Minera Andes Inc

Published : February 07th, 2011

' Treasury Increases by $19 Million

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

 

Minera Andes treasury increases by 19 million

 

 

 

 

 

Minera Andes Inc. (the "Company" or "Minera Andes") (TSX:MAI - News)(OTC.BB:MNEAF - News) announces that it has received proceeds of $19.1 million from the exercise of 15.3 million share purchase warrants (the "Warrants"). The Warrants were issued pursuant to a "bought deal" underwritten financing completed in August 2009 and had an original expiry date of August 19, 2014. As a result of the Company issuing a notice of accelerated expiry on December 30, 2010, based on Minera Andes' stock trading above $2.50 Canadian for 20 consecutive days, the expiry date was accelerated to January 31, 2011. Each Warrant was exercisable to purchase one common share of the Company at a price of $1.25 Canadian per common share.

 

   "We are very pleased that our share price performance has been strong
   enough to allow us to accelerate the expiry of the Warrants. With our
   treasury full and positive cash flow from our San Jose Mine Joint
   Venture, we are now well funded to advance our exploration programs and
   pre-feasibility work." stated Rob McEwen, Chairman and CEO.

Minera Andes current cash balance is approximately $31 million, compared to $10 million as at September 30, 2010, which will be used primarily to fund our activities at our 100% owned Los Azules project and our 100% owned exploration properties bordering Goldcorp Inc.'s Cerro Negro project in the Santa Cruz Province of Argentina.

This news release is submitted by Perry Y. Ing Chief Financial Officer of Minera Andes Inc. All figures were stated in US dollars unless otherwise indicated.

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 Jose Mine in close proximity to Goldcorp Inc.'s 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 Goldcorp Inc.'s Cerro Negro project in Santa Cruz Province. Rob McEwen, Chairman and CEO, owns 31% of the company.

For further information, visit our Web site: www.minandes.com.

Cautionary Note to U.S. Investors:

All resource estimates reported by the Corporation were 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 which 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, including the outcome of pending and current litigation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us, are inherently subject to significant business, economic and competitive uncertainties and contingencies 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, 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.

Contact:


 
Contacts:
Minera Andes Inc.
Andrew Elinesky
Controller
647-258-0395 or Toll-Free: 1-866-441-0690
647-258-0408 (FAX)
info@minandes.com
www.minandes.com

 

 

Data and Statistics for these countries : Argentina | All
Gold and Silver Prices for these countries : Argentina | All

Minera Andes Inc

CODE : MAI.TO
ISIN : CA6029101012
CUSIP : 602910101
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Minera Andes is a silver producing company based in Canada.

Minera Andes is listed in Canada and in United States of America. Its market capitalisation is CA$ 730.0 millions as of today (US$ 728.7 millions, € 555.9 millions).

Its stock quote reached its lowest recent point on February 06, 2009 at CA$ 0.32, and its highest recent level on April 15, 2011 at CA$ 3.39.

Minera Andes has 282 959 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Minera Andes Inc
3/23/2006New Analysis
10/16/2006Learning from the Iconoclast
Annual reports of Minera Andes Inc
2008 Annual report
2006 Annual Report
Financings of Minera Andes Inc
2/26/2009COMPLETES SECOND TRANCHE OF PRIVATE PLACEMENT WITH ROB McEWE...
2/17/2009revised C$40.0 million private placement with Robert R. McEw...
Financials of Minera Andes Inc
8/11/2011Announces Second Quarter 2011 Financial Results
6/6/2011Announces First Quarter 2011 Financial Results and Restated ...
3/30/2011Announces 2010 Full Year Financial Results and Record Earnin...
7/17/2009(San Jose Argentina)second quarter 2009 San José Production
5/16/2009REPORTS FIRST QUARTER 2009 FINANCIAL RESULTS
1/23/2009(San Jose Argentina)ANNOUNCES FOURTH QUARTER GOLD/SILVER PRODUCTION INCREASES AT...
11/14/2008REPORTS THIRD QUARTER 2008 RESULTS
11/11/2008(San Jose Argentina)ANNOUNCES THIRD QUARTER GOLD/SILVER SALES AT THE SAN JOSE MI...
8/15/2008REPORTS NET INCOME FOR SECOND QUARTER OF $0.05 PER SHARE
7/30/2008ANNOUNCES SECOND QUARTER GOLD/SILVER SALES AT THE SAN JOSE M...
5/9/2008(San Jose Argentina)ANNOUNCES FIRST QUARTER 2008 PRODUCTION FOR SAN JOSE MINE TO...
Project news of Minera Andes Inc
12/7/2011(San Jose Argentina)Provides Update On Exploration Drilling at the San Jose Mine
8/30/2011(San Jose Argentina)Provides Update on Exploration Drilling at the San Jose Mine
6/27/2011(Los Azules Argentina)Reports Drill Results and Development Update for the Los Azu...
5/17/2011(Los Azules Argentina)on Litigation With TNR Gold Corp.
5/4/2011(San Jose Argentina)Announces Work Resumption at San Jose Mine
3/13/2011(San Jose Argentina)Announces Outstanding 2010 Exploration Drill Results at the ...
10/5/2009(San Jose Argentina) Production Has Resumed At TheSan Jos=E9 Mine
10/2/2009(Los Azules Argentina)Provides Confirmation of its 100% Earn-In on the Los Azules ...
6/6/2009(San Jose Argentina) Announces completion of NI 43-101 Technical report on the J...
6/6/2009(Los Azules Argentina) Announces delivery of Earn-in notice under option agreement...
1/16/2009(San Jose Argentina)ANNOUNCES INCREASE IN FORECAST PRODUCTION AT THE SAN JOSE GO...
1/10/2009(San Jose Argentina)Announces Remaining Results From 2008 San Jose Drilling
9/25/2008(Los Azules Argentina)ANNOUNCES EXCELLENT METALLURGICAL TESTING RESULTS FOR LOS AZ...
9/8/2008(Los Azules Argentina)announces a mineral resource estimate of 922 million tonnes ...
8/13/2008(San Jose Argentina)REPORTS SAN JOSE PRODUCTION CASH COSTS AT $322/oz GOLD AND $...
6/27/2008(Los Azules Argentina)Exploration Program Increases The Size Of The Los Azules Por...
4/16/2008(Los Azules Argentina)DRILLING CUTS 132 METERS (433FT) OF 1.11 PERCENT COPPER AT L...
3/28/2008(San Jose Argentina) PROVIDES SAN JOSE MINE UPDATE
3/12/2008(Los Azules Argentina)ANNOUNCES 113 METERS OF +1 PERCENT COPPER IN DRILLING AT LOS...
3/7/2008(San Jose Argentina)ANNOUNCES 1.69 OZ/TON GOLD AND 37 OZ/TON SILVER FROM SAN JOS...
12/11/2007(Los Azules Argentina) ANNOUNCES DRILLING COMMENCES AT LOS AZULES COPPER PROJECT
10/26/2007(San Jose Argentina) ENGAGES MACQUARIE BANK LIMITED FOR DEBT FINANCING FOR SAN J...
8/15/2007(San Jose Argentina)ANNOUNCES PROGRESS AND PLANS AT SAN JOSE MINE
5/31/2007(Los Azules Argentina)drills significant copper at Los Azules Project, Argentina
Corporate news of Minera Andes Inc
3/22/2012Files Annual 2011 Financial Statements and MD&A and Project ...
1/18/2012Announces Fourth Quarter and Full Year 2011 San Jose Mine Pr...
1/13/2012(Los Azules Argentina).: Response to TNR Gold Corp. News Release Regarding Los Azu...
12/21/2011Rob McEwen Letter to Shareholders of US Gold and Minera Ande...
10/3/2011(San Jose Argentina)Announces Full Repayment of Loans From San Jose Mine
9/22/2011US Gold and Minera Andes Enter Into Arrangement Agreement to...
7/20/2011Announces Second Quarter 2011 San Jose Mine Production
4/20/2011Announces First Quarter 2011 San Jose Mine Production
2/7/2011' Treasury Increases by $19 Million
1/24/2011Reminds Warrant Holders of Accelerated Expiry on January 31,...
7/3/2009'AGM Presentation On Video
2/23/2009Rob McEwen becomes Executive Chairman of Minera Andes - Two ...
2/6/2009Announces Results Of Preliminary Assessment At Los Azules Co...
10/1/2008Recent Media Coverage on Minera Andes Inc.
9/2/2008ANNOUNCES 2.05 OZ/TON GOLD AND 37 OZ/TON SILVER FROM ONGOING...
8/6/2008ADDS ROB MCEWEN AND OTHER MINING INDUSTRY EXECUTIVES TO ITS ...
7/30/2008Welcomes Lundin Mining Executive To Board
12/22/2007ANNOUNCES 1st CLOSING ON FINANCING
12/19/2007 ANNOUNCES PROPOSED FINANCING
11/27/2007 ANNOUNCES THE SAN JOSE MINE INCREASES SILVER AND GOLD MINE...
11/15/2007SIGNS DEFINITIVE AGREEMENT AT LOS AZULES COPPER PROJECT WITH...
11/9/2007 ANNOUNCES SAN JOSE UPDATE
10/12/2007SAN JOSE PROJECT DRILLING HITS 3.22 OUNCES PER TON GOLD AND ...
9/18/2007ANNOUNCES THE SAN JOSE MINE INCREASES SILVER AND GOLD RESOUR...
9/6/2007SAN JOSE PROJECT DRILLING HITS 1.86 OUNCES PER TON GOLD AND ...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (MAI.TO)OTC BB (MNEAF.OB)
2.58-2.64%2.54-3.05%
Last quotes and information before delisting
Prev close Open
2.65 2.71
Low High
2.48 2.73
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  2.58 -%
Volume 1 month var.
2,733,962 -%
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 9/7/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.45+0.68%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 5.34-4.81%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.84-1.18%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.09+5.88%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 1.96-10.50%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 8.16-0.85%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.20+8.33%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.33-2.94%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.41+2.99%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 68.30+0.74%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :