AVANTI ANNOUNCES PROGRESS ON BC AND CANADIAN ENVIRONMENTAL ASSESSMENT
TSX-V:AVT
VANCOUVER, Nov. 10 /CNW/ - Avanti Mining Inc. (TSX-V: AVT) through its wholly owned subsidiary Avanti Kitsault Mine Ltd. ("Avanti" or the "Company") is pleased to announce progress on the environmental assessment of the Kitsault Mine Project ("the Project"). On November 5, 2010, the Canadian Environmental Assessment Agency ("CEA Agency") and the British Columbia Environmental Assessment Office approved the release of the draft Application Information Requirements ("AIR") to technical specialists representing both federal and provincial regulators. Regulators will have 30 days to provide comments to the Company on the draft AIR. Following regulator review, the public will have 30 days to comment on the draft AIR. This public comment period will take place early in 2011. The AIR sets the requirements of the environmental assessment Application pursuit to an environmental assessment Certificate from British Columbia and an authorization to proceed to federal permitting from the government of Canada.
The CEA Agency as of November 8, 2010, has commenced its own public comment period for the federal environmental assessment. The public comment period will close on December 10, 2010. The Agency is seeking comments from the public on the Project. This is the first of several public comment periods that will occur during the federal environmental assessment process. The CEA Agency has confirmed the environmental assessment for the Project will be conducted as a comprehensive study. It is expected that the Project will undergo a single cooperative environmental assessment in accordance with the principles set out in the "Canada-BC Agreement on Environmental Assessment Coordination".
Following discussions with the Department of Fisheries and Oceans and Environment Canada, Avanti is confident that the Project will not require a Schedule 2 Amendment under the Metal Mines Effluent Regulations (MMER). A Schedule 2 Amendment under MMER is required when a mine proposes the use of a fish bearing waters for disposal of mine waste (tailings). A Schedule 2 Amendment requires a federal Order in Council. Avanti has designed the tailings facility, and other major project components, to avoid fish bearing lakes and rivers.
Avanti has targeted the end of the first quarter 2011 for submission of the Project's environmental assessment Application. Avanti anticipates the completion of the federal and provincial environmental assessment process prior to the end of 2011. Project permitting will proceed concurrently with the review of the environmental assessment Application in order to advance the Project into construction as soon as all necessary permits have been received.
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 215 million tonnes grading 0.085% Mo and containing 368 million pounds of recoverable molybdenum as outlined in the Technical Report dated December 15, 2009 which is available on the Company's 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.
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, the completion of the feasibility study, molybdenum products meeting the specifications of the London Metals Exchange 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 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 Annual Information Form for the year ended December 31, 2009, 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.
%SEDAR: 00024083E
For further information:
please visitwww.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
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