WASHINGTON - February 23, 2009 - Minera Andes Inc. (the
"Corporation" or "Minera
Andes", TSX:MAI and US OTC:MNEAF) is
pleased to announce that Robert R. McEwen has been appointed as Executive
Chairman of Minera Andes. Minera Andes has also appointed two new directors,
Messrs. Richard Brissenden and Michael
Stein. Minera Andes also announced that
Dr. Arthur D.. (Darryl) Drummond has retired as
a director of the Corporation after almost 13 years of service.
Mr. McEwen is the
Chairman and CEO of U.S. Gold (TSX and AMEX: UXG). He is a
recipient of the Order of Canada, Canada's highest civilian honor. A leading Canadian mining industry
entrepreneur, with active exploration underway in Nevada and Mexico, Mr.
McEwen was the founder, former chairman and CEO of Goldcorp Inc., which
he built from an investment company with a $50 million market
capitalization to one of the largest gold-mining companies in the world
with an $8 billion market capitalization by the time he retired from the
company. His achievements in natural resources have been recognized with
such honors as The Northern Miner's Man of the
Year Award; Ernst & Young's Ontario Entrepreneur of the Year in the
Energy Category; and the Developer of the Year Award from the Prospectors
and Developers Association of Canada.
Mr. Richard Brissenden is a chartered accountant with more than
25 years experience in the mining and exploration sector. He serves as a
director on several mining companies, including Canuc
Resources Corporation, Excellon Resources Inc.,
Corona Gold Corporation, Lexam Explorations and
Valdez Gold. He has previously served as a director of, amongst others, Metco Resources., which was purchased by Breakwater
Resources Ltd. in 2008 and Hudbay Minerals Inc.
from June 2003 to 2006.
Mr. Stein has been
Chairman and Chief Executive Officer of MPI Group Inc., a company engaged
in real estate investment and development, since 1994. Mr. Stein has also
held the position of Chairman and Chief Executive Officer of MICC
Properties Inc., a company engaged in real estate investment and
development, since 1987. Mr. Stein is also currently the Chairman
of Canadian Apartment Properties Real Estate Investment Trust (CAP
REIT). Between 1978 and 1987, Mr. Stein held progressively senior
positions, ultimately holding the position of Executive Vice President
responsible for operations, with The Mortgage Insurance Co. of Canada. Mr.
Stein was a director of Moneysworth & Best
Shoe Care Inc. between 1997 and 2000. Mr. Stein was also a member
of the Board of Directors of Goldcorp Inc., a public natural resource
company the shares of which are listed on the TSX and New York Stock
Exchange, between 2000 and 2006. Mr. Stein is a graduate engineer
and holds a Master of Business Administration in Finance and International
Business from Columbia University in New York.
Messrs. Brissenden and Stein were nominated for appointment
by Mr. McEwen, pursuant to the rights he has in connection with the
private placement he recently completed with Minera
President and Chief Executive Officer of Minera
Andes said "I look forward to the contributions of these new, highly
experienced board members as Minera Andes
continues to grow and uses its ongoing income to create new asset value
and market awareness. We are also very pleased that Rob McEwen has
agreed to take on a more active executive role with the
Dr. Drummond is a
self-employed consulting geological engineer who lives in Vancouver,
British Columbia. On behalf of the Corporation, Mr. Ambrose thanked Dr.
Drummond for his many years of service to the Corporation. Mr.
Ambrose said "I am very grateful to Darryl for his long-time service
on the Board and his guidance, as Minera Andes
has grown from an early-stage exploration company to an emerging
gold/silver production company with excellent prospects for growth."
The Board of
Directors of the Corporation now consists of Robert R. McEwen, Executive
Chairman, Allen V. Ambrose, President and Chief Executive Officer,
Richard W. Brissenden, Victor Lazarovici, Allan J. Marter,
Dr. Donald Quick and Michael L. Stein.
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%
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 has 208,458,821 common shares issued and outstanding.
This news release is
submitted by Allen V. Ambrose,President and Chief Executive Officer 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.
111 East Magnesium Rd.,
Spokane, WA 99208 USA
Phone: (509) 921-7322
Suite 911 - 470 Granville St,
Vancouver, BC. V6C 1V5
Phone: (604) 689-7017 / 877-689-7018
This press release contains certain forward-looking statement 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.