Avanti Mining Inc. ("Avanti") is pleased to announce that on June 13, 2014, the British Columbia Ministry of Energy and Mines issued an amendment to Avanti's existing Mines Act Permit (M-10).
The decision to issue the amended M-10 permit was made after a comprehensive review by the Kitsault Mine Review Committee ("KMRC"), consisting of representatives from relevant regulatory agencies, the Nisga'a Nation and the Metlakatla First Nation. Avanti expects to receive the remaining secondary construction related approvals in the very near future.
"We are delighted with the decision by the Chief Inspector of Mines and the issuance of the amendment to our Mines Act Permit" said Gordon J. Bogden, President and CEO of Avanti. "This is a very significant milestone for the Kitsault molybdenum project. Further, it is a forerunner for other corollary leases and licenses that are anticipated within a few days and which will allow us to commence road and camp construction at site. Avanti's pre-construction funding was secured in December 2013 in the form of a $50 million loan from Resource Capital Funds. In the meantime Avanti continues its project debt negotiations with its banking syndicate while it explores in parallel a number of other financing sources such as a sale of a silver stream, and investment by a strategic partner."
Avanti is focused on the development of the past-producing Kitsault molybdenum mine located north of Prince Rupert, British Columbia. The Kitsault Mine Project received an environmental assessment certificate from the province of British Columbia in March 2013. A federal environmental assessment decision is expected in the near future.
For further information, please visit www.avantimining.com.