Andover Ventures (OTC Other: ADEXF; TSX-V: AOX) completed an initial resource estimate at the Burgin Extension Deposit, a high grade silver-lead-zinc property. In reviewing the resource estimate below, keep in mind it only includes the Burgin Extension and not any of the other known deposits such as Zone A, 5340 Zone, Zone B, and the Ball Park Zone. According to our estimates, using $36.68 for silver, $1,553 for gold, $1 for lead, and $1 for zinc, we calculate a combined indicated and inferred resource of 41.1 million silver equivalent ounces.
Significantly, according to GoldMinerPulse (www.goldminerpulse.com), the average market cap per ounce of silver equivalent was $2.21 as of June 21, 2011. At $2.21 per silver equivalent ounce, this implies a market cap for Andover of $90.8 million compared to its current market cap of $50.2 million, an increase of $40.6 million or 81%. And remember, this resource is for the Burgin Extension zone, not for any of the other zones or for the Company’s SUN property in Alaska.