ANDINA Minerals Inc. (TSX VENTURE:ADM) has reported that its joint venture partner at the Pampa Buenos Aires project, Iron Creek Capital Corp. (TSX VENTURE:IRN) has released information concerning surface geochemical reconnaissance on the 27,000 Ha property, located approximately 15 km southwest of Yamana's El Peñón silver/gold mine in the Antofagasta Region of Chile.
Andina entered into the JV with Iron Creek in January 2008 and has been in a 50:50 JV partner since that date.
Under the terms of the agreement Iron Creek is the project operator and together with Andina, will decide what additional work will be performed.
In July 2010, Iron Creek announced that Tim Beale had joined Iron Creek as President and CEO. Tim brings over 25 years of work experience in the minerals industry with BP Minerals, RTZ Corporation, Rio Tinto and Anglo American including 20 years in Chile, Argentina and Peru exploring for gold and base metals.
George Bee, President and CEO of Andina Minerals said, "We believe that the combination of John Davidson's experience as Exploration Manager under the capable leadership of Tim Beale bodes well for identifying value in our important Pampa Buenos Aires land position". He added, "Andina's attention has been focussed on job #1, the development of its Volcan Gold Project for which a prefeasibility study is due for publication in Q1 2011, and the PBA results represent an important step in realizing value from the other assets in Andina's portfolio.
While the market currently gives Andina little credit for the value of its exploration holdings (PBA and Encrucijada) in the Antofagasta Region, land is extremely hard to come by in Chile. Chile is one of the few stable, mining friendly and mining capable jurisdictions in the world. While still very early staged, Andina sees the potential value locked in these properties and the Company has confidence in its partners' expertise in geological discovery to unlock that value."
Source: ANDINA Minerals Inc.