Andina Minerals Announces Progress on Pampa Buenos Aires, Vein Float Samples Return up to 9.97 g/t Au
20 Julho 2011 - 6:19PM
Marketwired
Andina Minerals Inc. (TSX VENTURE: ADM) today announced that Iron
Creek Capital Corp. (TSX VENTURE: IRN) ("Iron Creek"), its 50:50
joint venture partner and operator for the Pampa Buenos Aires
property in northern Chile, has released an exploration update for
both Vein Float Samples that returned up to 9.97 g/t Au and
Controlled Source Audio-Frequency Magnetic-Telluric (CSAMT)
testing. The property, located approximately 15 km southwest of
Yamana's El Penon silver/gold mine, is being explored principally
for El Penon-style gold and silver bearing epithermal veins but
also holds potential for large porphyry base metal systems.
Please find a link to Iron Creek's website where the details of
the results of the current exploration activities can be found,
www.ironcreekcapital.com.
Andina entered into the joint venture with Iron Creek in January
2008. Under the terms of the agreement, Iron Creek together with
Andina will decide what additional work will be performed.
"Although still early days, we are excited by the progress made
on Pampa Buenos Aires and hope the results will help unlock value
inherent in our exploration portfolio. While we continue with our
main priority, being the preparation of a feasibility study for our
Volcan Gold Project, which is due for publication in Q2 2012,
having created a value proposition for Volcan, increasing
exploration activities to help drive value is now warranted,"
stated George Bee, President and CEO of Andina Minerals.
He added, "The market currently gives Andina little to no credit
for the value of its exploration holdings (Pampa Buenos Aires and
Encrucijada (joint ventured with Hochschild Mining PLC - LON: HOC))
where land is extremely hard to come by in Chile. Chile is a
politically stable, mining friendly and mining capable jurisdiction
and therefore is viewed by many as a preferred mining
jurisdiction."
About Andina Minerals Inc.
Andina's primary focus is mining exploration and development in
Chile. The Company's flagship development project is the 100%-owned
Volcan Gold Project ("Volcan"), strategically located in the
prolific Maricunga Gold Belt. In February 2011, Andina announced
the results of a positive pre-feasibility study for Volcan. Initial
Proven and Probable Mineral Reserves are 6.6 million ounces of gold
at an average grade of 0.73 g/t contained in 283 million tonnes of
ore. In addition, there remains 2.3 million ounces of Measured and
Indicated gold resources at an average grade of 0.66 g/t contained
in 107 million tonnes of ore plus 1.2 million gold ounces in the
Inferred category. Andina is progressing with a feasibility study
for Volcan, targeted for completion in the first half of 2012.
In addition to Andina's extensive underexplored land position
surrounding Volcan, the Company holds two other mineral properties
located within Chile's primary mining regions.
Contacts: Andina Minerals Inc. George M. Bee President & CEO
416 203 3488 Andina Minerals Inc. Derrick Weyrauch Chief Financial
Officer 416 203 3488 www.andinaminerals.com
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