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Canadian Company Press Releases
ADM 2008-09-23 (provided courtesy of Marketwire.)
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Andina Moves to Strengthen Management Team to Advance Development of the Volcan Gold Project
TORONTO, ONTARIO--(Marketwire - Sept. 23, 2008) - ANDINA Minerals Inc. (TSX
VENTURE:ADM) ("Andina") reports that it has commenced a search for a senior
mine development professional to lead Andina as it advances economic
studies on its 100% owned Volcan Gold Project located in Chile's prolific
Maricunga Gold Belt.
With US$19.7 million in cash, Andina is well positioned, from a financial
standpoint, to move the Volcan Gold Project forward. The Project hosts
measured and indicated resources of 6.62 million contained ounces of gold
(241.7 million tonnes grading 0.85 grams per tonne gold ("g/t Au")) in
addition to 2.76 million ounces of gold (95.4 million tonnes grading 0.90
g/t Au) in the inferred resource category.
Mr. Hansen, President and CEO of Andina stated: "Since late 2003, I have
been fortunate to lead Andina through its formation to the discovery and
growth of one of the largest gold deposits recently found in Chile, the
Volcan gold deposit. Considering the large gold resource outlined, it is
time for Andina to change its focus from exploration to development.
Therefore, it is imperative that we begin integrating a development team,
including a CEO with proven strengths in building large scale open pit
mines, in order to drive Andina forward. The new structure of the
management team will be determined once a new CEO is in place and has
assessed the project's requirements."
Mr. T. Sean Harvey, Chairman of Andina commented: "Having reached many
important milestones at the Volcan Gold Project including, acquiring 100%
ownership of the property and local water rights, receiving positive
results from preliminary metallurgical testing, and having exploration
success that demonstrates to our Board of Directors that the Volcan Gold
Project has the necessary quality and quantity of ounces to be a
significant stand alone gold mining project in the future, it is time to
put in place the team needed to move the project forward into development."
The search process is being undertaken by Haldane Diogenes, Inc., the
pre-eminent executive recruiting firm specializing at the most senior
levels in the mining industry.
Exploration Update
Andina and Iron Creek Capital Corporation, 50:50 partners in the Pampa
Buenos Aires property located immediately south of Yamana's El Penon
silver/gold property, have commenced a 3,000-metre reverse circulation
drilling program to test seventeen high priority silver/gold epithermal
vein and porphyry copper/gold targets. The Dominador fault system, which
hosts Yamana's Fortuna silver/gold mine, extends southward across Pampa
Buenos Aires property.
Hochschild Mining plc reported to Andina that it has commenced a
2,500-metre diamond drilling program on the Encrucijada property where
Hochschild is earning up to a 60% interest by investing US$3.0 million on
exploration over three years and funding US$3.5 million toward feasibility
studies. The Encrucijada property hosts a series of silver/gold-bearing
epithermal vein systems.
After reviewing the results of previous exploration activities, Andina
recently terminated option agreements on the Anocarire and Valeriano
properties, both located in Chile.
NATIONAL INSTRUMENT 43-101 COMPLIANCE REPORT
Under NI 43-101 of the Canadian Securities Administrators, the qualified
person for the Volcan Gold Project is Micheal Easdon, a resident of
Santiago, Chile. Mr. Easdon is a Professional Geologist registered with the
State of Oregon, USA. The July 2008 resource estimate, quoted in this press
release, was prepared by Maptek Sudamerica, Vina del Mar, Chile in
conjunction with Andina staff and Eduardo Magri, Ph.D. in mining
engineering (Witwatersrand) and a Fellow of the SAIMM with over 30 years of
industry experience. Mr. Easdon is an independent qualified person as
defined by NI 43-101. A NI 43-101 compliant technical report has been filed
on the SEDAR system (www.sedar.com).
FORWARD LOOKING STATEMENTS
This release contains forward-looking statements, including predictions,
projections and forecasts. Forward-looking statements include, but are not
limited to, statements with respect to results of due diligence, conclusion
of legal documentation, exploration results, the success of exploration
activities generally, permitting time lines, mine development prospects,
government regulation of exploration and mining operations, timing of
project economic studies, future share issuances, and title disputes or
claims. Often, but not always, forward-looking statements can be identified
by the use of words such as "plans", "planning", "expects" or "does not
expect", "continues", "scheduled", "estimates", "forecasts", "intends",
"potential", "anticipates", "does not anticipate", or "belief", or
describes a "goal", or variation of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, future events,
conditions, uncertainties and other factors which may cause the actual
results, performance or achievements to be materially different from any
future results, prediction, projection, forecast, performance or
achievements expressed or implied by the forward-looking statements. Such
factors include, among others, the results of due diligence activities, the
interpretation and actual results of current exploration activities;
changes in project parameters as plans continue to be refined; future
prices of gold; possible variations in grade or recovery rates; failure of
equipment or processes to operate as anticipated; labour disputes and other
risks of the mining industry; delays in obtaining governmental approvals or
financing or in the completion of exploration, as well as those factors
disclosed in Andina's publicly filed documents. Although Andina has
attempted to identify important factors that could cause actual actions,
events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. There
can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Andina Minerals Inc.
Carl B. Hansen
President and CEO
(416) 203-3488
(416) 203-3438 (FAX)
or
Andina Minerals Inc.
Tracey M. Thom
Vice President, Investor Relations
(416) 203-3488
(416) 203-3438 (FAX)
Email: tthom@andinaminerals.com
Website: www.andinaminerals.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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