Andover Mining Corp.
TSX VENTURE : AOX
OTCBB : AOVTF
FRANKFURT : R2X

Andover Mining Corp.

October 18, 2012 14:14 ET

Andover Reports Drill Assay Summary From 2012 Drilling and Exploration Program at Sun District, Ambler Mineral Belt, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 18, 2012) - Andover Mining Corp. ("Andover" or the "Company") (TSX VENTURE:AOX)(OTCBB:AOVTF)(FRANKFURT:R2X) announces today a summary of the Company's 2012 drilling and exploration program, which has now successfully completed at Andover's 100% owned SUN project, Ambler Mineral Belt, Alaska.

In total, Andover completed 20 diamond drill holes totaling approximately 4,350 meters (14,265 feet) including 10 holes totaling 2,140 meters (7,025 feet) targeting the Main SUN Deposit, 6 holes totaling 1,891 meters (6,200 feet) targeting the Southwest SUN Deposit and 4 holes totaling 315 meters (1,040 feet) targeting 3 reconnaissance targets during the 2012 field season.

Assay results from all of the 2012 drill holes were released as they were received during the past 3 months. This release is a compilation of those releases. Two summary tables are provided below. The first table is a complete summary of the assay results from the 2012 drilling program and the second table is a summary of the re-assaying of the historic core program, also carried out in 2012.

SUN Project 2012 Significant Drill Intercept Summary;

Drill
Hole
Area Angle/
Bearing
Total
Depth
(m)
Intercept
From/To
(m)
Interval
(m)
True
Width
(m)
Cu
(%)
Pb
(%)
Zn
(%)
Ag
(g/T)
Au
(g/T)
SUN-12-29 Main SUN -90/0 203.0 71.9 - 80.5 8.6 4.9 1.49 1.60 9.03 66.2 0.190
100.5 - 106.7 6.2 4.0 2.73 1.27 6.54 116.4 0.396
130.0 - 132.3 2.3 1.6 1.68 0.26 1.04 48.9 0.142
SUN-12-30 SW Sun -60/320 135.6 37.8 - 40.5 2.7 2.1 1.65 0.06 0.66 12.0 0.062
59.0 - 61.1 2.1 1.8 0.38 0.28 0.80 14.4 0.115
SUN-12-31 Main SUN -60/320 315.5 169.6 - 170.3 0.7 0.1 1.74 0.61 4.12 53.1 0.439
174.0 - 181.4 7.4 5.7 1.02 0.09 0.54 11.4 0.217
203.7 - 206.8 3.1 3.1 2.03 0.83 2.59 53.6 0.252
282.4 - 284.6 2.2 1.9 0.55 0.15 0.52 12.7 0.079
SUN-12-32 SW Sun -60/320 480.1 No
Significant
Intercepts
- - - - - - -
SUN-12-33 Main SUN -60/320 153.6 82.3 - 89.3 7.0 6.1 2.09 3.06 8.70 139.6 0.431
104.8 - 105.0 0.2 0.2 0.81 1.17 7.19 14.7 0.038
109.5 - 110.2 0.7 0.6 0.74 1.28 4.72 40.4 0.399
121.2 - 121.5 0.3 0.3 0.67 1.16 4.38 39.2 0.091
SUN-12-34 SW Sun -60/320 379.0 319.8 - 323.8 4.0 3.6 1.02 2.13 6.45 80.7 0.206
SUN-12-35 Main SUN -60/320 164.6 42.5 - 43.1 0.6 0.5 0.68 0.50 1.83 58.9 0.415
51.4 - 53.7 2.3 2.0 1.16 0.24 0.98 77.3 0.602
98.3 - 105.6 7.3 6.2 0.80 0.38 1.27 33.9 0.181
109.7 - 110.4 0.7 0.6 0.02 0.63 2.69 22.5 0.174
SUN-12-36 Main SUN -60/320 300.9 No
Significant
Intercepts
- - - - - - -
SUN-12-37 SW Sun -60/320 328.0 No
Significant
Intercepts
- - - - - - -
SUN-12-38 SW Sun -60/320 284.7 214.2 - 216.9 2.7 2.3 1.20 0.49 2.83 54.3 0.304
SUN-12-39 Main SUN -60/320 140.5 78.2 - 82.7 4.5 3.9 0.36 0.27 2.27 12.9 0.048
106.2 - 117.7 11.5 10.0 3.00 0.54 2.43 43.6 0.427
SUN-12-40 Main SUN -90/0 203.6 95.4 - 108.3 12.9 11.2 0.82 1.37 6.21 70.4 0.072
127.1 - 132.1 5.0 4.1 1.97 0.41 1.68 29.6 0.118
SUN-12-41 Main SUN -60/320 205.4 35.0 - 39.6 4.6 4.0 0.33 0.14 0.66 10.9 0.168
89.3 - 100.0 10.8 9.4 1.07 0.49 1.59 40.7 0.179
104.1 - 105.7 1.6 1.4 4.99 0.35 1.71 69.6 0.462
SUN-12-42 Main SUN -90/0 334.1 253.0 - 255.5 2.5 2.2 1.15 1.63 7.21 157.6 0.320
276.1 - 281.1 5.0 4.3 0.82 0.38 1.59 17.8 0.192
Includes 279.3 - 281.1 1.8 1.6 1.83 0.76 3.19 34.4 0.429
319.4 - 321.6 2.2 1.9 0.66 0.35 2.08 22.2 0.253
SUN-12-43BTW Main SUN -60/320 120.1 53.1 - 55.3 2.2 2.0 1.27 0.21 1.14 33.2 0.342
SUN-12-44 SW Sun -60/320 283.8 238.0 - 241.8 3.8 2.9 2.40 0.07 0.42 9.8 0.541
Reconn Holes - -
-
- - - - - - -
STU-12-01 STU -60/15 27.1
0.0 - 9.4
9.4 8.1 0.49 0.71 2.75 33.5 0.197
BTW Prospect - Includes
0.0 - 2.1
2.1 1.8 0.78 1.22 6.55 81.4 0.478
BTW Prospect - Includes
8.0 - 9.0
1.0 0.9 1.52 2.07 6.31
71.8
0.637
STU-12-02BTW STU
Prospect
-60/15 91.7 No
Significant
Intercepts
Failed
to
reach
target
- - - - - -
SAL-12-01BTW SAL
Prospect
-90/0 126.5
16.5 - 19.2
2.7 2.1 0.69 0.84 2.99 19.9 0.126
PC-12-01BTW Picnic Cr. -0.1875 71.3 No
Significant
Intercepts
Failed to reach target - - - - - -

The 2012 drilling program commenced on June 19th, and drilling was completed on September 5th of 2012. Two drill rigs, both operated by Core One Enterprises, were utilized. The drills have been demobilized and the camp has been prepared for winter.

The 2012 drill core was logged, split and boxed on site by Andover's geologists. The core was shipped to the ALS-Chemex Prep Lab in Fairbanks, Alaska. The pulps from Fairbanks were analyzed for 35 elements at the ALS-Chemex facilities in Vancouver, British Columbia and the gold assays were performed at ALS-Chemex facilities in Reno, Nevada. Base metal over-limits were wet assayed. Blanks and standards were inserted with each sample shipment.

A drill hole location map showing the location of the 2012 drill holes in the Main SUN and Southwest SUN Deposits is available at Andover's corporate website (http://www.andovermining.com/portfolio/main-sun-deposit). Also shown on that map are the locations of Andover's 2007 and 2011 drilling and the historic drilling carried out by a variety of operators during the 1970's and 80's. Note that the 2012 drilling program concentrated on extending the strike length, both to the northeast and to the southwest, of both deposits as well as better defining the down-dip extent of the mineralization at both.

Kent Turner, Andover's COO reports:

"At Main SUN the drilling has added significantly to the resource at the northeast end both along strike and down dip. Drilling has now shown the SUN Deposit to be at least 1.6 km in strike length, and demonstrated mineralization continues down-dip for over 300 meters. In addition, the drilling better defines the geometry of the mineralization in this area with the potential that the mineralization remains open in this direction."

"At the Southwest SUN, the 2012 program more than doubled the previous amount of drilling and extended the known down-dip extent of mineralization. More importantly the drilling extended drill intercepts an additional 250 meters along strike to the southwest, where the deposit remains open both on-strike and down-dip. Southwest SUN has now been drilled for over 800 meters along strike and up to 500 meters down-dip. Additionally, copper grades appear to be increasing towards the southwest, indicating the possibility that the center of this system lies in that direction. The Southwest SUN Deposit mineralization was not included in most of the historic resource estimates conducted in the past."

"In addition to the 2012 drilling program, Andover also conducted a re-sampling program on historic drill core stored at the Alaska DNR Geologic Materials Center facility in Eagle River, Alaska. From a total of 49 historic drill holes a total of 19 mineralized intercepts from 12 historic drill holes were photographed, re-split and re-sampled. The results indicate a very close correlation with past assay results, and should allow for the use of at least some of the historic drilling in the up-coming resource calculation." The results were reported in a press release dated September 13, 2012. The summary results are given in the table below.

DDH
ID
Core
Size
Assay
Year
From
(ft)
To
(ft)
Interval
(ft)
Cu
(%)
Pb
(%)
Zn
(%)
Ag
(g/T)
Au
(g/T)
Hot-01 B 1975 158.5 162.5 4.0 3.05 0.03 1.60 28.8 0.240
B 2012 158.5 162.5 4.0 2.92 0.21 1.33 32.1 0.226
Hot-02 B 1975 146.0 168.0 22.0 1.46 2.19 8.39 101.8 0.286
B 2012 146.0 168.0 22.0 1.27 2.14 8.20 104.7 0.264
Hot-07 B 1975 173.0 194.0 21.0 2.64 2.32 6.40 184.0 0.351
B 2012 173.0 194.0 21.0 2.50 1.46 6.13 174.9 0.408
Sun-02 E 1974 52.0 76.0 24.0 1.20 0.35 4.49 158.4 NA
E 2012 52.0 76.0 24.0 0.97 3.04 4.36 163.3 0.749
Sun-03 E 1974 123.0 152.0 29.0 0.55 0.93 9.70 119.2 NA
E 2012 123.0 152.0 29.0 0.52 3.70 10.17 114.4 0.540
Sun-04 E 1974 276.0 288.0 12.0 1.93 1.43 1.33 118.7 NA
E 2012 276.0 288.0 12.0 1.45 1.88 4.29 131.5 0.313
Sun-09 N 1975 326.5 351.1 24.6 1.60 0.47 2.01 32.6 NA
N 2012 326.5 351.1 24.6 1.33 0.42 2.23 31.5 1.079
Sun-11 N 1975 120.2 126.8 6.6 3.87 0.99 2.89 53.6 NA
N 2012 120.2 126.8 6.6 4.05 0.83 2.96 51.7 0.282
Sun-11 N 1975 261.5 263.0 1.5 2.00 0.78 3.82 44.0 NA
N 2012 261.5 263.0 1.5 1.89 0.60 3.61 59.8 0.979
Sun-12 N 1975 109.0 118.5 9.5 0.80 2.84 7.74 46.8 0.020
N 2012 109.0 118.5 9.5 0.72 1.79 6.68 68.1 0.161
Sun-14 N 1975 357.0 359.5 2.5 2.76 3.18 6.67 295.6 NA
N 2012 357.0 359.5 2.5 2.38 3.07 7.72 303.1 0.865
Sun-14 N 1975 366.2 368.5 2.3 0.90 0.07 0.24 37.3 NA
N 2012 366.2 368.5 2.3 0.81 0.13 0.58 42.5 0.081
Sun-22 B 1977 628.0 673.0 45.0 0.56 2.45 5.54 101.7 0.508
B 2012 628.0 673.0 45.0 0.56 2.70 5.79 110.9 0.545
Drill Core Size nominal diameters; "E" = 21mm, "B" = 36.5mm, "N" = 63.5mm

"Andover has retained Mine Development Associates of Reno, Nevada to carry out a mineral resource calculation on the Main SUN and Southwest SUN Deposits, to be immediately followed by a Preliminary Economic Analysis (PEA) on Andover's SUN District Deposits. The results of the resource calculation are expected in Q4 2012 and the PEA is expected to be available in Q1 2013."

Mr. Turner continues "We are very pleased to have achieved the objective of drilling out the SUN District Deposits sufficiently to allow the first modern resource calculation at SUN, and very much look forwarding to announcing our results when they become available. This represents a major milestone in the advancement of the SUN District, and another large step forward in Andover's goals of acquiring and advancing major high grade deposits in relatively safe mining jurisdictions. With the resource calculation and PEA in place, and the State of Alaska's continued progress in the potential development of the Ambler 'Road to Resources' we feel we are very close to demonstrating the true value of the SUN District."

"And in addition to our progress in advancing the status of the resource base at SUN, our summer program also took major steps forward in addressing the exploration potential within the district. Our geologist also carried out a mapping and sampling program targeting areas where SUN stratigraphy had been identified by past operators. At least six VMS (volcanogenic massive sulphide) targets were mapped and sampled, with immediate drill targets identified. Four drill holes were completed to test three of these identified targets. Two of the holes did not reach their targets and two holes (one at STU and one at SAL) intersected ore-grade massive sulphide mineralization. These results bode well for the potential to significantly add to the SUN District's inventory of deposits." Details of the exploration program are provided in press releases dated August 08, September 17, and September 24, 2012.

This news release has been reviewed by Bradley C. Peek, Certified Professional Geologist (AIPG CPG-11299) and General Manager for Andover's Ambler District projects. Mr. Peek is a National Instrument 43-101 qualified person and is responsible for the technical aspects of this news release.

About Andover:

Andover is a precious and base metal exploration and development company focused on copper exploration at its flagship asset, the SUN project, located in the Ambler Mining District, Northwest, Alaska. The Ambler District hosts world-class VMS deposits containing copper, zinc, lead, gold and silver. The Ambler District is one of the richest and most-prospective copper districts located in one of the safest geopolitical jurisdictions in the world. In Utah, Andover, through its 83.5% ownership of Chief Consolidated Mining Company whose lands located in the historic East Tintic Mining District, has a multi faceted development approach. The Big Hill project, where Kennecott Exploration Company can earn a 55% interest by carrying Chief through to the end of a Feasibility Study, is focused on a large porphyry copper prospect. The Burgin Complex, host to a limestone, silver lead zinc deposit has completed a PEA and is preparing this deposit and the Trixie gold mine toward exploitation.

For further information we invite you to visit us at www.andovermining.com.

ON BEHALF OF THE BOARD

Gordon Blankstein, CEO and Chairman

Neither 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.

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