TORONTO, ONTARIO--(Marketwire - Oct. 8, 2009) - Minera Andes Inc. (the "Corporation" or "Minera Andes") (TSX:MAI)(OTCBB:MNEAF) is pleased to announce the San Jose mine production results for the third quarter of 2009. During the third quarter, the San Jose mine produced 1,402,000 ounces of silver and 22,470 ounces of gold, of which 49% is attributable to Minera Andes.
Compared to the second quarter of 2009, the 2009 third quarter silver production was 11% higher and gold production was 24% higher. The increase in silver and gold production was the result of a higher mill feed tonnage and head grades for both silver and gold and higher processing recovery rates. Mill throughput in the third quarter of 2009 was 3% higher than the level of the previous quarter. Compared to the third quarter of 2008, the third quarter 2009 silver production increased 42% and gold increased 82% due to the increased production rate associated with the expansion program completed in the fourth quarter of 2008.
SAN JOSE MINE PRODUCTION COMPARISON (100% BASIS) *
Third quarter production cost information will be provided when available in a subsequent press release.
Sales of silver and gold were respectively, 4% and 28% higher in third quarter of 2009 compared to the second quarter as a result of the higher production and a products inventory decrease. In comparison to the same quarter last year, sales of silver and gold in third quarter of 2009 were respectively, 110% and 188% higher because of the increased production and a products inventory reduction.
Product inventories were reduced substantially by the end of the third quarter compared to the end of the second quarter of 2009, as shown on the table below.
SAN JOSE MINE PRODUCT INVENTORY COMPARISON (100% BASIS)*
*49% of the San Jose mine inventories is attributable to Minera Andes Inc.
The third quarter marks the first complete quarter of full production from the mine now that underground production has commenced in the Kospi vein. At the present time, nearly all of the production is being derived directly from underground mining, and the operation is no longer relying on low-grade surface stockpile material to provide mill feed.
Operations at San Jose have returned to normal after a series of labor stoppages. A total of five days of operation were lost during the third quarter due to these stoppages. Hochschild Mining PLC, which is the operator at San Jose, continues to work closely with employees and unions to ensure good relations at the operation.
This news release is submitted by James K. Duff, Chief Operating Officer of Minera Andes Inc.
Minera Andes is a gold, silver and copper exploration company focused in Argentina. The Corporation holds three significant assets:
1. 49% interest in Minera Santa Cruz SA, the company that operates the San Jose Mine, one of the world's largest primary silver mines;
2. 100% earned-in interest in the Los Azules copper project;
3. A portfolio of exploration properties near and around its existing assets. Drilling on three of these properties will begin in November.
The Corporation presently has 262,298,851 shares issued and outstanding.
For further information, please contact: Helen Bilhete or visit our Web site: www.minandes.com.
Reliability of Information
Minera Santa Cruz S.A., the owner of the San Jose mine, is responsible for and has supplied to the Corporation all reported results from the San Jose mine. This press release is based entirely on information provided to Minera Andes by Minera Santa Cruz S.A. (MSC). Minera Andes' joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release. As the Corporation is not the operator of the San Jose mine, there can be no assurance that production information reported to the Corporation by MSC is accurate, the Corporation has not independently verified such information and readers are therefore cautioned regarding the extent to which they should rely upon such information.
Caution Concerning Forward-Looking Statements:
This news release contains forward-looking statements and forward-looking information within the meaning of applicable US and Canadian securities laws. Such forward-looking statements or information include but may not be limited to references to ongoing labour relations cooperation and expected production. In making the forward-looking statements and providing the forward-looking information, we have made numerous assumptions. Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statements will prove to be accurate. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from that expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include among other things, declines in the price of gold, silver, copper and other base metals, capital and operating cost increases, changes in general economic and business conditions, including changes in interest rates and the demand for base metals, economic and political instability in Argentina, discrepancies between actual and estimated production and mineral reserves and resources; operational and development risk; the speculative nature of mineral exploration and regulatory risks.
Readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See our annual information form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
For more information, please contact
Minera Andes Inc.
Helen Bilhete
Director, Investor Relations
647-258-0395 or Toll-Free: 1-866-441-0690
647-258-0408 (FAX)
info@minandes.com
http://www.minandes.com/
Compared to the second quarter of 2009, the 2009 third quarter silver production was 11% higher and gold production was 24% higher. The increase in silver and gold production was the result of a higher mill feed tonnage and head grades for both silver and gold and higher processing recovery rates. Mill throughput in the third quarter of 2009 was 3% higher than the level of the previous quarter. Compared to the third quarter of 2008, the third quarter 2009 silver production increased 42% and gold increased 82% due to the increased production rate associated with the expansion program completed in the fourth quarter of 2008.
SAN JOSE MINE PRODUCTION COMPARISON (100% BASIS) *
Third quarter production cost information will be provided when available in a subsequent press release.
Sales of silver and gold were respectively, 4% and 28% higher in third quarter of 2009 compared to the second quarter as a result of the higher production and a products inventory decrease. In comparison to the same quarter last year, sales of silver and gold in third quarter of 2009 were respectively, 110% and 188% higher because of the increased production and a products inventory reduction.
Product inventories were reduced substantially by the end of the third quarter compared to the end of the second quarter of 2009, as shown on the table below.
SAN JOSE MINE PRODUCT INVENTORY COMPARISON (100% BASIS)*
*49% of the San Jose mine inventories is attributable to Minera Andes Inc.
The third quarter marks the first complete quarter of full production from the mine now that underground production has commenced in the Kospi vein. At the present time, nearly all of the production is being derived directly from underground mining, and the operation is no longer relying on low-grade surface stockpile material to provide mill feed.
Operations at San Jose have returned to normal after a series of labor stoppages. A total of five days of operation were lost during the third quarter due to these stoppages. Hochschild Mining PLC, which is the operator at San Jose, continues to work closely with employees and unions to ensure good relations at the operation.
This news release is submitted by James K. Duff, Chief Operating Officer of Minera Andes Inc.
Minera Andes is a gold, silver and copper exploration company focused in Argentina. The Corporation holds three significant assets:
1. 49% interest in Minera Santa Cruz SA, the company that operates the San Jose Mine, one of the world's largest primary silver mines;
2. 100% earned-in interest in the Los Azules copper project;
3. A portfolio of exploration properties near and around its existing assets. Drilling on three of these properties will begin in November.
The Corporation presently has 262,298,851 shares issued and outstanding.
For further information, please contact: Helen Bilhete or visit our Web site: www.minandes.com.
Reliability of Information
Minera Santa Cruz S.A., the owner of the San Jose mine, is responsible for and has supplied to the Corporation all reported results from the San Jose mine. This press release is based entirely on information provided to Minera Andes by Minera Santa Cruz S.A. (MSC). Minera Andes' joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release. As the Corporation is not the operator of the San Jose mine, there can be no assurance that production information reported to the Corporation by MSC is accurate, the Corporation has not independently verified such information and readers are therefore cautioned regarding the extent to which they should rely upon such information.
Caution Concerning Forward-Looking Statements:
This news release contains forward-looking statements and forward-looking information within the meaning of applicable US and Canadian securities laws. Such forward-looking statements or information include but may not be limited to references to ongoing labour relations cooperation and expected production. In making the forward-looking statements and providing the forward-looking information, we have made numerous assumptions. Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statements will prove to be accurate. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from that expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include among other things, declines in the price of gold, silver, copper and other base metals, capital and operating cost increases, changes in general economic and business conditions, including changes in interest rates and the demand for base metals, economic and political instability in Argentina, discrepancies between actual and estimated production and mineral reserves and resources; operational and development risk; the speculative nature of mineral exploration and regulatory risks.
Readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See our annual information form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
For more information, please contact
Minera Andes Inc.
Helen Bilhete
Director, Investor Relations
647-258-0395 or Toll-Free: 1-866-441-0690
647-258-0408 (FAX)
info@minandes.com
http://www.minandes.com/
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