🕐29.01.10 - 19:46 Uhr
Avanti Mining Closes Purchase Of Contiguous Mineral Tenures At Kitsault
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Avanti Mining Closes Purchase Of Contiguous Mineral Tenures At
Kitsault
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Vancouver, British Columbia: Avanti Mining Inc.
("Avanti") is
pleased to announce that further to its press release of January 14,
2010, it has closed the purchase of a 100% interest in 102 mineral
tenures adjacent to its Kitsault molybdenum property in northern
British Columbia from TA Mineral Resources Ltd.
and Quadra Coastal
Resources Ltd.
(the "Vendors").
These tenures triple the acreage
controlled by Avanti and allow for future exploration.
In consideration of the purchase, on closing Avanti paid the Vendors
the sum of $100,000 and issued 1,500,000 Avanti units.
Each unit
consists of one common share and one-half of a share purchase warrant
exercisable at C$0.30/share until January 28, 2012.
Pursuant to the
agreement Avanti has agreed to make further payments to the Vendors of
C$200,000 and 2,000,000 units six months after closing and C$100,000
and 2,000,000 units twelve months after closing.
The Vendors will retain a 1.5% net smelter royalty on 100 of the
tenures purchased by Avanti.
Tenures 517367 and 517364 are not
included in the tenures subject to the net smelter royalty.
Craig J.
Nelsen, President and CEO, commented, "The consolidation of a
significant parcel of mineral tenures around the Kitsault property
provides excellent exploration opportunities for future expansion of
the resource base and development of the ore body around the Kitsault
Property."
Avanti is focused on the development of the past producing Kitsault
molybdenum mine located north of Prince Rupert in British Columbia.
For further information, please visit www.avantimining.com, or call
303-565-5491 to contact:
Craig J.
Nelsen, Chief Executive Officer
A.J.
Ali, Chief Financial Officer
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; the
details of the cash payments and unit issuances required under the
acquisition agreement, the development of the ore body, future
exploration and expansion of the resource base, 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 January
31, 2009, which is 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) 2010 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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