Andover Ventures Inc. (TSXV: AOX) – Agrees to increase ownership in Chief to 78.91%; Negotiates settlement with Genco

Fundamental Research Corp. | August 27, 2010 | 2:15 pm

Andover Ventures Inc. (“Andover”, “the company”) is an exploration company that holds an impressive land package in the East Tintic Mining District of Utah, through a controlling interest in Chief Consolidated Mining Co. (“Chief”).
In August 2010, Andover agreed to acquire an additional 14.25 million common shares of Chief for a total of US$3.56 million. When completed, the company will own approximately 78.91% (current position – 51.96%) of all the outstanding shares of Chief.
In July 2010, Andover reached an agreement with Genco with regards to the $5 million note payable to Genco due in September 2010. Under the new agreement, Andover will pay Genco a total of $4 million. $1.3 million was paid in July, with $0.7 million due by October 31, 2010, and a final $2 million due by September 24, 2011. This revised agreement has significantly improved the company’s liquidity position.