January 14, 2008
Vancouver, BC - Los Andes Copper Ltd.
("Los Andes", or the "Company", TSXV: LA) is pleased to
announce that the Company has completed the private placement announced in
its news release of December 19, 2007. Los Andes sold a total of
1,000,000 units at a price of $0.50 per unit for aggregate gross proceeds
of $500,000. Each unit issued under the private placement consisted of one
common share and one-half of one share purchase warrant. Each warrant
entitles the holder to acquire one additional common share of the Company
at a price of $0.75 until January 12, 2009. In connection
with the private placement, Los Andes paid aggregate finder's fees of
$35,000. All securities issued as referenced above are subject to a
four month hold period expiring May 11, 2008.
The proceeds of the
private placement will be used by the Company towards the financing of the
Company's phase two drilling program on the Vizcachitas copper-molybdenum
project located in Region V, Chile, to assist with the funding of the
acquisition of consumptive water rights in the San Felipe area and for
general working capital purposes.
About Vizcachitas
The Vizcachitas Project
offers potential for a low strip, open pit operation in an area of low
elevation with excellent infrastructure, including water and power in
central Chile.
The Vizcachitas deposit occurs in the same metallogenic belt as the large
copper-molybdenum porphyries Rio Blanco-Los Bronces, Los Pelambres-El
Pachon and El Teniente. Based on 68 drill holes previously completed by
General Minerals Corporation and Placer Dome, the project contains an
indicated resource of 232 million tonnes grading 0.46% copper and 0.014%
molybdenum and an inferred resource of 619 million tonnes grading 0.38%
copper and 0.013% molybdenum at a 0.30% copper cutoff. At a 0.4%
cutoff, indicated resources total 144 million tonnes grading 0.52% copper
and 0.015% molybdenum and inferred resources total 211 million tonnes
grading 0.46% copper and 0.016% molybdenum as detailed in the NI43-101
compliant technical report of A.C.A. Howe International Limited dated February 7, 2007. The
technical report, as well as additional information about the Vizcachitas
Project is available on our website at www.losandescopper.com.
For more information
please contact:
Roger Moss, President
Michael Kuta, Corporate Secretary
|
Tel: 416-516-6050 or
Tel: 604-697-6201
|
E-Mail: info@losandescopper.com
Or visit our website at: www.losandescopper.com
This document contains
certain forward looking statements which involve known and unknown risks,
delays and uncertainties not under the Company's control which may cause
actual results, performance or achievements of the Company to be materially
different from the results, performance or expectation implied by these
forward looking statements.
The TSX Venture Exchange
has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
|