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November 26, 2007
Vancouver, BC –
Los Andes Copper Ltd. ("Los Andes", or the "Company",
TSX Venture Exchange: LA) is pleased to announce that, further to its news
release of November 2, 2007, the Company has completed its non-brokered
private placement of $6 million and has received subscriptions for the full
reserved additional allotment of $1.5 million. Los Andes sold a total
of 15,000,000 units at a price of $0.50 per unit for aggregate gross
proceeds of $7,500,000. Each unit issued under the private placement
consisted of one common share and one-half of one share purchase warrant. Each
warrant entitles the holder to acquire one additional common share of the
Company at a price of $0.75 until November 24, 2008. In connection with the
private placement, Los Andes paid aggregate finder’s fees of
$305,025. All securities issued as referenced above are subject to a
four month hold period expiring March 23, 2008.
The proceeds of the
private placement will be used by the Company to finance a phase two
drilling program on the Vizcachitas copper-molybdenum project located in
Region V, Chile; and for general working capital purposes.
About Vizcachitas
The Vizcachitas Project
offers potential for a low strip, open pit operation in an area of low
elevation with excellent infrastructure, including water and power in
central Chile. The Vizcachitas deposit occurs in the same metallogenic belt
as the large copper-molybdenum porphyries Rio Blanco-Los Bronces, Los
Pelambres-El Pachon and El Teniente. Based on 68 drill holes previously
completed by General Minerals Corporation and Placer Dome, the project contains
an indicated resource of 232 million tonnes grading 0.46% copper and 0.014%
molybdenum and an inferred resource of 619 million tonnes grading 0.38%
copper and 0.013% molybdenum at a 0.30% copper cutoff. At a 0.4%
cutoff, indicated resources total 144 million tonnes grading 0.52% copper
and 0.015% molybdenum and inferred resources total 211 million tonnes
grading 0.46% copper and 0.016% molybdenum as detailed in the NI43-101
compliant technical report of A.C.A. Howe International Limited dated February
7, 2007. The technical report, as well as additional information about the
Vizcachitas Project is available on our website at www.losandescopper.com.
For more information
please contact:
Roger Moss, President
Tel: 416-516-6050 or
Michael Kuta, Corporate Secretary Tel: 604-697-6201
E-Mail: info@losandescopper.com
Or visit our website at: www.losandescopper.com
This document contains certain forward looking statements which
involve known and unknown risks, delays and uncertainties not under the
Company's control which may cause actual results, performance or
achievements of the Company to be materially different from the results,
performance or expectation implied by these forward looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the
adequacy or accuracy of this release.
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