🕐14.01.10 - 17:35 Uhr
Avanti Mining Expands Land Holdings 300% by Purchase of Contiguous Mineral Tenures at Kitsault
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Re: News Release - Thursday, January 14, 2010
Avanti Mining Expands Land Holdings 300% by Purchase of
Contiguous Mineral Tenures at Kitsault
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Vancouver, British Columbia: Avanti Mining Inc.
("Avanti") is
pleased to announce it has signed a definitive agreement (the
"Agreement") to purchase a 100% interest in 99 mineral tenures adjacent
to its Kitsault molybdenum property in northern British Columbia from
TA Mineral Resources Ltd.
("TAM").
These tenures triple the acreage
controlled by Avanti and allow for future exploration.
In consideration of this purchase, Avanti agrees to pay TAM the sum of
C$400,000 in cash and issue 5,500,000 Avanti units.
Each unit will
consist of one common share and one-half a share purchase warrant
exercisable for a period of two years following the closing of the
Agreement, with an exercise price of C$0.30/share.
The payment schedule
is as follows:
Timing Cash Payment Unit Payment
Upon closing C$100,000 1,500,000 Units
Six months after closing C$200,000 2,000,000 Units
Twelve months after closing C$100,000 2,000,000 Units
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Total C$400,000 5,500,000 Units
TAM will retain a 1.5% net smelter royalty on 97 of the tenures
purchased by Avanti.
Tenures 517367 and 517364 are not included.
Craig J.
Nelsen, President and CEO, commented, "We are pleased to be
able to consolidate a significant parcel of mineral tenures around the
Kitsault property that will allow all the possible property needed for
the development of the ore body and provide excellent exploration
opportunities for future expansion of the resource base."
The closing of this purchase will be subject to the approval of the TSX
Venture Exchange.
Avanti 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 phone
303-565-5481 to contact:
Craig J.
Nelsen, Chief Executive Officer
A.J.
Ali, Chief Financial Officer
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;
anticipated dates for receipt of permits and approvals, the closing of
the acquisition pursuant to the Agreement, the details of the cash
payments and unit issuances required under the Agreement, the
development of the ore body, future exploration and expansion of the
resource base, 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 disclosed in
the Corporations Annual Information Form for the year ended January
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.
You can also view this News Release on our website at:
http://www.avantimining.com/s/NewsReleases.asp?ReportID=380620
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Copyright (c) 2010 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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