Andover Ventures Inc.
TSX VENTURE : AOX
FRANKFURT : R2X

Andover Ventures Inc.

November 28, 2007 20:03 ET

Andover Announces Results for the Period Ended September 30, 2007

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2007) - ANDOVER VENTURES INC. ("Andover") (TSX VENTURE:AOX)(FRANKFURT:R2X) today announced results for the six month period ended September 30, 2007. Andover continued to grow its assets and explore its portfolio of Alaskan mineral properties.

During the period ended September 30, 2007 Andover completed the purchase of the Sun Property and continued work on its exploration properties; the Sun Property, the Kamishak Property, the Bulk Gold Property and the Bristol Bay Properties.

See attached balance sheet, income statement and statement of cash flows for more information. Full financial statements and Management's Discussion & Analysis are available on SEDAR at http://www.sedar.com and on Andover's website at www.andoverventures.com.



ANDOVER VENTURES INC.
Consolidated Balance Sheets
(In Canadian Dollars)
As at September 30, 2007

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September 30, March 31,
2007 2007
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ASSETS

Current Assets
Cash and cash equivalents $ 821,173 $ 83,422
Deferred share issuance costs - 19,128
GST recoverable 33,329 27,300
Deposits 52,900 55,900
Prepaid expense 16,500 -
Advance on exploration work program 1,034,252 174,147
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1,958,154 359,897

Long-Term Deposit - 7,000

Fixed Assets 61,639 -
Mineral Properties (Note 3) 17,672,052 14,322,043
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17,733,691 14,322,043
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$19,691,845 $14,688,940
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LIABILITIES

Current Liabilities
Accounts payable and accrued liabilities $ 1,010,345 $ 2,000,610
Due to related party - 14,284
----------- -----------
1,010,345 2,014,894

SHAREHOLDERS' EQUITY

Liability to Issue Shares (Note 3) - 8,337,498
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Capital Stock (Note 4)
Authorized: 200,000,000 common shares without
par value;
50,000 Class A preferred shares without par
value; and
50,000 Class B preferred shares without par
value
Issued and fully paid: 17,300,000 common
shares 11,940,612 3,270,210
Contributed surplus 9,772,558 2,947,914
Deficit, accumulated during the development
stage (3,031,670) (1,881,576)
----------- -----------
18,681,500 4,336,548

$19,691,845 $14,688,940
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ANDOVER VENTURES INC.
Consolidated Statement of Loss and Deficit
(In Canadian Dollars)
Three and Six Month Periods Ended September 30, 2007

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Three Months Ended Six Months Ended
September 30, September 30,
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2007 2006 2007 2006
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GENERAL AND ADMINISTRATIVE
EXPENSES
Accounting and legal 36,981 56,320 61,754 66,520
Consulting fees 66,062 63,982 169,735 88,282
Depreciation and
amortization 3,521 - 5,968 -
Foreign exchange 9,512 - 16,469 -
Interest and bank charges 1,166 741 1,721 1,104
Management and
professional fees 63,000 15,000 105,000 15,000
Office expense 30,502 9,511 58,976 14,145
Salaries 11,639 - 11,640 -
Stock-based compensation 149,262 121,602 567,206 217,500
Telephone and utilities 1,545 1,931 4,258 2,501
Transfer agent and filing
fees 15,170 24,827 27,590 28,863
Travel and promotion 31,780 44,865 146,843 67,211
----------- ----------- ----------- -----------

LOSS BEFORE OTHER ITEMS (420,140) (338,779) (1,177,160) (501,126)
----------- ----------- ----------- -----------

OTHER ITEMS
Interest income 19,156 6,398 27,066 8,287
----------- ----------- ----------- -----------
19,156 6,398 27,066 8,287
----------- ----------- ----------- -----------
NET INCOME FOR THE PERIOD (400,984) (332,381) (1,150,094) (492,839)

DEFICIT, BEGINNING OF
PERIOD (2,630,686) (746,622) (1,881,576) (586,164)
----------- ----------- ----------- -----------

DEFICIT, END OF PERIOD (3,031,670) (1,079,003) (3,031,670) (1,079,003)
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BASIC LOSS PER SHARE $ (0.01) $ (0.04) $ (0.03) $ (0.06)
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DILUTED LOSS PER SHARE $ (0.01) $ (0.04) $ (0.03) $ (0.06)
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WEIGHTED AVERAGE NUMBER
OF COMMON SHARES
OUTSTANDING

Basic 41,157,946 7,875,845 38,865,155 7,816,346
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Diluted 42,448,347 7,875,845 41,920,475 7,816,346


ANDOVER VENTURES INC.
Consolidated Statement of Cash Flows
(In Canadian Dollars)
Three and Six Month Periods Ended September 30, 2007

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Three Months Ended Six Months Ended
September 30, September 30,
2007 2006 2007 2006

CASH PROVIDED BY (USED
FOR):

OPERATING ACTIVITIES
Loss for the period (400,984) (332,381) (1,150,094) (492,839)
Items not affecting
cash:
Depreciation and
amortization 3,521 - 5,968 -
Stock-based
compensation 149,262 121,602 567,206 217,500

Changes in non-cash
working capital items:
(Increase) decrease
accounts receivable 8,385 (7,445) (6,029) (8,936)
(Increase) decrease
deposits & prepaid
expenses (9,500) 13,104 (13,500) -
(Increase) decrease in
long term deposits 1,007,000 - 7,000 -
Increase (decrease) in
accounts payable &
accrued liabilities 748,229 50,360 (990,265) 909
----------- ----------- ----------- -----------

Cash used for operating
activities 1,505,913 (154,760) (1,579,714) (283,366)
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FINANCING ACTIVITIES
Shares issued for cash,
net of issue costs - 669,500 6,582,951 669,500
Shares subscribed but
not issued - 181,000 - 358,500
Due to related parties - - (14,284) -
Deferred share issuance
costs - - 19,128 -
----------- ----------- ----------- -----------

Cash provided by
financing activities - 850,500 6,587,795 1,028,000
----------- ----------- ----------- -----------

INVESTING ACTIVITIES
Purchase of fixed
assets 1,355 - (61,639) -
Marketable securities - - - 1,075
Mineral property
expenditures (2,486,210) (387,645) (3,350,009) (387,645)
Advance on exploration
work program (348,519) (406,933) (858,682) (406,933)
----------- ----------- ----------- -----------

Cash provided by (used
for) investing
activities (2,833,374) (794,578) (4,270,330) (793,503)
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INCREASE (DECREASE) IN
CASH & CASH EQUIVALENTS (1,327,461) (98,838) 737,751 (48,869)

CASH & CASH EQUIVALENTS
BEGINNING OF PERIOD 2,148,634 308,881 83,422 258,912
----------- ----------- ----------- -----------

CASH & CASH EQUIVALENTS
END OF PERIOD $ 821,173 $ 210,043 $ 821,173 $ 210,043
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The TSX Venture Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Andover Ventures Inc.
    Wayne Moorhouse
    Chief Financial Officer
    (604) 682-2168 or International Toll Free: 1-800-266-4484
    or
    Andover Ventures Inc.
    Richard Martens
    Investor Relations
    (604) 682-2168 or International Toll Free: 1-800-266-4484
    (604) 682-2169 (FAX)
    Website: www.andoverventures.com