ANDINA Minerals Inc.

ANDINA Minerals Inc.

December 09, 2010 09:17 ET

Andina Expands 2010-2011 Drilling Program to 31,600 Meters

TORONTO, ONTARIO--(Marketwire - Dec. 9, 2010) - 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.

Contact Information

  • Andina Minerals Inc.
    George M. Bee
    President & CEO
    416 203 3488
    Andina Minerals Inc.
    Derrick Weyrauch
    Chief Financial Officer
    416 203 3488