🕐01.06.10 - 17:41 Uhr
Avanti Mining Announces Alternative Site for Tailings Management Facility for Kitsault Project
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Re: News Release - Tuesday, June 01, 2010
Avanti Mining Announces Alternative Site for Tailings Management
Facility for Kitsault Project
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Vancouver, British Columbia: Avanti Mining Inc.
("Avanti") is pleased
to announce that it has identified an alternative location for a
Tailings Management Facility ("TMF") for its Kitsault molybdenum
project (the "Kitsault Project").
Comparative scoping level
engineering studies suggest that initial capital costs may be reduced
by approximately CDN$50 million to CDN$70 million from the CDN$228
million estimated on comparable components in the Preliminary
Feasibility Study ("PFS").
Avanti is currently advancing its
Feasibility Study.
It has been studying alternative TMF sites since the
PFS was published in November 2009, under the direction of Knight
Piesold.
The study involved the selection of a more optimum TMF site
after evaluating initial capital cost, operating cost, construction
schedule and environmental considerations.
Several alternative TMF
sites have emerged from this study, with a site located approximately
two kilometers east of the mine ultimately being selected.
This
alternative TMF site will become the focus of the Feasibility Study and
the British Columbia Environmental Assessment Act review of the
Kitsault Project.
Avanti is focused on the development of the past producing Kitsault
molybdenum mine located north of Prince Rupert in British Columbia.
Kitsault has Proven and Probable reserves of 215 million tonnes grading
0.085% Mo and containing 368 million pounds of recoverable molybdenum
as outlined in the Technical Report dated December 15, 2009 which is
available on the Companys website as well as at www.sedar.com.
Ken
Brouwer, P.
Eng., of Knight Piesold, a Qualified Person as defined in
NI 43-101, has reviewed and approved the scientific or technical
information in this press release.
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
Tom Corcoran, Manager, Investor Relations,
or 1-877-249-0640
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; the
capital cost estimates for the new TMF facility, recoverability of
molybdenum at the Kitsault property and other 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 disclosed in
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) 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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