Minera Andes Inc.
COMPANY DATA | INTRODUCTION
| PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE
| Address: | 99 George Street, 3rd Floor Toronto, Ontario Canada M5A 2N4 |
| Tel No.: | (647) 258-0395 |
| Fax No.: | (647) 258-0408 |
| Toll Free No.: | 1-866-441-0690 |
| Web Site: | www.minandes.com |
| Corporate Email: | info@minandes.com |
| Contact Person: | Nils Engelstad |
| Position: | VP, Corporate Affairs |
| Traded Market: | TSX & OTC |
| Traded Symbol: | MAI, MNEAF |
| Outstanding Shares: | 282,228,854 |
| Public Float: | 196,171,711 |
| 52 Week High: | $ 3.24 |
| 52 Week Low: | $ 0.71 |
| Present Price: | Click Here |
INTRODUCTION
Minera Andes is a producer of gold and silver and an explorer of gold, silver and copper in Argentina with three significant assets in two mining friendly provinces of Argentina - the Santa Cruz and San Juan Provinces. Robert McEwen, Chairman and CEO, owns 31% of the Company.
PROJECT IN HAND
(1) San Jose Gold-Silver Mine, Santa Cruz Province, Southern Argentina
Ownership: 49% Minera Andes, 51% Hochschild Mining
San Jose is an underground mine located approximately 20 km north of Goldcorp's Cerro Negro project in the Deseado Massif region of northern Santa Cruz Province, an emerging and highly prospective silver/gold area. The San Jose mine commenced commercial operations in January of 2008 and is operated year-round by Hochschild Mining plc.
Minera Andes' geologists discovered the mineralization at the San Jose silver/gold mine. The San Jose property has not been fully explored. The property encompasses approximately 100,000 acres, and there is enormous room for resource and reserve expansion.
The Company discovered nine new high-grade gold/silver veins plus important extensions of two other veins. Updated mineral resources for the San Jose mine were estimated by P&E Mining Consultants and reported in the Company's press release dated November 22, 2010. P&E completed an updated 43-101 technical report on December 13, 2010.
Total Measured and Indicated mineral resources at the San Jose Mine were 3.0 million tonnes grading 6.81 g/t gold and 462 g/t silver, giving a total of 651,000 ounces of gold and 44.2 million ounces of silver. Inferred resources stood at 4.6 million tonnes grading 4.87 g/t gold and 317 g/t silver, giving a total of 712,000 ounces of gold and 46.4 million ounces of silver.
During 2010, San Jose produced 5.3 million ounces of silver and 84,000 ounces of gold. Plant capacity at the mine is 1,500 tonnes per day. Minera Andes' attributable share of the production is 49%.
(2) Los Azules Copper Project, San Juan Province, Western Central Argentina
Los Azules is a 100% owned 50,933 acres advanced-stage porphyry copper exploration project located in the cordilleran region of San Juan Province, Argentina near the border with Chile. It is one of the world's largest undeveloped copper
deposits with an Inferred mineral resource of 10.3 billion pounds of copper and an Indicated resource of 2.2 billion pounds of copper. The deposit is at least 4 km long by 1 km wide, and extends at least 650 meters below the surface. The approximate capital cost according to the Updated Preliminary Assessment study is US$2.8 billion with mine life of 25.4
years.
Minera Andes drilled 23 holes totalling 10,000 meters on the deposit during the 2009-2010 field season and drilling is underway in the current field season. A preliminary feasibility study is in progress, and is expected to be completed by the end of 2012.
An updated mineral resource estimate was released on June 21, 2010. The resource includes 127 million tonnes of
high-grade inferred copper mineralization at a grade of 0.86% Cu and 67 million of indicated tonnes at a grade of 0.95% Cu. The resource also contains 2.3 million ounces of gold and 57 million ounces of silver. The drilling in the past field season was successful.
(3) Santa Cruz Exploration
Minera Andes has 100% ownership of properties bordering Goldcorp's (Andean Resources) Cerro Negro project that was recently acquired by Goldcorp for $3.6 billion. The properties are located in the Deseado Massif region of northern Santa Cruz Province. Minera Andes currently has 364,100 acres of mining rights in the region making the Company one of the largest owners of mining rights in the province.
Minera Andes's current focus is on the following three projects:
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Cerro Negro bordering properties - This land package totals 133,671.75 acres bordering Goldcorp's Cerro Negro project. Geophysical anomalies have been identified on these properties suggesting possible presence of concealed epithermal gold/silver veins. Anomalous silver and gold values are also present at surface.
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Celestina - Located 40 km southwest of AngloGold Ashanti's producing Cerro Vanguardia mine. Drilling in 2009 indicated the presence of a low-sulfidation epithermal mineralized system. Mineralized intercepts include strongly altered faults and siliceous breccias zones.
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Martes - Located northwest of the Cerro Vanguardia mine and adjacent to Argent Mining's Pinguino property. Numerous outcrops of quartz veins with anomalous gold values at surface are present at Martes and several geophysical anomalies have been identified indicating the possible presence of epithermal gold/silver veins typical of the region.
MANAGEMENT
Officers & Directors
Robert R. McEwen, BA, MBA, Executive Chairman, Director, President and CEO
Mr. McEwen has been associated with the mining industry for 29 years. Mr. McEwen is the founder of Goldcorp Inc., and is currently the Chairman, CEO and largest shareholder of Minera Andes, US Gold and Lexam Exploration.
James K. Duff, P.Geol., Chief Operating Officer
Mr. Duff is a professional geologist with over 35 years of mining experience. Most recently he worked at Coeur d'Alene Mines Corporation for 18 years as President of South American operations.
Perry Y. Ing, CA, CPA, CFA, B.Comm, Chief Financial Officer
Mr. Ing brings extensive financial management and reporting experience in the mining sector having previously served as Corporate Controller for Goldcorp Inc., and as a consultant to Barrick Gold Corp.
Carlos E. Liggesmeyer, CPA, MBA, Country Manager - Finance & Administration (Argentina)
Mr. Liggesmeyer has over 25 of years of experience in multinational companies in supervisory roles in the General Management, Administration and Controlling fields.
Nils F. Engelstad, BA, LL.B, Vice President, Corporate Affairs & Secretary
Mr. Engelstad became an officer of Minera Andes in 2009, prior to which he was in private practice with a national Canadian law firm.
Andrew Elinesky, CGA (Ontario), CCA (UK), Controller
Mr. Elinesky has over ten years of experience in corporate finance for both public and private companies. He was the Accounting Manager for US Gold Corporation.
Allen V. Ambrose, Director
Victor Lazarovici, Director
Dr. Don Quick, Director
Allan J. Marter, Director
Richard W. Brissenden, Director
Michael l. Stein, Director
NEWS UPDATE
On June 6, 2011, Minera Andes Inc. announced that it has recorded net income of $17 million for the quarter ended March 31, 2011, an increase of $19.9 million compared with a net loss of $2.9 million for the same period in 2010.
On February 7, 2011, Minera Andes Inc. announced that it has received proceeds of $19.1 million from the exercise of 15.3 million share purchase warrants. Each Warrant was exercisable to purchase one common share of the Company at a price of $1.25 Canadian per common share. Minera Andes current cash balance is approximately $31 million, compared to $10 million as at September 30, 2010.