Minera Andes Announces Financing Completed

    THE U.S./

    TSX: MAI                                               NASD-OTCBB: MNEAF

    SPOKANE, WA, Feb. 12 /CNW/ - Minera Andes Inc. (TSX: MAI and US OTC:
MNEAF) has completed the third and final closing on its December 19, 2007
announced private placement, for gross proceeds of Cdn$661,850 by issuing
427,000 units at a price of Cdn$1.55 per unit. The financing consisted of
three closings totaling Cdn$34.23 million. The final closing was a
non-brokered private placement and was completed on February 11, 2008. The
financing, announced in our December 19, 2007 news release, planned for
multiple closings.
    Each unit consists of one common share and one-half of one common share
purchase warrant. One whole common share purchase warrant entitles the holder
to purchase one additional common share at an exercise price of Cdn$2.00 per
share until December 21, 2009. The securities are subject to a four-month hold
period. The non-brokered private placement was completed with Canaccord
Capital Corporation ("Finders").
    Finders received a 5% commission. The Finders also received Agent's
compensation options ("Agent's Options") equal to 5% of the aggregate number
of units sold pursuant to the offering. Each Agent's Option upon exercise will
entitle the holder to acquire one unit at an exercise price of Cdn$1.70 per
unit until December 21, 2009. A total of 427,000 common shares have been
issued pursuant to the final closing of the private placement, and 213,500
common shares will be reserved for issuance on exercise of the warrants and
21,350 units for issuance on the exercise of the Agent's Options.
    Minera Andes will use the proceeds from the offering to fund its share of
the costs at the San José project in southern Argentina, as well as for
exploration drilling and completing a scoping study at Los Azules, general
exploration, and for general corporate purposes.

    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 co-owned San José silver/gold mine that has
started initial production. Minera Andes is also 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 at the Company's San José Project.
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
José mine will be achieved on a timely basis, or at all, that production
capacity at the San José mine will be successfully increased, that resources
and reserves at the San José mine will be increased or that Minera Andes will
successfully raise the funds necessary to maintain its interest in the San
José 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. 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. In
addition, 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.

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: info@minandes.com;
Vancouver Office, 911-470 Granville Street, Vancouver, B.C., V6C 1V5, Phone:
(604) 689-7017, (877) 689-7018, E-mail: ircanada@minandes.com

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