Avanti Mining Announces Dissemination of its CEO TV Interview
Vancouver, May 5, 2010 (ots/PRNewswire)
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Avanti Mining Inc. is pleased to announce that Craig Nelsen, President & CEO of the Company appeared on a recent episode of resourceINTELLIGENCE TV. Mr. Nelsen was featured on a segment of the program called NEWSMAKERS, where he discussed the Company's progress at its past producing, Kitsault Mine Project.
Among the subjects discussed were Avanti's successful 2009 pre-feasibility study, the valuation of the Project, potential offtake agreements with steel producers and the Company's timeline to bring Kitsault to production by 2013.
The Kitsault Mine Project "has a discounted net cash flow value of $550 million today," Mr. Nelsen explained. "On an undiscounted basis, it's worth about $1.6 billion. And if we have one year that molybdenum returns to the values that it was between 2004 and 2008, which is close to $30 per pound, this project will pay back all its capital costs in less than a year."
Of particular interest to investors will be the Company's
voluntary "opt-in" application to have the Project reviewed under the
British Columbia Environmental Assessment Act ("BCEAA"). This
"opt-in" request has been accepted by the Environmental Assessment
Office (EAO), in Victoria.Mr. Nelsen explained that the Company acted proactively with respect to the environmental review for three reasons. "One is we think it helps us comply with the requirements under the Nisga'a Final Agreement... secondly, it has a legislated time-frame, of 270 days which is very important to us and thirdly the EAO has harmonised the environmental review process with the federal government."
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 http://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; the closing of the acquisition pursuant to the Agreement, the details of the cash payments and share issuances required under the Agreement, 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 http://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.
For further information: please visit http://www.avantimining.com, or contact: Craig J. Nelsen, Chief Executive Officer, +1-303-565-5491, extension 4471, or A.J. Ali, Chief Financial Officer, +1-303-565-5491, extension 4472; Tom Corcoran, Manager, Investor Relations, tcorcoran@avantimining.com or +1-877-249-0640
Contact:
CONTACT: For further information: please
visithttp://www.avantimining.com, orcontact: Craig J. Nelsen, Chief
Executive Officer, +1-303-565-5491,extension4471, or A.J. Ali, Chief
Financial Officer, +1-303-565-5491, extension4472;Tom Corcoran,
Manager, Investor Relations, tcorcoran@avantimining.com
or+1-877-249-0640