Santa Rosa Pilot Plant - Achieves Commercial Production.Business Editors VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--April 25, 2002 Andean American Mining Corp.(CDNX CDNX See Canadian Venture Exchange (CDNX). :AAG AAG Association of American Geographers (Washington, DC) AAG Assistant Attorney General AAG Asociación Argentina de Golf AAG Anti-Aircraft Gun AAG Assistant Adjutant General AAG Australian Association of Gerontology ) is pleased to announce commercial production has been achieved for the Santa Rosa Santa Rosa, city, Argentina Santa Rosa, city (1991 pop. 80,629), capital of La Pampa prov., central Argentina. It is a modern city and road junction surrounded by a rich agricultural and cattle-raising area. Pilot Plant. This is a significant milestone for the Company following an extended start up period. Actual production numbers for the month of March 2002 in brief form were: Agglomerated and loaded on pads 13,334 MT Head grade - gold 3.0 g/MT This was essentially achieved in the latter half of the month as changes in management personnel took effect. Production for the 30 days from March 16 - April 15 were: Agglomerated and loaded on pads 17,075 MT Head grade - gold 3.0 g/MT In addition mining activities added 23,000 tonnes to the stock pile in the same 30 day period. These production numbers have now, for the first time on a sustained 30 day basis exceeded 55% of the nominal name plate capacity of the Process Plant. We have therefore entered into commercial production effective March 16, 2002. To facilitate accounting cut offs March 1, 2002 becomes the official date commercial production began. This holds much significance to Andean American Mining Corp. in that now full income statements will be included in financial data for the period ending March 31, 2002. While in the start up phase all revenue from metal sales were netted against costs. Full production reporting and financial information will be released shortly. It should be noted, commercial production was achieved in 12 months from project initiation. Final capital cost numbers will be published with the financial statements. Andean American's objective is to create shareholder value through low cost mine development. At Santa Rosa, through higher process rates and continued process refinements the aim is to have production costs in the lowest quartile Quartile A statistical term describing a division of observations into four defined intervals based upon the values of the data and how they compare to the entire set of observations. Notes: Each quartile contains 25% of the total observations. for the industry. While the mine is still in the pilot plant phase this is seen as a realistic goal as Peru is host to two of the world's lowest cost producers of gold, Yanacocha and Pierina - both of which are high altitude Conventionally, an altitude above 10,000 meters (33,000 feet). See also altitude. heap leach leach v. leached, leach·ing, leach·es v.tr. 1. To remove soluble or other constituents from by the action of a percolating liquid. 2. operations. To find out more about Andean American Mining Corp. (CDNX: AAG), visit our website at www.andeanamerican.com For further information, please contact: John Devlin at 1-866-885-0484 and jdevlin@andeanamerican.com or the Company at: (604) 681-6186 or toll free: 1-888-356-4784 and email: info@andeanamerican.com. On behalf of Andean American Mining Corp., "John F. Huguet" John F. Huguet President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. |
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