Avanti Mining Inc. (CVE:AVT) reports LOI with SeAH Holdings Corp of Korea.
The press release is quoted as saying:
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 232.5 million tonnes grading 0.081% Mo and containing 415.8 million pounds of molybdenum as outlined in the Technical Report with an effective date of December 15, 2010 which is available on the Company’s website as well as at www.sedar.com.
Avanti’s President and CEO, A.J. Ali says:
“This extension does not change our financing strategy of selling a minority interest in Kitsault to a strategic partners or the timing to complete financing for construction start up early next year. There are several aspects to this negotiation including debt financing from other parties in Korea that require additional time to finalize.”