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Andean American Conducts Review of Properties Held by Its Subsidiary, Sinchao Metals TORONTO, ONTARIO--(Marketwire - Feb. 7, 2011) - Andean American Gold Corp. ("Andean American" or the "Company") (TSX VENTURE:AAG - News; FRANKFURT:AQN - News) announces that, during a recent review of the properties held by Sinchao Metals Corp ("Sinchao"), in which Andean holds a 60% interest, it has become apparent that four of the property claims comprising the Sinchao Project, which were the subject of a title opinion rendered at the time of Sinchao's formation in 2006, were not properly registered by the former owner, a subsidiary of Andean American Gold Corp. As a result of this property review, Sinchao has determined that it does not have valid ownership of the properties in question and Sinchao is taking immediate steps to remedy the deficiencies in title, however, at this early stage there are no assurances that these steps will be successful. In addition to the four properties mentioned above, Sinchao has also determined that six other properties believed to have been acquired at the time of the Company's formation had previously lapsed and thus are not held by Sinchao. These properties are not material to Sinchao's operations. Since the middle of last year Andean American has assembled a new management team and restructured its Board of Directors. The review of the Sinchao assets was initiated this year by the new Board of Directors of Andean American and it was during this process that the discrepancies in certain of the property titles became apparent. Of the properties in question, only four of them have the potential to impact the current Sinchao Project and the management of Sinchao has already taken steps to correct the records of ownership of these properties. "While the management and board of Andean American is concerned about the discrepancies in certain of the property titles held by Sinchao and will provide every support to Sinchao in its efforts to rapidly resolve this situation, Andean's primary focus remains our Invicta Project which is well funded and is progressing on track towards construction," said David Rae, President and CEO of Andean American. About Andean American Andean American is an international mining and exploration company focused on value growth through the development of gold and copper projects in Peru and currently has two key assets: the 28,200 hectare Invicta gold-silver-copper advanced exploration stage project and 60% of Sinchao Metals Corp., owner of the Sinchao gold-silver-copper exploration project. In addition, the Company is actively targeting early stage gold and silver prospects in Peru. Follow Andean American Gold on: Facebook: http://www.facebook.com/pages/Andean-American-Gold/158267910… |
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| Autor (Datum des Eintrages): | taipan11 (07.02.11 17:15:47) |
| Beitrag: | 32 von 40 (ID:40996115) |
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