AndeanGold Announces Approval of Water Permit-Now Fully Permitted to Initiate Phase I Drill Program at Urumalqui Au-Ag Project,
February 24 2011 - 1:33PM
Marketwired
AndeanGold Ltd. ("the Company" or "AndeanGold") (TSX VENTURE: AAU)
is pleased to announce that Peru's Local Water Authority has
approved the Company's water permit application for its
advanced-stage Urumalqui Au-Ag exploration project (the "Project")
in Peru. On February 14, 2011, Peru's Ministry of Energy and Mines
issued the approval voucher of the Company's Declaration of
Environmental Impact Study ("DIA") application for the Project (see
news release of February 16, 2011). With the approval of the DIA
and water permit applications, the Company is now fully permitted
to initiate its Phase I drill program (the "Program") on the
Project. The Company is earning a 60% joint venture interest in the
Project from Gitennes Exploration Inc. (see news release of April
22, 2010).
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 achieve 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.
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. - Investor Relations Jim Glass 604.684.4743
ext. 225 jim@ascentacapital.com
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