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Press Release Source: Minera Andes Inc.
Minera Andes Discovers New Silver Gold Vein at San Jose Project in Argentina
Wednesday July 12, 5:49 pm ET
SPOKANE, WASHINGTON--(CCNMatthews - July 12, 2006) - Minera Andes (TSX VENTURE:MAI - News; OTCBB:MNEAF - News) is pleased to report the discovery of a new high-grade silver/gold vein parallel to the Frea vein at the San Jose project in Argentina. The new vein, drilled from underground workings accessed by the Frea vein ramp, intersected 1.24 meters of 4.56 g/t gold and 1,500 g/t (48 ounces per ton) silver in a larger interval of 4.15 meters containing 2.12 g/t gold and 610 g/t silver (To view a map of the Planned underground drilling, Frea Vein, please click the following link: ccnmatthews.com. This vein is located approximately 35 m northeast of the Frea vein.
The Frea vein is located 2 km northeast of the Huevos Verdes vein on a separate, parallel vein trend. The Frea vein trend, as currently defined, is a 6 km long trend characterized by a 3 km long geophysical anomaly in the north, with intermittent quartz veining and/or high-grade gold/silver mineralization found in areas not covered by overburden in the south.
To date, reserve/resource drilling has been completed on 500 meters in the south central portion of a 3 km long geophysical anomaly. On the basis of this drilling a feasibility study, released late last year, yielded an indicated resource at the Frea vein of 573,000 tonnes grading 10.7 g/t gold and 431 g/t silver, at a cutoff grade of $45/t (using a price of $394.48 for gold and $6.48 for silver). The Frea vein accounts for about half the reserves identified on the property.
The Frea vein now accessed by a 670m ramp which intersects the vein approximately 70m beneath the surface. The Frea vein contains approximately half the current drilled reserves at the San Jose project and is open to depth and to the northwest where 200 meters on strike drill hole SJD-188 intercepted 1.00 meters of 13.46 g/t gold and 928 g/t silver.
Allen Ambrose, president of Minera Andes, said, "We are excited about the newly discovered vein in close proximity to the Frea vein. Over the past 12 months exploration drilling has discovered four new veins outside of the drilled out mineral reserves under development. Though it is early stage if the new vein develops into something substantial it will be a simple task to add it to the mine plan at San Jose."
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.
Minera Andes is a gold, silver and copper exploration company working in Argentina. Minera Andes holds about 440,000 acres of mineral exploration land in Argentina, including the co-owned San Jose silver/gold project now under construction and development for planned mine production and is acquiring other exploration targets in southern Argentina. The Corporation presently has 152,055,926 issued and outstanding shares.
For further information, please contact: 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 Vancouver Office
111 East Magnesium Rd., Suite A 410-744 West Hastings Street
Spokane, WA 99208 USA Vancouver, B.C. V6C 1A5
Phone: (509) 921-7322 Phone: (604) 689-7017; 877-689-7018
E-mail: info@minandes.com E-mail: ircanada@minandes.com
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 Jose 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. 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, environmental risks and hazards, uncertainty as to calculation of mineral reserves and other risks. In addition, Minera Andes' joint venture partner, Mauricio Hochschild & Cia. Ltda., does 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 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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contact:
Art Johnson
Minera Andes Inc. - Spokane office
(509) 921-7322
info@minandes.com
Krister A. Kottmeier
Minera Andes Inc. - Vancouver office
Investor Relations - Canada
(604) 689-7017; (877) 689-7018
ircanada@minandes.com
www.minandes.com
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Source: Minera Andes Inc. |
