LOS ANDES COPPER LTD. ANNOUNCES DRILLING PROGRAM FOR THE VIZCACHITAS PORPHYRY COPPER-MOLYBDENUM DEPOSIT
May 15, 2007
Vancouver, BC – Los Andes Copper Ltd. (TSX Venture Exchange: LA) announces drilling program for the Vizcachitas porphyry copper-molybdenum deposit.
Los Andes Copper Ltd. is pleased to announce that the Board of Directors has approved a 5,000 metre drilling program for the Vizcachitas porphyry copper-molybdenum property in Chile. The property is located in the province of San Felipe, Region V, Chile, an area of low elevation with excellent infrastructure, including water and power. A.C.A. Howe International Limited described NI43-101 compliant mineral resources for the Property in a technical report dated February 7, 2007. The resource calculation was based on 68 drill holes for a total of 18,300 metres. Results showed an indicated resource of 144 million tonnes grading 0.52% copper and 0.015% molybdenum and an inferred resource of 211 million tonnes grading 0.46% copper and 0.016% molybdenum at a 0.40% copper cutoff.
The aim of the drilling is threefold: to confirm the historical drilling carried out in the 1990s; to upgrade inferred resources to the indicated category; and to test for extensions of the known mineralization to the south and east. The drilling program, the first on the property since the 1990s, is expected to begin in June.
The Company also announces that Mr. Michael Kuta has resigned as a director of the Company, and that Mr. Frank O'Kelly is being appointed a director in Mr. Kuta's place. Mr. Kuta will remain as the Corporate Secretary of the Company.
Mr. O’Kelly, BSc (hons) RSMA, FIMM, AMICE C.Eng, is a graduate of the Royal School of Mines, London. He has worked in metalliferous mining throughout the Americas, having previously been employed by Exxon, Anaconda and Rosario Mining Co. He also has served as an officer of JP Morgan and a partner of Elders Resource Finance and acted in the capacity of a director of Glamis Gold, Alamos Gold, Northgate, Campbell Mines and Rayrock Resources. Mr. O’Kelly currently is an independent financial and technical consultant based in Santiago, Chile. In addition, Dr. Klaus Zeitler has been appointed Chairman of the Company.
The 770,000 existing stock options granted pursuant to the Company's stock option plan prior to May 9, 2007 have now expired.
The Board of Directors of the Company has approved the issuance of a total of 2,000,000 options to members of its Board of Directors, certain officers and consultants pursuant to the stock option plan. The options are exercisable at a price of $0.60 and expire in five years. Only approximately 35% of the common shares reserved for issuance under the Company's stock option plan are now subject to outstanding option grants.
The Los Andes website is now available for viewing at www.losandescopper.com
Los Andes Copper Ltd. has an interest in the Vizcachitas Property located in the province of San Felipe, Region V, Chile, an area of low elevation with excellent infrastructure, including water and power, and with an indicated resource of 144 million tonnes grading 0.52% copper and 0.015% molybdenum and an inferred resource of 211 million tonnes grading 0.46% copper and 0.016% molybdenum, at a 0.40% copper cut-off, as detailed in the NI43-101 compliant technical report of A.C.A. Howe International Limited dated February 7, 2007.
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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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