AndeanGold Signs Drilling Agreement for Urumalqui Au-Ag Project, Peru
March 22 2011 - 9:00AM
Marketwired
AndeanGold Ltd. ("the Company" or "AndeanGold") (TSX VENTURE: AAU)
is pleased to announce that it has signed a drilling agreement with
Explomin Del Peru S.A.C. ("Explomin"), based in Lima, for its
advanced-stage Urumalqui Au-Ag exploration project (the "Project")
in Peru. Explomin is in the process of mobilizing the diamond core
drill rig, and drilling is expected to commence at the Project
during the week of March 28, 2011.
The Phase I drill program (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 was
concentrated. The Program will include a minimum of 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.
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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