Minera
Andes Inc. (the "Company" or "Minera
Andes") (TSX:MAI - News)(OTC.BB:MNEAF - News) announces that it
has received proceeds of $19.1 million from the exercise of 15.3 million
share purchase warrants (the "Warrants"). The Warrants were issued
pursuant to a "bought deal" underwritten financing completed in
August 2009 and had an original expiry date of August 19, 2014. As a result
of the Company issuing a notice of accelerated expiry on December 30, 2010,
based on Minera Andes' stock trading above $2.50
Canadian for 20 consecutive days, the expiry date was accelerated to January
31, 2011. Each Warrant was exercisable to purchase one common share of the
Company at a price of $1.25 Canadian per common share.
"We are very pleased
that our share price performance has been strong
enough to allow us to
accelerate the expiry of the Warrants. With our
treasury full and positive
cash flow from our San Jose Mine Joint
Venture, we are now well
funded to advance our exploration programs and
pre-feasibility
work." stated Rob McEwen, Chairman and CEO.
Minera
Andes current cash balance is approximately $31 million, compared to $10
million as at September 30, 2010, which will be used primarily to fund our
activities at our 100% owned Los Azules project and
our 100% owned exploration properties bordering Goldcorp Inc.'s Cerro Negro
project in the Santa Cruz Province of Argentina.
This
news release is submitted by Perry Y. Ing Chief
Financial Officer of Minera Andes Inc. All figures
were stated in US dollars unless otherwise indicated.
About
Minera Andes Minera Andes
is an exploration company exploring for gold, silver and copper in Argentina
with three significant assets: A 49% interest in Minera
Santa Cruz SA, owner of the San Jose Mine in close proximity to Goldcorp
Inc.'s Cerro Negro project; 100% ownership of the Los Azules
copper deposit with an inferred mineral resource of 10.3 billion pounds of
copper and an indicated resource of 2.2 billion pounds of copper; and, 100%
ownership of a portfolio of exploration properties bordering Goldcorp Inc.'s
Cerro Negro project in Santa Cruz Province. Rob McEwen, Chairman and CEO,
owns 31% of the company.
For
further information, visit our Web site: www.minandes.com.
Cautionary
Note to U.S. Investors:
All
resource estimates reported by the Corporation were calculated in accordance
with NI 43-101 and the Canadian Institute of Mining and Metallurgy
Classification system. These standards differ significantly from the
requirements of the U.S. Securities and Exchange Commission. Mineral
resources which are not mineral reserves do not have demonstrated economic
viability.
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,
including the outcome of pending and current litigation. Forward-looking
statements are necessarily based upon a number of estimates and assumptions
that, while considered reasonable by us, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies 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 resources and reserves and
other risks
Readers
should not place undue reliance on forward-looking statements or information.
The Corporation undertakes no obligation to reissue or update forward-looking
statements or information as a result of new information or events after the
date hereof except as may be required by law. See the Corporation's annual
information form for additional information on risks, uncertainties and other
factors relating to the forward-looking statements and information. All
forward-looking statements and information made in this news release are
qualified by this cautionary statement.
Contact:
Contacts:
Minera Andes Inc.
Andrew Elinesky
Controller
647-258-0395 or Toll-Free: 1-866-441-0690
647-258-0408 (FAX)
info@minandes.com
www.minandes.com
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