SOURCE: Avanti Mining Inc.

Avanti Mining Inc.

April 13, 2012 16:37 ET

Avanti Mining to Extend Bridge Loan Agreement With Resource Capital Fund IV L.P.

VANCOUVER, BC--(Marketwire - Apr 13, 2012) - Avanti Mining Inc. (TSX VENTURE: AVT) (PINKSHEETS: AVNMF) ("Avanti" or the "Company") announces that it has entered into a term sheet with Resource Capital Fund IV L.P. ("RCF") to extend the term of the $5 million bridge loan dated December 6, 2011 made by RCF to the Company.

Pursuant to the term sheet, RCF has agreed to extend the maturity date of the bridge loan from April 15, 2012 to June 15, 2012 and the Company has agreed to pay RCF an extension fee of CDN$125,000 in cash or, at RCF's option, in common shares of the Company valued at the current market price. All other terms of the bridge loan remain unamended.

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. (the "Corporation"). All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to the development of the Corporation's Kitsault molybdenum 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 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; results of negotiations with a potential strategic partner 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, except 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:

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

    or

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