Minera Andes Announces Full Repayment of Loans From San Jose Mine
Published : October 03, 2011
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

TORONTO, ONTARIO--(Marketwire - Oct. 3, 2011) -

(all figures in US dollars)

Minera Andes Inc. (the "Company" or "Minera Andes") (News - Market indicators)(OTCBB:MNEAF) is pleased to announce that the Company's 49% owned joint venture and operator of the San José mine, has repaid the entire outstanding principal and accrued interest on the shareholder and project finance loans. Minera Andes received net proceeds of approximately $29 million from this repayment. In addition, the project finance loan payable to our joint venture partner, Hochschild Mining plc, totaling approximately $32 million has been repaid in full. The Company now has no project finance debt and continues to be free of any bank debt.

Going forward the Company will be due 49% of the dividends payable by the San José mine joint venture reflecting the Company's ownership stake.

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's Cerro Negro project; 100% ownership of the Los Azules copper deposit and 100% ownership of a large portfolio of exploration properties in Santa Cruz province, Argentina, including properties bordering the Cerro Negro project in Santa Cruz Province. On September 22, 2011, Minera Andes and US Gold Corporation ("US Gold") announced that the two companies have entered into an arrangement agreement, pursuant to which the companies will combine to form McEwen Mining. This transaction is expected to be completed by the end of the year subject to customary approvals, including stock exchange, court approval and approval by shareholders of Minera Andes and US Gold. As of September 30, 2011, Minera Andes had $45 million in cash and short-term investments and no debt. Rob McEwen, Chairman and CEO, owns 30% of the shares of Minera Andes.

About Minera Santa Cruz

Minera Santa Cruz SA is a joint venture owned 51% by Hochschild Mining Argentina, a wholly owned subsidiary of Hochschild Mining plc, and 49% by Minera Andes S.A., a wholly owned subsidiary of the Company. The joint venture owns and operates the San José property.

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

Reliability of Information:

Minera Santa Cruz, the owner and operator of the San José mine, is responsible for and has supplied to the Company all reported results and operational updates from the San José mine. Minera Andes' joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release. As the Company is not the operator of the San José mine, there can be no assurance that production information reported to the Company by MSC is accurate, the Company has not independently verified such information and readers are therefore cautioned regarding the extent to which they should rely upon such information.

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 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. 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, the completion of a business combination between Minera Andes and US Gold (including the numerous approvals required in connection with such a business combination), risks related to business integration as a result of a successful business combination, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, risks related to litigation, property title, 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 Company 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 Company's Annual Information Form, filed on SEDAR (www.sedar.com), and the Company's Form 40F, available on EDGAR (www.sec.gov), 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.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.

Minera Andes Inc.
Perry Ing
Chief Financial Officer
647-258-0395 or Toll-Free: 1-866-441-0690
647-258-0408 (FAX)
or
Minera Andes Inc.
99 George St. 3rd Floor
Toronto, Ontario, Canada. M5A 2N4
info@minandes.com
www.minandes.com
Data and Statistics for these countries : Argentina | Canada | All
Gold and Silver Prices for these countries : Argentina | Canada | 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$ 7.09+1.00%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$ 3.26+4.15%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 0.58+1.93%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.10-9.09%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.43-0.41%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$ 6.98+0.14%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.26+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.30-3.28%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$ 2.22+1.37%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 60.13-1.38%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$ 0.04+0.00%Trend Power :