BRITISH COLUMBIA Denver-based AVANTI MINING says the results of the preliminary economic assessment for its 100%-owned Kitsault molybdenum property is positive. The property 140 km north of Prince Rupert produced 30.0 million lb of molybdenum between 1967 and 1982.
The PEA was prepared by SRK CONSULTING (US). It envisions an open pit and 40,000-t/d concentrator with a mine life of 15 years, during which time 190.0 million tonnes of ore grading 0.096% Mo will be recovered. A total of 363.0 million lb of molybdenum would be produced. Initial capital costs are estimated at $424 million, and total operating costs would be $5.97/lb of moly.
Details of the PEA are available at www.AvantiMining.com, in the news release dated Nov. 3, 2008. Avanti plans to post the technical report on its website and SEDAR within 45 days.