VANCOUVER, Dec. 22 /CNW/ - Avanti Mining Inc. (TSX-V: AVT) ("Avanti") is pleased to announce that Resource Capital Fund IV LP ("RCF") has voluntarily exercised 12,221,019 warrants that do not expire until November 5, 2013 at an exercise price of $0.216 for proceeds to Avanti of $2,639,740. Use of proceeds will be for permitting applications and general corporate purposes.
Avanti will have 268,268,158 shares and 38,759,940 warrants issued and outstanding after this transaction.
"This is a tremendous vote of confidence by RCF in the Kitsault project and encourages us to request proposals for a Feasibility Study from a short list of engineering firms, early in 2010", said Craig Nelsen, President & CEO
Avanti Mining Inc. is focused on the development of the past producing Kitsault molybdenum mine located north of Prince Rupert in British Columbia.
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 use of proceeds from the warrant exercise, the preparation of a feasibility study and 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 dated July 2, 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 phone (303) 565-5491 to contact: Craig J. Nelsen, Chief Executive Officer; A J Ali, Chief Financial Officer