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Additional Information
Market: TSX-V
Sector: General Mining
EPIC: AOX
Latest Price: C$0.25  (-1.96% Descending)
52-week High: C$0.66
52-week Low: C$0.25
Market Cap: C$27.61M
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Andover Ventures Inc.
www.andoverventures.com

Andover Ventures is a precious and base metal exploration and development company, headquartered in Vancouver, British Columbia, Canada, with world class properties located in the historic Tintic Mining District, Utah, USA and the Polymetallic rich Ambler Mining District, located in Alaska, USA.

 

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Andover signs earn-in agreement with Kennecott for Big Hill project

23rd Aug 2010, 1:17 pm

Precious and base metals exploration and development business Andover Ventures (AOX-TSX:V) (FSE:R2X) has announced today that its investee company Chief Consolidated Mining Co. has signed an earn-in with option to joint venture agreement with Kennecott Exploration Company, a subsidiary of Rio Tinto, on the company’s Big Hill project located in the East Tintic Mining District Utah, USA.

The Big Hill Project is focused on developing a porphyry copper-gold-molybdenum target located on claims owned by Chief or its wholly or partially owned subsidiaries.

Under the terms of the proposal, Kennecott could earn a 51% interest in the Big Hill project by completing a pre-feasibility study or incurring $20,000,000 in expenditures, whichever occurs first, and an additional 4% interest by funding all project costs until the delivery of a feasibility study accepted by Rio Tinto for making an investment decision.

Kennecott has already commenced work on the project.

The Big Hill porphyry target is located in the East Tintic mining district approximately 43 miles southeast of Rio Tinto’s Bingham Canyon Mine, which is recognized as one of the world’s largest open pit porphyry copper deposits. A stockwork of quartz veinlets occupies the core zone of the Big Hill target area with a lithocap superimposed on the stockwork.

Andover has recently come out with a clutch of announcements. In early August, it announced that it would be increasing its stake in Chief Consolidated Mining to 78.91%. It also just renegotiated its debt and raised private financing.

“We are pleased to be working with Kennecott’s team of professionals, they possess tremendous knowledge of the East Tintic Mining District as they have operated both the Burgin Mine and Trixie Mine in the past,” said chairman of Andover Gordon Blankstein.

Separate from the Kennecott agreement, Chief owns additional properties in the District that it proposes to develop. These include but are not limited to, the Trixie Gold Mine, which was in production as recently as 2001, the Ball Park target, the Burgin Mine Complex and milling facilities plus many other former producing mines.

Andover is headquartered in Vancouver, British Columbia, Canada, with holdings located in the historic East Tintic Mining District, Utah, and the Polymetallic rich Ambler Mining District, located in Alaska.

Andover is up 2.13% on the news to $0.24 on the Toronto Stock Exchange today.

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