NEWS: Ready to start drillingPermits in place, drilling contract about to be finalzed...ladies and gentlemen, start your engines!
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Andover to begin drilling at East Tintic
2009-10-05 09:46 ET - News Release
Mr. Gordon Blankstein reports
ANDOVER ANNOUNCES DRILLING PLANS FOR EAST TINTIC
Andover Ventures Inc.'s work permits are in place to allow Chief Consolidated Mining Co. to launch the drill program (as reported in Stockwatch Aug. 11, 2009) planned for the high-grade past producing Burgin mine (silver-lead-zinc) and the past producing Trixie mine (gold-silver). Both projects are located within the East Tintic mining district, approximately 50 miles southeast of Kennecott's Bingham Canyon mine, near Salt Lake City, Utah, USA. The company is in the process of finalizing a drilling contract with American Drilling Corp. of Spokane, Wash., to carry out the program. The drill program will be used to confirm the previous data from the 105 holes of drilling at the Burgin Extension deposit completed by Kennecott Resources, Sunshine Mining Company and Chief. This drilling is planned to provide sufficient data to compile an NI 43-101-compliant resource calculation.
The estimate of minable reserves prepared in 1989 for Sunshine Mining Company by Pincott, Allen and Holt Inc., of Lakewood, Colo., and the update of the Burgin mine feasibility study completed in 2001 by Mine Development Associates of Reno, Nev., are both pre-NI 43-101 estimates. The confirmation drilling at the Trixie deposit will be part of the preparation by Chief to plan the restart of production. The Trixie mine is a fully permitted and bonded gold/silver mine and mill, which has been on standby since March of 2002, when it last operated. The 250-ton-per-day-mill processed 7,808 tons of ore in late 2001 until closure in February of 2002 and recovered approximately 4,460 ounces of gold or approximately 0.72 ounce (20.41 grams) of gold per ton processed. The total mining and milling costs to process the 7,808 tons of ore were approximately $88.86 (U.S.) per ton processed. The initial start-up of the mill will be fed by existing stockpiles on surface from past production at the Trixie mine.
Andover also announces closing of the previously announced settlement of shares for debt. The company has issued four million common shares valued at $1-million to SNS Silver Corp.