Andina Minerals Inc. ("the Company") (TSX VENTURE: ADM) today
announced the expansion of its 2010-2011 Field Season campaign from
20,000 m to 31,600 m and the commencement of drilling activities.
Budgeted drilling now includes a 10,000 m Strategic Exploration
Program and 21,600 m's of Development Drilling including
condemnation, metallurgical, geotechnical and water testing. The
2010-2011 field campaign began in November 2010 and is scheduled to
conclude in May 2011 with the onset of the Andean winter season.
Three (3) drill rigs, including two (2) Reverse Circulation and
one (1) Diamond Drill, are currently turning at the Ojo De Agua
East ("ODAE") zone, the focus of this season's Strategic
Exploration Program. The ODAE exploration program is designed to
follow up on the discovery obtained during the 2009-2010 Field
Season, where Andina intersected 122 m at 1.45 grams per tonne
("g/t") Gold, including 32 m at 3.25 g/t Gold and 70 m at 0.56 g/t
Gold, including 18 m of 1.71 g/t Gold (see press release dated June
8, 2010). Our objective in the current field season is to expand
our discovery and to build a resource estimate for ODAE that has a
materially higher average grade, than the average grade at the
current Volcan gold deposit (0.71 g/t of Gold - see press release
dated September 16, 2010). The purpose of the strategic exploration
is to enhance Volcan's economics by supplying Volcan with
additional high-grade ore during early production years.
Development Drilling at Volcan includes two (2) additional drill
rigs that are currently scheduled for mobilization in early 2011,
while development engineering for Volcan is expected to accelerate
in Q2 2011 as we continue to focus our engineering efforts on our
primary objective, the development of Volcan.
George Bee, President and Chief Executive Officer of Andina
stated "As we draw nearer to the Q1 publication of a
pre-feasibility study for Volcan, it is very exciting to have the
opportunity to aggressively pursue higher-grade mineralization in
the vicinity of its proposed Heap Leach Pad and processing
facility. We now believe we have a solid scenario for Volcan, which
we will be fully describing in the pre-feasibility study including
additional areas with further upside potential. However, the
opportunity to add high-grade material from ODAE that could
significantly improve Volcan's economics is most exciting". Mr. Bee
continued by commenting that "In addition to our ODAE Exploration
Program, Andina has budgeted US$1.5 million of exploration costs at
our joint-venture exploration projects, Pampa Buenos Aires and
Encrucijada."
Ojo de Agua East Area Qualified Person
The trenching and drilling program at the Ojo de Agua East area
of the Volcan Gold Project was reviewed and the results approved by
Mr. Michael Easdon, Andina's Qualified Person under National
Instrument 43-101. Mr. Easdon has been responsible for preparing
technical information on the Ojo de Agua area, which is disclosed
in the Company's annual information form for the year ended
December 31, 2008 (dated April 8, 2009).
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
timing of publication of the pre-feasibility study for the Volcan
Gold Project, the completion of 31,600m of drilling, mobilization
of two additional drill rigs in 2011, and statements regarding the
impact on the economics of the Volcan Gold Project arising from
drilling activities. 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.
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 prefeasibility
study for Volcan, targeted for completion in early 2011.
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. Derrick Weyrauch Chief Financial
Officer 416 203 3488 www.andinaminerals.com
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