SPOKANE, WASHINGTON -
March 16, 2009 - Minera Andes Inc. (the
"Corporation" or "Minera
Andes," TSX: MAI and US OTC: MNEAF) announces that it has repaid in
full the Corporation's indebtedness to Macquarie Bank Limited
("Macquarie"), of Australia. The aggregate indebtedness was
US$17.5 million, which consisted of a loan of US$7.5 million due on or
about March 7, 2009, and a loan of US$10 million due in September 2009. The
Corporation no longer has any bank debt.
With the repayment of
the indebtedness to Macquarie and the payment of US$11.3 million to
satisfy the cash call made in respect of the Corporation's 49% interest
in the producing San Jos� gold/silver mine operated by Minera Santa Cruz, S.A., the Corporation has met its
current financial obligations. As previously announced San Jos� is
forecast to produce approximately 7.5 million ounces of silver and 95,000
ounces of gold in 2009.
Allen V. Ambrose,
President and CEO of Minera Andes said,
"We are pleased to report that, with the completion of the private
placements of C$40 million from Rob McEwen, we have paid off our bank
debt and cleaned up our balance sheet. With the company's financial
condition improved, management will be able to focus on increasing
shareholder value by increasing its exploration drilling activities on
its high potential 100 percent owned prospects in the San Cruz province
of southern Argentina."
The funds for the
payment of the cash call and repayment of the indebtedness to Macquarie
were obtained via private placements with Mr. Robert R. McEwen, a
director of Minera Andes and the company's
largest shareholder. Mr. McEwen purchased 40 million shares of Minera Andes for C$40 million (C$1.00 per share). The
details of the private placements with Mr. McEwen have been the subject
of previous news releases by Minera Andes.
Minera Andes is a gold, silver and
copper exploration company working in Argentina. The Corporation holds
approximately 304,000 acres of mineral exploration land in Argentina. Minera Andes holds a 49 percent interest in the San
Jos� Project, an operating gold and silver 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 preliminary assessment has been completed. Other exploration
properties, primarily silver and gold, are being evaluated in southern
Argentina. The corporation presently has 230,518,851 common shares issued
and outstanding.
This news release is
submitted by Allen V. Ambrose,President and CEO 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
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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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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 Corporation'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.
THE TSX HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
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