Avanti Mining and the Nisga'a Nation Conclude Kitsault Mine Benefits Agreement
03 Giugno 2014 - 2:30PM
Marketwired
Avanti Mining and the Nisga'a Nation Conclude Kitsault Mine
Benefits Agreement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 3, 2014) -
Avanti Mining Inc. (TSX-VENTURE:AVT)(PINKSHEETS:AVNMF), its wholly
owned subsidiary Avanti Kitsault Mine Ltd. ("Avanti" or the
"Company") and the Nisga'a Nation are pleased to
announce that they have concluded a comprehensive agreement in
connection with Avanti's proposed Kitsault Molybdenum Mine Project
in northwestern British Columbia. The agreement will address a
number of outstanding Nisga'a concerns in respect of
environmental protection, provide economic benefits to the
Nisga'a Nation
(including a net smelter royalty of up to 2% based on prevailing
molybdenum prices), and resolve all outstanding litigation.
The project is located within the Nass Area, in which the
Nisga'a Nation has
certain treaty rights under the Nisga'a Final Agreement. Avanti
and the Nisga'a
Nation previously had a number of outstanding differences regarding
the project and related permitting, but have recently been in
direct discussions to resolve those issues and that has proven
successful.
"We are pleased to have finally reached an agreement with Avanti
that will enable the project to proceed while ensuring that our
treaty rights are respected, and our Nation's environment is
protected," said Mitchell Stevens, President of the Nisga'a Nation. "We wish to
congratulate Avanti's new executive team who approached us with a
sincere interest in addressing our concerns with the Project, which
we were then able to work through without delay. This demonstrates
that when proponents take the Nisga'a Nation's interests and
concerns seriously, practical agreements can be reached in a timely
manner. We are now counting on the provincial and federal
governments to fulfil their responsibilities under our Treaty in
respect of this and other projects in our area."
"This agreement marks the start of a new and promising chapter
in our relations with the Nisga'a Nation," said Avanti
President and Chief Executive Officer, Gordon Bogden. "We are
confident it will provide meaningful benefits to all parties,
including Nisga'a
individuals and businesses, and we look forward to growing this
partnership."
The Kitsault Mine operated previously from 1968 to 1972 and from
1980 to 1982. Construction to reopen the project under a modern day
mine plan is expected to start in 2014, subject to receipt of final
permits. Total investment in the project will be approximately
$1-billion and, when in production, the mine will provide up to 300
full-time jobs during its anticipated 14-year life. The project
will be subject to extensive environmental and permitting
conditions and monitoring programs. The Kitsault Mine Project
received an environmental assessment certificate from the province
of British Columbia in March 2013. A federal environmental
assessment decision is expected in the near future.
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 related to the construction and development
of the Kitsault molybdenum mine, the receipt of requisite permits,
including the environmental assessment decision 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 including debt financing 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 MD&A and the Annual Information Form for
the year ended December 31, 2013, 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.
Avanti Mining Inc.Gordon J. BogdenPresident and Chief Executive
Officer(416) 847-0376Avanti Mining Inc.Graham du PreezChief
Financial Officer(416) 847-0376www.avantimining.comNisga'a
NationDepartment of Communications and Intergovernmental
Relations(250) 633-3069www.nisgaanation.ca
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