Spokane, Washington -
April 16, 2008 - Minera Andes Inc. (TSX: MAI; US OTC: MNEAF) is pleased
to report assay results from several core holes drilled as part of the
2007-2008 field season at the Los Azules porphyry copper project. The
best intercept is from hole AZ-08-33 which encountered 132 meters of 1.11
% copper within a larger zone of 250 meters of 0.92 % copper.
Drill Hole
|
TD (m)
|
Intersection From (m)
|
Intersection To (m)
|
Interval* (m)
|
Total Copper (%)
|
AZ-08-31
|
290.6
|
149
|
290.6
|
141.6
|
0.22
|
AZ-08-32
includes
|
420
|
80
80
395
|
420
176
420
|
340
96
25
|
0.35
0.62
0.45
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AZ-08-33
Includes:
|
387..8
|
73
73
73
|
378.8
205
323
|
305.8
132
250
|
0.83
1.11
0.92
|
AZ-08-34
|
Pending
|
|
|
|
|
AZ-08-35
|
325.3
|
115
|
289
|
174
|
0.25
|
*True thickness of
the copper mineralization is undetermined.
For a map of the recent drill results, please click on the following
link:
http://origin.ih.constantcontact.com/fs069/1101601393627/img/5.jpg
A total of 5,438.34 meters were drilled in 15 vertical core holes
during the 2007-2008 field season. These holes constitute the 5,000
meter, Stage I of the exploration program discussed in Minera Andes
Newsletters dated November 14 and December 11, 2007. Four of the 15 holes
did not reach target depth due to difficult drilling conditions. Assay
results are pending for 10 of these holes. Hole AZ-07-33 was drilled 400
meters southeast of high grade drill hole AZ-06-20 (173 meters of 1% Cu)
within the area of copper mineralization (see attached map). The upper 73
meters of the hole contained leached cap rocks underlain by high-grade
porphyry copper mineralization to 305.8 meters. Hole AZ-08-31 was drilled
on the eastern margin of the target area and contains only low-grade
copper mineralization. Drill hole AZ-08-32 was drilled south west of the
high-grade copper mineralization encountering low to medium grade copper.
Hole AZ-08-35 was drilled west of the high-grade copper mineralization
and encountered low grade copper apparently marginal to the high grade
zone.
Allen Ambrose, president of Minera Andes said "This field
season's program continues to deliver exceptional copper results at Los
Azules and the size of the target continues to expand as the drilling
advances. We look forward to reporting new results as they are received.
Our team of engineering consultants is completing the necessary work on a
NI 43-101 Preliminary Assessment (scoping study) that will include an
economic analysis of the project."
The exploration program at Los Azules is designed to define an
inferred resource and provide sufficiently detailed engineering and
technical information to allow the completion of an economic scoping
study (a Preliminary Assessment as defined by NI 43-101) of the property
by the fourth quarter of this year.
Minera Andes is advancing the Los Azules project under an option
agreement (see news release dated November 14, 2007) with Xstrata Copper,
one of the commodity business units within Xstrata plc (London Stock
Exchange: XTA.L and Zurich Stock Exchange: XTRZn.S). The scope and size
potential of the project increased dramatically in 2006 when the Minera
Andes drilling discovered a near surface high-grade area of copper
mineralization, when AZ-06-19 encountered 221 meters of mineralization
averaging 1.62% copper that was 200 meters from hole AZ-06-20 containing
173 meters of 1% copper. Drilling in several holes ended in copper
mineralization, including two holes that bottomed in high-grade copper
over 1%.
During the last few years, more than half the drilling to define a
copper resource has been completed and drilling will continue this field
season over the known area of leachable (chalcocite) and sulfide
(chalcopyrite) copper mineralization as currently defined. The area to be
drilled covers approximately 2.5 kilometers by 0.9 kilometers within the
enriched copper target currently identified at Los Azules that is about
3.3 kilometers long and 0.9 kilometers wide. Holes will be drilled at a
nominal grid spacing of 200 meters east-west and 400 meters north-south.
Where needed, infill holes will be drilled on the 200 meter north-south
grid lines.
Most of the current drilling has focused on the northern half of the
mineralized copper target. The holes are being drilled to a depth of
approximately 350-400 meters. This drilling will test a known area of
leachable (chalcocite) and sulfide (chalcopyrite) copper mineralization
currently defined by 26 drill holes.
All results have been reviewed by Brian Gavin, Minera Andes' vice
president of exploration, an appropriately qualified person as defined by
National Instrument 43-101. All samples were collected in accordance with
industry standards. Splits from the drill core samples were submitted to
Alex Stewart Assayers, Argentina, S.A., in Mendoza, Argentina, for sample
pulp preparation and to ALS Chemex Laboratories.
Minera Andes is a gold, silver and copper exploration company working
in Argentina. The Corporation holds about 355,000 acres of mineral
exploration land in Argentina including the 49% owned San Jos�
silver/gold mine that has recently commenced production. As discussed
above, Minera Andes is exploring the Los Azules copper project in San
Juan province, where an exploration program is underway to define a
resource. Other exploration properties, primarily silver and gold, are
being evaluated in southern Argentina. The Corporation presently has 189,
389,935 shares issued and outstanding.
This news is submitted by Allen V. Ambrose, president and director 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
|
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", including, but not limited to, the statements regarding
the Company's strategic plans, evolution of mineral resources and
reserves, work programs, development plans and exploration budgets at the
Company�s San Jos� Project. Investors should be aware that the
introduction of new technology such as ILR can create added risk in
achieving metallurgical performance. The forward-looking statements
express, as at the date of this press release, the Company'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. In
particular, there can be no assurance that commercial production at the
San Jos� mine will be achieved on a timely basis, or at all, that
production capacity at the San Jos� mine will be successfully increased,
that resources and reserves at the San Jos� mine will be increased or
that Minera Andes will successfully raise the funds necessary to maintain
its interest in the San Jos� mine. 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. We refer readers to the risk factors and
uncertainties described in the Company�s continuous disclosure record, a
copy of which is available under the Company�s profile at www.sedar.com.
Minera Andes� joint venture partner, a subsidiary of Hochschild Mining
plc, and its affiliates do not accept responsibility for the use of
project data or the adequacy or accuracy of this release.
Cautionary Note to U.S. Investors:
The United States Securities and Exchange Commission (the
"SEC") permits mining companies, in their filings with the SEC,
to disclose only those mineral deposits with �mineral reserves� that a
company can economically and legally extract or produce. We use certain
terms in this press release, such as "mineral resources", that
the SEC guidelines strictly prohibit us from including in our filings
with the SEC, because these terms are common usage in Canada and form
part of our Canadian filing requirements.
THE TSX HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
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