WASHINGTON - February 26, 2009 - Minera Andes Inc. (the
"Corporation" or "Minera Andes", TSX:MAI and US
OTC:MNEAF) announced today that it has completed the second tranche of
its previously announced private placement to Robert R. McEwen, the Executive
Chairman and an existing shareholder of the Corporation. Accordingly,
the Corporation has today issued 21,700,030 common shares at a price of
C$1.00 each for gross proceeds to the Corporation of C$21,700,030 (the
The proceeds from the
Second Tranche will be used to repay in full the Company's US$17.5
million indebtedness to Macquarie Bank Limited.
With the completion
of the Second Tranche, the Corporation understands that Mr. McEwen now
beneficially owns 86,057,143 common shares of the Corporation and also
holds stock options to acquire an additional 100,000 common shares.
Excluding the common shares issuable on exercise of the stock options,
Mr. McEwen holds approximately 37.4% of the outstanding common shares.
Minera Andes is a gold,
silver and copper exploration company working in Argentina, where the
Corporation holds approximately 304,000 acres of mineral exploration
land. 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. Following the closing of
the Second Tranche, the Corporation has 230,158,851 common shares issued
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.