TORONTO, ONTARIO -- (MARKET WIRE) -- 05/19/11 --
Minera Andes Inc.
(TSX: MAI)(OTCBB: MNEAF) announced today that the proposed spin-out of
its copper assets, including the Los Azules project, has been deferred.
Weaker financial markets, financing uncertainties, and a delayed legal
decision (as described in our May 17, 2011 news release) all contributed to this decision by Minera Andes' board of directors.
About Minera Andes: Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: (i) a 49% interest in Minera Santa Cruz SA, owner of the San Jose Mine in close proximity to Goldcorp's
Cerro Negro project; (ii) 100% ownership of the Los Azules copper
deposit; and, (iii) 100% ownership of a large portfolio of exploration
properties in Santa Cruz province, Argentina, including properties bordering the Cerro Negro project in Santa Cruz Province. The company had $31 million USD in cash as at February 7, 2011 with no bank debt. Rob McEwen, Chairman and CEO, owns 31% of the shares of the company.
This news release has been submitted by Robert R. McEwen, President and CEO of Minera Andes Inc.
Caution Concerning Forward-Looking Statements: This press release
contains certain forward-looking statements and information. The
forward-looking statements and information express, as at the date of
this press release, Minera Andes'
plans, estimates, forecasts, projections, expectations or beliefs as to
future events and results. Forward-looking statements and information
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 fluctuations in the market price of precious metals,
mining industry risks, risks associated with foreign operations, risks
related to litigation which if resolved adversely to Minera Andes could materially impact the Minera Andes'
value and interest in and ability to develop the Los Azules project,
property title, the state of the capital markets, environmental risks
and hazards, uncertainty as to calculation of mineral resources and
reserves and other risks.
Readers should not place undue reliance on forward-looking statements or information. Minera Andes
undertakes no obligation to reissue or update forward-looking
statements or information as a result of new information or events after
the date hereof except as may be required by law. See Minera Andes'
Annual Information Form for additional information on risks,
uncertainties and other factors relating to the forward-looking
statements and information. All forward-looking statements and
information made in this news release are qualified by this cautionary
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of the contents of this news release, which has
been prepared by management.
Minera Andes Inc.
Robert R. McEwen
President and CEO
Toll-Free: 1-866-441-0690 or Tel: 647-258-0395
Source: Minera Andes Inc.