|By Marketwired .||
|April 28, 2014 08:30 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/28/14 -- Avanti Mining Inc. (TSX VENTURE: AVT)(PINKSHEETS: AVNMF) ("Avanti" or the "Company") announced today that it has entered into an offtake agreement ("Agreement") with SeAH M&S Corp ("SeAH M&S") whereby SeAH M&S will purchase, at prices based on the market price, up to 20 percent (20%) of its molybdenum concentrate production from its Kitsault mine over a 13 year period.
The Agreement represents approximately US$800 million of potential molybdenum revenues using the price assumptions reported by Avanti in its April 1, 2014 NI 43-101 Feasibility Study Update. The Agreement provides for the annual delivery of 4,200 metric tonnes of molybdenum concentrate (approximately 4.8 million pounds of molybdenum content) to SeAH M&S over a 12 year period, with an additional quantity up to 4,200 metric tonnes of molybdenum concentrate to be delivered in the year prior to the start of the 12 year period. During the 12 year period, the delivery quantity can be adjusted upwards or downwards by 10% by mutual agreement between the Company and SeAH M&S.
The Company announced on June 20, 2013 that it has previously received a German government "Untied Loan Guarantee" (UFK) approval in principle based upon its offtake agreement with ThyssenKrupp Metallurgical Products GMBH for fifty percent (50%) of its total molybdenum production from Kitsault for the life of mine. KfW IPEX-Bank GmbH and UniCredit Bank AG have previously been mandated to collectively provide, under the UFK program, a US$300 million tranche of the total project debt facility needed for the development of the Kitsault mine. The Agreement with SeAH M&S is conditional on participation of a Korean bank or other Korean lender in a second tranche of the project debt facility currently being arranged by the Company.
"We are very pleased to expand our relationship with the SeAH Group through this offtake agreement with SeAH M&S. The SeAH Group has been a shareholder in Avanti since 2010 and currently owns approximately 11% of the Company's issued and outstanding shares. The SeAH M&S agreement is an important step in finalizing a project debt finance facility for Kitsault." said Gordon Bogden, Avanti's President and Chief Executive Officer.
SeAH Group was incorporated in 1960 and has grown to be one of the largest steel manufacturers in South Korea. SeAH has operations in 10 countries globally with over US$7 billion in revenues in 2013. SeAH M&S is part of the SeAH Group and operates a molybdenum roasting plant in South Korea.
Avanti is focused on the development of the past-producing Kitsault molybdenum mine located north of Prince Rupert, British Columbia. The Kitsault Mine Project received an environmental assessment certificate from the province of British Columbia in March 2013. A federal environmental assessment decision is expected in the near future.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This news release contains certain forward-looking information concerning the business of Avanti Mining Inc. (the "Corporation"). All statements, other than statements of historical fact, included herein including, without limitation; statements related to the development of the Kitsault molybdenum mine, are forward-looking statements. These forward-looking statements are based on the opinions of management at the date the statements are made and are based on assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events to differ materially from those projected in forward-looking statements. Important factors that could cause actual results to differ materially from the Corporation's expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties including debt financing involving the participation of a Korean bank or other Korean lender and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in the Corporation's Annual Information Form for the year ended December 31, 2013, which are available at www.sedar.com. The Corporation is under no obligation to update forward-looking statements if circumstances or management's opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
President and Chief Executive Officer
Graham du Preez
Chief Financial Officer
Traditional IT, great for stable systems of record, is struggling to cope with newer, agile systems of engagement requirements coming straight from the business. In his session at 18th Cloud Expo, William Morrish, General Manager of Product Sales at Interoute, outlined ways of exploiting new architectures to enable both systems and building them to support your existing platforms, with an eye for the future. Technologies such as Docker and the hyper-convergence of computing, networking and sto...
Jul. 23, 2016 09:45 AM EDT Reads: 946
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Jul. 23, 2016 09:45 AM EDT Reads: 1,714
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Jul. 23, 2016 09:15 AM EDT Reads: 985
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jul. 23, 2016 09:00 AM EDT Reads: 1,907
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Jul. 23, 2016 09:00 AM EDT Reads: 799
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jul. 23, 2016 08:30 AM EDT Reads: 638
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Jul. 23, 2016 08:15 AM EDT Reads: 1,426
Much of IT terminology is often misused and misapplied. Modernization and transformation are two such terms. They are often used interchangeably even though they mean different things and have very different connotations. Indeed, it is somewhat safe to assume that in IT any transformative effort is likely to also have a modernizing effect, and thus, we can see these as levels of improvement efforts. However, many businesses are being led to believe if they don’t transform now they risk becoming ...
Jul. 23, 2016 08:00 AM EDT Reads: 1,032
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Jul. 23, 2016 08:00 AM EDT Reads: 1,224
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee...
Jul. 23, 2016 08:00 AM EDT Reads: 1,216
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Jul. 23, 2016 08:00 AM EDT Reads: 1,383
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 23, 2016 07:45 AM EDT Reads: 1,040
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Jul. 23, 2016 07:45 AM EDT Reads: 945
Jul. 23, 2016 07:30 AM EDT Reads: 2,006
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 07:15 AM EDT Reads: 1,768