Utah PR
Andover's Chief enters JV for three Utah projects
2013-07-09 10:16 ET - News Release
Mr. Gordon Blankstein reports
ANDOVER'S SUBSIDIARY CHIEF ANNOUNCES THREE JV AGREEMENTS WITH OPHIR MINERALS TO DEVELOP INDUSTRIAL MINERALS IN THE EAST TINTIC DISTRICT, UTAH
Andover Mining Corp. subsidiary Chief Consolidated Mining Co. (83.5 per cent owned by Andover) has entered three joint venture agreements between Chief Consolidated Mining and Ophir Minerals LLC of Payson, Utah:
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Joint venture No. 1 (Chief's iron ore and halloysite mineral interest): Under the agreement, Chief and Ophir will each have a 50-per-cent interest in the joint venture. Ophir will act as the manager of the joint venture, and will be responsible for the exploration and development of the iron ore and halloysite asset, overseeing mining operations and marketing of the product produced.
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Joint venture No. 2 (Chief's limestone quarry mineral interest): Under the agreement, Chief and Ophir will each have a 50-per-cent interest in the joint venture. Ophir will act as the manager of the joint venture, and will be responsible for the exploration and development of the limestone quarry mineral asset, overseeing mining operations and marketing of the product produced.
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Joint venture No. 3 (Chief's silica mineral interest): Under the agreement, Chief and Ophir will each have a 50-per-cent interest in the joint venture. Ophir will act as the manager of the joint venture, and will be responsible for the exploration and development of Chief's silica mineral asset, overseeing mining operations and marketing of the product produced.
The location of the silica and limestone mineral interests are outside of the Chief/Rio Tinto Big Hill agreement where Rio Tinto can earn in a 55-per-cent stake in the Big Hill project by carrying Chief to a bankable feasibility study on a potential porphyry-copper deposit located under the Big Hill.
Work to date on the projects has been described in the company's news releases dated June 21, 2013, June 10, 2013, and May 23, 2013. Further updates, assays, supply agreements/sales contracts and future production scheduling will be released as they are received from Omag.
Al McKee, president of Omag/Ophir, comments: "We look forward to developing our relationship with Chief's team as we move these deposits towards production. Initial sampling, drilling and product development work have indicated that these joint ventures will be very beneficial to both parties."
About Omag/Ophir Minerals
Omag is a leader in providing excellent aggregate and mineral products. Omag is also a leader in providing value-added operation processes to business partners in order to enhance the surrounding community, customers and environment. Its pledge is to provide the highest-quality service and products to its partners and customers, so that it establishes a lasting, strong foundation and relationship. The company will accomplish this pledge by exceeding the expectations placed before it.
We seek Safe Harbor.