SOURCE: Avanti Mining Inc.

Avanti Mining Inc.

August 15, 2011 08:30 ET

Avanti Intersects 294.3 Meters Averaging 0.074% Molybdenum at Kitsault

VANCOUVER, BC--(Marketwire - Aug 15, 2011) - Avanti Mining Inc. (TSX-V: AVT) (PINKSHEETS: AVNMF) ("Avanti" or the "Company") is pleased to announce that it has received assays from the first 10 holes of its 2011 drill program at the Kitsault Mine molybdenum project located in northwest British Colombia. All of these holes were drilled into the northwest portion of the project where previous drilling had not completely defined the extent and quality of mineralization.

Drill highlights include:

  • Hole K11-01 intersected 252 meters averaging 0.077% molybdenum and 3.2 g/t silver
  • Hole K11-02 intersected 213 meters averaging 0.082% molybdenum and 4.7 g/t silver
  • Hole K11-03 intersected 138 meters averaging 0.087% molybdenum and 1.8 g/t silver
  • Hole K11-04 intersected 135 meters averaging 0.076% molybdenum and 5.6 g/t silver
  • Hole K11-05 intersected 99 meters averaging 0.107% molybdenum and 2.9 g/t silver
  • Hole K11-06 intersected 174 meters averaging 0.075% molybdenum and 6.4 g/t silver
  • Hole K11-08 intersected 294.3 meters averaging 0.074% molybdenum and 4.9 g/t silver while bottoming in ore
  • Hole K11-09 intersected 156 meters averaging 0.068% molybdenum and 3.5 g/t silver
  • Hole K11-10 intersected 141 meters averaging 0.087% molybdenum and 3.6 g/t silver

"Drilling at the Kitsault Mine molybdenum project continues to highlight the consistent high grade nature of mineralization," said Craig J. Nelsen, President & CEO of Avanti. "The purpose of drilling in the northwestern portion of the deposit is to firstly, better define this structurally controlled trend, and secondly, to convert Inferred Resources to Indicated. These results appear to have accomplished both purposes and more importantly would have the effect of converting waste into ore that would both lower cost and increase contained molybdenum."

Drill Results

A map showing the location of these drill holes relative to the previous drilling by all prior operators at Kitsault is available at www.avantimining.com or click the link below to view this map.

http://www.avantimining.com/i/pdf/KIT-DDH-2011-PR.pdf

The detailed drill results for Holes K11-01 to K11-10 are summarized below:

2011 KITSAULT DRILL RESULTS
Hole Number EASTING/ AZIMUTH/ TD From To Length % ppm
NORTHING BEARING (m) (m) (m) (m) Mo Ag
K11-01 472,825E/ 90/ 490.7 207.0 459.0 252.0 0.077 3.2
inc (0.05 c/o) 6,141,890N -60 237.0 441.0 204.0 0.085 3.4
inc (0.1 c/o) 240.0 270.0 30.0 0.106 7.0
inc (0.1 c/o) 315.0 327.0 12.0 0.118 3.3
inc (0.1 c/o) 339.0 423.0 84.0 0.101 1.5
K11-02 472,825E/ 90/ 374.9 159.0 372.0 213.0 0.082 4.7
inc (0.05 c/o) 6,141,890N -45 186.0 369.0 183.0 0.090 5.0
inc (0.1 c/o) 234.0 330.0 96.0 0.109 7.3
inc (0.1 c/o) 198.0 210.0 12.0 0.123 3.9
K11-03 473,150E/ 180/ 289.6 99.0 237.0 138.0 0.087 1.8
inc (0.05 c/o) 6,142,175N -60 111.0 234.0 123.0 0.094 1.9
inc (0.1 c/o) 141.0 153.0 12.0 0.090 0.6
inc (0.1 c/o) 174.0 219.0 45.0 0.141 1.8
K11-04 472,785E/ 90/ 381 246.0 381.0 135.0 0.076 5.6
inc (0.05 c/o) 6,141,950N -45 255.0 360.0 105.0 0.087 3.9
inc (0.1 c/o) 270.0 315.0 45.0 0.109 4.0
K11-05 473,450E/ vert 402.3 204.0 237.0 33.0 0.032 1.0
inc (0.05 c/o) 6,142,130N 231.0 237.0 6.0 0.078 1.2
and
255.0 354.0 99.0 0.107 2.9
inc (0.05 c/o) 258.0 354.0 96.0 0.109 3.0
inc (0.1 c/o) 306.0 342.0 36.0 0.178 6.9
K11-06 472,885E/ 90/ 303 111.0 285.0 174.0 0.075 6.4
inc (0.05 c/o) 6,141,950N -45 126.0 246.0 120.0 0.094 8.6
inc (0.1 c/o) 156.0 231.0 75.0 0.116 10.8
K11-07 473,100E/ 0/ 210.3 no significant results
6,142,125N -60
K11-08 473,050E/ 180/ 402.3 108.0 402.3 294.3 0.074 4.9
inc (0.05 c/o) 6,142,180N -45 129.0 147.0 18.0 0.085 1.1
inc (0.1 c/o) 129.0 141.0 12.0 0.104 1.4
and
inc (0.05 c/o) 204.0 345.0 141.0 0.099 6.9
inc (0.1 c/o) 231.0 276.0 45.0 0.166 3.0
and
inc (0.05 c/o) 360.0 399.0 39.0 0.072 1.2
K11-09 473,100E/ 180/ 246 45.0 201.0 156.0 0.068 3.5
inc (0.05 c/o) 6,142,125N -55 99.0 186.0 87.0 0.093 4.9
inc (0.1 c/o) 114.0 153.0 39.0 0.112 1.4
K11-10 473,100E 180/ 48.0 81.0 33.0 0.039 0.6
and 6,142,125N -75
96.0 237.0 141.0 0.087 3.6
inc (0.05 c/o) 120.0 225.0 105.0 0.105 4.5
inc (0.1 c/o) 129.0 138.0 9.0 0.103 4.0
inc (0.1 c/o) 153.0 216.0 63.0 0.124 5.1
1. Principal composites are calculated at a cut-off grade of 0.027% molybdenum as stated in the 2010 Feasibility Study and allow inclusion of up to nine meters of material below that grade. Other cut-offs (internal to the main 0.027% zone) at 0.05% and 0.10% molybdenum use the same compositing rules. Multiple intersections in a hole are separated by the word "and".
2. Approximate horizontal widths can be calculated by multiplying the drill thickness of a -45 degree inclined hole times 0.7 and a -60 degree inclined hole by 0.5.
3. Silver results on the above table are included for informational purposes only. Please consult the Company's recent Kitsault Mine Feasibility Study for a discussion on the possibility of silver by-product recovery. No revenues have been assumed for silver in the Kitsault Feasibility Study but metallurgical test that may develop a saleable silver by-product are underway.

All of the sawn half core drill samples (dominantly HQ size) collected by Company personnel are delivered to the ALS Minerals sample preparation lab in Terrace, B.C. where they are logged into the computer tracking system, crushed, split and a pulp sample prepared. Various quality control tests for crushing and labeling accuracy are performed at this lab. The pulp samples are then sent to the ALS Minerals laboratory in Vancouver, B.C. for 33-element analysis by Inductively Couple Plasma -- Atomic Emission Spectroscopy. ALS Minerals is an ISO/17025 certified laboratory. ALS monitors quality control through the introduction of blanks, standards and duplicate sampling. In addition, Avanti personnel routinely insert hidden blanks and standards into the sampling stream. Bruce Davis, FAusIMM, is responsible for analyzing the QA/QC aspects of this work and Ken Collison, P. Eng., Senior Vice President Project Development, is responsible for the technical information in this press release. Both individuals are Qualified Persons as defined by NI 43-101.

Avanti Mining Inc. is focused on the development of the past producing Kitsault molybdenum mine located north of Prince Rupert in British Columbia. In late 2010, Avanti completed the Kitsault Feasibility Study on the Kitsault Mine Project, dated December 15, 2010, prepared by AMEC Americas Limited, that showed Proven and Probable Reserves of 232.5 million tonnes averaging 0.081% molybdenum.

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, statements about matters related to the classification of mineral resources and 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 for the year ended December 31, 2010, 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, excepting as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

For further information, please visit www.avantimining.com.

Contact Information

  • Contact:

    Craig J. Nelsen
    Chief Executive Officer
    303-565-5491, extension 4471

    A.J. Ali
    Chief Financial Officer
    303-565-5491, extension 4472