🕐01.09.10 - 20:54 Uhr

Research Report Update/ Andover Ventures Inc



The following notes were taken from an updated research report (August 31/ 2010), which will be available at Fundamental Research Corps website http://www.researchfrc.com/ in approximately one week.

If you would like a copy of the updated report - Please contact @ and he will send you the updated report via e-mail. Regards CC August 31/ 2010 About Andover Ventures Inc. Through a controlling interest in Chief Consolidated Mining Company, Andover Ventures Inc.

holds an impressive land package in the East Tintic Mining District of Utah.

The 100% owned SUN deposit in the Ambler Mining district of Alaska is considered the second largest deposit in the district.

As previously noted in our initiating report, on February 23, 2010, Chief Consolidated Mining Co.

(�Chief�; OTCPK:CFCM) announced the signing of a non-binding proposal for an earn-in with option to Joint-Venture with Kennecott Exploration Co.

(�Kennecott�), a subsidiary of Rio Tinto (NYSE: RTP), on Andovers Big Hill project located in the East Tintic Mining District in Utah.

See our initiating report for details on the Big Hill project.

Andover announced on August 23, 2010 that Chief signed the joint venture agreement with the same terms as disclosed in our initiating report.

We continue to believe that the addition of a Rio Tinto subsidiary as the joint partner is a clear indication of the potential held within the Big Hill project.

Rio Tinto has substantial experience in the local geology and production as it is the operator of the Brigham Canyon Mine located nearby, and have operated AOX�s Burgin and Trixie mines in the past.

This, we believe, could expedite the exploration process.

Currently, the Big Hill project has no known resource estimates as it is still in its early stages.

As a result, we have maintained our BUY rating and fair value estimate at $0.70 per share, as well as our risk rating of 5 (Highly Speculative).
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