VANCOUVER, BRITISH COLUMBIA--(Marketwire -11/29/11)- Andover Ventures Inc. ("Andover" or the "Company") (TSX-V: AOX.V - News)(OTC.BB: AOVTF.PK - News)(Frankfurt: R2X.F - News) wishes to announce that Kennecott Exploration Company ("Kennecott"), a subsidiary of Rio Tinto plc, has informed Chief Consolidated Mining Company ("Chief") that Boart Longyear has completed the drilling and pre collaring of three RC drill holes at the Big Hill porphyry copper prospect on Chief (78.5% owned by Andover) lands in the East Tintic Mining District, Utah.
The RC collared holes have targeted three high priority targets which were identified by Kennecott as part of their 2010 work programs on the Big Hill project. Chief has been informed by Kennecott that their plan is to deepen these holes with diamond drilling. Kennecott, as part of their earn-in agreement with Chief, have contracted West-Core Drilling, LLC headquartered in Elko, Nevada, USA to continue the drilling. The drill rig is currently onsite and the crew has commenced drilling. It is expected that drilling will continue until the Christmas Break and again in January until the completion of the first hole. An assessment of conditions will be made at that time to determine if drilling will continue during the winter.
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.
Andover Ventures 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.andoverventures.com.
ON BEHALF OF THE BOARD
Gordon Blankstein, CEO and Chairman
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Andover Ventures Inc.
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