Andresmin Gold Corp.
CORPORATE UPDATE ON ANDRESMIN GOLD CORP.
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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DRAFT LIMA, Peru, December 01,2004 – Andresmin Gold Corporation (“Andresmin”
or the “Company”) (NASD OTC-BB: “ADGD”) is pleased to provide the following
corporate update. Over the past several months Andresmin has acquired 100% of
the issued and outstanding shares of Grupo Minero Internacional S.A.C. (Grupo)
in exchange for $230,000 and a 2.5% NSR. With this acquisition, Andresmin
acquired a 100% interest in nine separate mineral exploration projects
encompassing 16,400 hectares in Peru. In addition, the Company has appointed
two new directors, has completed an initial work program on the Winicocha
property, and has begun initial exploration efforts on the Huarangayoc and
Pira properties. Furthermore, the Company has acquired a key block of land
contiguous to Winicocha which it feels is strategic to the development of the
Winicocha project.
NEW DIRECTORS
Ian Brodie, President & Director
With a distinguished career spanning 20 years working in capital markets, Mr.
Brodie has repeatedly proven successful at the highest levels of corporate
finance and management for marquee companies. He served on the Board of
Directors of Crystallex, which discovered and operates the now 10.2 million
ounce Las Cristinas Gold Mine in Venezuela. He has significant expertise in
mergers and acquisitions, and served as Director of Carson Gold (which later
became Vengold). Mr. Brodie also served as a Director of several other mining
companies including Cascadia Brands, which is a parent company and owner of
national brands including Potter’s Distilling, Granville Island Brewing, and
Calona Wines.
Robert Weicker, Director
Mr.Weicker has been involved in a number of major mineral discoveries in his
25 year as a geologist. He was formerly the Chief Geologist at Lac Minerals’
Williams Mine, the largest gold mine in Canada, before being involved in the
start-up, development, and production at the Rosebud UG Gold Mines in Nevada.
More recently, he was responsible for a multi-million dollar development
program resulting in a significant reserve expansion and the discovery of the
Yellow Jacket polymetallic zinc deposit in Canada. Mr.Weicker has an honors
degree in Earth Science, and is a Professional Geoscientist of the Association
of Professional Engineers and Geoscientists of British Columbia.
CORPORATE ADVANCES
Over the past 6 months Andresmin has completed two financings. The first was
completed on July 15, and raised USD $500,000 by issuing 333,333 units at a
price of $1.50 per unit. On November 9th Andresmin completed a USD $1.7
Million private placement by way of a convertible debenture which is
convertible into units. Each unit is convertible into one share of common
stock at a price of $1.50 and carries an additional share purchase warrant
enabling the holder to purchase an additional common share of the Company for
$1.50. The conversion of the debenture, and the exercise of the warrant is at
the discretion of the debenture holder for a period of two years. The
debenture carries a two-year term and an interest rate of 8% payable and
compounded half-yearly. On November 22nd Andresmin announced a further USD
$500,000 financing.
On October 8, 2004 the Company announced a forward split of its common shares
on a basis of three new shares for one old share. The Company now trades
under the new symbol “ADGD” and the new CUSIP number is 034422 20 4.
About Andresmin Gold Corporation
Andresmin is committed to building shareholder value through the acquisition,
exploration, and development of high quality mineral projects in the prime
Central Andes region of South America, which annually produces 42% of the
world’s copper (over $18 billion each year). The Company has an impressive
property portfolio with nine projects of merit encompassing 16,400 hectares of
strategically located and highly prospective ground. The Winicocha copper-gold
project in southern Peru is Andresmin’s flagship project. Centromin reports
Winicocha hosts an inferred reserve of 1.4 million ounces of gold, thought to
be near surface expression of a much larger underlying copper-gold porphyry
deposit. Recent sampling found a geochemical anomaly with grades ranging to
1.0% copper and 5.0 grams per tonne gold, and coincident geophysics has
outlined three large anomalies. Exploration is ongoing on all projects.
Andresmin trades under the symbol ADGD on the NASDAQ over-the-counter bulletin
board.
For further information please contact:
Resourcex Group:
Toll (888) 689-1620
investor@andresmin.com
http://www.andresmin.com
THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF
SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND
SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS
AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL
PROJECT INTERESTS, ANDRESMIN’S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION
AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE
STATEMENTS ARE MADE UNDER THE “SAFE HARBOR” PROVISIONS OF THE UNITED STATES
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND
UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE
IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN.
end of message, (c)DGAP 01.12.2004
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WKN: ; ISIN: XF000DGAP009; Index:
Listed: Nasdaq OTC
011325 Dez 04
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