Avanti Mining Issues Shares in Lieu of Cash for Interest Payable
under Terms of Bridge Loan
Vancouver, British Columbia: Avanti Mining Inc. (TSX-V: AVT)
("Avanti" or the "Company") announced today that in
accordance with the terms of the Convertible Bridge Loan Agreement (the
"Loan Agreement") dated October 16, 2008, as amended October
2, 2009, between Avanti and Resource Capital Fund IV L.P.
("RCF"), Avanti has made an interest payment in the amount of
US$100,000.00 on the bridge loan for the period from October 1, 2010 to
December 31, 2010. According to the terms and conditions set out in the
Loan Agreement, RCF has the option to receive interest payments in the
form of common shares of Avanti. RCF has made a request to receive the
interest payable on the bridge loan in the amount of US$100,000.00 in
common shares, and Avanti will deliver to RCF 328,348 common shares in
satisfaction of the accrued interest payable for the period from
October 1, 2010 to December 31, 2010. The shares will be subject to a
four-month hold period.
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 contact:
Craig J. Nelsen, Chief Executive Officer, 303-565-5491, extension 4471,
or
A.J. Ali, Chief Financial Officer, 303-565-5491, extension 4472
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 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 are 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.
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