SPOKANE, WA, March 12 /CNW/ - Minera Andes Inc. (TSX: MAI; US OTC: MNEAF)
is pleased to report assay results from the first core hole drilled in the
2007-2008 field season at the Los Azules porphyry copper project. Hole
AZ-07-30 encountered 113 meters of 1.04 % copper within a larger zone of
200.8 meters of 0.89 % copper.
TD From To Interval(*) Copper
Drill Hole (m) (m) (m) (m) (%)
AZ-07-30 342.6 123 323.8 200.8 0.89
(core) 140 253 113 1.04
(*) True thickness of the copper mineralization is undetermined.
To date, seven vertical core holes have been completed totaling
2,528 meters of the 5,000 meter, 12 hole drilling Stage I program underway as
part of the 2007-2008 exploration program. Four holes are currently being
drilled and assays are pending for six holes. Hole AZ-07-30 was drilled near
the northeast of currently defined area of copper mineralization (see attached
map by clicking the following URL:
http://files.newswire.ca/530/08-04Final-Map.pdf). The upper 123 meters of the
hole contained leached cap rocks underlain by high-grade porphyry copper
mineralization to 323.8 meters.
Allen Ambrose, president of Minera Andes said, "Drilling results from the
first hole of this field season are exciting, since we are drilling at what
was thought to be close to the boundary of the mineralized system and we are
still in high grade copper mineralization. This appears to indicate that the
system is larger than originally thought. Los Azules is evolving as a sizeable
porphyry copper target, with a high-grade near-surface copper discovery at its
core that is still open at depth and in several directions laterally."
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 410,000 acres of mineral exploration
land in Argentina including the 49% owned San José 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 189,324,935 shares issued and outstanding.
This news is submitted by Allen V. Ambrose, president and director of
Minera Andes Inc.
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. 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. 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 base 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. Reference
is made 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.
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.
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: email@example.com;
Vancouver Office, 911-470 Granville Street, Vancouver, B.C., V6C 1V5, Phone:
(604) 689-7017, (877) 689-7018, E-mail: firstname.lastname@example.org