Almaden Minerals Ord Shs V.AAU

43-101 report is out

[brodan]

AndeanGold Announces Initial NI 43-101 Mineral Resource Estimate on the Urumalqui Au - Ag Project, Peru
10.692 Million Ounces Silver and 86,200 Ounces Gold

1.945 Million Tonnes at 171.01 g/t Ag and 1.378 g/t Au
Vancouver, B.C. -- November 15, 2011 -- AndeanGold Ltd. (TSX Venture Exchange: AAU)is pleased to announce that it has received the results of its initialNational Instrument 43-101 ("NI 43-101") compliant, independent mineralresource estimate (the "Estimate") on the Urumalqui Epithermal Vein atthe Company's advanced-stage Au-Ag Urumalqui exploration project (the"Project") in Peru.
Mr. Anthony F. Ciali, President &CEO of AndeanGold states, "We are very pleased to have achieved aprincipal objective of the Company's Phase I infill drill program at theUrumalqui Project, the completion of an initial 43-101 Mineral ResourceEstimate. Based on the results of the Estimate, the Company will beinitiating additional detailed metallurgical tests and a detailedsurface channel sampling program along the 1,500 metre Urumalqui Veinoutcrop for purposes of future updates to the current inferred mineralresource. Additional future activities will be planned with the view toexpediting the future development of the Project, as appropriate."
Mineral Resource Estimate
Summary of Inferred Mineral Resource Estimate - Urumalqui Project
Silver Cut-Off Grade
(g/t)
Tonnes
Silver Grade
(g/t)
Silver
(ounces)
Gold Grade
(g/t)
Gold
(ounces)
120
1,535,000
188.47
9,299,000
1.513
74,700
90
1,945,000
171.01
10,692,000
1.378
86,200
60
2,147,000
162.15
11,192,000
1.340
92,500
Notes:
1. MineralResources are not Mineral Reserves and do not have demonstrated economicviability. There is no certainty that all or any part of the estimatedMineral Resources will be converted into Mineral Reserves.
2. The mineralresource was estimated in accordance with the Canadian Institute ofMining, Metallurgy and Petroleum ("CIM"), CIM Standards on MineralResources and Reserves, Definitions and Guidelines prepared by theStandards Committee on Reserve Definitions and adopted by the CIMCouncil on December 11, 2005.
3. Inferred MineralResources are that part of a mineral resource for which quantity andgrade can be estimated on the basis of geological evidence and limitedsampling and reasonably assumed, but not verified, geological and gradecontinuity. It is uncertain if further exploration will result inupgrading them to an indicated or a measured mineral resource.
4. MineralResources tonnage and contained metal have been rounded to reflect theaccuracy of the estimate, and numbers may not add up due to rounding.
5. The Estimate isbased on 66 diamond drill holes collared on the Urumalqui Vein. Theseincluded 35 holes (5,835 metres) drilled by Minera Corimalqui S.A. (asubsidiary of Gitennes Exploration Inc.) during the period 2003 - 2008,and 31 holes (5,071 metres) drilled by PeruGold Resources S.A.C. (asubsidiary of AndeanGold) in 2011.
6. The density utilized in the mineral resource estimate was 2.37 tonnes per cubic metre.
7. Equal lengthone-metre assay sample composites were calculated from capped assay goldand silver values for all drill holes. Based upon statistical results,capping levels were determined to be 850 g/t silver and 8.6 g/t gold.
8. A modelingcut-off grade of 60 g/t AgEQ ("silver equivalent") was only used tocreate a three-dimensional assay domain solid (the "Domain") for laterinterpolation. The silver equivalent grade was calculated based onacombinationofagoldvalueata3-yeartrailingaveragepriceofUS $1,300 /troyozand85%metallurgicalrecoveryrate,and asilvervalueat a 3-yeartrailing average price of US $26 / troy oz and 65% metallurgicalrecovery rate.
9. A block modelwas created with 5x5x5 metre blocks. Mineral resources were classifiedas Inferred within a maximum true distance of 70 metres from aninterpolated block to the nearest capped grade composite sample point.
10. The mining cut-offgrade of 90 g/t Ag for the estimated inferred mineral resource wasbased upon reported mining operation cut- off grades for similargold-silver vein deposits currently in production elsewhere in Peru andSouth America.
11. The Inferred Mineral Resource was estimated using GEMS software.
Qualified Persons & Technical Report
The Inferred Mineral Resource Estimateannounced in this release, with an effective date of November 8, 2011,meets the guidelines and form as set out in NI 43-101 and was preparedfor AndeanGold Ltd. and Gitennes Exploration Inc. ("Gitennes") by Mineand Quarry Engineering Services, Inc. ("MQes"). The assignment wascarried-out by Mr. Chris Kaye,FAusIMM, B.Eng Chemical, President andPrincipal Process Engineer, the modelling and estimates were carried outby Mr. Doug Blanchflower, P.Geo of Minorex Consulting Limited and Mr.James McCrea, P.Geo. Messrs. Kaye, Blanchflower and McCrea are allqualified persons as defined under NI 43-101 reporting requirements andhave consented to applicable disclosure contained herein regarding theInferred Mineral Resource Estimate. MQes, Minorex, and Messrs. Kaye,Blanchflower and McCrea are independent of both AndeanGold and Gitennes.
MQes is preparing a NI 43-101 TechnicalReport in support of the Resource Estimate. This report will be filed bythe Company in its entirety on SEDAR (www.sedar.com) within 45 days ofthe date of this news release, and the report will also be available onthe Company's website at www.andeangoldltd.com.
Urumalqui Project
AndeanGold has an optionto acquire a 60% interest in the Project from Gitennes (See news releaseof April 22, 2010). Mineralization at the Urumalqui Project is hostedin volcanics and is comprised of several gold-silver quartz veins. Veinmineralogy and textures and associated alteration are characteristic of low-sulphidation, vein-style, epithermal mineralization.The principal target on the property, among several mineralized veinstructures, is the Urumalqui Vein (the "Vein"), which is a near-verticalfeature, up to 20 metres wide, containing a core of one or two bandedquartz veins ranging from 0.5 to 11 metres aggregate thickness, andintervening oxidized vein breccias and altered volcanic rocks. The Veinis exposed at surface over a strike length of 1,500 metres.
As stated in MQes' Estimate report, "Theexploration potential of Urumalqui Vein is good. Exploration resultsshow that the known Vein mineralization may continue along its trend inboth strike directions and to depth along its entire known length."Six drill holes have intersected the structure 200 metres below surface,and all six were mineralized. In addition, there has been only limitedexploration done on the Project's other mineralized vein structuresidentified to date.
The majority of Gitennes' drillingprograms (2003 - 2008) was focused on the Urumalqui Vein (35 diamondcore holes, 5,835 metres) and in particular, along the 1,000 metre longcentral and southeastern segment of the Vein (27 diamond coreholes,4,884 metres) and from the surface down to about 200 metresvertical depth. In the few holes that were deeper than 200 metres, theVein structure remained strong and mineralized. All holes appear to havebeen in the "boiling zone", based upon vein textures, and the potentialfor good mineralization at deeper levels than those tested thus far isconsidered to be good.
AndeanGold completed its Phase I infilldrill program (the "Program") at the Project in July 2011. The Programwas focused on infill drilling to a depth of 200 metres so as to providea drill spacing of approximately 50 metres along the 1,000 metre longcentral and southeastern segments of the Vein. The Program comprised 31diamond core holes for a total core length of 5,071 metres. All 31completed holes intersected the Urumalqui Vein as predicted in crosssections prepared by the Company. Including Gitennes' related drillingresults, the Program confirmed good continuity of mineralization for thesubject 1,000 metre Urumalqui Vein strike, down to 200 metres belowsurface.
The Company is committed to advancing theUrumalqui Project to the development stage as soon as practicable, aswell as actively working with the local communities related to theProject. AndeanGold has had excellent community relationships and isworking on several agreed to social projects for the benefit of thecommunities.
Dr. William F. Lindqvist, a director ofthe Company, is a Qualified Person for all technical information in thisnews release, excluding the mineral resources, in compliance withNational Instrument 43-101 and has reviewed and approved the content ofthis release.
About AndeanGold Ltd:
AndeanGold Ltd. is engaged in theacquisition, exploration and potential development of primarily preciousmetals properties, principally in Peru and Ecuador. The focus of theCompany's exploration activities is presently in advancing its UrumalquiProject, as well as pursuing mineral property acquisitions, in Peru. InEcuador, the Company's activities have been limited to administrativeand legal matters due to the Mining Mandate issued by the EcuadorConstituent Assembly on April 18, 2008. In November 2009, PresidentCorrea signed the Mining Regulations into law pursuant to therequirements of the new Mines Law, which was passed in January 2009.This was the final legal precursor to the re-initiation of explorationand mining development in Ecuador. The Company has been issued newmining titles under the new Mines law to its three key Ecuadorianprojects and has filed the requisite documents with the Ministry ofNon-Renewable Natural Resources and Ministry of Environment in supportof the Company's request to renew exploration programs on its keyprojects in Ecuador. The Company is actively working with governmentofficials to achieve this end.
Please refer to AndeanGold's website at www.andeangoldltd.com for further information on the Company's projects and activities.
On Behalf of the Board of Directors of
ANDEANGOLD LTD.
Anthony F. Ciali
President, CEO and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Corporate Office:
Tony Ciali, AndeanGold Ltd
Phone: [phone]
Email: [e-mail]
Website: www.andeangoldltd.com
Investor Relations:
Jim Glass, Ascenta Capital Partners Inc.
Phone: [phone] ext. 225
Toll free: 1.866.684.4743 ext. 225
Email: [e-mail]
Neitherthe TSX Venture Exchange nor its Regulation Services Provider (as thatterm is defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.