AndeanGold Commissions NI 43-101 Mineral Resource Estimate on the Urumalqui Au-Ag Project, Peru
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/13/11 -- AndeanGold Ltd. (TSX VENTURE: AAU) ('the Company' or 'AndeanGold') is pleased to announce that it has engaged the services of Mine and Quarry Engineering Services, Inc. of San Mateo, California ('MQes') to prepare an independent NI 43-101 mineral resource estimate report on the Urumalqui Epithermal Vein at the Company's advanced-stage Au-Ag Urumalqui exploration project (the 'Project') in Peru.
MQes is a specialized consulting and engineering company supplying geological, mining and process engineering services to the mining and quarrying industry worldwide. The company comprises a group of highly specialized individuals who are leading professionals in the technical disciplines of geology, geostatistics, mine planning, mineral dressing, metallurgy, chemical engineering, process design, cost estimation, and project management, supported by mechanical, electrical, civil, structural and instrumentation design engineers.
The group covers a wide variety of commodities, including precious metals (gold, silver, platinum, palladium), base metals (copper, nickel, zinc, lead), aluminum, coal, and aggregates (sand, gravel, asphalt) for the mining and quarrying industries. MQes and its key staff have extensive international experience in the form of projects and/or operations in North and South America, Australia and the Pacific Rim Countries, China, Central and Southern Africa, Europe and Scandinavia.
The Company completed its Phase I infill drill program (the 'Program') at the Project in July 2011. The Program was focused on infill drilling to a depth of 200 metres 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 historic drilling was concentrated. The original Program envisaged up to 23 diamond core holes and up to 4,000 metres. In order to provide additional infill drilling in some key areas, the Program was revised to include 31 diamond core holes, representing up to 5,100 metres. All 31 completed holes intersected the Urumalqui Vein as predicted in cross sections prepared by the Company. Including the Project's historic holes, the Program confirmed good continuity of mineralization for the subject 1,000 metre Urumalqui Vein strike, down to 200 metres below surface.
Mr. Anthony F. Ciali, President & CEO of AndeanGold states, 'We are very pleased to be working with MQes who have extensive experience in mineral resource and ore reserve estimation and NI 43-101 reporting. The MQes team assigned to AndeanGold is led by Mr. Chris Kaye, the President and Principal Process Engineer of MQes, who has more than 25 years experience in the mining and mineral processing industry.'
The Company has an option to acquire a 60% interest in the Project from Gitennes Exploration Inc. (see news release of April 22, 2010).
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