Business
Andean American Announces Receipt of Ministry Approval for Invicta Tax Credit
Andean American Announces Receipt of Ministry Approval for Invicta Tax Credit
About this update from Aftermath Silver Ltd.
[{"type":"text","content":"\nAndean American Announces Receipt of Ministry Approval for Invicta Tax Credit\n\n\n May 13, 2009 (Filing Services Canada) -- Andean American Mining Corp. (AAG - TSX Venture, AQN - FWB), is pleased to announce that it has received Ministerial Decree from the Peruvian Ministry of Energy and Mines for return of an Investment Tax Credit regarding the Invicta Project, Peru. The Tax Credit, in the amount of $749,000 (C$870,000) will be used for working capital. The Company expects to receive the funds from Sunat, the Peruvian Tax Authority within 30 days. The pending second return is approximately 3 weeks behind this refund.To date, the Andean American has completed the following work on the Invicta Project: * A 1.2 kilometer adit was driven at the 3400 meter elevation parallel to and in the hanging wall of the Atenea Vein Structure and drilling and sampling results encountered high grade gold. (see news release of June 11, 2008) * Over 2.7 kilometers of continuous structure were connected over the Dany (900m), Atenea (950m) and Pucamina (850) structures. The Dany and Pucamina zones have a structure similar to the Atenea structure and have the potential to be significant sources of gold mineralization. These structures were discovered to both the east and west of the Atenea structure. Mineralization remains open at both ends and the system continues to depth. * 14,200 metres of diamond drilling was completed in 2008. This, along with results from a previous 12,400 m drill program, formed the basis for an updated NI 43-101 Technical Report. (see news release of September 4, 2008) The resource estimate is for 7.9 million tonnes of measured and indicated resources and over 11.6 million tonnes of inferred resources. * The report also outlined some of the geological potential contained in the property and proposed a further 16,500 meter drill program to test this potential and determine the tonnes and grade of any resources that may or may not be forthcoming as a result of the additional drilling. * The process engineering has been completed for the prefeasibility study by GOLDEX engineers of Lima, Peru. * The metallurgical work has been accomplished by a variety of companies including Lakefield in Canada, SGS Lakefield in South Africa and Act Labs in Lima and Vancouver. * The Company received approval of its Environmental Impact Assessm...