Chief Announces Agreement With Enirgi to Enter in to a Joint

Chief Announces Agreement With Enirgi to Enter in to a Joint Venture
Agreement to Develop and Mine Burgin Complex, Utah 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/22/12 -- ANDOVER
MINING CORP. (formerly "Andover Ventures Inc.") ("Andover" or the
"Company") (TSX VENTURE:AOX)(OTCBB:AOVTF)(FRANKFURT:R2X) is pleased
to announce that Chief Consolidated Mining Company ("Chief"),
approximately 83.5% owned by Andover, has agreed in principle to
enter into an Earn-In and Joint Venture Agreement with the Enirgi
Group Corporation (Enirgi) to develop, permit and mine the Burgin
Mine Complex deposits (a Silver-Lead-Zinc rich massive sulfide
system) located on a part of Chief's land holdings in the East Tintic
Mining District, Utah. 
The Burgin Mine Complex deposits include the historic Burgin Mine,
the Burgin Extension deposit, the historic Trixie Mine and the 'Ball
Park' mineralized system. All are located within the immediate
vicinity of, and within easy access to, the Burgin Mill and
Processing complex, which will also be part of the Joint Venture
Agreement. The mines, deposits and mill complex are located entirely
on 100% Chief owned private lands. A 43-101 Technical Report, dated
29 July 2011, and a Preliminary Economic Analysis (PEA), dated 02
December 2011, have been completed on the Burgin Extension Deposit by
Mine Development Associates of Reno, Nevada, and are available at
Andover's website. 


 
--  Under the proposed terms of the Joint Venture Agreement, Enirgi would
    develop the project through prefeasibility study, feasibility study and
    into production by providing the capital to complete the studies.
    Following these steps and the arrangement of project financing for the
    mine and facilities development, Enirgi would earn 51% in the Burgin
    Complex. Chief would retain 49%.

 
The Joint Venture Agreement remains subject to approval by the Boards
of Directors of Chief, Enirgi and Andover and is subject to review by
Kennecott Exploration Company under the terms of the Big Hill Joint
Venture Agreement. 
"This is an exciting step forward in unlocking the potentially rich
metal resources of the Burgin Complex" says Kent Turner, Andover's
COO. "The Tintic District is one of the premiere historic mining
districts in w
estern North America and the Burgin Complex represents
one example of the potential deposits remaining to be discovered and
developed within the District. We feel that this agreement validates
Andover's strategy and business model of A) identifying and acquiring
high grade deposits with large-scale economic potential in some of
the safest and secure business and geopolitical environments, B)
managing the risks involved in carrying out the necessary
consolidations, mineral exploration and/or early stage permitting
issues and then C) bringing in a quality partner to carry the
deposits through to commercial production." 
"At the Burgin Complex", continues Mr. Turner, "Andover had
accomplished the first two parts of the plan over the past 4-5 years.
Finding and partnering with a quality organization such as Enirgi
with their financial strength and underground base metal mining
experience and technical know-how means we now have the best of
partners to complete the development of the Burgin and unlock the
value for Chief and for our shareholders. This is an exciting
development indeed for our company." 
The Enirgi Group is a private Canadian company which is wholly owned
by the Sentient Group of global resource funds. Enirgi has mines and
other assets in Australia, Argentina, and Colorado producing lead,
base metal concentrates, lithium, potash, and sodium bicarbonates.
The Sentient Group manages over US $2.6 billion in investments
through a series of closed end funds, focusing primarily on mining
and related investments throughout the world with an impressive track
record of success. 
About Andover: 
Andover is a precious and base metal exploration and development
company focused on copper exploration at its flagship asset, the SUN
project, located in the Ambler Mineral Belt, Northwest, Alaska. The
Ambler Mineral Belt hosts world-class VMS deposits containing copper,
zinc, lead, gold and silver. The Ambler Mineral Belt is one of the
richest and most-prospective copper mineral belts located in one of
the safest geopolitical jurisdictions in the world.  
In Utah, Andover, through its 83.5% ownership of Chief Consolidated
Mining Company whose lands located in the historic East Tintic Mining
District, has a multi faceted development approach. The Big Hill
project, where Kennecott Exploration Company can earn a 55% interest
by carrying Chief through to the end of a Feasibility Study, is
focused on a large porphyry copper prospect. The Burgin Complex, host
to a limestone, silver lead zinc deposit has completed a PEA and is
preparing this deposit and the Trixie gold mine toward exploitation. 
For further information we invite you to visit us at
www.andovermining.com. 
ON BEHALF OF THE BOARD 
Gordon Blankstein, CEO and Chairman 
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. 
Contacts:
Andover Mining Corp.
Richard Martens
Investor Relations
1-604-682-2168 or Int'l Toll Free: 1-800-266-4484
1-604-682-2169 (FAX)
rick@andovermining.com
www.andovermining.com
 
 
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