*** News Release ***
Minera Andes Inc.
News Release 98-11
ASE: MAI
NASD-OTC: MNEAF
SECOND ROUND OF DRILLING COMPLETED
AT MINERA ANDES INC.'S SILVER/GOLD DISCOVERY;
LAND POSITION INCREASED
Spokane, WA-May 22, 1998-Assay results are pending following the completion of a second round of exploration drilling at Minera Andes' Saavedra West silver/gold discovery prospect in Santa Cruz Province, Argentina.
In addition, since Minera Andes announced its discovery March 25, 1998, the Corporation has increased its land holdings in the newly emerging West Deseado silver/gold belt discovery region nearly three-fold to approximately 92,000 hectares of mineral rights applications. This includes the El Pluma/Cerro Saavedra property which covers 29,400 hectares.
The second round of exploration included 20 reverse-circulation angle-holes between 180 and 500 feet in depth, totaling 6,605 feet (2,014 meters). Trenching and soil sampling to fill in and extend the existing soil grid was also completed at Saavedra West. Samples are currently being shipped for sample preparation and analysis. Results are expected in June and will be released following check assays on any significant values.
The most recent program indicates, among other results, the potential for disseminated silver/gold mineralization, in addition to the vein systems already known to exist on the property. Minera Andes' work and the mineralized potential of El Pluma/Cerro Saavedra continue to attract the interest of major mining companies.
Brian Gavin, vice president of exploration, comments "We are very pleased to have beaten the Patagonian winter weather in completing this program. What is more important however, is the new geologic information and insights we gain from the drilling and trenching. The earlier drilling encountered structurally-controlled high-grade silver/gold mineralization and the main focus of the recent drilling was to follow-up on this. However, the trenching and more areally extensive drilling of the recent campaign show the stratigraphic setting, intensity, and extent of alteration, etc. to be geologically permissive of possible disseminated silver/gold mineralization similar to that found in other adularia-sericite epithermal systems."
The second phase of drilling and sampling follows Minera Andes' discovery of high grade epithermal silver/gold mineralization at Saavedra West in three out of four holes drilled in February 1998. The best hole encountered an average of 617 g/t silver and 4 g/t gold over a 115 foot interval from a depth of 120 feet to 235 feet on a structure whose true thickness is unknown. Total depth of this hole is 430 feet.
Allen Ambrose, president, said "We look forward to the release of results in June with great anticipation. This work has increased our understanding of the geologic setting and, more importantly, the potential of our discovery at Saavedra West. The degree of interest expressed by visiting companies also confirms that we are on the right track at El Pluma/Cerro Saavedra."
Minera Andes is a mining exploration corporation that controls approximately 25 properties on about 700,000 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 Vancouver Office
3303 N. Sullivan Road 1210-675 W. Hastings St.
Spokane, WA 99216 Vancouver, B.C. V6B 1N2
USA Canada
Phone: (509) 921-7322 Phone: (604) 689-7017
E-mail: ajohnson@thefuture.net 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 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. |
