ANDINA Minerals Inc. (TSX VENTURE: ADM) (the "Company") today
announced results from a second set of twenty (20) drill holes
completed in 2011 at the Ojo de Agua East ("ODAE") mineralized
zone, situated at the Volcan Project site some 6.5 kms north-east
from the known Dorado zone and approximately 4 kms to the north of
the proposed Mill and Heap Leach Pad in the Volcan Phase 1
Development Plan.
These holes form part of the 10,000 metre (m) Strategic
Exploration Program drilled during in the current field season. A
further six (6) holes await assay results and are expected to be
released in early June.
Hole RODAE-887D returned 1.0 grams per tonne gold ("g/t Au")
over 266 meters ("m"), including 54 m at 2.6 g/t Au. Hole
RODAE-887D was reverse circulation pre-collared to a depth of 150 m
and followed up with a diamond drill to a total depth of 450.65 m.
Our objective to extend the known ore shoot to depth and to the
South was successfully achieved.
"Hole RODAE-887D demonstrates down-dip continuity of increasing
high-grade mineralization at ODAE and supports our continued belief
that we have intercepted a structurally controlled mineralized
system at ODAE.
With this hole we now have several intercepts of at surface
mineralization, continuity to depth and at significantly higher
average grade than the main Volcan resource grade.
ODAE could become an important resource, in the initial years of
Volcan's operations by allowing the displacement of low-grade
fines, from the mill, to the heap leach pad and thereby replacing
low-grade mill feed with high-grade ore" stated George Bee,
President and CEO of Andina. "This hole is very encouraging as ODAE
could materially improve Volcan's cash flow in the initial years of
operation. Therefore, we are moving quickly to process ODAE
drilling results with a view to incorporating ODAE into the Volcan
mine plan. We hope to release an initial resource estimate for ODAE
in Q3".
The ODAE zone is part of the mineral concessions acquired from
Barrick Gold Corporation in 2009.
All holes released today consisted of a combined reverse
circulation pre-collar with a diamond drill finish.
Table 1, below, present's results for the best six (6) holes
released today.
Table 1
--------------------------------------------------------------------------
Hole Number Section From - To Meters g/t Au Including
--------------------------------------------------------------------------
RODAE-885D O-23 372 - 476 m 104 m 0.64 36 m @ 1.13 g/t Au
--------------------------------------------------------------------------
RODAE-887D O-21 56 - 322 m 266 m 1.00 54 m @ 2.6 g/t Au
--------------------------------------------------------------------------
RODAE-890 greater than
O-22 56 - 200 m 144 m 0.81 18 m @ 1.69 g/t Au
--------------------------------------------------------------------------
44 m @ 1.11 g/t Au
--------------------------------------------------------------------------
RODAE-894 O-24 52 - 132 m 80 m 0.84 20 m @ 1.06 g/t Au
--------------------------------------------------------------------------
RODAE-896 O-25 148 - 180 m 32 m 0.60 8 m @ 1.11 g/t Au
--------------------------------------------------------------------------
10 m @ 1.08 g/t Au
--------------------------------------------------------------------------
RODAE-911D O-23 200 - 318 m 118 m 0.84 46 m @ 1.22 g/t Au
--------------------------------------------------------------------------
Map and sections showing all drill results to date from ODAE may
be accessed with the following link:
http://andinaminerals.com/find/id/29/fy
Results to Date and Geology
Andina has concluded the current 2010/2011 field season with a
total of 10,831.7 m drilled in 33 holes. Total drilling at ODAE now
stands at 13,207.15 m in 43 drill holes.
Our testing has confirmed a total strike length for the ODAE
exploration target of over 750 m. We estimate that the mineralized
zone extends up to a width of 200 m and a depth of 400 m. Current
positive results include mineralization at the northern extension
of ODAE (section 30) holes RODAE-923 and RODAE-924), while hole
RODAE-887D increased the known ore body width significantly at the
southern end of the mineralized zone. The high-grade core of hole
RODAE- 887D being 54 m @ 2.6 g/t Au coincides with earlier reported
high-grade intercepts 100 - 200 m to the north at holes 851 and 853
(see section 22 and 23). (See press release dated February 15th
2011 for geology.)
Another important parameter, requiring additional investigation,
is the presence of an approximately 150 m deep oxidized zone at
ODAE, which offers potential for higher recoveries and lower costs
in a standard heap leach process.
Andina will undertake an initial resource calculation once
results for the remaining seven (7) holes are available, expected
by early June, and will work towards an initial resource estimate
for ODAE in the 3rd quarter of 2011.
With the success of targeting and discovering high-grade
mineralization at ODAE, Andina is now considering expanding its
regional exploration program to focus on other opportunities, such
as ODAE, where it hopes to generate additional Diatreme hosted gold
targets that could deliver high-grade gold mill feed for the Volcan
Project.
Table 2, below, presents the results for the twenty (20) holes
from the 2010/2011 Strategic Exploration program that are released
today.
Table 2
--------------------------------------------------------------------------
Hole Nr. Section From - To Mts Grs/t Au Including
--------------------------------------------------------------------------
RODAE-885D O-23 190 - 200 m 10 m 0.54 2 m @ 1.54 g/t Au
--------------------------------------------------------------------------
RODAE-885D O-23 372 - 476 m 104 m 0.64 36 m @ 1.13 g/t Au
--------------------------------------------------------------------------
RODAE-887D O-21 56 - 322 m 266 m 1.00 54 m @ 2.6 g/t Au
--------------------------------------------------------------------------
RODAE-888D O-24 102 - 104 m 2 m 2.13
--------------------------------------------------------------------------
RODAE-888D O-24 154 - 280 m 126 m 0.54
--------------------------------------------------------------------------
greater
RODAE-890 O-22 56 - 200 m than 144 m 0.81 18 m @ 1.69 g/t Au
--------------------------------------------------------------------------
44 m @ 1.11 g/t Au
--------------------------------------------------------------------------
RODAE-893 O-24 Abandoned
--------------------------------------------------------------------------
RODAE-894 O-24 52 - 132 m 80 m 0.84 20 m @ 1.06 g/t Au
--------------------------------------------------------------------------
RODAE-896 O-25 62- 68 m 6 m 0.69
--------------------------------------------------------------------------
RODAE-896 O-25 94 - 108 m 14 m 0.36
--------------------------------------------------------------------------
RODAE-896 O-25 148 - 180 m 32 m 0.60 8 m @ 1.11 g/t Au
--------------------------------------------------------------------------
RODAE-896 O-25 280 - 312 m 32 m 0.45 2 m @ 1.4 g/t Au
--------------------------------------------------------------------------
RODAE-896 O-25 148 - 180 m 32 m 0.60 10 m @ 1.08 g/t Au
--------------------------------------------------------------------------
RODAE-896 O-25 280 - 312 m 32 m 0.45 2 m @ 1.40 g/t Au
--------------------------------------------------------------------------
RODAE-908 O-26 270 - 282 m 12 m 0.35
--------------------------------------------------------------------------
RODAE-909 O-20 38 - 82 m 44 m 0.45
--------------------------------------------------------------------------
RODAE-909 O-20 112 - 136 m 24 m 0.43
--------------------------------------------------------------------------
RODAE-909D O-20 178 - 190 m 12 m 0.29
--------------------------------------------------------------------------
4 m @ 1.4 % Cu, pre-
RODAE-910 O-23 60 - 64 m 4 m 0.14 collar
--------------------------------------------------------------------------
RODAE-910 O-23 112 - 116 m 4 m 2.63
--------------------------------------------------------------------------
RODAE-911 O-23 56 - 60 m 4 m 0.09 4 m @ 0.6 % Cu
--------------------------------------------------------------------------
RODAE-911 O-23 112 - 114 m 2 m 3.65
--------------------------------------------------------------------------
RODAE-911D O-23 148 - 150 m 2 m 2.91
--------------------------------------------------------------------------
RODAE-911D O-23 200 - 318 m 118 m 0.84 46 m @ 1.22 g/t Au
--------------------------------------------------------------------------
RODAE-912 O-25 0 - 36 m 36 m 0.49
--------------------------------------------------------------------------
RODAE-912 O-25 62 - 68 m 6 m 1.32
--------------------------------------------------------------------------
RODAE-912 O-25 244 274 m 30 m 0.58 4 m @ 1.97 g/t Au
--------------------------------------------------------------------------
RODAE-913 O-21 46 - 52 m 6 m 0.81
--------------------------------------------------------------------------
RODAE-913 O-21 70 - 98 m 28 m 0.65 4 m @ 1.25 g/t Au
--------------------------------------------------------------------------
RODAE-913 O-21 118 - 136 m 18 m 0.74 2 m @ 1.93 g/t Au
--------------------------------------------------------------------------
RODAE-913 O-21 162 - 186 m 24 m 0.56 4 m @ 1.36 g/t Au
--------------------------------------------------------------------------
RODAE-914 O-21 6 - 12 m 6 m 0.63
--------------------------------------------------------------------------
RODAE-914 O-21 28 - 54 m 26 m 0.69 2 m @ 4.0 g/t Au
--------------------------------------------------------------------------
RODAE-916 O-21 202 - 242 m 40 m 0.31
--------------------------------------------------------------------------
RODAE-919 O-23 70 - 86 m 16 m 0.51 2 m @ 1.33 g/t Au
--------------------------------------------------------------------------
greater
RODAE-921 O-30 38 - 42 than 4 m 0.43 Repeated by 924
--------------------------------------------------------------------------
RODAE-922 O-30 - - - Pre-collar hole
--------------------------------------------------------------------------
RODAE-923 O-30 364 - 388 m 24 m 0.60 2 m @ 2.56 g/t Au
--------------------------------------------------------------------------
RODAE-924 O-30 186 - 236 m 50 m 0.20 2 m @ 0.76 g/t Au
--------------------------------------------------------------------------
Total: 5,671.4 m (20 drill holes)
--------------------------------------------------------------------------
Ojo de Agua East Area Qualified Person
The trenching and drilling program at the Ojo de Agua East area
of the Volcan Gold Project was reviewed and the results approved by
Mr. Sergio Diaz, Andina's Qualified Person under National
Instrument 43-101 and he is the Public Registered Person for
Reserves and Resources N degrees 51, in Chile, also registered in
the Colegio de Geologos de Chile under N degrees 315. Mr. Diaz is
responsible for preparing technical information on the Ojo de Agua
East area.
QA/QC Protocols
Mr. Diaz has confirmed that Andina has utilized appropriate and
accepted (per National Instruments 43-101 requirements) Quality
Assurance and Quality Control ("QA/QC") protocols for the trench
and drill hole sampling and assaying. Grab samples are selected
pieces of rock collected to identify or confirm anomalous or
potentially economic concentrations of precious metals (Au, Ag),
base metals (Cu, Mo, Zn, Pb), as well as path-finder elements
commonly associated with epithermal mineralization (As, Sb, Hg,
Ba). Chip-channel samples are one or more continuous samples of
mineralized or altered rock collected with hammer and chisel over a
measured interval and may be taken from areas of outcrop or from
trenches. Sample locations are determined at the time of collection
with handheld GPS readings. Andina does not intend to use either
the chip channel (trenching) or grab samples data in any future
resource estimations. The samples that were taken in this program
have been collected to confirm previously reported exploration
sampling results and to further identify areas of greater interest
for more detailed future exploration and drilling.
All samples are delivered by the Company's personnel to the
Geoanalitica sample preparation facility in Copiapo Chile, where
they are crushed (chip and grab samples) and all drill hole and
surface samples are then shipped by Geoanalitica to their assay
facility located in Antofagasta.
Geoanalitica analyzes the samples for gold, copper and
molybdenum. The gold assays are performed utilizing 30 g fire assay
with an Atomic Absorption Spectroscopy ("AAS") or gravimetric
finish; the Cu and Mo are assayed for using standard wet analytical
techniques. Sample pulp splits are subsequently sent by
Geoanalitica to the ALS-Chemex laboratory (also in Coquimbo) for
multi-element Inductively Coupled Plasma ("ICP") analysis.
About Andina Minerals Inc.
Andina's primary focus is mining exploration and development in
Chile. The Company's flagship development project is the 100%-owned
Volcan Gold Project ("Volcan"), strategically located in the
prolific Maricunga Gold Belt. In February 2011, Andina announced
the results of a positive pre-feasibility study for Volcan. Initial
Proven and Probable Mineral Reserves are 6.6 million ounces of gold
at an average grade of 0.73 g/t contained in 283 million tonnes of
ore. In addition, there remains 2.3 million ounces of Measured and
Indicated gold resources at an average grade of 0.66 g/t contained
in 107 million tonnes of ore plus 1.2 million gold ounces in the
Inferred category. Andina is progressing with a feasibility study
for Volcan, targeted for completion in the first half of 2012.
In addition to Andina's extensive underexplored land position
surrounding Volcan, the Company holds two other mineral properties
located within Chile's primary mining regions.
Forward-Looking Statements
This press release contains forward-looking information within
the meaning of applicable Canadian securities laws and regulations.
Such information is based on the current expectations and beliefs
of Andina's management and is subject to a number of risks and
uncertainties that may cause the actual results to differ
materially from those described above. Forward-looking information
in this press release includes, but is not limited to, statements
with respect to the completion of the feasibility study,
exploration activities and results (including the timing of
results), the timing and success of exploration activities
generally, permitting timelines, government regulation of
exploration and mining operations, environmental risks, title
disputes or claims, limitations on insurance coverage, timing and
possible outcomes of any pending litigation and timing and results
of future resource estimates or future economic studies, and in
particular include statements with respect to the timing of the
reporting of drilling results at Ojo de Agua East. Often, but not
always, forward-looking information can be identified by the use of
words such as "plans", "planning", "planned", "expects", "looking
forward", "does not expect", "continues", "scheduled", "estimates",
"forecasts", "intends", "potential", "anticipate", "does not
anticipate", or "belief", or describes a "goal", or variations of
such words and phrases or state that certain actions, events or
results "may", "could", "would", "might" or "will" be taken, occur
or be achieved.
The forward-looking information contained in this press release
is based on a number of material factors and assumptions,
including, but not limited to, that estimates and studies are
accurate, that Andina's mining operations continue in the ordinary
course and as expected, that contracted parties provide goods
and/or services on the agreed time frames, that the equipment
necessary for exploration and development work is available as
scheduled, availability of water for milling and mining, that no
labour shortages or delays are incurred, that plant and equipment
function as specified, Andina's ability to obtain adequate
financing when and as needed, the continued favourable market for
gold at prices at or above estimated levels, that no unusual
geological or technical problems occur, that no unusual or
unexpected events have a material adverse effect on Andina's
operations or financial condition, and such other assumptions and
factors as set out herein.
Forward-looking information involves known and unknown risks,
future events, conditions, uncertainties and other factors which
may cause the actual results, performance or achievements to be
materially different from any future results, projection, forecast,
performance or achievements expressed or implied by the
forward-looking information. Such factors include, among others,
the interpretation and actual results of current exploration
activities; changes in project parameters as plans continue to be
refined; future prices of gold; possible variations in grade or
recovery rates; failure of equipment or processes to operate as
anticipated; the failure of contracted parties to perform; labour
disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of exploration, as well as those factors disclosed in the company's
publicly filed documents. Although Andina has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking information. Andina does not undertake any
obligation to update or revise publicly any forward-looking
information whether as a result of new information, future events
or otherwise, unless required to do so by applicable laws.
Contacts: George M. Bee President & CEO 416 203 3488 Derrick
Weyrauch Chief Financial Officer 416 203 3488
www.andinaminerals.com
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