Genco SettlementANDOVER VENTURES ANNOUNCES CHIEF SHARE PURCHASE FINALIZED
July 20, 2010, Vancouver, B.C. - Andover Ventures Inc.("Andover" or the "Company") (AOX TSX:V) (R2X - FrankfurtExchange) is pleased to report that it has negotiated a settlement with GencoResources Inc., ("Genco") with regards to the $5,000,000 note payableto Genco due on September 24th 2010 for the purchase of 13,034,769 commonshares of Chief Consolidated Mining Company.
Under the terms of the agreement, Andover will pay toGenco $1,300,000 now, $700,000 by October 31st 2010 and a final $2,000,000 bySeptember 24th 2011.As part of the agreement, Genco further agrees to forgive$1,000,000 of debt.
The agreement represents full and final payments withregards to the Chief Consolidated Mining Company control position acquired byAndover from Genco.
The company also wishes to announce the appointment ofMr. Roland Vetter as the company's Chief Financial Officer.
For further information we invite you to visit us at www.andoverventures.com
ON BEHALF OF THE BOARD
Signed "Gordon Blankstein"
CEO and Chairman
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations:
Richard Martens
Telephone: 1-604-682-2168
Int'l Toll Free: 1-800-266-4484
Facsimile: 1-604-682-2169
Suite 890-999 West Hastings St.
Vancouver, BCV6C-2W6
rick@andoverventures.com