AndeanGold Announces Work Program on Rio Seco Project,
Peru
Vancouver, B.C. - February 9, 2009 - AndeanGold Ltd. ("the Company" or "AndeanGold")
(TSX Venture Exchange: AAU) is pleased to announce it has commenced
construction of a geochemical / geophysical grid over the West Zone
on the Company's Rio Seco Project (the "Project") in Peru. The
Project is located approximately 33 km southeast of the city of Trujillo,
Department of Libertad.
"Having recently returned from visiting the Rio Seco Project in
Peru, I continue to be encouraged by the potential for this
Project," stated Tony Ciali, President & CEO. "Our due
diligence mapping and sampling programs uncovered several promising
mineralized zones, and we're moving forward quickly to further evaluate
this Project."
The Company's due diligence included detailed geological and alteration
mapping and continuous channel sampling of outcrop faces, veins and
trenches along an access road which cuts through the West Zone. This work
identified the Camino Target area which contains:
- stockworkings covering approximately 300 metres x
100 metres and containing anomalous gold and silver in rock
trenches, including assays of 1.35 g/t gold and 6.42 g/t
silver over 18.0 metres and 1.92 g/t gold and 10.24
g/t silver over 30.0 metres in channel samples.
- a zone of multiple veins / veinlets to the south
with an approximate overall length of up to 350 metres exhibiting
assays up to 13.8 g/t gold and 93.7 g/t silver over 0.40
metres in a channel sample.
Of particular interest is the stockwork zone for its open pit, heap leach
mining potential if economic grades are present.
The grid over the Camino Target will:
- cover an area of 1.8 kilometres long by 500
metres wide, with ten parallel lines spaced at 200 metres intervals
- result in approximately 1,000 samples from the
geochemical program, which will be sent to the independent
Inspectorate Assay Lab in Lima
- be completed by March 31, 2009, with the
majority, if not all, of the assays results available at that time
The next phase of the West Zone evaluation program will likely include an
IP survey over the entire grid and additional trenching of anomalous
areas, leading to a possible future Phase I drill program.
To date, the Company has outlined four mineralized zones of
interest and has identified ten main veins within the Project.
Preliminary data suggest the shear-controlled West and South Zones have
the best potential for hosting significant gold mineralization. In the South
Zone, three gold-bearing veins have been identified to date with
strike lengths of approximately 300 metres and including assays of 33.76
g/t gold and 3.00 g/t silver over 0.12 metres and 13.90 g/t
gold and 13.10 g/t silver over 0.10 metres in channel samples.
The West Zone also contains the Santa Catalina Target, which
contains two sub-parallel main veins with an overall strike length of up
to 300 metres and including assays of 9.0 g/t gold and 6.30 g/t
silver over 0.62 metres and 6.73 g/t gold and 184 g/t
silver over 0.60 metres in channel samples.
The Project consists of eleven gold-silver concessions (1,325 hectares),
which the Company acquired in December 2008 pursuant to Assignment and
Purchase Option Agreements with three concessionaires, and six
exploration concession applications (approximately 2,000 hectares) (see
press release dated December 17, 2008). The project area is approximately
3,325 hectares.
There is excellent infrastructure already in place for the Project. This
includes:
- road access along the Pan-American Highway just
45 minutes from Trujillo (population more than a million)
- a 10 km long well-compacted and easy to maintain
dirt road from the highway turn off to the project location
- a major power line located within a couple of
kilometers east of the Pan-American Highway
- a large government-owned concrete water channel
running through the concessions
The Project is located at an altitude of between 200m to 600m and has an
arid and dry climate.
Dr. William F. Lindqvist, a director of the Company, is the Qualified
Person in compliance with National Instrument 43-101 with respect to this
release.
About AndeanGold Ltd:
AndeanGold Ltd. is engaged in the acquisition, exploration and potential
development of primarily precious metals properties in Peru, Colombia and
Ecuador. The focus of the Company's exploration activities is presently
in Peru and Colombia, where the Company is pursuing mineral property
acquisitions and has signed several exclusivity and confidentiality
agreements with various concessionaires. 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, which, among other provisions, provided for the suspension of
exploration activities in Ecuador for a period of 180 days. Ecuador
recently passed a new Mines Law, which replaces the Mining Mandate, and
is working on developing regulations and finalizing terms and conditions
of future mining operations. The Company looks forward to working with
government officials to this end.
Please refer to AndeanGold's website at www.andeangoldltd.com for Rio Seco
detailed assay tables for exploration work completed to date and for
further
On Behalf of the Board of Directors of
ANDEANGOLD LTD.
Anthony F. Ciali
President, CEO and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Corporate Office:
Tony
Ciali, AndeanGold Ltd.
Phone: 609.844.7746
Email: tciali@andeangoldltd.com
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Investor Relations:
Jim
Glass, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 225
Toll free: 1.866.684.4743
Email: jim@ascentacapital.com
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The statements contained in this news release that are not purely
historical are forward-looking statements. Forward-looking statements may
relate to the success of any of the company's strategic initiatives, the
company's expectations, beliefs, growth and future prospects, and the
company's position in the market and future opportunities therein.
Forward-looking statements may also include, without limitation, any
express or implied statement relating to future events, industry
performance, general business and economic conditions or circumstances,
regulatory and legal requirements, and other matters, many of which are
beyond the control of the company. Forward-looking statements involve
risks and uncertainties, which could cause actual results to differ
materially from those projected. All forward-looking statements included
in this news release are based upon information available to the company
as of the date hereof and the company does not undertake any obligations
to update forward-looking statements should circumstances or management's
beliefs or opinions change.
No stock exchange has approved or disapproved the
information contained herein.
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