TAILINGS MANAGEMENT: Avanti cuts capex by choosing new site

BRITISH COLUMBIA - Avanti Mining of Vancouver identified an alternative location for a tailings management fac...

BRITISH COLUMBIA - Avanti Mining of Vancouver identified an alternative location for a tailings management facility (TMF) for its Kitsault molybdenum project. Comparative scoping level engineering studies suggest that initial capital costs may be reduced by approximately C$50 million to C$70 million from the C$228 million estimated on comparable components in the preliminary feasibility study (PFS). Avanti is currently advancing its feasibility study.

The company has been studying alternative TMF sites since the PFS was published in November 2009, under the direction of Knight Piesold. The study involved the selection of a better TMF site after evaluating initial capital cost, operating cost, construction schedule and environmental considerations. Several alternative TMF sites emerged from the study, but the one that has been chosen is located approximately 2 km east of the mine. This alternative TMF site will become the focus of the feasibility study and the British Columbia Environmental Assessment Act review of the Kitsault project.

The former Kitsault mine 140 km northeast of Prince Rupert and within a couple kilometres of tidewater at Alice Arm. The property was first staked in 1911, and was actively mined only from 1968 and 1972. During that time, roughly 9.3 million tonnes of ore were mined to produce 22.9 million lb of molybdenum. Proven and probable reserves are estimated to be 215 million tonnes grading 0.085% Mo and containing 368 million lb of recoverable molybdenum.

Technical reports are posted at www.AvantiMining.com.

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