ANDINA Minerals Inc. (TSX VENTURE:ADM) ("Andina" or the "Company")
has filed its interim financial statements and MD&A for the
three and nine months ended September 30, 2011 on SEDAR
(www.SEDAR.com).
"Our engineering team has made significant strides," said George
Bee, President and CEO. "Our metallurgical work program in support
of a feasibility study is nearing completion. Based on the
confidence we have received from that work program, we plan to
incorporate both SART and Flotation circuits into our mine plan and
each is reflected in the EIA ("Environmental Impact Assessment") we
are currently preparing for submission to the Chilean authorities
in the first quarter 2012. In addition, using the same equipment we
specified in our prefeasibility study, we now plan to increase
throughput to 60,000 tonnes per day."
Third Quarter and recent highlights:
-- In September 2011, the Company completed an initial resource estimate
for the Ojo de Agua East ("ODAE") area of the Volcan Gold Project
("Volcan").
-- The resource estimate includes indicated resources of 2.71 million
tonnes grading 1.55 g/t Au for contained gold of 135,000 ounces and
inferred resources of 3.43 million tonnes grading 1.53 g/t Au for
contained gold of 168,000 ounces, both at a 0.9 g/t Au cut-off
grade.
-- This resource estimate has an average grade that is more than double
the reserve grade of Volcan and is located approximately four
kilometres northeast of the proposed process facilities for Volcan
and within 1.5 kilometres of the proposed Volcan Heap Leach Pad.
-- The resource demonstrates the exploration potential that the Andina
land position holds and sits along an apparent alteration zone,
marked by surface evidence of steam heated alteration that extends
from the Dorado zones through the Ojo de Agua zones, onto Andina's
Volcan East prospect and beyond to areas on Kinross property
including the Lobo and Marte deposits.
-- During October 2011, the Company completed a detailed project
description of Volcan for its EIA submission to obtain both construction
and operating permits.
-- Although metallurgical engineering studies are still underway but
nearing completion, management has gained sufficient confidence in
the preliminary results that it has included both SART and Flotation
circuits into the Volcan project description.
-- The project description will also include a combined mill-heap leach
production rate of 60,000 tonnes of ore processed per day using the
same or similar crushing equipment as identified in the
prefeasibility study where total production was set at 55,000 tonnes
per day.
-- During October 2011, the Company announced that it would curtail
exploration drilling at Volcan. This was initiated to allow management
to focus on its key deliverables being an EIA submission in the first
quarter 2012, and completion of a feasibility study in the second
quarter 2012.
-- After having reached agreement on pricing and terms on October 21, 2011,
on November 3, 2011, the Company completed a non-brokered private
placement totalling 18,750,000 Units priced at CAD$0.80 per Unit for
gross proceeds of CAD$15 million. Each Unit consisted of one common
share and one-half purchase warrant. Each full warrant is exchangeable
into one common share of the Company at a price of CAD$1.00 per share
for a period of one year from closing.
-- In November 2011, the Company announced the appointment of Mr. Robert
(Bob) Rose as the Chief Operating Officer of Andina. Bob is a senior
mine development professional who reinforces Andina's internal team and
will provide leadership in the preparation of the economic studies and
development of Volcan. He will officially assume his duties on January
1, 2012.
-- As at September 30, 2011, prior to the November 3, 2011 private
placement of CAD$15 million, the Company had working capital of $12.5
million and cash-on-hand of $13.7 million.
-- Third quarter net loss was $3.2 million, or $0.03 per share.
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.
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 2.4 million ounces of Measured and Indicated gold
resources at an average grade of 0.68 g/t contained in 110 million
tonnes of ore plus 1.5 million ounces of gold in the Inferred
category contained in 73 tonnes of ore at an average grade of 0.65
g/t Au.
Andina is progressing with a feasibility study and EIA
submission 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.
Forward-Looking Statements
This press release contains forward-looking information within
the meaning of applicable Canadian securities laws and regulations.
Such information is based on the current expectations and beliefs
of Andina's management and is subject to a number of risks and
uncertainties that may cause the actual results to differ
materially from those described above. Forward-looking information
in this press release includes, but is not limited to, statements
with respect to the completion of the feasibility study and EIA,
permitting timelines, government regulation of exploration and
mining operations, environmental risks, title disputes or claims,
limitations on insurance coverage, timing and possible outcomes of
any pending litigation and timing and results of future resource
estimates or future economic studies. Often, but not always,
forward-looking information 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 variations 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.
The forward-looking information contained in this press release
is based on a number of material factors and assumptions,
including, but not limited to, that estimates and studies are
accurate, that Andina's mining operations continue in the ordinary
course and as expected, that contracted parties provide goods
and/or services on the agreed time frames, that the equipment
necessary for exploration and development work is available as
scheduled, availability of water for milling and mining, that no
labour shortages or delays are incurred, that plant and equipment
function as specified, Andina's ability to obtain adequate
financing when and as needed, the continued favourable market for
gold at prices at or above estimated levels, that no unusual
geological or technical problems occur, that no unusual or
unexpected events have a material adverse effect on Andina's
operations or financial condition, and such other assumptions and
factors as set out herein.
Forward-looking information involves 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 information. 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
information 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 information. Andina does not undertake any
obligation to update or revise publicly any forward-looking
information whether as a result of new information, future events
or otherwise, unless required to do so by applicable laws.
Neither 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 3488www.andinaminerals.com
Andina Minerals Inc. (TSXV:ADM)
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