April 10th, 2012, Vancouver, B.C. - ANDOVER MINING CORP. (formerly “Andover Ventures Inc.”) (“Andover” or the “Company”) (AOX-TSX: V) (AOVTF-United States) (R2X-Frankfurt Exchange) is pleased to announce that Chief Consolidated Mining Company (“Chief”), approximately 83.5% owned by Andover, has been informed that Kennecott Exploration Company, (Kennecott), has added a second drill rig in order to accelerate exploration activities conducted by Kennecott at the Big Hill Project, located on Chief’s lands in the East Tintic Mining District, Utah
TonaTec Exploration, LLC (TonaTec.com), located in West Mapleton, Utah, has been contracted by Kennecott to provide the second drill rig for drilling exploration on the second drill target. The rig is a CS 4002 and is currently on site and has commenced drilling. Kennecott has informed Chief that exploration drilling continues on the first exploratory drill target.
Under the terms of the Big Hill agreement, Kennecott may earn a 51% interest in the project by completing a Pre-feasibility Study or incurring $20,000,000 in expenditures, whichever occurs first, and an additional 4% interest by funding all project costs until delivery of a Feasibility Study accepted by Rio Tinto plc. Chief is carried on 45% interest until the completion of the Feasibility Study.
Since signing of the joint venture agreement with Chief on August 20, 2010, Kennecott has completed a systematic and multifaceted exploration program in the Tintic district, including ground based magnetotelluric and IP surveys, airborne magnetic surveys and an extensive mapping and sampling program. This work led to the delineation of several deep porphyry copper drill targets, two of which are currently being tested.
Further information on the project will be released as the data is received from Kennecott.
Andover Mining Corp. is a precious and base metal exploration and development company, headquartered in Vancouver, British Columbia, Canada. Andover Ventures’ holdings are located in the historic East Tintic Mining District, Utah, USA, and the polymetallic-rich Ambler Mining District, Alaska, USA.
For further information we invite you to visit us at www.andovermining.com