VANCOUVER, BRITISH COLUMBIA, Oct. 5, 2009 (Marketwire) --

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/05/09 -- Avanti Mining Inc. ("Avanti") (TSX VENTURE: AVT) announces that it has entered into a definitive agreement with Resource Capital Fund IV L.P. ("RCF") for the previously announced conversion of US$15,116,667 of the existing Convertible Bridge Loan into units of Avanti at a conversion price of C$0.16 per unit. Each Unit will consist of one common share and one half of one share purchase warrant. Each whole warrant will give RCF the right to purchase one share for a period of four years from the date of issuance at an exercise price $0.216. RCF has further agreed to fix the conversion price of the remaining loan of US$5,000,000 to be equal to $0.24 until Avanti completes its next equity offering and thereafter the conversion price will be equal to the price at which Avanti makes its next equity offering.

With this conversion, RCF will receive 101,969,919 common shares and 50,980,959 warrants, bringing their current ownership in the company to 133,657,339 shares, or 52.6%. RCF has the right to participate in future equity financing by Avanti on the same terms as third party investors on a prorated basis to maintain a 40% ownership in Avanti and has no other pre-emptive rights.

This agreement is subject to approval by a majority of the shares, other than shares held by RCF, voted at the November 5, 2009 shareholders' meeting of Avanti called to approve the transaction. Avanti has received the approval of the TSX-V for the transaction, subject only to the receipt of the required shareholder approval at the meeting. At the conclusion of this transaction, Avanti will have 253,998,362 shares issued and outstanding.

Avanti is focused on the development of the past producing Kitsault molybdenum mine located north of Prince Rupert in British Columbia.

For further information, please visit www.avantimining.com.

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; anticipated dates for receipt of permits and approvals, construction and production, and other milestones; anticipated results of drilling programs, feasibility studies and other analyses; estimated timing and amounts of future expenditures, and the Corporation's future production, operating and capital costs, operating or financial performance, are forward-looking statements.