A new press release just received:
Minera Andes Inc.
News Release 98-10
ASE: MAI
NASD-OTC: MNEAF
MINERA ANDES' WARRANTS EXERCISED; WORKING CAPITAL INCREASES
Spokane, WA -May 11, 1998- A total of 877,194 warrants have been exercised by Cominco Ltd. at Cdn$1.53 (two warrants equal one share), thus raising an additional Cdn$671,053.41 for Minera Andes' working capital. Total working capital for Minera Andes now stands at approximately Cdn$5.7 million. Common shares issued and outstanding now total 20,375,030.
Under terms of a memorandum of understanding signed in March 1996, the Corporation completed a private placement of 877,194 units of the Corporation ("Units") on May 10, 1996 with Cominco Ltd. Each unit was subscribed for at a price of Cdn$3.42, for aggregate proceeds of Cdn$3,000,003. Each Unit was comprised of one common share of the Corporation ("Common Share") and one-half Common Share purchase warrant ("Warrant"). Originally two such Warrants entitled Cominco Ltd. to purchase one common share at a price of Cdn$3.98 until May 10, 1997. In May 1997 the Board of Directors of the Corporation extended the exercise period of the Warrants from May 10, 1997 to May 10, 1998. On May 6, 1998 the Board of Directors of the Corporation amended the exercise price of the Warrants from Cdn$3.98 to Cdn$1.53. Cominco Ltd. on May 8, 1998 exercised fully the 877,194 Warrants to receive 438,597 Common Shares of the Corporation.
Minera Andes is a mining exploration corporation that controls approximately 25 properties on about 570,000 acres of mineral exploration land in Argentina. Most of the properties are located in the Andean cordillera and primarily contain gold, copper and silver mineralization targets. The Corporation is presently pursuing the further development of its epithermal silver/gold discovery in Santa Cruz Province. Selected opportunities in other countries are also under review.
For further information, please contact Arthur C. Johnson, director of investor and public relations, or Allen V. Ambrose, president, at the Spokane office, or Krister Kottmeier, investor relations- Canada, at the Vancouver office. Visit our web site: www.minandes.com.
Spokane Office
3303 N. Sullivan Road
Spokane, WA
99216 USA
Phone: (509) 921-7322
E-mail: ajohnson@thefuture.net
Vancouver Office
Suite 1210 - 675 W.Hastings Street
Vancouver, B.C.
V6B 1N2 Canada
Phone: (604) 689-7017
E-mail: mineracan@thefuture.net
Although Minera Andes believes many of its properties have promising potential, its properties are in the early stages of exploration. None have yet been shown to contain proven and probable mineral reserves. There can be no assurance that such reserves will be identified on any property, or, that if identified, any mineralization may be economically extracted.
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION
CONTAINED HEREIN. |
