Avanti Mining Inc. (CVE:AVT) reports results of the NI 43-101 feasibility study on Kitsault molybdenum property in northwest British Columbia, Canada.
The press release is quoted as saying:
The Kitsault property is located about 140 km north of Prince Rupert, British Columbia, and south of the head of Alice Arm, an inlet of the Pacific Ocean. The property includes three known molybdenum deposits, Kitsault, Bell Moly, and Roundy Creek. The Kitsault mine was a producer of molybdenum between 1967 and 1972 and from 1981 to 1982 with total production on the property during both periods being approximately 31 million pounds of molybdenum.
Avanti’s President and CEO, Craig J. Nelsen says:
“We are delighted with the plan developed in this Feasibility Study by AMEC and other contributors” . “We are pleased with the projects robust economics and plan to utilize this study as the basis for negotiating strategic partnerships to assist with the financing plan for Kitsault. Our schedule anticipates receipt of permits toward the end of 2011 and construction to follow in early 2012 with initial production in 2014″