Los Andes Copper Ltd. Announces Final Option Payment and Property Acquisition
02 Diciembre 2010 - 11:12AM
Marketwired
Los Andes Copper Ltd. ("Los Andes", or the "Company") (TSX VENTURE:
LA)(PINK SHEETS: LSANF) is pleased to announce that the Company has
made the final payment on the option to purchase certain mining
concessions (the "Surrounding Concessions") that form part of the
Company's Vizcachitas property. The Surrounding Concessions have
now been transferred to Compania Minera Vizcachitas Holdings, a
wholly owned subsidiary of the Company. The Surrounding Concessions
encircle the central portion of the Vizcachitas property held by
Sociedad Legal Minera San Jose Uno de Lo Vicuna, El Tartaro y
Piguchen de Putaendo, and were the only concessions of the
Company's Vizcachitas project subject to option agreements. An
additional 30 concessions, covering 47 square kilometres, are owned
100% by the Company.
Upon completion of the transaction with Turnbrook Corporation
previously announced by the Company in its September 29, 2010 and
November 30, 2010 press releases, which is scheduled to occur on or
about Thursday, December 9, 2010, the entire resource contained in
the Vizcachitas property will be under unified ownership. Los Andes
will then be in a position to undertake the necessary steps to
advance the project towards its ultimate development.
About Vizcachitas
The Vizcachitas Project offers potential for a low strip, open
pit operation in an area of low elevation with excellent
infrastructure, including water and power in central Chile. The
Vizcachitas deposit occurs in the same metallogenic belt as the
giant copper-molybdenum porphyries Rio Blanco-Los Bronces, Los
Pelambres and El Teniente. Based on 35,255 metres of drilling in
130 diamond drill holes, the project contains an indicated resource
of 515 million tonnes grading 0.39% copper and 0.011% molybdenum
and an inferred resource of 572 million tonnes grading 0.34% copper
and 0.012% molybdenum at a 0.30% copper equivalent cutoff.
Additional information about the Vizcachitas Project is available
in the National Instrument 43-101 Technical Report prepared by AMEC
and filed by the Company on SEDAR on August 29 2008, and on our
website at www.losandescopper.com.
This document contains certain forward looking statements which
involve known and unknown risks, delays and uncertainties not under
the Company's control which may cause actual results, performance
or achievements of the Company to be materially different from the
results, performance or expectation implied by these forward
looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Los Andes Copper Ltd. Michael Kuta Corporate Secretary
604-697-6201 Los Andes Copper Ltd. Roger Moss President
416-516-6050 info@losandescopper.com www.losandescopper.com
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