AndeanGold Announces Filing NI 43-101 Technical Report; Initial Mineral Resource Estimate on the Urumalqui Au-Ag Project, Peru
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/22/11 -- AndeanGold Ltd. ('the Company' or 'AndeanGold') (TSX VENTURE: AAU) is pleased to announce that, further to its news release of November 15, 2011, the Company has filed its National Instrument 43-101Technical Report dated December 22, 2011 on SEDAR (www.sedar.com) in respect of the initial mineral resource estimate for the Company's advanced-stage Au-Ag Urumalqui exploration project (the 'Project') in Peru. The Technical Report has also been posted to the Company's website at www.andeangoldltd.com.
Qualified Persons
The Urumalqui Project NI 43-101 Technical Report was prepared for AndeanGold Ltd. and Gitennes Exploration Inc. ('Gitennes') by Mine and Quarry Engineering Services, Inc. ('MQes'). The assignment was carried-out by Mr. Chris Kaye, FAusIMM, B.Eng Chemical, President and Principal Process Engineer, the modelling and estimates were carried out by Mr. Doug Blanchflower, P.Geo of Minorex Consulting Limited and Mr. James McCrea, P.Geo. Messrs. Kaye, Blanchflower and McCrea are all qualified persons as defined under NI 43-101 reporting requirements. MQes, Minorex, and Messrs. Kaye, Blanchflower and McCrea are independent of both AndeanGold and Gitennes.
Urumalqui Project
AndeanGold has an option to acquire a 60% interest in the Project from Gitennes (see news release of April 22, 2010). Mineralization at the Urumalqui Project is hosted in volcanics and is comprised of several gold-silver quartz veins. Vein mineralogy and textures and associated alteration are characteristic of low-sulphidation, vein-style, epithermal mineralization. The principal target on the property, among several mineralized vein structures, is the Urumalqui Vein (the 'Vein'), which is a near-vertical feature, up to 20 metres wide, containing a core of one or two banded quartz veins ranging from 0.5 to 11 metres aggregate thickness, and intervening oxidized vein breccias and altered volcanic rocks. The Vein is exposed at surface over a strike length of 1,500 metres, along which AndeanGold and Gitennes have to date drilled 66 diamond core holes (10,906 metres). The majority of the drilling programs (58 diamond core holes - 9,955 metres) was focused along the 1,000 metre long central and southeastern segments of the Vein to a depth of 200 metres and at a drill spacing of approximately 50 metres. These programs confirmed good continuity of mineralization for the subject 1,000 metre Vein strike, down to 200 metres below surface.
The exploration potential of Urumalqui Vein is very good. The vein continues along trend in both directions beyond the 1500 metres drill tested and is open at depth below the six mineralized holes that intersected the structure 200 metres below the surface. In addition, there has been only limited exploration done on the Project's other mineralized vein structures identified to date.
The Company is committed to advancing the Urumalqui Project to the development stage as soon as practicable, as well as actively working with the local communities related to the Project. AndeanGold has had excellent community relationships and is working on several agreed to social projects for the benefit of the communities.
Dr. William F. Lindqvist, a director of the Company, is a Qualified Person for all technical information in this news release, excluding the mineral resource, in compliance with National Instrument 43-101 and has reviewed and approved the content of this release.
About AndeanGold Ltd.:
AndeanGold Ltd. is engaged in the acquisition, exploration and potential development of primarily precious metals properties, principally in Peru and Ecuador. The focus of the Company's exploration activities is presently in advancing its Urumalqui Project, as well as pursuing mineral property acquisitions, in Peru. In Ecuador, the Company's activities have been limited to administrative and legal matters due to the Mining Mandate issued by the Ecuador Constituent Assembly on April 18, 2008. In November 2009, President Correa signed the Mining Regulations into law pursuant to the requirements of the new Mines Law, which was passed in January 2009. This was the final legal precursor to the re-initiation of exploration and mining development in Ecuador. The Company has been issued new mining titles under the new Mines law to its three key Ecuadorian projects and has filed the requisite documents with the Ministry of Non-Renewable Natural Resources and Ministry of Environment in support of the Company's request to renew exploration programs on its key projects in Ecuador. The Company is actively working with government officials to achieve this end.
Please refer to AndeanGold's website at www.andeangoldltd.com for further information on the Company's projects and activities.
On Behalf of the Board of Directors of ANDEANGOLD LTD.
Anthony F. Ciali, President, CEO and Director
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:
AndeanGold Ltd. - Corporate Office
Tony Ciali
732.940.5487
tciali@andeangoldltd.com
www.andeangoldltd.com
Ascenta Capital Partners Inc.
Jim Glass
Investor Relations
604.684.4743 ext. 225 or Toll free: 1.866.684.4743 ext. 225
jim@ascentacapital.com
