VANCOUVER, July 2 /CNW Telbec/ - ANDOVER VENTURES INC. ("Andover" or the
"Company") (AOX: TSX.V; R2X-FRANKFURT) announces that Andover and Genco
Resources Ltd. ("Genco"; TSX: GGC) have signed a Final Agreement for Andover
to purchase from Genco approximately 64.7% of the issued and outstanding
securities in the capital of Chief Consolidated Mining Company, a publicly
traded Arizona company based in Eureka, Utah.
The details of the transaction are outlined in the Andover news release
dated May 27, 2008. Andover must make an initial payment to Genco of U.S.
$2,500,000 on July 31, 2008. Additional terms are also found in Andover's news
release dated May 27, 2008.
The Company also wishes to announce a non brokered private placement of
units for an amount up to $5 Million dollars. Each unit will have a cost of
$0.50 and will be composed of one common share of the Company together with a
half warrant. One full warrant will allow the holder to purchase one common
share of the Company at a price of $0.75 for a period of eighteen months from
the Closing Date of the Financing. Commission payable is 7% in either cash or
units at the finders' discretion. Proceeds of the private placement will be
used in part to fund the initial payment to Genco and for exploration
expenditures on the Company's properties.
The transaction to acquire the securities in Chief Consolidated Mining
Company from Genco and the private placement are both subject to acceptance
for filing from the TSX Venture Exchange, the appropriate filings having been
made with respect to the transaction with Genco.
Andover's website - www.andoverventures.com.
ON BEHALF OF THE BOARD
Signed "Gordon Blankstein"
Gordon Blankstein - Director
The TSX Venture Exchange has not reviewed nor does it accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: Investor Relations: Richard Martens,
1-604-682-2168, Int'l Toll Free: 1-800-266-4484, Facsimile: 1-604-682-2169,
email@example.com; Renmark Financial Communications Inc.: Jen Power:
firstname.lastname@example.org; Neil Murray-Lyon:
email@example.com, (514) 939-3989, Fax: (514) 939-3717,