Vancouver, British Columbia, April 11, 2012 - Andover Mining Corp. (TSXV:AOX) (USOTC:AOVTF) (FRANKFURT:R2X) has announced that Kennecott Exploration Company, has added a second drill rig at the Big Hill Project in Utah.
The Big Hill Project, located in the East Tintic Mining District in Utah, is part of the 16,000 acre land position held by Chief Consolidated Mining Company, which in turn is approximately 83.5% owned by Andover.
Kennecott has added this second drill rig, a CS 4002, which has already started drilling on a second drill target, in order to accelerate its exploration activities.
Under the terms of the Big Hill agreement, Kennecott may earn a 51% interest in the project by completing a Pre-feasibility Study or incurring $20 million in expenditures, whichever occurs first. Kennecott can earn an additional 4% interest by funding all project costs until delivery of a Feasibility Study accepted by Rio Tinto, the parent of Kennecott. Rio Tinto has been operating as a world leader in mining for 130 years. Its activities span the world, with production from every continent. Chief Consolidated Mining is carried on 45% interest until the completion of the Feasibility Study.
Since signing of the joint venture agreement with Chief in August 2010, Kennecott has completed a systematic and multifaceted exploration program in the Tintic district. This work led to the delineation of several deep porphyry copper drill targets, two of which are currently being tested.
In addition to the Big Hill Project, Andover has other major projects in the Tintic area, including the Ball Park, the Burgin, and the Trixie.
There are a total of 23 past producing deposits on the property, including gold, silver, copper, lead and zinc, with the company owning both the surface and mining rights.
Andover currently trades at $0.37, and with approximately 107 million shares outstanding, is capitalized at $40 million. For more information on Andover Mining, which also has a significant project in Alaska, please visit their website at www.AndoverMining.com or contact Richard Martens at 604-682-2168 or email firstname.lastname@example.org.
InvestmentPitch.com, a multimedia company that provides a combined solution for creating and hosting financial video content, and distributing it across multiple platforms to investors and financial professionals, specializes in producing short three minute videos based on significant news releases and research reports.
Barry Morgan, CFO
Copyright Thomson Reuters
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: %s via Thomson Reuters ONE