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Minera Andes Inc

Published : May 09th, 2008

ANNOUNCES FIRST QUARTER 2008 PRODUCTION FOR SAN JOSE MINE TOTALED 968,000 OUNCES OF SILVER AND 12,14

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MINERA ANDES ANNOUNCES FIRST QUARTER 2008 PRODUCTION FOR SAN JOSE MINE TOTALED 968,000 OUNCES OF SILVER AND 12,140 OUNCES OF GOLD

  

TSX: MAI   

NASD-OTCBB: MNEAF  

   

SPOKANE, WA--May 8, 2008-- Minera Andes Inc. (TSX: MAI and US OTC: MNEAF) announced today details of the San Jos� mine performance to March 31, 2008. The San Jos� project is operated by Minera Santa Cruz S.A. ("MSC") and is owned 49% by Minera Andes and 51% by Hochschild Mining plc ("Hochschild") (HOCM.L: Reuters and HOC LN: Bloomberg - London Stock Exchange), the operator. Production for San Jos� in Q1 2008 totaled 968,000 ounces of the silver and 12,140 ounces of gold of which 49% is attributable to Minera Andes. Currently, plans are underway to expand the mine and double the current production rate by year-end 2008.

The San Jos� mine commenced production during the second quarter of 2007 and approached full production by year-end 2007. It is anticipated that the gold and silver produced in the first quarter of 2008 will be sold in Q2 2008 at the prevailing market prices. Based on a gold price of $850 per ounce and silver price of $16 per ounce the total metal production for Q1 2008 at the San Jos� mine has a gross metal value of $26 million.

The San Jos� mine now comprises more than 14 km of underground workings accessed by ramps accessing the Huevos Verdes, Frea and Kospi veins. In 2008, 878 meters of workings were completed on the Huevos Verdes, Frea, and Kospi veins. The mine is currently staffed with 631 employees and 199 contractors.

The San Jos� gold/silver mine saw an increase in production in Q1 2008 over Q4 2007 as reported by MSC to the owners. Gold production up 4 % and silver production is up 25 % when comparing the Q1 2008 over the previous quarter. The San Jos� mine is currently operating at rate of approximately 750 tonnes per day. Several contracts are in place to sell dor� and concentrate production.

Product *

Q1 2008

Q4 2007

Ore production (tonnes)

59,897

65,480

Average head grade silver (g/t)

624

536

Average head grade gold (g/t)

7.10

7.03

Silver produced (ounces)

968,000

776,000

Gold produced (ounces)

12,140

11,660

Net silver sold (ounces)*

323,000

92,000

Net gold sold (ounces)*

5,050

1,490

*The company has a 49% interest in the San Jos� production

MSC plans a 2008 exploration program at San Jos� consisting of mapping, compilation and interpretation of all project data on a district scale (115 km2) to identify new targets. Approximately 4,000 meters of surface drilling and 3,800 meters of underground drilling are planned for 2008 as a follow-up on the targets generated from the surface work.

Allen V. Ambrose, Minera Andes' President, who is a �qualified person� as defined by National Instrument 43-101, is responsible the information used in this news release and has supervised the preparation of the information and reviewed all information used in this news release.

Minera Andes is a gold, silver and copper exploration company working in Argentina. The Corporation holds about 304,000 acres of mineral exploration land in Argentina including the co-owned San Jos� silver/gold mine that has recently commenced production. Minera Andes is also exploring the Los Azules copper project in San Juan province, where an exploration program is underway to define a resource. Other exploration properties, primarily silver and gold, are being evaluated in southern Argentina. The Corporation presently has 189.4 million shares issued and outstanding.

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.

 

 

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Minera Andes Inc. | S. 911 - 470 Granville Street | Vancouver | British Columbia | V6C 1V5 | Canada


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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