Avanti Mining Updates The Mineral Resource Statement For Its Kitsault Moly Mine
Vancouver, British Columbia: Avanti Mining Inc. (TSX-V:AVT) ("Avanti") announced today an updated Mineral Resource Statement for its 100% owned Kitsault molybdenum deposit located in British Columbia, Canada. At a 0.04% Mo cut-off grade, the resources are now estimated at 54 million tonnes at an average grade of 0.112 percent molybdenum classified as Measured Mineral Resources; 153 million tonnes at an average grade of 0.088 percent molybdenum classified as Indicated Mineral Resources; and an additional 26 million tonnes grading an average of 0.069 percent molybdenum classified as Inferred Mineral Resources. The resource estimate was prepared by Avanti personnel and was audited by SRK Consulting (US) Inc. ("SRK").
Today's updated mineral resource statement incorporates a recently completed, thirty-three hole, 10,131 meter drilling program, the results of which were announced on January 12, 2009. An assay QA/QC program was implemented by Avanti for this drilling program, including re-assays, insertion of standard reference materials (SRM) and blanks, course duplicate assays and systematic re-assays sent to external laboratories. SRK has reviewed the results of this program and considers that the QA/QC program meets or exceeds industry standards and confirms that these data are appropriate for use in resource estimation.
Utilizing the new drill hole sample assay results, the updated resource can be summarized in the following table.
Mineral Resource Statement for the Kitsault Molybdenum Deposit*, March 31, 2009
| |
|
Grade |
Contained Metal |
Resource
Classification |
Quantity
(Mt) |
Mo
(%) |
Silver
(g/t) |
Lead
(%) |
WO3
(%) |
Mo
(Mlbs) |
Silver
(Moz) |
Lead
(Mlbs) |
W03
(Mlbs) |
| Measured** |
54 |
0.112 |
4.54 |
0.022 |
0.007 |
133 |
8 |
26 |
8 |
| Indicated** |
153 |
0.088 |
5.24 |
0.025 |
0.006 |
297 |
26 |
84 |
20 |
Measured** and
Indicated** |
207 |
0.094 |
5.06 |
0.024 |
0.006 |
430 |
34 |
110 |
28 |
| Inferred** |
26 |
0.069 |
4.15 |
0.019 |
0.005 |
40 |
4 |
11 |
3 | *Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. The cut-off grades are based on metal price assumptions of US$20.00/lb of molybdenum, and a metallurgical recovery of eighty-nine percent for molybdenum. Silver, Lead and WO3 were not used in the pit optimization.
**Reported at a cut-off grade of 0.04% Molybdenum contained within a potentially economically mineable open pit.
Craig J. Nelsen, President and CEO stated "This new resource statement resulted in an increase of 24% of contained Molybdenum in the Measured and Indicated classification over our previous resource model. Most of this increase was the result of conversion of previously classified Inferred resource to Indicated and refinement of the geologic model. When compared to the resource used in our Preliminary Economic Assessment, the changes were insignificant except for the upgraded classification. This new resource statement will be used in the Preliminary Feasibility Study which is currently underway."
The mineral resources are reported in accordance with Canadian Securities Administrators' National Instrument 43-101 and have been estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. The mineral resource estimate was prepared by Robert Sim, P. Geo., under the supervision of Dr. Bruce Davis, FAusIMM, utilizing the new drill hole data. The audit of this resource estimate was completed by Jeffrey Volk, P.Geo an independent qualified person as this term is defined in National Instrument 43-101. The effective date of this resource estimate is March 31, 2009. Since the resource study resulted in minimal changes to the current NI43-101 Preliminary Economic Assessment, a new report will not be filed. The audit report prepared by SRK will be available on our website for reference.
Dr. Bruce Davis, FAusIMM, Manager of Business Development for Avanti, is the Qualified Person responsible for the technical information reported in this news release. Further information about the Kitsault molybdenum property is available in a National Instrument 43-101 Technical Report with an effective date of November 3, 2008 and titled NI 43-101 Preliminary Economic Assessment Avanti Mining, Inc. Kitsault Molybdenum Property, British Columbia, Canada, which has been filed on SEDAR (www.sedar.com) as of March 4, 2009.
In addition to development of its Kitsault mine, Avanti Mining Inc. intends to acquire advanced molybdenum prospects and move them towards development; to purchase by-product molybdenum production streams from copper producers; and to become a consolidator in the junior molybdenum market.
For further information, please visit www.avantimining.com, or contact:
Craig J. Nelsen, Chief Executive Officer, 303-565-5491, extension 13, or
Cheryl A. Martin, Senior Vice President, Investor Relations, 303-565-5491, extension 12
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; anticipated dates for receipt of permits and approvals, construction and production, and other milestones; anticipated results of drilling programs, feasibility studies and other analyses; estimated timing and amounts of future expenditures, and the Corporation's future production, operating and capital costs, operating or financial performance, 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 prospectus dated July 31, 2007, 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.
You can also view this News Release on our website at:
http://www.avantimining.com/s/NewsReleases.asp?ReportID=344007 |
