LOS ANDES COPPER REPORTS SIGNIFICANT INCREASE OF INDICATED RESOURCES IN AN UPDATED MINERAL RESOURCE ESTIMATE FOR THE VIZCACHITAS COPPER-MOLYBDENUM PROJECT
July 16, 2008
Vancouver, BC – Los Andes Copper Ltd. ("Los Andes", or the "Company", TSX Venture Exchange: LA) announces that it has received an interim, independent resource estimate for the Vizcachitas Project in Central Chile. The resource estimate includes the results from 62 diamond drill holes totaling 17,465 metres drilled by Los Andes over the past year. Drilling continues on the property and the final mineral resource will only be known when the drilling is complete.
The interim sulphide mineral resource estimate at a 0.3% CuEq.(1) cutoff is as follows:
Roger Moss, President and CEO said, “We are very pleased with the significant increase in indicated resources shown by this interim resource which, together with the application of a pit shell to constrain resources which exhibit reasonable economic viability, demonstrates significantly increased confidence in the Vizcachitas resource. Drilling is ongoing at Vizcachitas, and we hope to continue to increase the size of the deposit.”
The updated NI 43-101 compliant mineral resource estimate at different cutoff grades is shown in the table below:
Sulphide Indicated Mineral Resources
Sulphide Inferred Mineral Resources
The resource estimate also includes a near surface mixed leached/oxide zone which may have different metallurgical characteristics to the sulphide zone and has thus been separated out. Results for this “oxide” zone are shown below:
Oxide Indicated Mineral Resources
Copper and molybdenum grades were calculated using ordinary kriging into a 3D block model with blocks with a nominal size of 20m x 20m x 10m. The resource estimate is based on a total of 35,255 metres of diamond drilling in 130 diamond drill holes, including 17790 metres of drilling in 69 holes completed in the 1990’s by Placer Dome Sudamerica Ltd. and General Minerals Corporation.
The previous NI43-101 compliant mineral resources estimate, dated February 7, 2007, showed indicated sulphide resources of 245 million tonnes grading 0.43% Cu and 0.015% Mo and inferred sulphide resources of 805 million tonnes grading 0.35% Cu and 0.013% Mo at a 0.3% CuEq.(1) cutoff grade. The current resources include indicated sulphide resources total 515 million tonnes grading 0.39% Cu and 0.011% Mo and inferred sulphide resources of 572 million tonnes grading 0.34% Cu and 0.012% Mo at the same cutoff grade of 0.3% CuEq.(1). The current indicated resource represents a 90% increase in contained copper and a 54% increase in contained molybdenum over the previous estimate. A decrease of 31% of contained copper and 34% of contained molybdenum in the inferred resource reflects the upgrading of inferred resources to indicated status and the application of a pitshell that reduced a portion of the deeper inferred resources. The previous resource model was not subjected to a pit shell to limit the resources.
Robert Sim, P.Geo., a qualified person as defined by NI 43-101 is responsible for the mineral resource estimate. Roger Moss, Ph.D., P.Geo, is the company’s qualified person, as defined by National Instrument 43-101, for the Vizcachitas Project. They have both reviewed and approved the contents of this release.
Logging, sampling and splitting of the drill core is conducted at the Vizcachitas site by independent consultants Geologica LTDA. under the direct supervision of geologist Ramon Fam. Samples are securely transported by Geologica staff to the SGS Laboratory in Santiago Chile and analyzed for copper and molybdenum by atomic absorption following a three acid digestion. Dr. Moss and Mr. Fam have visited the laboratory and are satisfied that the sample preparation and analytical procedure is consistent with standard industry practice. Los Andes routinely inserts standards, duplicates and blanks into the sample stream and sends 5% of sample rejects to Actlabs for check analysis.
An updated NI43-101 technical report detailing the mineral resource estimate will be completed and filed within 45 days. The company has retained AMEC to complete a scoping study/Preliminary Economic Assessment based on the updated resource estimate. The study should be completed in October.
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 35,255 metres of drilling in 130 diamond drill holes, the project contains an indicated resource of 515 million tonnes grading 0.39% copper and 0.011% molybdenum and an inferred resource of 572 million tonnes grading 0.34% copper and 0.012% molybdenum at a 0.30% copper equivalent (1) cutoff. Additional information about the Vizcachitas Project is available on our website at www.losandescopper.com.
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 adequacy or accuracy of this release.
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