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Monday, 22nd October 2007 (2971 views)

An updated resource estimate for the Volcan gold project has revealed a 48 per cent increase in measured and indicated resources compared to an earlier estimate released in February, according to Andina Minerals.

The company's Volcan gold project, situated in the Maricunga Gold Belt in Chile, has undergone 14,640 metres of drilling since the February resource update, for a combined total of 45,000 metres of drilling carried out on the property since exploration begun in 2005.

Carl B Hansen, president and chief executive officer of Andina Minerals said that the company was "very pleased" with the new report.

"The resource increase significantly enhances the viability of the Volcan project and underpins our confidence that this is a much larger mineralization system than initially anticipated when we began our exploration in 2005," he said.

He added that the company now is in the early stages of a Phase IV exploration campaign on the project, which will consist of 50,000 metres of drilling to be carried out by May 2008.

Andina Minerals currently holds five precious metals exploration projects in Chile, with the Volcan property considered to be the firm's flagship project.

 

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