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Additional Information
Market: TSX-V
Sector: General Mining
EPIC: AOX
Latest Price: 0.30  (9.26% Ascending)
52-week High: 0.66
52-week Low: 0.26
Market Cap: 32.58M
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Andover Ventures
www.andoverventures.com

Andover Ventures is a precious and base metal exploration and development company, headquartered in Vancouver, British Columbia, Canada, with world class properties located in the historic Tintic Mining District, Utah, USA and the Polymetallic rich Ambler Mining District, located in Alaska, USA.

Full Andover Ventures profile here
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Fundamental Research Corp initiates coverage on Andover Ventures

29th Apr 2010, 2:58 pm
Fundamental Research Corp initiates coverage on Andover Ventures

Vancouver-based small-cap research specialist Fundamental Research Corp (FRC) initiated its coverage of Andover Ventures Inc (TSX-V: AOX, FSE: R2X), highlighting that the company has, through its 51.96%  controlling interest in Chief Consolidated Mining Company (OTC-BB: CFCM), an impressive land package in the East Tintic Mining District of Utah.

Additionally, Andover directly owns 100% of the SUN deposit in the Ambler Mining district in Alaska. FRC noted that SUN is considered to be the second largest deposit in the district.

FRC specifies a number of investment highlights in relation to East Tintic, notably the recently signing of a joint venture proposal - with Rio Tinto (LSE, ASX: RIO) subsidiary Kennecott Exploration  -  on the Big Hill property, where the company has a 45% carried interest to the completion of a feasibility study. “We believe that the addition of a Rio Tinto subsidiary to Big Hill is a clear indication of the potential held within the project”, FRC stated.

The Big Hill Project is a porphyry copper-gold-molybdenum target. Porphyry deposits are highly sought after by large mining groups for their large tonnage, long mine life potential.  Kennecott can increase its interest in the project to 55% by sole funding all project costs until delivery of a feasibility study.

The other key projects in East Tintric include the Burgin and Trixie properties, which include past producing mines by the same names and a processing facility and several exploration targets. FRC said that Chief Consolidated’s goals for 2010 include upgrading historic resources at the Burgin mine to NI43-101 standards, and partnering or restarting production at the Trixie gold mine.

FRC commented that the past producing Trixie mine, and 250tpd Burgin mill and plant, are fully permitted and bonded, and are sitting on patented claims.

According to the company researcher, while Andover Ventures plans to focus its near term efforts on returning the Trixie mine to production, the company’s best opportunity for success in the long term sits in the Burgin project. “At this time, we believe the Burgin Extension - a target on the Burgin property - has the highest upside potential due to both the grade of the material and proximity to existing underground infrastructure”, FRC stated.

FRC initiated coverage on Andover with a fair value of C$0.82 per share.

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