BRITISH COLUMBIA — Vancouver’s Avanti Mining says the updated resource estimates for its Kitsault moly project are 54 million tonnes at 0.112% Mo in the measured category, 153 million tonnes at 0.088% Mo in the indicated category, and 26 million tonnes grading 0.069% Mo in the inferred category (at a cutoff grade of 0.04% Mo). Compare this to the November 2008 preliminary economic assessment that called for a total of 190 million tonnes of resources at 0.096% Mo to be mined over 15 years.
The updated estimate included results of the recent 33-hole, 10,131-metre drilling program. SRK Consulting was responsible for the new 43-101 numbers.
Craig J. Nelsen, Avanti president and CEO, stated, “This new resource statement resulted in an increase of 24% of contained molybdenum in the measured and indicated classification over our previous resource model. Most of this increase was the result of conversion of previously classified inferred resource to indicated and refinement of the geologic model. When compared to the resource used in our preliminary economic assessment, the changes were insignificant except for the upgraded classification. This new resource statement will be used in the preliminary feasibility study which is currently underway.”
The former Kitsault moly mine produced from 1967 to 1982. More information is available at www.AvantiMining.com.