AndeanGold Announces Approval of Drilling Permit for Urumalqui Au-Ag Project, Peru
February 16 2011 - 9:00AM
Marketwired
AndeanGold Ltd. ("the Company" or "AndeanGold") (TSX VENTURE: AAU)
is pleased to announce that Peru's Ministry of Energy and Mines has
issued the approval voucher of the Company's Declaration of
Environmental Impact Study ("DIA") application for its
advanced-stage Urumalqui Au-Ag exploration project (the "Project")
in Peru. The Company is earning a 60% joint venture interest in the
Project from Gitennes Exploration Inc. (See news release of April
22, 2010).
The DIA authorizes the Company to initiate a proposed Phase I
infill drilling program (the "Program") on the Project. The Program
will focus on infill drilling to a depth of 200 meters along the
central and southeastern segments of the Urumalqui Vein, which
cover 1.0 kilometre of the 1.5 kilometre Urumalqui Vein outcrop
where the majority of the Project's historical drilling programs
were concentrated. Based on a review of the Project's historical
geological information, the Company has increased the Program from
2,000 metres to approximately 3,000 metres of diamond core infill
drilling, which is intended to produce an overall drill hole
spacing of approximately 50 metres over the 1.0 kilometre vein
strike, to a depth of 200 metres. This level of drilling density
should optimize the results of a NI 43-101 resource estimate, which
the Company plans to commission upon completion of the Program.
The Company has signed water assignment agreements with several
surface owners in the Project area who have water rights sufficient
to support the proposed Program. The Company has applied for a
water permit with the Peruvian Local Water Authority ("ALA") for
the utilization of the assigned water rights. The granting of the
water permit is dependent on an approved DIA, and the Company
expects now to receive the water permit from ALA by the end of
February 2011.
A Lima-based drilling company has been selected to complete the
Program, and a drilling contract should be concluded in time to
initiate the Program during March 2011.
About AndeanGold Ltd.:
AndeanGold Ltd. is engaged in the acquisition, exploration and
potential development of primarily precious metals properties,
principally in Peru and Ecuador. The focus of the Company's
exploration activities is presently in advancing its Urumalqui
Project, as well as pursuing mineral property acquisitions, in
Peru. In Ecuador, the Company's activities have been limited to
administrative and legal matters due to the Mining Mandate issued
by the Ecuador Constituent Assembly on April 18, 2008. In November
2009, President Correa signed the Mining Regulations into law
pursuant to the requirements of the new Mines Law, which was passed
in January 2009. This was the final legal precursor to the
re-initiation of exploration and mining development in Ecuador. The
Company has been issued new mining titles under the new Mines law
to its three key Ecuadorian projects and has filed the requisite
documents with the Ministry of Non-Renewable Natural Resources and
Ministry of Environment in support of the Company's request to
renew exploration programs on its key projects in Ecuador. The
Company is actively working with government officials to achieve
this end.
Please refer to AndeanGold's website at www.andeangoldltd.com
for further information on the Company's projects and
activities.
On Behalf of the Board of Directors of ANDEANGOLD LTD.
Anthony F. Ciali, President, CEO and Director
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.
Contacts: AndeanGold Ltd. - Corporate Office Tony Ciali
732.940.5487 tciali@andeangoldltd.com www.andeangoldltd.com Ascenta
Capital Partners Inc. Jim Glass Investor Relations 604.684.4743
ext. 225 or Toll Free: 1.866.684.4743 ext. 225
jim@ascentacapital.com
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