Avanti Mining Inc.

Avanti Mining Inc.

April 02, 2009 14:01 ET

Avanti Mining Appoints Wardrop Engineering the Contract for the Prefeasibility Study of Its Kitsault Moly Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 2, 2009) - Avanti Mining Inc. (TSX VENTURE:AVT) ("Avanti") is pleased to announce that it has selected Wardrop Engineering Inc. to perform the Prefeasibility Study on its 100% owned Kitsault molybdenum mine located in British Columbia. This appointment comes after a bidding process in which Wardrop was the successful bidder out of five engineering firms. The study commences immediately and is expected to take seven months to complete.

Craig J. Nelsen, President and CEO of Avanti, commented that, "Wardrop Engineering is a well recognized and respected firm, providing professional services to clients around the world. We are pleased to have a company of this caliber working with Avanti to help bring our Kitsault mine closer to production."

The Kitsault mine is a past producer with a high-grade resource. In December 2008, Avanti completed a preliminary economic assessment on the property that suggested a mine capable of producing approximately 25 million lbs of moly per year over a 15-year mine life, at a cash cost of less than $6.00 per pound. This Prefeasibility Study will first examine a range of production rates and determine the optimal production capacity.

In addition to development of its Kitsault mine, Avanti Mining Inc. 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.

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.

Contact Information

  • Avanti Mining Inc.
    Craig J. Nelsen
    Chief Executive Officer
    (303) 565-5491, extension 13
    Avanti Mining Inc.
    Cheryl A. Martin
    Senior Vice President, Investor Relations
    (303) 565-5491, extension 12
    Website: www.avantimining.com