February 08, 2013, Vancouver, B.C. - Andover Mining Corp. ("Andover" or the "Company") (AOX-TSX: V) (AOVTF-United States) (R2X-Frankfurt Exchange) announces that Chief Consolidated Mining Company ("Chief"), approximately 83.5% owned by Andover, has received a "Summary of Exploration Activities" from Kennecott Exploration Company ("Kennecott") summarizing exploration activities conducted by Kennecott in Quarter Four of 2012 ending December 31, 2012.
During Q4 of 2012, Kennecott completed rock chip and soil surveys aimed at identifying potential new porphyry targets in the East Tintic District, Utah. Under the terms of the agreement, Kennecott may earn a 51% interest in the Big Hill 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.
Further information on the project will be released as it is received from Kennecott.
Andover is a precious and base metal exploration and development company focused on copper exploration at its flagship asset, the SUN project, located in the Ambler Mineral Belt, Northwest, Alaska. The Ambler Mineral Belt hosts world-class VMS deposits containing copper, zinc, lead, gold and silver. The Ambler Mineral Belt is one of the richest and most-prospective copper mineral belts located in one of the safest geopolitical jurisdictions in the world.
In Utah, Andover, through its 83.5% ownership of Chief Consolidated Mining Company whose lands located in the historic East Tintic Mining District, has a multi faceted development approach. The Big Hill project, where Kennecott Exploration Company can earn a 55% interest by carrying Chief through to the end of a Feasibility Study, is focused on a large porphyry copper prospect. The Burgin Complex, host to a limestone, silver lead zinc deposit has completed a PEA and is preparing this deposit and the Trixie gold mine toward exploitation.
For further information we invite you to visit us at www.andovermining.com
ON BEHALF OF THE BOARD
Signed "Gordon Blankstein"
CEO and Chairman
Richard Martens Telephone: 1-604-682-2168
Int’l Toll Free: 1-800-266-4484