AndeanGold Reports Additional Positive Assay Results, Urumalqui Au-Ag Project, Peru
May 24 2011 - 9:00AM
Marketwired Canada
AndeanGold Ltd. ("the Company" or "AndeanGold") (TSX VENTURE:AAU) is pleased to
announce that it has received the assay results for the second set of three
drill holes from the Phase I infill drilling program (the "Program") at its
advanced-stage Au-Ag Urumalqui exploration project (the "Project") in Peru. The
planned Program comprises up to 23 diamond core holes and 3,000 to 4,000 metres
of drilling on the Urumalqui Epithermal Vein (the "Vein"). To date, 17 holes
have been completed for 2,960 metres. Core samples for the first 12 completed
holes have been shipped to the Inspectorate Lab in Lima for assaying.
The assay results for the second set of three drill holes, which are vertically
aligned in the central portion of the 1,000 metre strike length being drilled in
the Program, are, as follows:
DRILL HOLE PGUR #06 (VEIN INTERSECT - 57.9 METRES BELOW SURFACE)
---------------------------------------------------------------------------
TRUE
FROM TO INTERVAL WIDTH AU AG AG EQUIVALENT
(metres) (metres) (metres) (metres) (g/t) (g/t) (g/t) (oz/t)
----------------------------------------------------------------------------
80.35 86.1 5.75 4.50 2.03 142.83 244.33 7.86
INCLUDING
-----------
80.85 84.45 3.60 2.81 2.94 172.21 319.21 10.26
----------------------------------------------------------------------------
DRILL HOLE PGUR #07 (VEIN INTERSECTED - 102.7 METRES BELOW SURFACE)
----------------------------------------------------------------------------
TRUE
FROM TO INTERVAL WIDTH AU AG AG EQUIVALENT
(metres) (metres) (metres) (metres) (g/t) (g/t) (g/t) (oz/t)
----------------------------------------------------------------------------
133.60 137.70 4.10 3.11 0.44 80.57 102.57 3.30
INCLUDING
-----------
133.60 135.60 2.00 1.52 0.78 110.50 149.50 4.81
----------------------------------------------------------------------------
DRILL HOLE PGUR #08 (VEIN INTERSECTED - 138.8 METRES BELOW SURFACE)
----------------------------------------------------------------------------
TRUE
FROM TO INTERVAL WIDTH AU AG AG EQUIVALENT
(metres) (metres) (metres) (metres) (g/t) (g/t) (g/t) (oz/t)
----------------------------------------------------------------------------
155.70 160.81 5.11 3.09 2.38 228.09 347.09 11.16
INCLUDING
-----------
157.70 160.81 3.11 1.88 3.82 274.68 465.68 14.97
----------------------------------------------------------------------------
AG EQUIVALENT - Based on a silver to gold ratio of 50:1 and assuming 100%
metallurgical recoveries.
oz/t: Troy ounces per metric tonne.
The three new holes were drilled approximately 100 metres to the west of the
first three holes drilled in the Program (See news release of March 13, 2011).
Including Gitennes Exploration Inc.'s three sets, each, of three vertically
aligned historical holes, drilled to the west, east and between AndeanGold's six
reported drill holes in the Program, approximately 200 metres of the 1,000 metre
Vein strike being tested have now been infilled at approximately 50 metre
spacings. (To see the Urumalqui Vein Longitudinal Section, please visit the
following link: http://media3.marketwire.com/docs/aau524i.pdf)
Mr. Anthony F. Ciali, President & CEO of AndeanGold states, "We are very pleased
with the continuing positive assay results to date, as well as the comparability
of the Company's and Gitennes' assay results, from the Phase I infill drilling
program at the Urumalqui Project. A 0.30 metre true width interval in hole PGUR
# 08 returned 17.40 g/t Au, which is the highest Au assay ever reported from any
drilling program at the Project. Overall, the drilling performance is in line
with the Company's expectations, and the Program continues to proceed on
schedule."
All of the 17 completed holes have intersected the Urumalqui Vein as predicted
in cross sections prepared by the Company, providing initial support for the
continuity of mineralization along the strike and down dip. To date, the
contract driller, Explomin de Peru S.A.C. has achieved an average daily drilling
rate of 84 metres, and core recoveries per hole have averaged 94% within the
Vein and 97% for the entire hole.
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 long Urumalqui Vein outcrop where the majority of the Project's
historical drilling programs were concentrated. This level of drilling density
should be sufficient for the preparation of a NI 43-101 resource estimate, which
the Company plans to commission upon completion, and subject to the results, of
the Program.
Quality Assurance / Quality Control:
AndeanGold has in place a detailed QA/QC program consistent with Canadian
Securities Administrators National Instrument 43-101 and using best industry
practices. The program includes chain of custody of samples; standards and
blanks submitted to the independent Inspectorate Lab in Lima Peru with each
batch of samples, and a check assay program on a proportion of sample pulps with
a second independent laboratory. The results of the QA/QC program to date have
been satisfactory.
Dr. William F. Lindqvist, a director of the Company, is the Qualified Person in
compliance with National Instrument 43-101 with respect to this release.
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
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