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Andean ready to play in Argentina

Michael Vaughan
Wednesday, February 22, 2006

ARGENTINEAN-focused explorer Andean Resources believes it will be a player in the inevitable consolidation of "under-capitalised" juniors exploring in Argentina's southern gold fields and is also contemplating listing on the Toronto stock exchange.



Speaking at the RIU Explorers Conference in Fremantle, Andean director Gavin Thomas said he believes consolidation in the area where the company is operating in is "logical".

"I believe that another reason why people should consider investing in this company is that there are a lot of under-funded juniors in the Argentinean gold field and I believe there will be substantial consolidation of those juniors down there," Thomas said.

"We're hoping to lead that pack, if not, there will certainly be shareholder premium in there."

A member of the audience asked Thomas during question time whether Andean is considering listing in Toronto, like many of the companies operating in southern Argentina.

"That may be the case," he said.

"We're looking at all possibilities."

The company has started a scoping study for its Cerro Negro gold project in Argentina and expects to deliver a maiden resource in the second quarter of this year. A major drilling program is also scheduled for the second quarter.

Mineralisation at Cerro Negro is associated with small, narrow, quartz veining, which Thomas said is similar to AngloGold Ashanti's Cerro Vanguardia gold-silver project, located in the same region.

AngloGold has been producing more than 200,000 ounces of gold from the project annually for the past four years from a series of small, shallow pits.

"We have a look alike to (Cerro Vanguardia)," Thomas said.

"We're not as big as (Cerro Vanguardia) yet but we have a look alike to this and we believe ours is more solid and more consistent."

Shares in Andean were unchanged at 32c in midday trade.

Courtesy mining news