Andover Ventures Inc.

Andover Ventures Inc.

February 16, 2010 11:04 ET

Andover Ventures Inc.: Chief Consolidated Mining Co. Receives Joint Motion for Order Modifying Consent Decree

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 16, 2010) - Andover Ventures Inc. ("Andover" or the "Company") (TSX VENTURE:AOX) (FRANKFURT:R2X) is pleased to announce that on February 5, 2010, a Joint Motion for Order Modifying Consent Decree (the "Motion") was filed in the United States District Court for the District of Utah (the "Court") by Chief Consolidated Mining Company ("Chief") and the United States Department of Justice. The Joint Motion is based upon a Stipulation Modifying Consent Decree (the "Stipulation") executed by Chief, the United States Environmental Protection Agency, and the United States Department of Justice.

The Stipulation has been negotiated, signed, and filed with the Court for its approval.

The Motion and the Stipulation shall be published in the Federal Register for a period of 30 days. At the conclusion of the 30 days, the Motion and Stipulation will be submitted to the Court.

The Stipulation calls for Chief to make annual payments of $225,000 per year for 5 years ($1,125,000). In consideration for these payments, certain obligations of Chief under a Consent Decree (Case No. 2:04CV00891) dated January 24, 2005, shall be fully and finally satisfied and discharged, including but not limited to, a judgment in the amount of $60,000,000, obligations for the transfer of property, and obligations related to future earnings. The Stipulation also allows the Environmental Protection Agency access to Chief's limestone quarry and to the Homansville area to obtain top soil, limestone, road base material until December 31, 2010.

Finally, pursuant to the Stipulation, Chief will execute an easement to allow the storage of road base material and / or top soil on a designated area of its property for the Town of Eureka for a term of 25 years.

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Gordon Blankstein, CEO and Chairman

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