ANDINA Minerals Inc. (TSX VENTURE: ADM) (the "Company") today
announced results from the first six (6) completed drill holes in
2011 at the Ojo de Agua East ("ODAE") mineralized zone, situated at
the Volcan Project site some 6.5 kms 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 completed
holes are from the 10,000 metre (m) Strategic Exploration Program
in the current field season.
The ODAE zone is part of the mineral concessions acquired from
Barrick Gold Corporation in 2009.
Four (4) of the six (6) completed holes consist of combined
reverse circulation pre-collars with a diamond drill finish (see
Table 1).
Results of the drill hole are as follows:
Table 1
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Hole Number From - To Intersection g/t Au Including
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RODAE-853 288 - 392 m 104 m 2.20 30m @ 3.98 g/t Au
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RODAE-854 172 - 194 m 22 m 0.250 2m @ 1.01 g/t Au
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RODAE-855 172 - 174 m 2 m 0.329
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136 - 152 m 16 m 0.505 2m @ 1.57 g/t Au
RODAE-856 -------------------------------------------------------------
318 - 444 m 126 m 0.389 2m @ 1.05 g/t Au
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166 - 186 m 20 m 0.264
RODAE-857 -------------------------------------------------------------
254 - 262 m 8 m 0.327
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180 - 198 m 18 m 0.407
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RODAE-861 226 - 260 m 36 m 0.438
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290 - 434 m 144 m 0.510 4m @ 1.06 g/t Au
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Hole RODAE-853 returned 2.2 grams per tonne gold ("g/t Au") over
104 m, including 30 m at 3.98 g/t Au. Hole RODAE-853 was
pre-collared to a depth of 132 m and followed up with a diamond
drill to a total depth of 539.15 m. The objective was to intercept
the down-dip continuity of hole RODAE-851 which intercepted 122 m
of 1.45 g/t Au in the previous 2009/2010 field season (see press
release June 8, 2010). The results extend the ore shoot an
additional 100 m, to a depth of 300 m, and increase the grade of
the zone.
Along what was considered to be a northerly strike continuity of
the known mineralized zone, Andina tested at 100 m intervals and
this resulted in hole RODAE-861 intercepting 144 m at 0.51 g/t Au
and hole RODAE-856 intercepting 38 m at 0.464 g/t Au, while hole
RODAE-854 to the south did not intercept mineralization. Hole
RODAE-857, a reverse circulation hole collared into the
northeastern 100 ppb geochemical halo, with the objective to test
for oxidized ore, did not return positive results.
An important parameter, requiring additional investigation, is
the presence of an approximately 150 m deep oxidized zone at
ODAE.
"Hole RODAE-853 demonstrates down-dip continuity of increasing
high-grade mineralization at ODAE and supports our belief that we
have intercepted a structurally controlled mineralized system at
ODAE with significantly higher average grades than the main Volcan
deposits. This could meaningfully impact Volcan's development plan
and economics as we prepare a feasibility study for Volcan during
2011" stated George Bee, President and CEO of Andina. "This
additional result provides an excellent opportunity to supplement
our existing mill feed with higher grade than is contemplated in
our Phase 1 Development Plan".
Map and sections showing all drill results to date from ODAE may
be accessed as links at the bottom of this release.
Results to Date and Geology
Andina has drilled 13 successful holes to date into the
structural gold target at ODAE. Its north-south trending corridor
has now been traced over 750 m; of which 500 m are drill indicated,
while another 250 m can be inferred from new trench results cutting
the corridor. These trenches show 100 m of 54 ppb gold, a strong
indicator for continuity of ODAE towards a northerly direction.
The central higher grade zone however, is interpreted as a deep
rooted sub-circular diatreme whose central core is located around
holes RODAE-853 and RODAE-861.
This diatreme is characterized by phreatomagmatic breccias,
indicating near surface explosive events. Its dimensions are
approximately 200 m by 150 m and it appears to have used the
north-south dilational zone and secondary north-west structures to
develop. Best grades are located at its core and its total depth
may well extend to greater depth. Total width of the structural
corridor outside the diatreme is in the order of 50 m.
Diatreme hosted gold deposits are common features in high level
gold environments such as the Volcan district and are characterized
by higher grades than parent porphyry hosted deposits.
In addition to ODAE, Andina is also focusing its regional
exploration program on other opportunities such as ODAE to generate
Diatreme hosted gold targets with the objective to deliver higher
grade gold sources to the Volcan Project.
Andina plans to complete definition drilling to further define
the potential at ODAE at 50 m sections in the central zone and will
delineate continuity towards the North.
Andina anticipates an initial resource estimate for ODAE in the
3rd quarter of 2011.
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 No 51, in Chile, also registered in the
Colegio de Geologos de Chile under No 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 gold. In addition, there remains
2.3 million of Measured and Indicated gold resources plus 1.2
million gold ounces in the Inferred category. Andina is progressing
with a feasibility study for Volcan, targeted for completion in
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.
Mineralized Intercepts of Ojo de Agua East
http://andinaminerals.com/find/id/28/MO
http://andinaminerals.com/find/id/27/vZ
Contacts: Andina Minerals Inc. George M. Bee President & CEO
416 203 3488 Andina Minerals Inc. Derrick Weyrauch Chief Financial
Officer 416 203 3488 www.andinaminerals.com Investor Relations 416
203 3488
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