🕐27.05.11 - 15:27 Uhr
AVANTI EXTENDS LETTER OF INTENT WITH SEAH HOLDINGS CORP UNTIL JUNE 17, 2011
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Re: News Release - Friday, May 27, 2011
Avanti Extends Letter of Intent with SeAH Holdings Corp Until
June 17, 2011
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Vancouver, British Columbia: Avanti Mining Inc.
(TSX-V: AVT) (OTC:
AVNMF.PK) ("Avanti" or the "Company") reports that the previously
announced letter of intent (LOI) with SeAH Holdings Corp of Korea has
been extended to June 17, 2011 as negotiations continue.
There can be
no certainty definitive agreements will be agreed by the parties during
this period.
"This extension does not change our financing strategy of selling a
minority interest in Kitsault to a strategic partners or the timing to
complete financing for construction start up early next year.
There are
several aspects to this negotiation including debt financing from other
parties in Korea that require additional time to finalize." said A.J.
Ali, Chief Financial Officer of the Company.
Avanti is focused on the development of the past producing Kitsault
molybdenum mine located north of Prince Rupert in British Columbia.
Kitsault has Proven and Probable reserves of 232.5 million tonnes
grading 0.081% Mo and containing 415.8 million pounds of molybdenum as
outlined in the Technical Report with an effective date of December 15,
2010 which is available on the Companys website as well as at
www.sedar.com.
Mr.
Kenneth Collison, Senior Vice President of Project
Development for the Company and a Qualified Person as defined in NI
43-101, has reviewed and approved the scientific or technical
information in this press release.
For further information, please visit www.avantimining.com, or contact:
Craig J.
Nelsen, Chief Executive Officer, 303-565-5491, extension 4471,
or
A.J.
Ali, Chief Financial Officer, 303-565-5491, extension 4472
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 about the recoverability of molybdenum at the Kitsault
property and other matters related to the 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 Corporations 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 Corporations Annual Information Form for the year ended December
31, 2009, which are available at www.sedar.com.
The Corporation is
under no obligation to update forward-looking statements if
circumstances or managements 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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Copyright (c) 2011 AVANTI MINING CORP.
(AVMI) All rights reserved.
For more information visit our website at http://www.avantimining.com/
or send mailto:
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