VANCOUVER, March 8 /CNW/ - Avanti Mining Inc. ("Avanti") announces that it has selected AMEC from six bidders, to prepare a feasibility study ("FS") for its Kitsault mine in northern British Columbia. This study will result in a National Instrument 43-101 compliant technical report and advance the property to a financing and construction decision stage. AMEC will be the lead engineer for all work except for the tailings and water management work which was awarded to Knight Pièsold who were responsible for the same scope of work in the pre-feasibility study completed in December 2009. The FS is expected to be completed by end of October 2010.
Craig J. Nelsen, President and CEO of Avanti, stated, "We are very pleased with the technical capabilities of the team proposed by AMEC and the continued involvement of Knight Pièsold. Working in conjunction with our debt arrangers' independent engineer, this team will deliver a first class feasibility study which is expected to be completed in Q4, 2010."
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. Mr. Kenneth Collison, Senior Vice President of Project Development for the Company and 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; statements about the completion of the feasibility study, the advancement of the Kitsault property to a financing and construction decision stage, the 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 Prospectus filed on February 16 2010 and Annual Information Form for the year ended January 31, 2009, which are 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, firstname.lastname@example.org or 1-877-249-0640