Avanti Mining Inc. (CVE:AVT) reports that it has entered into a letter of intent with respect to a potential acquisition by SeAH Holdings Corp. of up to a 30% interest in the Kitsault project.
The press release is quoted as saying:
The amount of investment needed to earn the interest will be negotiated between the parties based upon the valuation reflected in Kitsault feasibility study announced on December 16th, 2010.
Avanti Mining’s CEO, A.J. Ali says:
“A strategic alliance with SeAH is an important milestone in the redevelopment of the Kitsault mine.” “Avanti will use the proceeds of the acquisition transaction as part of the equity component of the financing of the mine redevelopment and SeAH will also assist us in procuring the debt financing from Korean sources.”