BRITISH COLUMBIA Nothing appears to be slowing down Vancouver's AVANTI MINING since it agreed to buy the former Kitsault molybdenum mine in June 2008. The company has already produced a 43-101 indicated resource of 158 million tonnes grading 0.10% Mo or 348 million lb of contained moly. There is also an inferred resource of 133 million tonnes grading 0.08% Mo and containing an additional 235 million lb of metal.
Avanti has signed a definitive purchase agreement to acquire 100% of the Kitsault mine from a subsidiary of ALCOA INC, the U.S. aluminum producer. The deal is worth $20 million and expected to close in mid-October 2008.
The Kitsault mine is located close to tidewater on Alice Arm in the Skeena Mining Division of British Columbia. It began production in 1967 and continued until 1972. Stockpiled ore was treated from 1981 to 1982 until low moly prices again idled the site.
Avanti's website is at www.AvantiMining.com, but the Kitsault acquisition is so recent that there is no information other than a couple press releases about it on the site.
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