Avanco Resources Limited announced the raising of USD 20 million through a placement to institutional and sophisticated investors to accelerate the exploration and development of the Company’s Copper and Nickel Platinum Projects in the World Class Carajas Province of Brazil.

The placement will comprise 200 million shares at USD 0.10 in two tranches. Tranche 1 will comprise 42.7 million shares and is expected to settle on 10 November 2010. Tranche 2 will comprise 157.3 million shares and is conditional on shareholders' approval at a general meeting hey to be announced.

Avanco will immediately begin planning an expanded drilling program initially focusing on the Antas South Deposit which has previously intersected; 9.0 meters at 50.49% copper from 18 meters and 2.05 meters at 42.68% copper from 49.0 meters.

The proposed 50,000 meters drilling program includes:
1. Antas South Copper Deposit drill out and extensions for 25,000 meters;
2. Rio Verde Project, new copper targets for 10,000 meters;
3. Serra Verde Project, copper targets for 5,000 meter;
4. Regional copper targets, new projects for 5,000 meters and
5. Nickel and platinum targets for 5,000 meters.