Minera Andes Inc

Published : September 08th, 2008

announces a mineral resource estimate of 922 million tonnes of 0.55% copper at Los Azules

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MINERA ANDES ANNOUNCES A MINERAL
RESOURCE ESTIMATE OF 922 MILLION TONNES
OF 0.55% COPPER AT LOS AZULES

  
TSX: MAI   
MNEAF: US OTC   
   

SPOKANE, WA--September 8, 2008-- Minera Andes Inc. (TSX: MAI and US OTC: MNEAF) is pleased to announce the results of an independent resource estimate at the Los Azules Copper deposit located in western San Juan province, Argentina. The Inferred Mineral Resource, at 0.35% total copper ("CuT") cut-off, is defined by an area approximately 3.7 km by 1 km in size and contains a high-grade near surface copper core in the north (see attached drill map and long section). This resource estimate will form the basis of an economic scoping study (NI-43-101 Preliminary Assessment) planned for completion at yearend. In addition, the mineralized copper target remains open to the north and at depth.

At a 0.35% total copper cut-off, the Inferred Resource at Los Azules is 922 million tonnes grading 0.55% copper, containing 11.2 billion pounds of copper.

The mineral resource estimate at different copper cut off grades is summarized in the table below.

Cut-off grade (CuT)

Inferred Resource
(Millions of tonnes)

Average
Grade
(CuT%)

Contained copper
(Billions of (lbs)

0.20

1,680

0.42

15.6

0.25

1,425

0.46

14.5

0.30

1,171

0.50

12.9

0.35

922

0.55

11.2

0.40

727

0.60

9.6

0.50

451

0.69

6.9

0.60

273

0.78

4.7

0.70

161

0.87

3.1

0.80

93

0.97

2.0

Allen Ambrose, president of Minera Andes, said: "We are very pleased to report on our continued success at Los Azules. This resource estimate demonstrates that Los Azules ranks as one the largest new undeveloped copper deposits in Argentina. At a cutoff grade of 0.8%Cu, the resource totals 93 million tonnes at a grade of 0.97%Cu, much of which occurs as a near surface, high-grade core zone. The presence of a high-grade copper core is important in that it could significantly enhance the project economics as a starter pit in the early years of any potential mining operations."

Click the following link for a picture of the Los Azules Plan Drill Map: http://www.minandes.com/i/misc/NRSept8a.jpg


Robert Sim, P.Geo., an independent Qualified Person as defined by NI 43-101 with the assistance of Bruce Davis, FAusIMM, is responsible for the mineral resource estimate. This estimate will be filed in a Technical Report, compliant with NI 43-101, and posted on SEDAR within 45 days. Mr. Allen Ambrose, president of Minera Andes, an appropriately Qualified Person as defined by NI 43-101 for the Los Azules project, has reviewed and approved the content of this press release.

Minera Andes is advancing the Los Azules project under an option agreement (see news release dated November 14, 2007) with Xstrata Copper, one of the commodity business units within Xstrata plc (London Stock Exchange: XTA.L and Zurich Stock Exchange: XTRZn.S). The scope and size potential of the project increased dramatically in 2006 when the Minera Andes drilling discovered a near surface high-grade area of copper mineralization, when AZ-06-19 encountered 221 meters of mineralization averaging 1.62% copper that was 200 meters from hole AZ-06-20 containing 173 meters of 1% copper.

There are a total of 83 drill holes in the Los Azules database with a cumulative length of 19,680 meters and a total of 10,919 samples analyzed for total copper with an average individual sample length of 1.5 meters. A total of 35 of the drill holes have some portion of the sample intervals tested for sequential copper analysis. The resource estimate has been generated from drill hole sample assay results and the interpretation of a geologic model which relates to the spatial distribution of copper in the deposit. Grade estimates have been made using ordinary kriging with a nominal block size of 20x20x15 meters.

Drilling and sampling practices have been reviewed and are in accordance with industry standards. Drill core samples were submitted to Alex Stewart Assayers, Argentina, S.A. and to Acme Laboratories, in Mendoza, Argentina, for sample pulp preparation and to Acme Laboratories in Chile and ALS Chemex Laboratories in Chile for analysis. Bruce Davis has reviewed the results of the control (QAQC) program and finds the data sufficiently accurate and precise for use in resource estimation.

Minera Andes is a gold, silver and copper exploration company working in Argentina. The Company holds about 304,000 acres of mineral exploration land in Argentina including the 49% owned San Jos� silver/gold mine. In addition to exploring the Los Azules copper project in San Juan province other exploration properties, primarily silver and gold, are being evaluated in southern Argentina. The Corporation presently has 189,456,935 shares issued and outstanding.

For an additional picture of the Los Azules Longsection, please view today's news release at:

http://www.minandes.com/s/NewsReleases.asp

This news is submitted by Allen V. Ambrose, President and Director of Minera Andes Inc.



For further information, please contact: Art Johnson at the Spokane office, or Krister A. Kottmeier, investor relations - Canada, at the Vancouver office. Visit our Web site: www.minandes.com.

Spokane Office
111 East Magnesium Rd.,
Spokane, WA 99208 USA
Phone: (509) 921-7322
E-mail: mineraandes@minandes.com

Vancouver Office
Suite 911 - 470 Granville St,
Vancouver, BC. V6C 1V5
Phone: (604) 689-7017 / 877-689-7018
E-mail: ircanada@minandes.com

Caution Concerning Forward-Looking Statements:
This press release contains certain "forward-looking statements", including, but not limited to, the statements regarding the Company's strategic plans, evolution of mineral resources and reserves, work programs, development plans and exploration budgets at the Company's San Jos� Project. Investors should be aware that the introduction of new technology such as ILR can create added risk in achieving metallurgical performance. The forward-looking statements express, as at the date of this press release, the Company'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. In particular, there can be no assurance that commercial production at the San Jos� mine will be achieved on a timely basis, or at all, that production capacity at the San Jos� mine will be successfully increased, that resources and reserves at the San Jos� mine will be increased or that Minera Andes will successfully raise the funds necessary to maintain its interest in the San Jos� mine. 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 reserves and other risks. We refer readers to the risk factors and uncertainties described in the Company's continuous disclosure record, a copy of which is available under the Company's profile at www.sedar.com. Minera Andes' joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates do not accept responsibility for the use of project data or the adequacy or accuracy of this release.

Cautionary Note to U.S. Investors:
The United States Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits with "mineral reserves" that a company can economically and legally extract or produce. We use certain terms in this press release, such as "mineral resources", that the SEC guidelines strictly prohibit us from including in our filings with the SEC, because these terms are common usage in Canada and form part of our Canadian filing requirements.


THE TSX HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

 


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

Minera Andes Inc

CODE : MAI.TO
ISIN : CA6029101012
CUSIP : 602910101
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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.

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