Avanti Mining Announces Commencement of Drill Program at the Kitsault Molybdenum Mine
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 16, 2008) – Avanti Mining Inc. (CNQ:AVMI) (“Avanti”) advised today that it has commenced a diamond core drilling program at the Kitsault Molybdenum Mine located in British Columbia. Avanti has signed a definitive purchase agreement to acquire an undivided 100% direct interest in this mine from Aluminerie Lauralco, Inc., and has further been appointed its agent for the purpose of implementing this work plan.
On August 5, Avanti announced a resource estimate that was the subject of a National Instrument 43-101 (“NI 43-101″) Technical Report. The resource estimate was created utilizing drill hole sample assay results generated during three major historic periods of drilling. The current drilling program is being conducted within the Kitsault Mine open pit area and adjacent disturbed areas to infill the historic resource data and provide sampling necessary for completing the recommended program in the NI 43-101 Report and for subsequent project feasibility purposes. Over a four-month period, an estimated 30 core holes consisting of 10-12,000 meters of drilling will be accomplished. Two rigs will be working concurrently to conclude the program prior to the onset of winter.
In addition, Avanti has been denied access to the ghost town of Kitsault by its owner, Kitsault Resorts Ltd. Avanti has statutory rights of way to use the roads within the town of Kitsault for mine related activities. As a result, it has filed a complaint in the British Columbia Supreme Court seeking 1) a declaration that it is entitled to use the access in the town, and 2) a permanent injunction preventing Kitsault Resorts Ltd. from denying its use of the right of way. The current drilling is being conducted from a camp located near the drill site, to which access is unaffected by this dispute with Kitsault Resorts.
Avanti Mining Inc. is a company focused on acquiring, exploring, and developing mineral resource projects. It intends to acquire advanced Molybdenum prospects and move them towards development; to purchase by-product Molybdenum production streams from copper producers; and to become a consolidator in the junior Molybdenum market.
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 prospectus dated July 31, 2007, 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.
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