Avanti Mining files preliminary prospectus

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TSX-V:AVT

VANCOUVER , Jan. 22 /CNW/ - Avanti Mining Inc. ("Avanti" or the "Corporation"), announced today that it has filed a preliminary short form prospectus in connection with a marketed public offering of units (the "Units") of the Corporation (the "Offering"). The Offering will be conducted through a syndicate of underwriters led by BMO Capital Markets and including GMP Securities L.P. and Macquarie Capital Markets Canada Ltd. (collectively, the "Underwriters").

Each Unit will consist of one common share of Avanti (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). The number of Units to be issued as well as the offering price per Unit (the "Offering Price"), the exercise price of the Warrants and the expiry date of the Warrants will be determined in the context of the market.

The proposed Offering is for approximately C$25 million, and Avanti has also granted the Underwriters an over-allotment option up to 15% of the aggregate number of Units sold in the Offering to cover over-allotments and for market stabilization purposes, exercisable in whole or in part at any time up to 30 days after the closing of the Offering. Avanti intends to principally use the proceeds from the Offering to advance its work on the Kitsault Property towards a completed NI 43-101 compliant Feasibility Study based on the NI 43-101 Pre-Feasibility Study dated December 15, 2009 and for general corporate purposes.

Closing of the Offering is subject to certain conditions, including regulatory approval and approval of the TSX Venture Exchange.

The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus are available electronically at www.sedar.com. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the (final) prospectus has been issued.

This news release does not constitute an offer to sell, or the solicitation of an offer to buy, the securities in any jurisdiction, including the United States , or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption therefrom, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The securities being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person, absent U.S. registration or an applicable exemption therefrom.

Avanti is focused on the development of the past producing Kitsault molybdenum mine located north of Prince Rupert in British Columbia.

Forward-Looking Statements: This news release contains certain forward-looking information concerning the business of the Corporation. All statements, other than statements of historical fact, included herein including, without limitation, statements concerning the Offering and the proposed use of proceeds from the Offering 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 Preliminary Prospectus filed on January 21, 2010 and the Corporation's Annual Information Form for the year ended January 31, 2009 , each of 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.

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For further information: please visit www.avantimining.com, or call [phone] to contact: Craig J. Nelsen, Chief Executive Officer; A.J. Ali, Chief Financial Officer