Minera Andes Inc

Published : May 31st, 2007

drills significant copper at Los Azules Project, Argentina

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MINERA ANDES DRILLS SIGNIFICANT COPPER
AT LOS AZULES PROJECT, Argentina

  
TSX: MAI   
NASD-OTCBB: MNEAF    
   

Spokane, Washington – May 31, 2007 – Minera Andes Inc. (TSX: MAI; US OTC: MNEAF) is pleased to report the discovery of additional high-grade copper at its Los Azules porphyry copper prospect in Argentina.  The 2006-2007 field season program completed 11 drill holes totaling 3,714 meters in the copper target. Several holes ended in copper mineralization, including AZ-07-24D that bottomed in high-grade copper over 1 percent.

The enriched copper target currently identified at Los Azules is about 3.3 kilometers long and 0.9 kilometers wide (see attached map).  The new core drilling (see Table 1) focused on the southern half of the enriched copper target on wholly owned Minera Andes lands in an area approximately 1,725 meters by 900 meters defined by current and prior drilling.  Three holes within the central portion of the prospect intersected significant high-grade copper mineralization. Drill hole AZ-07-22 cut 138 meters of 0.62% copper, including 36 meters of 0.99% copper in the zone of strong chalcocite enrichment, and 102 meters of partial enrichment with 0.49% copper.  Hole AZ-07-24D cut 154.2 meters of 0.54% copper including 36 meters of 0.80% copper in the zone of strong chalcocite enrichment, and 42 meters of 0.50% copper with moderate enrichment, and the last 44 meters contained 0.66% copper of mostly primary copper mineralization with the hole bottoming in 4.2 meters of 1.26% copper.  Hole AZ-07-29B cut 90 meters of 0.71% copper with strong to moderate chalcocite enrichment.  The mineralization is open to depth with all three holes ending in copper mineralization.

The exploration program at Los Azules is designed to define an inferred resource and provide sufficiently detailed information to allow the completion of a Preliminary Assessment (as defined by NI 43-101) of the property. Approximately 50% of the necessary drilling has been completed to date and drilling will continue in the coming field season over the known area of leachable (chalcocite) and sulfide (chalcopyrite) copper mineralization as currently defined. The area to be drilled covers approximately 2,500 by 900 meters. Holes will be drilled at a nominal grid spacing of 200 meters east-west and 400 meters north-south.

The engineering firm of Gustavson and Associates has been retained to monitor the program and prepare the NI 43-101 resource estimate and Preliminary Assessment report. The fieldwork was managed by Nivaldo Rojas and Associates under the supervision of Minera Andes’ technical staff.

Minera Andes' President Allen V. Ambrose said, "As the drilling progresses it is exciting to see a core area of higher grade copper mineralization is starting to emerge.  This zone extends 1.6 kilometers from AZ-07-24 northward to AZ-06-19 with these holes bottoming in plus 1% copper. All the holes in between these holes also ended in copper mineralization. We look forward to reporting on Los Azules and anticipate completing the remainder of the drilling in the coming field season so we can report a copper resource by mid next year."

Seven additional holes were drilled to define the margins of the mineralized zone with values ranging from nil to 0.8% total Cu.  Drill hole AZ-07-13A extends the known copper mineralization an additional 400 meters to the south. Holes AZ-06-21, AZ-07-23A, AZ-07-25, AZ-07-27A and AZ-07-28 intersected only short intervals of weak copper enrichment, while hole AZ-07-26 failed to reach bedrock and was abandoned. Hole AZ-07-15A, an attempt to re-drill hole AZ-06-15, was abandoned after advancing only a few meters into bedrock.

Two additional holes (for a total of 380 meters), drilled in high-level solfataric alteration several hundred meters east of the porphyry system on the Minera Andes ground, encountered only geochemically anomalous base metal and silver mineralization.

Table 1. Significant Drilling Results at Los Azules, 2007

Drill Hole

TD
(m)

Intersection
From           To
    (m)             (m)

Interval
(m)

Total
Copper
(%)

AZ-06-21 (core)

350

177
219
263

201
237
269

24
18
6

0.25
0.29
0.79

AZ-07-22 (core)
Includes:
Includes:
Includes:
Includes:

271..2

119
119
119
155
213

257
155
139
257
227

138
36
20
102
14

0.62
0.99
1.24
0.49
0.71

AZ-07-23A (core)

253..2

182

204

22

0.24

AZ-07-24D (core)
Includes:
Includes:
Includes:
Includes:
Includes:
Includes:

278..2

124
124
160
202
234
234
264

278.2
160
202
234
278.2
254
278.2

154..2
36
42
32
44.2
20
14.2

0.54
0.80
0.50
0.34
0.66
0.74
0.87

AZ-07-25 (core)

370..3

234
288
352

244
292
370.3

10
4
18.3

0.41
0.76
0.24

AZ-07-27A (core)

258..7

184
202

194
236

10
34

0.38
0.26

AZ-07-13A (core)

397

215
367

331
397

116
30

0.30
0.30

    Includes:
    Includes:

 

375
377

391
385

16
  8

0.38
0.44

 

 

 

 

 

 

AZ-07-28

358..75

223

237

14

0.27

AZ-07-29B
    Includes:
    Includes:

226..85

126
126
170

216
154
204

90
28
34

0.71
0.86
0.92

In the copper zone eleven holes totaling 3,714 meters were drilled in the 2006-2007 campaign to depths of as much as 397 meters (1,278 meters was rotary drilling to bedrock and 2,436 was core drilling). The primary focus of the drilling was to test the grade and continuity of known leachable (chalcocite) copper mineralization identified in prior drill campaigns (see Table 2.). Drilling at Los Azules continues to encounter features typical of many porphyry copper systems.  In the discovery zone a strongly leached cap rock extends from the subcrop to as much as 161 meters beneath the surface followed by an enriched zone of secondary copper mineralization (chalcocite) overlying a zone of mixed secondary and primary (chalcopyrite) copper mineralization.

In the previous 2005/2006 drilling campaign drilling tested mineralization on both Minera Andes’ lands and adjacent lands held by Xstrata Copper. Xstrata Copper is one of the commodity business units within Xstrata plc (London Stock Exchange:XTA.L and Zurich Stock Exchange: XTRZn.S). An eleven hole drill program returned intervals up to 1.62% copper over 221 meters and 1.00% copper over 173 meters in separate holes. The Minera Andes and Xstrata Copper lands are subject to a letter of intent (see May 23, 2006 news release).

Table 2. Significant Drilling Results at Los Azules, 1998 to 2006

Drill Hole

TD
(m)

Intersection
From             To
(m)              (m)

Interval
(m)

Total
Copper
(%)

AZ-04-01 (core)
Includes:

195

130
150

195
192

56
36

0.62
0.82

AZ-04-02 (core)
Includes:
Includes:

330..5

164
164
230

304
190
304

140
26
72

0.38
0.47
0.42

AZ-04-04 (core)
Includes:
Includes:

300..8

162
162
236

282
202
282

120
40
46

0.54
0.59
0.64

AZ-04-07 (core)
Includes:

168..8

96
126

152
152

56
26

0.44
0.58

LA-04-98 (RC)

250

117

250

133

0.47

LA-06-98 (RC)
Includes:

250

61
157

250
250

189
93

0.44
0.64

LA-08-98 (RC)
Includes:

220

77
103

220
220

143
117

0.55
0.61

LA-03-04 (RC)
Includes:

226

94
104

226
114

132
10

0.40
1.12

AZ-06-10 (core)
Includes:

261..35

174

261..35

87.35

0.83

AZ-06-11 (core)

270..7

158.7

270..7

158..7

0.51

AZ-06-14 (core)

224..55

136

178

42

1.13

Includes:

 

136

158

22

1.40

AZ-06-17 (core)

183..5

66

183..5

117..65

0.63

Includes:

 

66

124

58

0.84

AZ-06-19 (core)

299..4

78.25

299..4

221..15

1.62

Includes:

 

78.25

116

37.75

2.22

Includes:

 

134

146

12

3.94

AZ-06-20 (core)

253..3

80

253..3

173..3

1.00

Includes:

 

80

98

18

1.69

Includes:

 

98

182

84

1.12

All results have been reviewed by Brian Gavin, Minera Andes' vice president of exploration, an appropriately qualified person as defined by National Instrument 43-101. A full program of check analyses and sequential leach copper analyses is in progress.

Minera Andes is a gold, silver and copper exploration company working in Argentina. The Corporation holds about 410,000 acres of mineral exploration land in Argentina including the co-owned San Jose silver/gold mine under construction for production and cash flow by mid-2007. Minera Andes is also exploring the Los Azules copper project in San Juan province, where drilling is underway to define a resource. Other exploration properties, primarily gold and silver, are being evaluated in southern Argentina. The Corporation presently has 166,305,767 issued and outstanding shares.

This news is submitted by Allen V. Ambrose, president and director of Minera Andes Inc.

FORWARD-LOOKING STATEMENT –The Corporation's results will be subject to known and unknown risks and uncertainties that may cause the Corporation's actual results in future periods to differ materially from forecasted or anticipated results. Among those factors which could cause actual results to differ materially are the following: the risks inherent in mineral exploration and the mining industry, the Corporation's needs for additional capital, and other risk factors listed from time to time in the Corporation's public filings. In addition, the target as currently defined at Los Azules straddles lands owned by Minera Andes and lands held by Xstrata Copper and is subject to a non-binding letter of intent.  Minera Andes is currently in negotiations with Xstrata Copper to complete a definitive joint venture agreement for the project.  There can be no assurance that the parties will reach agreement to from a joint venture over their respective holdings at Los Azules.



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



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Minera Andes Inc. | Suite 911 | 470 Granville St. | Vancouver | British Columbua | V6C 1V5 | Canada

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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