TSX: MAI NASD-OTCBB: MNEAF
SPOKANE, WA, Feb. 26 /CNW/ - 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 "Second Tranche").
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
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 José 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 and outstanding.
This news release is submitted by Allen V. Ambrose, President and Chief
Executive Officer of Minera Andes Inc.
Caution Concerning Forward-Looking Statements:
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.
For further information:
For further information: 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 Road, Ste. A,
Spokane, WA, 99208 USA, Phone: (509) 921-7322, E-mail: firstname.lastname@example.org;
Vancouver Office, 911-470 Granville Street, Vancouver, B.C., V6C 1V5, Phone:
(604) 689-7017, (877) 689-7018, E-mail: email@example.com