***NEWS RELEASE - 3rd Quarter - ***
ASE SYMBOL: MAI
OTC Bulletin Board SYMBOL: MNEAF
NOVEMBER 25, 1997
Minera Andes Reports Third Quarter Operating and
Financial Results
SPOKANE, WASHINGTON--Minera Andes Inc. ("Minera Andes" or the
"Corporation") has reported thrid quarter, 1997 results which
include continued adequate levels of working capital (all amounts
in U.S. dollars), and the first exploration drilling program of
the 1997-98 Argentine field season.
The following is meant only as a synopsis and is released to the
public because of the current strike by Canada Post postal
workers. Minera Andes will, upon request of a shareholder,
promptly provide a copy of the third quarter report to the address
specified by the shareholder without cost. The third quarter
report in its entirety is available by visiting Minera Andes' Web
Site: www.minandes.com. When postal service resumes, the
Corporation will mail the third quarter report.
FINANCIAL
The Corporation reported $5.3 million in working capital at the
end of the third quarter of 1997, compared to $6.6 million at the
end of December, 1996. The decline is primarily due to an
expanded, ongoing mineral exploration program being conducted by
Minera Andes in Argentina.
The net loss for the third quarter was $243,000 or $0.01 per share
compared with a net loss of $200,000 or $0.01 per share for the
third quarter of 1996.
OPERATIONS
Reconnaissance drilling has begun on the Arroyo Nuevo disseminated
gold property in Argentina's Neuquen Province.
In addition, a final agreement has been reached with Pegasus Gold
International, Inc. for the Arroyo Verde gold/silver mineralized
property in Chubut Province, and drilling is forecast for the
Cerro Saavedra and El Pluma epithermal gold properties in Santa
Cruz Province.
There is continued interest in joint ventures by major companies
on some of Minera Andes' copper and precious metals properties,
and the Corporation's grassroots exploration program has been
expanded.
Minera Andes is a mining exploration company that controls
approximately 25 projects on about 700,000 acres of mineral
exploration land in Argentina. Most of the properties are located
in the Andean Cordillera and are primarily gold, copper and silver
exploration targets. To date, the Corporation has reviewed
approximately 200 properties in Argentina, and is currently
staffed with 12 geologists. Selected opportunities in other
countries are under review.
Although Minera Andes believes many of its mineral prospects have
promising potential, its properties are in the early stages of
exploration. None have yet been shown to contain proven or
probable mineral reserves. There can be no assurance that such
reserves will be identified on any property or, the if identified,
any mineralization may be economically extracted.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Minera Andes Incorporated
Arthur C. Johnson
Director of investor and public relations
(509) 921-7322
minandes.com
minandes@thefuture.net
or
Minera Andes Incorporated
Allen V. Ambrose
President
(509) 921-7322
minandes@thefuture.net
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED
THE INFORMATION CONTAINED HEREIN. |
