🕐02.08.11 - 21:27 Uhr
AVANTI PARTNERSHIP DISCUSSIONS REGARDING KITSAULT MINE WITH SEAH TERMINATED
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Re: News Release - Tuesday, August 02, 2011
Avanti Partnership Discussions Regarding Kitsault Mine With SeAH
Terminated
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Vancouver, British Columbia: Avanti Mining Inc.
(TSX-V: AVT) (OTC:
AVNMF.PK) ("Avanti" or the "Company") announces that discussions with
SeAH Holdings Corp ("SeAH") with respect to a partnership for the
development of the Kitsault project have terminated as terms could not
be reached.
SeAH has advised that it will continue to support Avanti as
a shareholder.
Avanti had previously announced these discussions under
press releases of January 27, April 27, May 27 and June 15, 2011.
Avanti has recommenced discussions with two other Asian companies that
had previously expressed interest in a partnership and has extended the
LOI with a major Asian steel producer to September 30,2011.
"It is disappointing that we could not resolve the issue of molybdenum
price support in exchange for a discount above floor price with SeAH in
the off take agreement, while most other joint venture investment
matters appeared to have been agreed upon and the total debt required
was oversubscribed by written expressions of interest from seven
financial institutions.
We are confident that this strong interest from
lenders demonstrates that this project can be financed," said A.J.
Ali,
Chief Financial Officer.
Avanti Mining Inc.
is focused on the development of the past producing
Kitsault molybdenum mine located north of Prince Rupert in British
Columbia.
For further information, please visit www.avantimining.com, or contact:
Craig J.
Nelsen, Chief Executive Officer, 303-565-5491, extension 4471,
or
A.J.
Ali, Chief Financial Officer, 303-565-5491, extension 4472
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 release.
Forward-Looking Statements: This news release contains certain
forward-looking information concerning the business of Avanti Mining
Inc.
(the "Corporation").
All statements, other than statements of
historical fact, included herein including, without limitation;
statements about the completion of the Offering and the FT Offering,
the entering into of the LOI, the use of proceeds from the Offering and
the FT Offering and matters related to the development of the Kitsault
molybdenum mine, are forward-looking statements.
These forward-looking
statements are based on the opinions of management at the date the
statements are made and are based on assumptions and subject to a
variety of risks and uncertainties and other factors that could cause
actual events to differ materially from those projected in
forward-looking statements.
Important factors that could cause actual
results to differ materially from the Corporations expectations
include fluctuations in commodity prices and currency exchange rates;
uncertainties relating to interpretation of drill results and the
geology, continuity and grade of mineral deposits; uncertainty of
estimates of capital and operating costs, recovery rates, production
estimates and estimated economic return; the need for cooperation of
government agencies and native groups in the exploration and
development of properties and the issuance of required permits; the
need to obtain additional financing to develop properties and
uncertainty as to the availability and terms of future financing; the
possibility of delay in exploration or development programs or in
construction projects and uncertainty of meeting anticipated program
milestones; uncertainty as to timely availability of permits and other
governmental approvals; and other risks and uncertainties disclosedin
the Corporations Annual Information Form for the year ended December
31, 2009, which is available at www.sedar.com.
The Corporation is under
no obligation to update forward-looking statements if circumstances or
managements opinions should change, except as required by applicable
securities laws.
The reader is cautioned not to place undue reliance
on forward-looking statements.
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Copyright (c) 2011 AVANTI MINING CORP.
(AVMI) All rights reserved.
For more information visit our website at http://www.avantimining.com/
or send mailto:
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