Andean American Announces Receipt of an Updated NI 43-101 Resource Estimate on the Invicta Project,
Peru
Andean American Mining Corp. (“the Company”) (TSX.V-AAG) (FWB-AQN) is pleased to announce that it has received an updated NI 43-101 compliant resource estimate from Discover Geological Consultants Inc., authored by Qualified Person Victor Jaramillo, P. Geo., for the Invicta Project, Peru. This independent resource estimate provides additional data to further define the optimum mining parameters for a mining operation, initially focused on the Atenea Structure.
“We are very pleased to receive this updated resource estimate which incorporates the results of all the infill drilling and the underground sampling,” states Chairman and CEO John Huguet. “The report reconfirms that there are sufficient resources for a minimum 5-year mine life, as reported in the July 2009 feasibility study, and mineralization remains open along strike and to depth.”
The updated mineral resource will be included in the optimized feasibility study being prepared by the Lokhorst Group Ventures Inc.
The new mineral resource estimate by classification is:
“We are very pleased to receive this updated resource estimate which incorporates the results of all the infill drilling and the underground sampling,” states Chairman and CEO John Huguet. “The report reconfirms that there are sufficient resources for a minimum 5-year mine life, as reported in the July 2009 feasibility study, and mineralization remains open along strike and to depth.”
The updated mineral resource will be included in the optimized feasibility study being prepared by the Lokhorst Group Ventures Inc.
The new mineral resource estimate by classification is:
Notes to table:
1. All mineral resources have been calculated in accordance with the standards of the CIM Definition Standards in Mineral Resources and Mineral Reserves, as required by NI 43-101.
2. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by the inability to obtain required environmental and other regulatory approval, environmental or operating permits. The estimate may also be materially affected by global economic conditions such as the price of gold and silver, the price of oil and other commodities utilized in the production of gold and silver. Unknown geologic of hydrologic conditions or other unknown factors may materially affect the resource estimates.
3. The quantity and grade of reported Inferred Resources in this estimate are conceptual in nature and there has been insufficient exploration to define the Inferred Resources as an Indicated or Measured mineral resource. It is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
The new resource estimate, comprised of sulphide mineralization only, is based on 12,400 metres of diamond drilling completed by Pangea Peru SA during 1997 and 1998, as well as 16,401 metres of diamond drilling and approximately 1,200 metres of underground development completed by Andean American during 2007 and 2008.
The Invicta Property hosts massive to semi-massive style gold-silver-copper mineralization. The Property is located in west central Peru approximately 250 kilometres by road northeast of Lima, at an elevation of 3,400 metres. The Atenea Structure consists of quartz-cemented hydrothermal breccia with variable amounts of pyrite, chalcopyrite, galena, sphalerite and traces of bornite. The sulphides within the quartz vary from semi-massive to massive.
The author’s previous resource estimate and the updated resource estimate used geostatistical methodologies and DATAMINE software. The previous NI 43-101 Technical Report by this author, dated August 29, 2008, reported the following mineral resources:
- Measured Resources: 850,000 tonnes averaging 2.2 g/t Au, 29.48 g/t Ag and 0.69% Cu
- Indicated Resources: 7,053,000 tonnes averaging 2.10 g/t Au, 17.95 g/t Ag and 0.50% Cu
- Inferred Resources: 11,695,000 tonnes averaging 1.22 g/t Au, 10.14 g/t Ag and 0.27% Cu
Victor Jaramillo, P. Geo., of Discover Geological Consultants Inc. is an Independent Qualified Person as defined by National Instrument 43-101 and is responsible for the resource estimates. Mr. Jaramillo has visited the Invicta Property and has reviewed the results within this release. The updated Technical Report containing the details of the resource estimate will be provided in accordance with NI 43-101 and filed on SEDAR within 45 days of this news release.
Mr. Andrew Gourlay, P. Geol., President of Andean American Mining Corp. is a Qualified Person as defined by National Instrument 43-101 with the ability and authority to verify the authenticity and validity of technical and scientific data. This news release has been prepared under Mr. Gourlay’s supervision. All samples were prepared and analyzed by CIMM Labs in Lima, Peru, an ISO-accredited laboratory. Standard reference materials, blank and field duplicates were inserted prior to shipment from site to monitor the quality control of the analytical data.
On behalf of Andean American Mining Corp.,
“John Huguet”
John Huguet
Chairman & CEO
604.681.6186
Investors@andeanamerican.com
Andean American Mining Corp. (TSX.V-AAG) (FWB-AQN) is an international mining and exploration company focused on growth. The Company is actively pursuing new targets of potential early stage gold and silver prospects in Peru and currently has two key assets: the Invicta gold-silver-copper feasibility stage project and 59% of Sinchao Metals Corp., owner of the Sinchao zinc-copper-silver-gold-lead mineralization project.
For further information call (604) 681-6186 or toll free: 1-888-356-4784 or visit www.andeanamerican.com
This news release may contain forward-looking information within the meaning of the Securities Act (Ontario) ("forward-looking statements"). Such forward-looking statements may include the Company's plans for its mineral projects, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations in a foreign jurisdiction, uncertainty of production and costs estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of gold and other metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Financial Statements, Management Discussion and Analysis and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.
This document may use the terms "measured resources", 'indicated resources' and 'inferred resources'. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, 'inferred resources' have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable. The quantity and grade of the potential mineralization is conceptual in nature, and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the targets being delineated as mineral resources.
1. All mineral resources have been calculated in accordance with the standards of the CIM Definition Standards in Mineral Resources and Mineral Reserves, as required by NI 43-101.
2. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by the inability to obtain required environmental and other regulatory approval, environmental or operating permits. The estimate may also be materially affected by global economic conditions such as the price of gold and silver, the price of oil and other commodities utilized in the production of gold and silver. Unknown geologic of hydrologic conditions or other unknown factors may materially affect the resource estimates.
3. The quantity and grade of reported Inferred Resources in this estimate are conceptual in nature and there has been insufficient exploration to define the Inferred Resources as an Indicated or Measured mineral resource. It is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
The new resource estimate, comprised of sulphide mineralization only, is based on 12,400 metres of diamond drilling completed by Pangea Peru SA during 1997 and 1998, as well as 16,401 metres of diamond drilling and approximately 1,200 metres of underground development completed by Andean American during 2007 and 2008.
The Invicta Property hosts massive to semi-massive style gold-silver-copper mineralization. The Property is located in west central Peru approximately 250 kilometres by road northeast of Lima, at an elevation of 3,400 metres. The Atenea Structure consists of quartz-cemented hydrothermal breccia with variable amounts of pyrite, chalcopyrite, galena, sphalerite and traces of bornite. The sulphides within the quartz vary from semi-massive to massive.
The author’s previous resource estimate and the updated resource estimate used geostatistical methodologies and DATAMINE software. The previous NI 43-101 Technical Report by this author, dated August 29, 2008, reported the following mineral resources:
- Measured Resources: 850,000 tonnes averaging 2.2 g/t Au, 29.48 g/t Ag and 0.69% Cu
- Indicated Resources: 7,053,000 tonnes averaging 2.10 g/t Au, 17.95 g/t Ag and 0.50% Cu
- Inferred Resources: 11,695,000 tonnes averaging 1.22 g/t Au, 10.14 g/t Ag and 0.27% Cu
Victor Jaramillo, P. Geo., of Discover Geological Consultants Inc. is an Independent Qualified Person as defined by National Instrument 43-101 and is responsible for the resource estimates. Mr. Jaramillo has visited the Invicta Property and has reviewed the results within this release. The updated Technical Report containing the details of the resource estimate will be provided in accordance with NI 43-101 and filed on SEDAR within 45 days of this news release.
Mr. Andrew Gourlay, P. Geol., President of Andean American Mining Corp. is a Qualified Person as defined by National Instrument 43-101 with the ability and authority to verify the authenticity and validity of technical and scientific data. This news release has been prepared under Mr. Gourlay’s supervision. All samples were prepared and analyzed by CIMM Labs in Lima, Peru, an ISO-accredited laboratory. Standard reference materials, blank and field duplicates were inserted prior to shipment from site to monitor the quality control of the analytical data.
On behalf of Andean American Mining Corp.,
“John Huguet”
John Huguet
Chairman & CEO
604.681.6186
Investors@andeanamerican.com
Andean American Mining Corp. (TSX.V-AAG) (FWB-AQN) is an international mining and exploration company focused on growth. The Company is actively pursuing new targets of potential early stage gold and silver prospects in Peru and currently has two key assets: the Invicta gold-silver-copper feasibility stage project and 59% of Sinchao Metals Corp., owner of the Sinchao zinc-copper-silver-gold-lead mineralization project.
For further information call (604) 681-6186 or toll free: 1-888-356-4784 or visit www.andeanamerican.com
This news release may contain forward-looking information within the meaning of the Securities Act (Ontario) ("forward-looking statements"). Such forward-looking statements may include the Company's plans for its mineral projects, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations in a foreign jurisdiction, uncertainty of production and costs estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of gold and other metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Financial Statements, Management Discussion and Analysis and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.
This document may use the terms "measured resources", 'indicated resources' and 'inferred resources'. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, 'inferred resources' have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable. The quantity and grade of the potential mineralization is conceptual in nature, and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the targets being delineated as mineral resources.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.