VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/24/12 -- Andover Mining Corp. ('Andover' or the 'Company') (TSX VENTURE: AOX)(OTCBB: AOVTF)(FRANKFURT: R2X) announces that Gordon Blankstein and Sunwest Ventures Inc., a company owned by Gordon Blankstein, both of Langley, British Columbia (together, the 'Offerors'), acquired ownership and control of an additional and aggregate 841,300 common shares of Andover (the 'Acquisition') pursuant to the Company's non-brokered private placement of common shares at price of $0.50 per share, announced in the Company's news release dated February 16 and 23, 2012 (the 'Private Placement'). Prior to the completion of the Acquisition, the Offerors held an aggregate of 10,351,911 common shares of Andover.
There are currently approximately 109,785,352 common shares of Andover issued and outstanding after the completion of the Private Placement. As a result of the Acquisition, the Offerors have beneficial ownership of, and control and direction over 11,193,211 common shares on an undiluted basis, representing 10.20% of the issued and outstanding shares of Andover, and 11,910,211 shares on a fully diluted basis, representing 10.85% of the issued and outstanding shares.
The common shares were acquired for investment purposes and the Offerors may purchase additional securities of the Company, either jointly or individually, in the future for investment purposes.
About Andover:
Andover Mining Corp. is a precious and base metal exploration and development company, headquartered in Vancouver, British Columbia, Canada. Andover's holdings are located in the polymetallic rich Ambler Mining District, Alaska, USA and the historic East Tintic Mining District, Utah, USA.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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