Minera Andes Inc

Published : January 10th, 2009

Announces Remaining Results From 2008 San Jose Drilling

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MINERA ANDES ANNOUNCES REMAINING RESULTS
FROM 2008 SAN JOS� DRILLING

  
TSX: MAI   
NASD-OTCBB: MNEAF   
   

SPOKANE, WA - January 09, 2009 - Minera Andes Inc. (TSX: MAI and US OTC: MNEAF) today announced results received from drilling that was recently completed at the San Jos� mine in southern Argentina. The San Jos� project is operated by Minera Santa Cruz S.A. ("MSC") owned 51% by Hochschild Mining plc ("Hochschild") (HOC.L: Reuters and HOC.LN: Bloomberg - London Stock Exchange) and 49% by Minera Andes. Hochschild is the operator of MSC. Infill and step-out drilling on several veins continues to indicate further potential to expand the areas of mineralization on the property. One of the highest-grade intercepts from this drilling campaign was in hole SJD-478 and encountered 30.92 grams per metric ton "g/t" (0.90 ounces per short ton "opt") gold and 778 g/t (22.7 opt) silver over an intercept thickness of 1.56 meters (see table below).

Between August and December 2008, 46 core holes totaling 11,278 meters were completed as part of the 2008 drilling program in which a total of 18,694 meters were drilled on the Frea, Odin, Ayelen and Kospi veins. These high-grade gold/silver veins were discovered in late 2005 through reconnaissance drilling of blind geophysical targets. A NI 43-101 technical report is underway to update the reserves and resources at San Jos�. This technical report will reflect approximately 27,478 meters of drilling covering the 12 month period that occurred between June 30, 2007 and June 30, 2008 but will not contain the results that are the subject of this news release. The report is anticipated to be completed in the first quarter of 2009 upon receipt of technical information to be provided by MSC. The results described in this news release are expected to be part of another technical report due out later this year that will reflect drilling results to year end 2008.

The majority of the 2008 drilling has been concentrated on the Odin and Ayel�n veins covering approximately 2.8 kilometers of strike length along these open-ended mineralized veins. Drilling completed last year extended the known mineralization along the Odin and Ayel�n vein trends for 1,000 meters along strike - or a 64% increase from the discovery drilling in 2005. The drill results presented here focused on the Odin vein and a subsidiary structure at the Frea vein. Several holes were also drilled on the Kospi, Frea and Huevos Verde veins.

The development and discovery of new mineralization demonstrates the large mineral potential of the San Jos� property where more than 40 kilometers of vein-trend target is currently known to exist, of which less than 15% has been explored to date.

Odin Vein
During the 2008 campaign 37 holes have been completed on the Odin vein (bringing the total to 88 holes) along approximately 1600 meters along the strike of the vein, to a depth of approximately 200 meters. Highlights of the program included the identification of massive and banded quartz veining with disseminated pyrite and argillic alteration. The Odin vein remains open to the west along strike and to depth.

The highest-grade intercept was in hole SJD-478 (described above). Hole SJD-483 intercepted 2.12 meters of 6.91 g/t (0.20 opt) gold and 486 g/t (14.2 opt) silver (SJD-483).

Frea Vein
The Frea vein is located 2 kilometers northeast of the Huevos Verdes vein, and both veins are currently being mined on several levels. The drill results presented here are for veins subsidiary to the main Frea vein which is currently in production (see table below for results).

2008 Drilling Results from July 31 to December 31, San Jos� Project

Drill Hole/Vein

From
(meters)

To
(meters)

Interval*
(meters)

Au
(g/t)

Ag
(g/t)

SJD-478 ODIN

122.44

124.00

1.56

30.92

778

SJD-479 FREA**

185.10

185.58

0.48

3.67

163

 

210.69

212.20

1.51

7.84

52

 

224.24

224.54

0.30

5.07

499

 

227.78

228.12

0.34

3.23

104

SJD-480 ODIN

182.90

183.26

0.36

<0.15

9

SJD-481 ODIN

No vein encountered

SJD-482 ODIN

172.80

174.65

1.85

18.69

1,506

SJD-483 ODIN

132.25

133.50

1.25

3.91

280

 

251.73

253.85

2.12

6.91

486

SJD-484 FREA **

203.80

204.50

0.65

10.30

1176

SJD-485 FREA **

251.50

252.05

0.55

0.20

17

SJD-486 FREA**

No vein encountered

SJD-487 ODIN

No vein encountered

SJD-488 ODIN

249.2

249.6

0.40

<0.15

3

SJD-489 ODIN

184.30

184.74

0.44

9.27

946

SJD-490 KOSPI

110.44

110.90

0.46

<0.15

<2

 

155.15

155.45

0.30

<0.15

<2

 

166.30

166.60

0.30

<0.15

<2

SJD-491 FREA* *

196.26

197.10

0.84

No results reported

SJD-492 ODIN

220.46

221.25

0.79

1.50

115

 

300.27

302.02

1.75

1.13

59

SJD-493 ODIN

240.48

243.45

2.97

<0.15

<2

SJD-494 ODIN

225.10

225.40

0.30

10.90

92

 

302.00

302.60

0.60

<0.15

<2

SJD-495 ODIN

252.50

255.20

2.70

6.03

952

SJD-496 FREA

170.45

172.65

2.2

1.63

193

SJD-497 ODIN

267.00

268.45

1.45

<0.15

<2

SJD-498 FREA**

132.25

132.90

0.65

1.43

108

 

140.20

140.55

0.35

1.40

113

(Frea vein)

149.10

154.20

5.10

2.84

203

 

224.15

225.00

0.85

21.73

1502

SJD-499 ODIN

174.95

175.55

0.60

2.10

45

SJD-500 ODIN

300.00

300.30

0.30

<0.15

<2

SJD-501 ODIN

259.35

261.42

2.07

0.97

42

SJD-502 HV OESTE

130.67

130.97

0.30

<0.15

<2

SJD-503 FREA**

220.85

223.60

2.75

6.63

837

 

239.25

240.60

1.35

2.33

116

SJD-504 HV SUR

119.58

120.58

1.00

<0.15

<2

SJD-505 HV SUR

90..40

90..77

0.37

<0.15

5

SJD-506 FREA

89..77

91..23

1.46

1.53

319

 

215.58

216.43

0.85

0.70

89

SJD-507 HV NORTE

89..03

94..15

5.12

<0.15

<2

 

96..00

99..86

3.86

0.22

71

SJD-508 HV NORTE

178.55

179.20

0.65

<0.15

<2

SJD-509 E. FREA/KOSPI

99.80

100.15

0.35

<0.15

3

 

144.00

145.55

0.55

<0.15

<2

SJD-510 E. FREA/KOSPI

201.70

202.25

0.55

<0.15

<2

SJD-511 E. FREA/KOSPI

134.70

135.90

1.20

<0.15

8

SJD-512 E. FREA/KOSPI

127.15

128.20

1.05

<0.15

<2

 

186.20

186.95

0.75

<0.15

<2

SJD-513 E. FREA**

100.05

103.50

3.45

0.99

57

SJD-514 KOSPI

111.90

112.65

0.75

<0.15

<2

 

135.45

135.80

0.35

<0.15

<2

SJD-515 AYELEN

232.90

235.75

2.85

<0.15

<2

 

245.30

259.30

14..00

<0.15

<2

SJD-516 KOSPI/FREA

No vein encountered

SJD-517 KOSPI

190.50

193.40

2.90

<0.15

<2

SJD-518 AYELEN

No vein encountered

SJD-519 KOSPI

NIL

SJD-520 AYELEN

85..50

86..50

1.00

0.47

82

SJD-521 FREA

No vein encountered

SJD-522 ODIN

159.40

160.25

0.85

0.20

34

 

267.40

268.40

1.00

<0.15

<2

SJD-523 HV OESTE

108.75

109.30

0.55

<0.15

<2

*All of the drill holes are angle holes. True thickness of the vein is undetermined. ** Subsidiary vein

Assay results were reported to Minera Andes by MSC, which is the operating company for the San Jos� joint venture. Assay results for the drilling were reviewed by Brian Gavin, Minera Andes' Vice President, Exploration, who is a qualified person as defined by National Instrument 43-101. All samples were collected in accordance with industry standards. Splits from the drill core samples were submitted to Alex Stewart Assayers, Argentina S.A. in Mendoza, Argentina, for fire assay and ICP analysis. Accuracy of results is tested through the systematic inclusion of standards, blanks and check assays.

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. Minera Andes is also exploring the Los Azules copper project in San Juan province, where an exploration program has defined a resource and a scoping study is underway. Other exploration properties, primarily silver and gold, are being evaluated in southern Argentina. The Corporation presently has 190,158,851 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.



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", which may include, but are not limited to, 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. 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. 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.


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