OroAndes Resource Corp.
TSX VENTURE : OAR

OroAndes Resource Corp.

July 10, 2008 09:01 ET

OroAndes Resource Corp.: Colombian Property Update and Options Grant

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 10, 2008) - Sandy MacDougall, President of OroAndes Resource Corp. ("OroAndes" or the "Company") (TSX VENTURE:OAR), is pleased to report that OroAndes (formerly known as Avalanche Minerals Ltd.) commenced trading on the TSX Venture Exchange under the symbol "OAR" at the open of trading on Thursday, July 3, 2008. The Company also launched a new website, www.oroandes.com, to provide details of its mineral projects in Colombia.

At the Company's Alto El Toro Gold Project in the Department of Tolima, Colombia additional geological work over the past month has revealed that there are multiple, thick mineralized shoots within the plane of the quartz veins. One shoot hosts the mineralization exploited by the existing mine, another shoot lies outside the present mining operation, a third shoot with near surface oxidized material was exploited in a 1940s operation. All these shoots are south of the El Toro fault. Other small scale workings are located immediately north of the El Toro fault, revealing that additional shoots do exist immediately along strike from known mining operations. The shoot presently being exploited measures 100m along strike, 300m down dip and is open down dip. Dimensions of the other shoots have yet to be established.

The existence of multiple shoots adjacent to the existing mine is important in establishing the size potential of the mineralization along the mineralized structure. When combined with other known gold occurrences at Serpe 2km to the northeast and Bersecia 1km to the southwest adds to the size potential of the gold mineralization on the Alto El Toro Project.

A total of 137 panel and channel samples have been collected from the quartz veins and adjacent country rocks. These samples have been assayed at the ALS Chemex laboratory in Lima, Peru and have been sent to Acme Analytical Laboratories in Vancouver for reanalysis. The results of the samples are expected to be released shortly.

The Company also reports that it has granted an aggregate of 555,000 incentive stock options (the "options") exercisable at $1.10 per share to officers, directors, employees and consultants of the Company, including geologists Dr. Stew Fumerton, Vice-President of Exploration, and Dr. Keith Barron, a member of the Company's Advisory Board.

The technical content of this news release has been prepared under the supervision of Dr. Fumerton, OroAndes Vice-President, Exploration, who is a Qualified Person under National Instrument 43-101.

This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Avalanche believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Avalanche's management on the date the statements are made. Avalanche undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • OroAndes Resource Corp. - Head Office
    Nick Daniel
    (604) 662-8186
    (604) 662-8170 (FAX)
    Website: www.oroandes.com
    or
    Marvelle Capital Corp.
    Investor Relations
    (604) 985-2677 or Toll Free (USA & Canada): 1-866-985-2670
    (604) 985-2688 (FAX)