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Northwestern BC moly mine closer to construction start

The company which wants to build a molybdenum mine at Kitsault on the north coast says it is one step closer to the start of construction following its June 13 granting of an amendment to its existing mines act permit.

The amendment to Avanti Mining was issued by the provincial mines ministry following a review of the planned $1 billion project.

A company official this morning said it expects to receive approvals allowing it to start construction in "the very near future."

"This is a very significant milestone for the Kitsault molybdenum project. Further, it is a forerunner for other corollary leases and licenses that are anticipated within a few days and which will allow us to commence road and camp construction at site," said company president Gordon Bogden.

He said the company continues to pursue final financing for the project, including the sale of silver that is within Avanti's ore deposit.

Avanti's plan calls for a two-year construction window and it has been making plans to start construction as soon as all of its approvals are in place.

Molybdenum has a number of uses, the chief of which is to strengthen steel.

The company does need federal environmental approval and that's expected very soon.

It also took a major step forward earlier this month when it reached a revenue sharing agreement with the Nisga'a Nation.

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