Vancouver, BC - Los
Andes Copper Ltd. ("Los Andes", or the "Company", TSX
Venture Exchange: LA) announces the completion of the previously announced
(see news release dated January 25, 2008) acquisition of the 250 litres per
second water right, which is an entitlement to permanent, continuous,
consumptive use of 250 litres per second of flow from the Aconcagua River,
from Inversiones Y Asesorias El Sauce Sociedad Anonima.
Under the terms of the
purchase agreement, Los Andes agreed to pay Inversiones Y Asesorias El
Sauce Sociedad Anonima US$17,000 per litre per second for a total of
US$4,250,000 as follows:
50% on execution of a purchase agreement (completed),
25% by the first anniversary of the agreement
25% by the second anniversary of the agreement.
The acquisition of this
substantial water right represents a major step towards securing the water
necessary for potential mining operations at Vizcachitas.
Drilling Update
Two diamond drill rigs continue drilling at Vizcachitas and 14,700
metres in 58 holes have been completed since drilling began in July last
year. The current program is expected to be completed in May, after which
the resource will be updated using results from both recent and historical
drilling.
About Vizcachitas
The Vizcachitas Project offers potential for a low strip, open pit
operation in an area of low elevation with excellent infrastructure,
including water and power in central Chile. The Vizcachitas deposit occurs
in the same metallogenic belt as the large copper-molybdenum porphyries Rio
Blanco-Los Bronces, Los Pelambres-El Pachon and El Teniente. Based on 68
drill holes previously completed by General Minerals Corporation and Placer
Dome, the project contains an indicated resource of 232 million tonnes
grading 0.46% copper and 0.014% molybdenum and an inferred resource of 619
million tonnes grading 0.38% copper and 0.013% molybdenum at a 0.30% copper
cutoff. At a 0.4% cutoff, indicated resources total 144 million
tonnes grading 0.52% copper and 0.015% molybdenum and inferred resources
total 211 million tonnes grading 0.46% copper and 0.016% molybdenum as
detailed in the NI43-101 compliant technical report of A.C.A. Howe
International Limited dated
February 7, 2007. The technical report, as well as additional information
about the Vizcachitas Project is available on our website at www.losandescopper.com.
For more information please contact:
Michael Kuta, Corporate Secretary
Tel: 604-697-6201 or
Roger Moss, President
Tel: 416-516-6050
E-Mail: info@losandescopper.com
Or visit our website at: www.losandescopper.com
This document contains certain forward looking statements which
involve known and unknown risks, delays and uncertainties not under the
Company's control which may cause actual results, performance or
achievements of the Company to be materially different from the results,
performance or expectation implied by these forward looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.