lmcat
13 years ago
ANDOVER VENTURES ANNOUNCES PRELIMINARY ECONOMIC
ASSESSMENT FOR BURGIN EXTENSION DEPOSIT, EAST TINTIC
MINING DISTRICT, UTAH, USA
December 07, 2011, Vancouver, B.C. - Andover Ventures Inc. (“Andover” or the “Company”) (AOX -TSX: V) (AOVTF-United States) (R2X-Frankfurt Exchange) is pleased to announce a completed 43-101 Preliminary Economic Assessment (PEA) of the Burgin Extension deposit owned by Chief Consolidated Mining Company, (“Chief”) (in turn approximately 78.5% owned by Andover). This report is the first National Instrument 43-101 compliant economic estimate of the Burgin project.
The Burgin property located about 60 miles in a straight line southwest of Salt Lake City, Utah, USA, consists of 527 acres that are a portion of a total of approximately 16,000 acres of
adjacent land owned or controlled by Chief in the Tintic and adjacent East Tintic Mining Districts, Utah, USA. These two districts were mined historically for polymetallic massive
sulfide replacement and gold-silver fissure vein deposits.
The total metal mined from the Tintic and East Tintic districts between 1869 and 1976 is as follows: 16.5 million tons containing 250 million ounces of silver, 2.3 million ounces of gold,
2.2 billion pounds of lead, 350 million pounds of zinc, and 250 million pounds of copper.
Deeper porphyry copper-gold targets in the East Tintic district are currently being drilled by Kennecott Exploration Company (“Kennecott”) a division of Rio Tinto plc, in a joint venture
with Chief.
The Company engaged Mine Development Associates (“MDA”) of Reno, NV, USA to complete both a Resource Estimate (completed in June - press release 06.22.2011), and a Preliminary Economic Assessment in accordance with National Instrument 43-101 on the Burgin
Extension deposit. The PEA technical report was completed on December 2, 2011 and will be posted on the Company’s website at www.andoverventures.com and SEDAR at www.sedar.com within 45 days.
http://www.infomine.com/companies-properties/document.aspx?docid=PB138127.PDF&utm_source=digest-en-minedev-111208&utm_medium=email&utm_campaign=digest
lmcat
13 years ago
ANDOVER ANNOUNCES CONVERTIBLE PLACEMENT WITH SENTIENT GROUP OF FUNDS
September 23, 2011, Vancouver, B.C. - Andover Ventures Inc. (“Andover” or the “Company”) (AOX-TSX: V) (AOVTF-United States) (R2X-Frankfurt Exchange) is pleased to announce the signing of definitive agreements for a non brokered convertible note with The Sentient Group (“Sentient”) for aggregate proceeds of $2.5 million USD . The convertible note matures in twelve months, has a zero percent interest rate and can be converted into Andover shares at .50 cents per share at the lenders discretion. No commission will be paid and the proceeds of this financing will be used for working capital.
The Sentient Group manages over US$2.3bn in the development of quality metal, mineral and energy assets across the globe through its Cayman-based, 10 year closed-end private equity Sentient Resources Funds.
Sentient’s professionals have long experience in the natural resources and investment industries and possess a combination of skills covering geological exploration, commodity analysis, political risk, capital markets, financial structuring and portfolio management.
Investors in Sentient’s Funds are institutional investors typically representing university endowment funds, corporate pension funds, family offices and resource industry participants. The global spread of investors complements Sentient’s global mandate.
http://www.andoverventures.com/_resources/news/nr_2011_09_23_2.pdf
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