Post by
nelson11 on Jan 21, 2014 10:31am
News
2014-01-21 09:58 ET - News Release Mr. Gordon Blankstein reports ANDOVER SUBSIDIARY CHIEF ANNOUNCES COMMENCEMENT OF DRILLING ON THE BIG HILL PROJECT, UTAH Andover Mining Corp.'s subsidiary, Chief Consolidated Mining Co., approximately 83.5 per cent owned by Andover, has commenced drilling on the Big Hill copper porphyry project. Kennecott Exploration Co. has contracted Tona Tec to carry out the drilling. Under the terms of the agreement between Chief and Kennecott, Kennecott may earn a 51-per-cent interest in the Big Hill project by completing a prefeasibility study or incurring $20-million (U.S.) in expenditures, whichever occurs first, and an additional 4-per-cent interest by financing all project costs until delivery of a feasibility study accepted by Rio Tinto PLC. Chief is carried on 45-per-cent interest until the completion of the feasibility study. Further information on the project will be released as the data is received from Kennecott. The company also reports at the company's annual general meeting held Dec. 20, 2013, the shareholders approved all resolutions put before them by management, including the election of Mr. Blankstein, Mr. Hensley, Mr. Lajack, Mr. Legault, Mr. McKee, Mr. Schauer and Mr. Young. Management proxy information regarding the company's 2013 AGM may be found on the company's SEDAR profile. We seek Safe Harbor.