TORONTO, ON - October 7, 2010 - Minera Andes Inc. (the "Corporation" or "Minera Andes") (TSX: MAI and US OTC: MNEAF) is pleased to announce the discovery of nine new high-grade gold/silver veins plus important extensions of two other veins, which together total more than five kilometres in strike length. The discoveries represent significant exploration progress at San José where the total strike length of all the previously known veins totalled approximately 17 kilometres. The new veins are located primarily between the Kospi and Frea veins, and can be accessed from existing mine workings (see Exhibit 1).
Rob McEwen, Chairman and CEO of Minera Andes, said:
"We are very excited by the discovery of the new veins at the San José mine. The drilling results demonstrate that the area in and around the San José mine is extremely prospective, and we anticipate these new veins will significantly extend the mine life. Recent events such as the $3.6 billion bid for Andean's nearby Cerro Negro property highlight the world class potential of this emerging gold/silver district."
Selected assay results for three of the most promising new veins are shown below. The complete assay results for the new veins and vein extensions are provided in Exhibit 2. All of the drilling reported in this press release was completed during 2010. The assays reported below and in Exhibit 2 were analyzed by Alex Stewart Argentina SA laboratory in Mendoza, Argentina, and received up until August 25th 2010. The widths shown below are true widths (normal to the dip of the vein). Longitudinal sections of the new veins and extensions are provided in Exhibit 3.
* Micaela Vein - 1,380 meter strike length, cut by 36 diamond drill holes.
o Hole SJD-708 - 2.45 m (meters) at 8.33 g/t (grams/tonne) Au and 1,484 g/t Ag
o Hole SJD-786 - 1.09 m at 33.50 g/t Au and 2752 g/t Ag
o Hole SJD-807 - 0.53 m at 31.02 g/t Au and 629 g/t Ag
* Sofía Vein - 600 meter strike length, cut by 20 diamond drill holes.
o Hole SJD-477 - 1.52 m at 7.71 g/t Au and 885 g/t Ag
o Hole SJD-486 - 10.13 m at 14.96 g/t Au and 1096 g/t Ag
o Hole SJD-491 - 5.45 m at 13.54 g/t Au and 206 g/t Ag
o Hole SJD-726 - 1.72 m at 10.94 g/t Au and 1255 g/t Ag
* Antonella Vein - 870 meter strike length, cut by 13 diamond drill holes.
o Hole SJD-524 - 5.30 m at 13.43 g/t Au and 199 g/t Ag
The following table provides a summary of new veins and extensions, the number of drill holes used to define the veins and the strike length of each. Complete assay data is provided in Exhibit 2.
The discoveries are a direct result of a significant increase in the exploration effort at San José compared to previous years. From the start of 2010 through September 25, 2010, a total of 47,431 meters have been completed in 233 diamond core holes, nearly double the drilling undertaken in 2009. The success of the current drilling is in large part a result of extensive surface geophysical surveys conducted during 2009 and 2010 that led to the development of the targets drilled this year. The geophysics consisted of 181 line-kilometres of induced polarity ("IP")/resistivity, 55 line-kilometres of magnetics and 11 line-kilometres of pole-dipole IP. An updated 43-101 Report scheduled to be completed in the near future is being prepared that will contain full details of the 2010 and 2009 drilling.
A significant portion of the property continues to be open at depth and laterally. The discovery of the Micaela-Sofía vein system, which trends approximately east-west, is especially important because its orientation is different from the typical northwest trend of all the other veins at San José. The discovery of this system, which does not outcrop, will be used as an exploration guide to open up new exploration opportunities on the property. In addition, exploration drilling is continuing to expand resources in the known veins, including Ayelén and Odin, and exploration is also continuing in other areas of the property, such as the Saavedra and Aguas Vivas targets.
The Mineral Reserves and Resources for the San José mine as at December 31, 2009 were audited by P&E Mining Consultants and reported in the Corporation's 2009 Annual Report (AIF), and are given in the following table.
None of the new veins are included in the December 31, 2009 resource or reserve estimate. An updated 43-101 Technical Report to be completed in the near future will include updated resource estimates including the new veins.
About Minera Andes
Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: A 49% interest in Minera Santa Cruz SA, owner of the San José Mine in close proximity to Andean Resources' Cerro Negro project; 100% ownership of the Los Azules copper deposit with an inferred mineral resource of 10.3 billion pounds of copper and an indicated resource of 2.2 billion pounds of copper; and, 100% ownership of a portfolio of exploration properties bordering Andean's Cerro Negro project in Santa Cruz Province. The Corporation had $8 million USD in cash as at June 30th 2010 with no bank debt. Rob McEwen, Chairman and CEO, owns 33% of the company.
About Minera Santa Cruz
Minera Santa Cruz SA is a joint venture owned 51% by Hochschild Mining Argentina, a wholly owned subsidiary of Hochschild Mining plc, and 49% by Minera Andes S.A., a wholly owned subsidiary of the Corporation. The joint venture owns and operates the San José property.
About Hochschild Mining plc
Hochschild Mining plc is a leading precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over forty years of experience in the mining of precious metal epithermal vein deposits and currently operates four underground epithermal vein mines, three located in southern Peru, one in southern Argentina and one open pit mine in northern Mexico. Hochschild also has numerous long-term prospects throughout the Americas.
This news release has been submitted by Jim Duff, Chief Operating Officer of the Corporation. For further information, please contact Jim Duff or Daniela Ozersky or visit our Web site: www.minandes.com.
Technical Information
This news release has been reviewed and approved by Allen V. Ambrose, a Qualified Person as defined by National Instrument 43-101. Mr. Ambrose is a former officer and current member of the board of directors of Minera Andes. Assay results were reported to Minera Andes by MSC, which is the operating company for the San José joint venture. Assay results for the drilling were reviewed by Allen Ambrose. All samples were collected in accordance with industry standards. All drill core samples were submitted to Alex Stewart Argentina S.A laboratory in Mendoza, Argentina for fire assay and ICP analysis. Accuracy of results is tested through the systematic inclusion of standards, blanks and check assays. Allen Ambrose has reviewed the results of the check assays and other quality control measures.
The December 31, 2009 resource and reserve estimates were audited by P&E Mining Consultants to confirm that they are in compliance with NI 43-101 and CIM and that the employed methodologies have generated reliable estimates of tonnage and grade for the mineral assets stated in the Corporation's Annual Report (AIF) dated March 30, 2010. The audit was carried out by James L. Pearson P.Eng., Alfred Hayden P.Eng. and Fred Brown CPG PrSciNat under the direction of P&E Mining Consultants President Eugene Puritch, P.Eng. All of the named persons associated with P&E Mining Consultants are considered to be independent Qualified Persons under the NI 43-101 guidelines.
Cautionary Note to U.S. Investors:
All resource estimates reported by the Corporation are calculated in accordance with NI 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Caution Concerning Forward-Looking Statements:
This press release contains certain forward-looking statements and information. The forward-looking statements and information express, as at the date of this press release, the Corporation's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, risks related to litigation, property title, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves and other risks.
Readers should not place undue reliance on forward-looking statements or information. The Corporation undertakes 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 the Corporation's 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.
To view Exhibit 1 - Plan Map of San Jose Mine veins showing new veins in red, please visit the following link: http://media3.marketwire.com/docs/mai_10_07_2010_exhibit_1.pdf
To view Exhibit 3 - Longitudinal Sections, please visit the following link: http://media3.marketwire.com/docs/mai_10_07_2010_exhibit_3.pdf
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
For more information, please contact
Minera Andes Inc.
Daniela Ozersky
Manager, Investor Relations
647-258-0395 or Toll-Free: 1-866-441-0690
647-258-0408 (FAX)
or
Minera Andes Inc.
Jim Duff
Chief Operating Officer
647-258-0395 or Toll-Free: 1-866-441-0690
647-258-0408 (FAX)
or
Minera Andes Inc.
99 George St. 3rd FloorRob McEwen, Chairman and CEO of Minera Andes, said:
"We are very excited by the discovery of the new veins at the San José mine. The drilling results demonstrate that the area in and around the San José mine is extremely prospective, and we anticipate these new veins will significantly extend the mine life. Recent events such as the $3.6 billion bid for Andean's nearby Cerro Negro property highlight the world class potential of this emerging gold/silver district."
Selected assay results for three of the most promising new veins are shown below. The complete assay results for the new veins and vein extensions are provided in Exhibit 2. All of the drilling reported in this press release was completed during 2010. The assays reported below and in Exhibit 2 were analyzed by Alex Stewart Argentina SA laboratory in Mendoza, Argentina, and received up until August 25th 2010. The widths shown below are true widths (normal to the dip of the vein). Longitudinal sections of the new veins and extensions are provided in Exhibit 3.
* Micaela Vein - 1,380 meter strike length, cut by 36 diamond drill holes.
o Hole SJD-708 - 2.45 m (meters) at 8.33 g/t (grams/tonne) Au and 1,484 g/t Ag
o Hole SJD-786 - 1.09 m at 33.50 g/t Au and 2752 g/t Ag
o Hole SJD-807 - 0.53 m at 31.02 g/t Au and 629 g/t Ag
* Sofía Vein - 600 meter strike length, cut by 20 diamond drill holes.
o Hole SJD-477 - 1.52 m at 7.71 g/t Au and 885 g/t Ag
o Hole SJD-486 - 10.13 m at 14.96 g/t Au and 1096 g/t Ag
o Hole SJD-491 - 5.45 m at 13.54 g/t Au and 206 g/t Ag
o Hole SJD-726 - 1.72 m at 10.94 g/t Au and 1255 g/t Ag
* Antonella Vein - 870 meter strike length, cut by 13 diamond drill holes.
o Hole SJD-524 - 5.30 m at 13.43 g/t Au and 199 g/t Ag
The following table provides a summary of new veins and extensions, the number of drill holes used to define the veins and the strike length of each. Complete assay data is provided in Exhibit 2.
The discoveries are a direct result of a significant increase in the exploration effort at San José compared to previous years. From the start of 2010 through September 25, 2010, a total of 47,431 meters have been completed in 233 diamond core holes, nearly double the drilling undertaken in 2009. The success of the current drilling is in large part a result of extensive surface geophysical surveys conducted during 2009 and 2010 that led to the development of the targets drilled this year. The geophysics consisted of 181 line-kilometres of induced polarity ("IP")/resistivity, 55 line-kilometres of magnetics and 11 line-kilometres of pole-dipole IP. An updated 43-101 Report scheduled to be completed in the near future is being prepared that will contain full details of the 2010 and 2009 drilling.
A significant portion of the property continues to be open at depth and laterally. The discovery of the Micaela-Sofía vein system, which trends approximately east-west, is especially important because its orientation is different from the typical northwest trend of all the other veins at San José. The discovery of this system, which does not outcrop, will be used as an exploration guide to open up new exploration opportunities on the property. In addition, exploration drilling is continuing to expand resources in the known veins, including Ayelén and Odin, and exploration is also continuing in other areas of the property, such as the Saavedra and Aguas Vivas targets.
The Mineral Reserves and Resources for the San José mine as at December 31, 2009 were audited by P&E Mining Consultants and reported in the Corporation's 2009 Annual Report (AIF), and are given in the following table.
None of the new veins are included in the December 31, 2009 resource or reserve estimate. An updated 43-101 Technical Report to be completed in the near future will include updated resource estimates including the new veins.
About Minera Andes
Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: A 49% interest in Minera Santa Cruz SA, owner of the San José Mine in close proximity to Andean Resources' Cerro Negro project; 100% ownership of the Los Azules copper deposit with an inferred mineral resource of 10.3 billion pounds of copper and an indicated resource of 2.2 billion pounds of copper; and, 100% ownership of a portfolio of exploration properties bordering Andean's Cerro Negro project in Santa Cruz Province. The Corporation had $8 million USD in cash as at June 30th 2010 with no bank debt. Rob McEwen, Chairman and CEO, owns 33% of the company.
About Minera Santa Cruz
Minera Santa Cruz SA is a joint venture owned 51% by Hochschild Mining Argentina, a wholly owned subsidiary of Hochschild Mining plc, and 49% by Minera Andes S.A., a wholly owned subsidiary of the Corporation. The joint venture owns and operates the San José property.
About Hochschild Mining plc
Hochschild Mining plc is a leading precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over forty years of experience in the mining of precious metal epithermal vein deposits and currently operates four underground epithermal vein mines, three located in southern Peru, one in southern Argentina and one open pit mine in northern Mexico. Hochschild also has numerous long-term prospects throughout the Americas.
This news release has been submitted by Jim Duff, Chief Operating Officer of the Corporation. For further information, please contact Jim Duff or Daniela Ozersky or visit our Web site: www.minandes.com.
Technical Information
This news release has been reviewed and approved by Allen V. Ambrose, a Qualified Person as defined by National Instrument 43-101. Mr. Ambrose is a former officer and current member of the board of directors of Minera Andes. Assay results were reported to Minera Andes by MSC, which is the operating company for the San José joint venture. Assay results for the drilling were reviewed by Allen Ambrose. All samples were collected in accordance with industry standards. All drill core samples were submitted to Alex Stewart Argentina S.A laboratory in Mendoza, Argentina for fire assay and ICP analysis. Accuracy of results is tested through the systematic inclusion of standards, blanks and check assays. Allen Ambrose has reviewed the results of the check assays and other quality control measures.
The December 31, 2009 resource and reserve estimates were audited by P&E Mining Consultants to confirm that they are in compliance with NI 43-101 and CIM and that the employed methodologies have generated reliable estimates of tonnage and grade for the mineral assets stated in the Corporation's Annual Report (AIF) dated March 30, 2010. The audit was carried out by James L. Pearson P.Eng., Alfred Hayden P.Eng. and Fred Brown CPG PrSciNat under the direction of P&E Mining Consultants President Eugene Puritch, P.Eng. All of the named persons associated with P&E Mining Consultants are considered to be independent Qualified Persons under the NI 43-101 guidelines.
Cautionary Note to U.S. Investors:
All resource estimates reported by the Corporation are calculated in accordance with NI 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Caution Concerning Forward-Looking Statements:
This press release contains certain forward-looking statements and information. The forward-looking statements and information express, as at the date of this press release, the Corporation's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, risks related to litigation, property title, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves and other risks.
Readers should not place undue reliance on forward-looking statements or information. The Corporation undertakes 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 the Corporation's 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.
To view Exhibit 1 - Plan Map of San Jose Mine veins showing new veins in red, please visit the following link: http://media3.marketwire.com/docs/mai_10_07_2010_exhibit_1.pdf
To view Exhibit 3 - Longitudinal Sections, please visit the following link: http://media3.marketwire.com/docs/mai_10_07_2010_exhibit_3.pdf
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
For more information, please contact
Minera Andes Inc.
Daniela Ozersky
Manager, Investor Relations
647-258-0395 or Toll-Free: 1-866-441-0690
647-258-0408 (FAX)
or
Minera Andes Inc.
Jim Duff
Chief Operating Officer
647-258-0395 or Toll-Free: 1-866-441-0690
647-258-0408 (FAX)
or
Minera Andes Inc.
Toronto, Ontario, Canada. M5A 2N4
647-258-0395 or Toll-Free: 1-866-441-0690
647-258-0408 (FAX)
info@minandes.com
www.minandes.com
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