LOS ANDES TO ACQUIRE CONSUMPTIVE WATER RIGHTS FOR VIZCACHITAS
January 25, 2008
Vancouver, BC – Los Andes Copper Ltd. ("Los Andes", or the "Company", TSX Venture Exchange: LA) announces an agreement in principle to acquire 250 litres per second of consumptive water rights on the Aconcagua River from Inversiones Y Asesorias El Sauce Sociedad Anonima.
Los Andes will pay Inversiones Y Asesorias El Sauce Sociedad Anonima a total price of US$4,250,000 for the water right, which is an entitlement to permanent, continuous, consumptive use of 250 litres per second of flow from the Aconcagua River. The terms of the payment are:
50% on execution of a purchase agreement,
Roger Moss, President and CEO of Los Andes Copper commented as follows: “We are very pleased with the agreement in principle to acquire this substantial water right. While the amount of water required for the project has not yet been determined, this purchase represents a major step toward securing the necessary water for potential mining operations at Vizcachitas and demonstrates the company's ability to secure on a competitive basis the water needs for such operations.”
The transaction is subject to the approval of the TSX Venture Exchange.
Approximately 6,100 metres have been drilled in the second phase drilling program which continues to expand the area of known mineralization to the west and southwest. The higher grade zone of mineralization (e.g. 92 metres grading 0.70% Cu and 0.023% Mo including 0.88% Cu and 0.021% Mo over 38 metres in Hole LAV-89) that was discovered in the phase one program now extends over 300 metres in a northeast-southwest direction and remains open to the southwest (see news release dated December 17th, 2007). Los Andes expects to complete the remaining 9,000 metres of the second phase program by May, after which an updated resource estimate will be made. Roger Moss, Ph.D., P.Geo, President of Los Andes, is the qualified person as defined by National Instrument 43-101 for the Vizcachitas Project and prepared this news release.
The Vizcachitas Project offers potential for a low strip, open pit operation in an area of low elevation with excellent infrastructure, including water and power in central Chile. The Vizcachitas deposit occurs in the same metallogenic belt as the large copper-molybdenum porphyries Rio Blanco-Los Bronces, Los Pelambres-El Pachon and El Teniente. Based on 68 drill holes previously completed by General Minerals Corporation and Placer Dome, the project contains an indicated resource of 232 million tonnes grading 0.46% copper and 0.014% molybdenum and an inferred resource of 619 million tonnes grading 0.38% copper and 0.013% molybdenum at a 0.30% copper cutoff. At a 0.4% cutoff, indicated resources total 144 million tonnes grading 0.52% copper and 0.015% molybdenum and inferred resources total 211 million tonnes grading 0.46% copper and 0.016% molybdenum as detailed in the NI43-101 compliant technical report of A.C.A. Howe International Limited dated February 7, 2007. The technical report, as well as additional information about the Vizcachitas Project is available on our website at www.losandescopper.com.
For more information please contact:
Michael Kuta, Corporate Secretary Tel: 604-697-6201 or
Roger Moss, President Tel: 416-516-6050
This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the
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