Metals News on Metals Place

Visit Metals Place - Metals News - Metals

Avanti Mining reaches agreement to purchase the past producing Kitsault molybdenum mine, BC

Posted on June 20, 2008

Avanti Mining Inc. (CNQ:AVMI) ( Avanti ) today announced it signed a definitive purchase agreement to acquire an undivided, 100% direct interest in the Kitsault molybdenum mine and surrounding mineral tenures, located in northern British Columbia, from Aluminerie Lauralco, Inc. ( ALI ), a wholly owned subsidiary of Alcoa, Inc. The purchase price is US$20 million. In addition, ALI can elect (within 90 days of Avanti delivering a feasibility study) to receive (a) a further US$10 million in cash or in Avanti shares at commercial production; or, (b) a 1% net smelter royalty on future production. T...

Original article link


molybdenum