VANCOUVER, Nov. 23 /CNW/ - Avanti Mining Inc. ("Avanti") today announces it has engaged WestLB AG ("WestLB") to act as its exclusive financial advisor in connection with arranging project finance for the development of the Kitsault molybdenum mine in British Columbia. The engagement is effective January 1, 2010 to enable WestLB to work with Avanti during the same time as Avanti's Prefeasibility Study announced on November 16, 2009 is refined into a Final Feasibility study.
A.J. Ali, Chief Financial Officer of Avanti, states, "We are pleased that a resource bank of WestLB's caliber will be assisting us to "fast track" the financing of the project concurrent with Avanti's marketing and technical study activities. We expect this approach to save a minimum of six months in the aggressive development schedule for Kitsault."
WestLB is a Global Project Finance house and a market leader in mining financing. It offers the full range of products and services of a universal bank, focusing on lending, corporate and structured finance, capital market and private equity products, and transaction services. WestLB's Metals and Mining team incorporates years of sector experience, and the institutional global reach and local knowledge to deliver advisory, risk management and corporate and structured finance products in a timely, consistent and reliable manner. In 2009, the Metals & Mining Group has Lead Arranged transactions involving over USD 1 billion in financing for the sector.
Avanti is focused on the development of the past producing Kitsault molybdenum mine located north of Prince Rupert in British Columbia.
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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, construction and production, and other milestones; anticipated results of drilling programs, feasibility studies and other analyses; estimated timing and amounts of future expenditures, and the Corporation's future production, operating and capital costs, operating or financial performance, 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