Andover Mining Covered in Report Issued by Haywood Securities and Discussed in Video on InvestmentPitch.Com
Vancouver, British Columbia--(Newsfile Corp. - January 17, 2013) - Andover Mining (TSXV: AOX) was covered in a junior exploration report issued by Haywood Securities. The report focused on Andover's flagship asset, the 100% owned Sun VMS project in the Ambler mining district of northwestern Alaska.
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The company acquired the Sun property through an option earn-in agreement, which was completed in March 2007, for total consideration of $13 million.
The Sun property covers 36,800 acres and hosts VMS mineralization in up to four separate horizons, up to 31 metres in thickness. Andover has also staked 9,120 acres in the metavolcanic belt surrounding Teck's Smucker deposit, located to the west of Sun.
Past exploration work, prior to 2012, includes the completion of 76 drill holes.
Haywood's report discusses the historical prefeasibility study that was competed by Anaconda Copper Mining Company in 1977, when copper traded at a fraction of the current price. Anaconda's non-compliant NI 43-101 report outlined significant historical open-pit resources of 2.2 million tonnes, and historical underground resources of 16.2 million tonnes of copper, zinc, lead and silver. These resources are described in more detail in the video.
Andover's $3.5 million 2012 exploration program, included 14,265 feet of diamond drilling in 20 holes, and the resampling of historic drill core (19 mineralized intercepts from 12 drill holes). Specific highlights include 11.5 metres grading 3.00% copper, 2.43% zinc, 0.54% lead, 43.6 grams per tonne silver, and 0.43 grams per tonne gold in hole SUN-12-39.
Andover expects to bring Sun's historical resources into NI 43-101 compliance during the first quarter on 2013, and is working toward the completion of a Preliminary Economic Assessment for the first half of 2013.
In December, the Alaskan Governor announced details of the State's 2013 budget, which includes $8.5 million earmarked for the roughly $400 million, 110 mile Ambler Mining District Road, which will provide access via the Dalton Highway.
Andover currently trades at $0.19, and with approximately 110 million shares outstanding, is capitalized at $21 million.
For a more information on Andover Mining, and its East Tintic poly metallic property in Utah, please visit their website at www.AndoverMining.com or contact Richard Martens at 604-682-2168 or email email@example.com.
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Barry Morgan, CFO