VANCOUVER, British Columbia, Oct. 18, 2001 (PRIMEZONE) -- Andean American Mining Corp. (CDNX:AAG) is pleased to announce that the Pilot Plant for the Santa Rosa project has accomplished a major milestone. The first 7.8 kilograms of gold was delivered to the refinery (October 12) and commercial sales were completed by Wednesday, October 16. The sale price received was US$282.60 per troy ounce. Silver receipts will be finalized October 20, 2001.
While the amount produced is modest, it is significant in that it represents the first commercial transaction for operating revenues in the history of Andean American. There were the normally anticipated disruptions to the adsorption/desorption plants in the process of producing the first concentrates.
The Pilot Plant is currently operating at a rate of 500 tonnes per day. The Company anticipates continuing sales for larger amounts on a weekly or biweekly basis.
For further information, please contact: John Devlin at 1-866-885-0484 or jdevlin@aag-cdnx.com or the Company at phone: (604) 681-6186, toll free: 1-888-356-4784 and Fax: (604) 681-3652; email: info@andeanamerican.com or info@aag-cdnx.com; Web site : www.andeanamerican.com
On behalf of Andean American Mining Corp.,
"John F. Huguet" John F. Huguet President & CEO
This news release may contain forward looking statements regarding upcoming work programs and events. Actual results may differ materially from those anticipated in such statements.
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