VANCOUVER, June 1 /CNW/ - 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 Company's 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.
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 Corporation's 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 Corporation's 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 management's opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE AVANTI MINING INC.
For further information: 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, email@example.com or 1-877-249-0640