SOURCE: Avanti Mining Inc.

Avanti Mining Inc.

July 08, 2013 08:30 ET

Avanti Mining Announces Letter of Understanding With Gitanyow Hereditary Chiefs

VANCOUVER, BC--(Marketwired - Jul 8, 2013) - Avanti Mining Inc. (TSX VENTURE: AVT) (PINKSHEETS: AVNMF) and its wholly owned subsidiary Avanti Kitsault Mine Ltd. ("Avanti" or the "Company") is pleased to announce that it has signed a Letter of Understanding ("LOU") with the Gitanyow Hereditary Chiefs related to its proposed Kitsault Mine Project.

"We have worked hard to develop a strong relationship with the Gitanyow leaders," said Avanti Kitsault Mines President and CEO Mark Premo. "We are confident we can develop this project responsibly and do business together, and we look forward to doing so with all First Nations and local communities."

The LOU commits the parties to negotiate a Cooperation Agreement that will address:

  • Development of a Highway 37 Trust (in collaboration with the province of British Columbia),
  • Business and employment opportunities as well as training, and
  • Cooperation on environmental, social and cultural protection,

The LOU also addresses development of a Wildlife and Water Resource Protection Strategy and related capacity funding. It was signed on behalf of several Gitanyow Huwlips (houses) most directly affected by the project.

Gitanyow Chief Glen Williams stated, "Avanti has been open and fair in all our dealings. We look forward to strengthening that relationship in ways that will benefit our people as this project proceeds."

The Kitsault Mine Project received an environmental assessment certificate from the province of British Columbia in March 2013. A federal environmental assessment decision is expected in the near future.

The Company 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. All statements, other than statements of historical fact, included herein including, without limitation, the Company's plans to extend the current bridge loan and arrange a new loan, to arrange debt and equity financing to build the Kitsault project, and the development of the Kitsault project, 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 Company'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; results of negotiations with a potential strategic partner and other risks and uncertainties disclosed in the Company's Annual Information Form for the year ended December 31, 2012, which is available at www.sedar.com. The Company 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.

Contact Information

  • For further information, please visit www.avantimining.com, or contact:

    Mark G Premo
    President & CEO
    Avanti Kitsault Mine Ltd.
    604-649-6473

    Craig J. Nelsen
    Chief Executive Officer
    720-280-9450

    A.J. Ali
    Chief Financial Officer
    303-875-7023