🕐23.08.10 - 16:27 Uhr

Kennecott - Andover Deal Finalized



Chief Consolidated Mining Co.

Signs Earn-In with Option to Joint Venture Agreement with Kennecott Exploration Company August 23, 2010, Vancouver, B.C.

- Andover Ventures Inc.

("Andover" or the "Company") (AOX-TSX:V) (R2X - Frankfurt Exchange) announces today that Chief Consolidated Mining Co., ("Chief") has signed an Earn-In with Option to Joint Venture Agreement, with Kennecott Exploration Company ("Kennecott"), a subsidiary of Rio Tinto, on the Companys Big Hill Project located in the East Tintic Mining District Utah, USA.

The Big Hill Project is focused on developing a porphyry copper-gold-molybdenum target located on claims owned by Chief or its wholly or partially owned subsidiaries. Under the terms of the proposal, Kennecott may earn a 51% interest in the Big Hill Project by completing a Pre-feasibility Study or incurring $20,000,000 in expenditures, whichever occurs first, and an additional 4% interest by funding all Project costs until delivery of a Feasibility Study accepted by Rio Tinto for making an investment decision.

Kennecott Exploration Company has commenced work on the Big Hill Project. The Big Hill porphyry target is located in the East Tintic Mining District approximately 43 miles southeast of Rio Tintos Bingham Canyon Mine, which is recognized as one of the worlds largest open pit porphyry copper deposits.

A stockwork of quartz veinlets occupies the core zone of the Big Hill target area with a lithocap superimposed on the stockwork, a process known as telescoping.

Lithocaps usually define the shallow parts of porphyry copper systems typically above the main Cu-Au/-Mo zone.
Gordon Blankstein Chairman of Andover states; "We are pleased to be working with Kennecotts team of professionals, they possess tremendous knowledge of the East Tintic Mining District as they have operated both the Burgin Mine and Trixie Mine in the past." Separate and excluded from the Kennecott agreement, Chief owns additional properties in the District that it proposes to develop.

These include but are not limited to, the Trixie Gold Mine, which was in production as recently as 2001, the Ball Park target, the Burgin Mine Complex and milling facilities plus many other former producing mines.
For further information we invite you to visit us at www.andoverventures.com ON BEHALF OF THE BOARD Signed "Gordon Blankstein" CEO and Chairman



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