AndeanGold

Published : February 09th, 2009

Announces Work Program on Rio Seco Project, Peru

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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 

Investor Relations:
Jim Glass, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 225
Toll free: 1.866.684.4743
Email: jim@ascentacapital.com


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.


Ascenta Capital Partners Inc. � Suite 1610, 1066 West Hastings Street � Vancouver � BC V6E 3X1 � Canada

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AndeanGold

EXPLORATION STAGE
CODE : AAU.V
ISIN : CA03349A2002
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AndeanGold is a gold exploration company based in Canada.

AndeanGold holds various exploration projects in Peru.

Its main exploration properties are MOLLETURO, SAN BARTOLOMÉ and CURIPLAYA in Ecuador and RIO SECO and URULMAQUI in Peru.

AndeanGold is listed in Canada. Its market capitalisation is CA$ 4.2 millions as of today (US$ 3.3 millions, € 3.2 millions).

Its stock quote reached its highest recent level on January 12, 2007 at CA$ 0.58, and its lowest recent point on June 09, 2023 at CA$ 0.01.

AndeanGold has 103 930 000 shares outstanding.

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