such projects, including three that are at, or close to, the feasibility stage.  The Company operates with high standards for environmental  protection and community engagement that meet or exceed current industry norms.

To find out more about Avalon Ventures Ltd. (TSX-V: AVL), please visit our website at www.avalonventures.com . Shares Outstanding as at the date of this release:  52,518,623. Cash resources: $1.3 million. This news release is available on the Company’s official on-line investor relations site for investor commentary, feedback and questions. Investors are invited to visit the “Avalon Ventures” IR Hub at http://www.agoracom.com/ir/avalon . In addition, investors are invited to e-mail their questions and correspondence to AVL@agoracom.com  or phone Don Bubar, P.Geo., President, at 416-364-4938.