Volcan Resource Disclosure
Under the guidelines of National Instrument 43-101 (“NI 43-101”) of the Canadian Securities Administrators, the qualified persons for the Volcan Gold Project are Messrs. Richard Gowans, P. Eng., Sam Shoemaker, MAUSIMM, and Reno Pressacco, P. Geo. of Micon International Inc. A NI 43-101 compliant technical report for the Dorado area deposits, prepared by Micon and dated October 23, 2009, is available on the SEDAR filing system at www.sedar.com.
The 2009 Update inferred resource total did not incorporate the Ojo de Agua inferred resource from the October 2008 Resource Estimate for the Ojo de Agua area certified by Mr. Michael Easdon, as no material changes had occurred with respect to this deposit. Details on the Ojo de Agua resource estimate can be found in Andina’s October 6, 2008 press release filed at www.sedar.com. Mr. Easdon is a professional geologist registered with the State of Oregon, USA and will remain the Qualified Person for the Ojo de Agua inferred resource.
A ‘measured mineral resource’ and an ‘indicated mineral resource’ is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The ‘measured mineral resource’ requires a higher level of confidence in, and understanding of, the geology and controls of the mineral deposit as compared to an ‘indicated mineral resource’. An ‘inferred mineral resource’ is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity.
It cannot be assumed that the inferred mineral resources will be upgraded to an indicated mineral resource as a result of continued exploration. Furthermore, it can not be assured that measured and indicated or inferred mineral resources will be converted to a reserve” category at such time as feasibility studies are initiated.