Andover Ventures Announces Results for the Year Ended March 31, 2008



    VANCOUVER, July 30 /CNW Telbec/ - ANDOVER VENTURES INC. ("Andover")
(AOX-TSX: V; R2X-FRANKFURT) today announced results for the financial year
ended March 31, 2008. During the year Andover continued to explore its
portfolio of properties which includes the Kamishak Property, the Bristol Bay
Property and the flagship Sun Property.
    See attached balance sheet, income statement and statement of cash flows
for more information. Full financial statements and Management's
Discussion & Analysis are available on SEDAR at http://www.sedar.com and on
Andover's website at www.andoverventures.com.

    
         The TSX Venture Exchange has not reviewed nor does it accept
     responsibility for the adequacy or accuracy of this press release.



    ANDOVER VENTURES INC.
    Consolidated Balance Sheets
    As at March 31

    ASSETS                                               2008           2007
    -------------------------------------------------------------------------
    Current
      Cash and cash equivalents                 $      28,745  $      83,422
      Marketable securities                           182,458              -
      Accounts receivable                               3,510         27,300
      Prepaid expenses and deposits                    15,213        237,048
      Deferred share issuance costs                         -         19,128
                                                ----------------------------
                                                      229,926        366,898

    Property, Plant and Equipment                      81,503              -
    Mineral Properties                             18,476,015     14,322,043
    -------------------------------------------------------------------------
                                                $  18,787,444  $  14,688,941
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES
    -------------------------------------------------------------------------
    Current
      Accounts payable and accrued liabilities  $     654,873  $   2,000,610
      Due to related parties                          176,129         14,284
    -------------------------------------------------------------------------
                                                      831,002      2,014,894
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    SHAREHOLDERS' EQUITY
    -------------------------------------------------------------------------
    Liability to Issue Shares                               -      8,337,498
    Share Capital
      Authorized:
        200,000,000 common shares without par value
        50,000,000 Class A preferred shares
         without par value
        50,000,000 Class B preferred shares
         without par value
      Issued and outstanding:
        41,812,286 (2007 -
        17,300,000 common shares)                  14,507,942      3,270,210

    Contributed Surplus                             7,510,959      2,947,914
    Deficit                                        (4,062,459)    (1,881,575)
    -------------------------------------------------------------------------
                                                   17,956,442     12,674,047
    -------------------------------------------------------------------------
                                                $  18,787,444  $  14,688,941
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    ANDOVER VENTURES INC.
    Consolidated Statements of Loss, Comprehensive Loss
     and Deficit
    For the Years Ended March 31

                                                         2008           2007
    -------------------------------------------------------------------------

    Expenses
      Amortization                              $      14,587  $           -
      Accounting and legal                             96,453        218,795
      Consulting fees                                 259,051        222,144
      Management and other professional fees          231,000         60,000
      Office expense                                  123,939         45,937
      Salaries                                         43,856              -
      Stock-based compensation                        575,978        444,160
      Telephone and utilities                          10,457          8,957
      Transfer agent and filing fees                   43,124        105,004
      Travel and promotion                            238,500        183,893
    -------------------------------------------------------------------------
    Total Expenses                                 (1,636,945)    (1,288,890)

    Other Items
      Foreign exchange                               (104,127)        (6,382)
      Interest income                                  27,483         12,406
      Fair value loss on investments held             (91,111)       (12,545)
      Write-down of mineral properties               (376,184)             -
    -------------------------------------------------------------------------
    Loss and Comprehensive Loss for the Period     (2,180,884)    (1,295,411)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Loss and Comprehensive Loss for the Period     (2,180,884)    (1,295,411)

      Deficit - Beginning of Year                  (1,881,575)      (586,164)
    -------------------------------------------------------------------------
    Deficit - End of Year                       $  (4,062,459) $  (1,881,575)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Loss per Share - Basic and Diluted          $       (0.05) $       (0.12)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Weighted Average Number of Common Shares       40,296,434     10,435,123
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    ANDOVER VENTURES INC.
    Consolidated Statements of Cash Flows
    For the Years Ended March 31

                                                         2008           2007
    -------------------------------------------------------------------------

    Cash Resources Provided By (Used In):

    Operating Activities
      Loss and comprehensive loss for
       the period                               $  (2,180,884) $  (1,295,411)
      Items not affecting cash:
        Amortization                                   14,587              -
        Stock-based compensation                      575,978        444,160
        Fair value loss on investments held            91,111         12,545
        Write-down of mineral properties              376,184              -
                                             --------------------------------
                                                   (1,123,024)      (838,706)

      Changes in operating assets and liabilities:
        Accounts receivable                            23,790        (27,300)
        Prepaid expenses and deposits                  47,688        (82,028)
        Accounts payable and accrued liabilities     (798,855)       129,652
    -------------------------------------------------------------------------
                                                   (1,850,401)      (818,382)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Investing Activities
      Mineral property expenditures                (4,867,207)    (1,502,267)
      Purchase of investments                        (200,000)             -
      Sale of investments                              13,931          1,075
      Purchase of property, plant and equipment       (96,090)             -
    -------------------------------------------------------------------------
                                                   (5,149,366)    (1,501,192)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Financing Activities
      Due to related parties                          115,279         14,284
      Share capital issued for cash, net            6,829,811      2,129,800
    -------------------------------------------------------------------------
                                                    6,945,090      2,144,084
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Net Decrease in Cash and Cash Equivalents         (54,677)      (175,490)

      Cash and cash equivalents -
       Beginning of Period                             83,422        258,912
    -------------------------------------------------------------------------
    Cash and Cash Equivalents -
     End of Period                              $      28,745  $      83,422
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Non-Cash Investing and
     Financing Activities:

    Common shares issued as acquisition
     or property finder's fees                  $      76,618  $   2,848,500
    Private placement units issued
     in lieu of commission                            140,270         21,000
    Fair value of warrants issued
     in lieu of commission                            695,158              -
    Shares received for Bristol Bay
     Native Corporation option payment                 87,500              -
    Fair value of options and warrants exercised      220,633         35,464
    Obligation to issue common shares for property          -      8,337,498


         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: Wayne Moorhouse, Chief Financial Officer;
Richard Martens, Investor Relations, (604) 682-2168, Fax: (604) 682-2169,
International Toll Free: 1-800-266-4484; Renmark Financial Communications
Inc.: Jen Power: jpower@renmarkfinancial.com; Neil Murray-Lyon:
nmurraylyon@renmarkfinancial.com; (514) 939-3989, Fax: (514) 939-3717;
www.renmarkfinancial.com

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ANDOVER VENTURES INC.

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