Andina Minerals Inc.

Andina Minerals Inc.

July 20, 2011 17:19 ET

Andina Minerals Announces Progress on Pampa Buenos Aires, Vein Float Samples Return up to 9.97 g/t Au

TORONTO, ONTARIO--(Marketwire - July 20, 2011) - Andina Minerals Inc. (TSX VENTURE:ADM) today announced that Iron Creek Capital Corp. (TSX VENTURE:IRN) ("Iron Creek"), its 50:50 joint venture partner and operator for the Pampa Buenos Aires property in northern Chile, has released an exploration update for both Vein Float Samples that returned up to 9.97 g/t Au and Controlled Source Audio-Frequency Magnetic-Telluric (CSAMT) testing. The property, located approximately 15 km southwest of Yamana's El Peñon silver/gold mine, is being explored principally for El Peñon-style gold and silver bearing epithermal veins but also holds potential for large porphyry base metal systems.

Please find a link to Iron Creek's website where the details of the results of the current exploration activities can be found,

Andina entered into the joint venture with Iron Creek in January 2008. Under the terms of the agreement, Iron Creek together with Andina will decide what additional work will be performed.

"Although still early days, we are excited by the progress made on Pampa Buenos Aires and hope the results will help unlock value inherent in our exploration portfolio. While we continue with our main priority, being the preparation of a feasibility study for our Volcan Gold Project, which is due for publication in Q2 2012, having created a value proposition for Volcan, increasing exploration activities to help drive value is now warranted," stated George Bee, President and CEO of Andina Minerals.

He added, "The market currently gives Andina little to no credit for the value of its exploration holdings (Pampa Buenos Aires and Encrucijada (joint ventured with Hochschild Mining PLC – LON: HOC)) where land is extremely hard to come by in Chile. Chile is a politically stable, mining friendly and mining capable jurisdiction and therefore is viewed by many as a preferred mining jurisdiction."

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 ("Volcan"), 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 2.3 million ounces of Measured and Indicated gold resources at an average grade of 0.66 g/t contained in 107 million tonnes of ore plus 1.2 million gold ounces in the Inferred category. Andina is progressing with a feasibility study 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.

Contact Information

  • Andina Minerals Inc.
    George M. Bee
    President & CEO
    416 203 3488

    Andina Minerals Inc.
    Derrick Weyrauch
    Chief Financial Officer
    416 203 3488