AndeanGold Updates Phase I Infill Drilling Program at Urumalqui Au-Ag Project, Peru
May 06 2011 - 9:00AM
Marketwired
AndeanGold Ltd. ("the Company" or "AndeanGold") (TSX VENTURE: AAU)
is pleased to provide an update on the Phase I infill drilling
program (the "Program") at its advanced-staged Au-Ag Urumalqui
exploration project (the "Project") in Peru. The contract driller,
Explomin Del Peru S.A.C. ("Explomin"), commenced the Program on
March 29, 2011.
The planned Program comprises up to 23 diamond core drill holes
and 3,000 to 4,000 metres of drilling. To date, 10 holes have been
completed for 1,918 metres. Core samples for the first 7 completed
holes have been shipped to the Inspectorate Lab in Lima for
assaying. The Company expects to shortly release initial assay
results, and thereafter, assay results will be released on a
periodic basis.
All completed holes intersected the Urumalqui Vein ("Vein") as
predicted in the cross sections prepared by the Company, providing
initial support for the continuity of the strike and dip of the
Vein over the 1,000 metre strike length planned to be drilled in
the Program. To date, Explomin has achieved an average daily
drilling rate of 61 metres, and core recoveries per hole have
averaged 93% within the Vein and 96% for the entire hole. Overall,
the drilling results to date are in line with the Company's
expectations, and the Program is proceeding on schedule.
The Program is focused on infill drilling to a depth of 200
meters so as to provide a drill spacing of approximately 50 metres
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. 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. Tony Ciali President, CEO and Director
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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