LOS ANDES COPPER LTD. ANNOUNCES FINAL OPTION PAYMENT AND PROPERTY ACQUISITION
December 2, 2010
Vancouver, BC – Los Andes Copper Ltd. ("Los Andes", or the "Company", TSX Venture Exchange: LA) is pleased to announce that the Company has made the final payment on the option to purchase certain mining concessions (the “Surrounding Concessions”) that form part of the Company’s Vizcachitas property. The Surrounding Concessions have now been transferred to Compania Minera Vizcachitas Holdings, a wholly owned subsidiary of the Company. The Surrounding Concessions encircle the central portion of the Vizcachitas property held by Sociedad Legal Minera San José Uno de Lo Vicuña, El Tártaro y Piguchén de Putaendo, and were the only concessions of the Company’s Vizcachitas project subject to option agreements. An additional 30 concessions, covering 47 square kilometres, are owned 100% by the Company.
Upon completion of the transaction with Turnbrook Corporation previously announced by the Company in its September 29, 2010 and November 30, 2010 press releases, which is scheduled to occur on or about Thursday, December 9, 2010, the entire resource contained in the Vizcachitas property will be under unified ownership. Los Andes will then be in a position to undertake the necessary steps to advance the project towards its ultimate development.
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 giant copper-molybdenum porphyries Rio Blanco-Los Bronces, Los Pelambres 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 cutoff. Additional information about the Vizcachitas Project is available in the National Instrument 43-101 Technical Report prepared by AMEC and filed by the Company on SEDAR on August 29 2008, and 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
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