Andina Minerals Announces Progress on Pampa Buenos Aires Joint Venture Project With Iron Creek Capital Corp.
15 Noviembre 2010 - 3:49PM
Marketwired
ANDINA Minerals Inc. (TSX VENTURE: ADM) (the "Company" or "Andina")
is pleased to report that its joint venture ("JV") partner at the
Pampa Buenos Aires ("PBA") project, Iron Creek Capital Corp. ("Iron
Creek") (TSX VENTURE: IRN) has released information concerning
surface geochemical reconnaissance on the 27,000 Ha property,
located approximately 15 km southwest of Yamana's El Penon
silver/gold mine in the Antofagasta Region of Chile. Please find a
link to Iron Creek's website where the details of the results of
current exploration activities can be found.
www.ironcreekcapital.com.
Andina entered into the JV with Iron Creek in January 2008 and
has been in a 50:50 JV partner since that date.
Under the terms of the agreement Iron Creek is the project
operator and together with Andina, will decide what additional work
will be performed.
In July 2010, Iron Creek announced that Tim Beale had joined
Iron Creek as President and CEO. Tim brings over 25 years of work
experience in the minerals industry with BP Minerals, RTZ
Corporation, Rio Tinto and Anglo American including 20 years in
Chile, Argentina and Peru exploring for gold and base metals.
George Bee, President and CEO of Andina Minerals said, "We
believe that the combination of John Davidson's experience as
Exploration Manager under the capable leadership of Tim Beale bodes
well for identifying value in our important Pampa Buenos Aires land
position". He added, "Andina's attention has been focussed on job
#1, the development of its Volcan Gold Project for which a
prefeasibility study is due for publication in Q1 2011, and the PBA
results represent an important step in realizing value from the
other assets in Andina's portfolio.
While the market currently gives Andina little credit for the
value of its exploration holdings (PBA and Encrucijada) in the
Antofagasta Region, land is extremely hard to come by in Chile.
Chile is one of the few stable, mining friendly and mining capable
jurisdictions in the world. While still very early staged, Andina
sees the potential value locked in these properties and the Company
has confidence in its partners' expertise in geological discovery
to unlock that value."
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, strategically located in the prolific
Maricunga Gold Belt. Andina is progressing with a Conceptual
Development Plan and a Preliminary Economic Assessment for Volcan,
targeted for completion in early 2011.
Forward Looking Statements:
This press release may contain forward-looking statements within
the meaning of applicable securities laws and regulations. The
above statements are based on the current expectations and beliefs
of Andina's management and are subject to a number of risks and
uncertainties that may cause the actual results to differ
materially from those described above.
Forward-looking statements included in this press release
include, but are not limited to, statements with respect to the
completion of the Conceptual Development Plan, Preliminary Economic
Assessment and Pre-Feasibility study for the Volcan Gold Project.
Often, but not always, forward-looking statements can be identified
by the use of words such as "plans", "planning", "planned",
"expects", "looking forward", "does not expect", "continues",
"scheduled", "estimates", "forecasts", "intends", "potential",
"anticipate", "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 are based on a number of material
factors and assumptions, including the result of drilling and
exploration activities, results of studies, that contracted parties
provide goods and/or services on the agreed timeframes, that
equipment necessary for exploration and development work is
available as scheduled and does not incur unforeseen break downs,
that gold price forecasts remain materially correct, that no labour
shortages or delays are incurred, that plant and equipment function
as specified, that no unusual geological or technical problems
occur, and that laboratory and other related services are available
and perform as contracted.
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, projection, forecast,
performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, 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; the failure of contracted parties to perform; 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 the company'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.
For further information visit the Company's website at
www.andinaminerals.com.
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.
Contacts: Andina Minerals Inc. George M. Bee President & CEO
416 203 3488 Andina Minerals Inc. Investor Relations 416 203 3488
www.andinaminerals.com
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