ANDINA Minerals Inc. reports that it has commenced a search for a senior mine development professional to lead Andina as it advances economic studies on its 100% owned Volcan Gold Project located in Chile’s prolific Maricunga Gold Belt.
With US$19.7 million in cash, Andina is well positioned, from a financial standpoint, to move the Volcan Gold Project forward. The Project hosts measured and indicated resources of 6.62 million contained ounces of gold (241.7 million tonnes grading 0.85 grams per tonne gold (“g/t Au”)) in addition to 2.76 million ounces of gold (95.4 million tonnes grading 0.90 g/t Au) in the inferred resource category.
Mr. Hansen, President and CEO of Andina stated: “Since late 2003, I have been fortunate to lead Andina through its formation to the discovery and growth of one of the largest gold deposits recently found in Chile, the Volcan gold deposit. Considering the large gold resource outlined, it is time for Andina to change its focus from exploration to development. Therefore, it is imperative that we begin integrating a development team, including a CEO with proven strengths in building large scale open pit mines, in order to drive Andina forward. The new structure of the management team will be determined once a new CEO is in place and has assessed the project’s requirements.”
Mr. T. Sean Harvey, Chairman of Andina commented: “Having reached many important milestones at the Volcan Gold Project including, acquiring 100% ownership of the property and local water rights, receiving positive results from preliminary metallurgical testing, and having exploration success that demonstrates to our Board of Directors that the Volcan Gold Project has the necessary quality and quantity of ounces to be a significant stand alone gold mining project in the future, it is time to put in place the team needed to move the project forward into development.”
The search process is being undertaken by Haldane Diogenes, Inc., the pre-eminent executive recruiting firm specializing at the most senior levels in the mining industry.
Andina and Iron Creek Capital Corporation, 50:50 partners in the Pampa Buenos Aires property located immediately south of Yamana’s El Penon silver/gold property, have commenced a 3,000-metre reverse circulation drilling program to test seventeen high priority silver/gold epithermal vein and porphyry copper/gold targets. The Dominador fault system, which hosts Yamana’s Fortuna silver/gold mine, extends southward across Pampa Buenos Aires property.
Hochschild Mining plc reported to Andina that it has commenced a 2,500-metre diamond drilling program on the Encrucijada property where Hochschild is earning up to a 60% interest by investing US$3.0 million on exploration over three years and funding US$3.5 million toward feasibility studies. The Encrucijada property hosts a series of silver/gold-bearing epithermal vein systems.
After reviewing the results of previous exploration activities, Andina recently terminated option agreements on the Anocarire and Valeriano properties, both located in Chile.