SPOKANE, Wash., Sept. 29, 2003 (PRIMEZONE) -- Minera Andes Inc. (TSX-V:MAI) (OTCBB:MNEAF) (the "Corporation") has received a semi-annual U.S. $200,000 payment under the terms of an exploration/operating joint venture agreement the Corporation has with Mauricio Hochschild & Cia. Ltda. ("MHC"), of Lima, Peru.
The agreement pertains to the San Jose gold/silver project in southern Argentina. San Jose is a 40,000-hectare (98,800 acres) land package for which Minera Andes has previously announced an exploration and development project started by operator MHC. San Jose is jointly owned by Minera Andes (49 percent) and MHC (51 percent).
Advanced-stage exploration is underway now on Huevos Verdes, the most advanced geologic target in San Jose. The sinking of two shafts to contact the main Huevos Verdes vein is in progress and they are cemented to the bottom. The main vein will be contacted at about 150 m of depth. Horizontal drifts on two levels will be constructed in order to explore along the Huevos Verdes vein and define a mineable gold/silver ore reserve. About 60 people are currently employed at the site, and support infrastructure, including a work camp, compressor and maintenance facilities, have been completed. A 28 km all-weather access road from a highway to the work site is about 95 percent complete and in use. This underground construction is scheduled for completion in 2004. Photos of this work may be seen on Minera Andes' web site at www.minandes.com.
Exploration work on other targets within San Jose, excluding Huevos Verdes, is also planned. It will include detailed topographic surveys, and detailed mapping and sampling. About ten gold/silver targets are known, and several are to be tested by a planned 7,000 m (22,960 feet) diamond drilling program. The goal is to locate other potential ore bodies.
The exploration program was reviewed by Brian Gavin, Minera Andes' vice president, exploration who is an appropriately qualified person as defined by National Instrument 43-101.
Separately, Minera Andes' board member, Allan J. Marter, has resigned from the board for personal reasons. Mr. Marter is senior vice president and chief financial officer of Golden Star Resources Ltd., in Denver, Colorado. Mr. Marter served as chief financial officer for Minera Andes from June 1997 to March 2000, and had been a board member since June 1997.
Allen V. Ambrose, president of Minera Andes, said, "As a mining industry finance professional, Allan Marter brought 24 years of valuable finance and accounting experience to Minera Andes. The Corporation has been well-served by his skills, and we wish him all the best at Golden Star."
Minera Andes is a mining exploration corporation that is involved with approximately 10 projects on about 198,000 hectares (approximately 489,000 acres) of mineral exploration land in Argentina. The properties primarily contain gold, silver and copper mineralization targets. The Corporation is presently pursuing the further development of its co-owned gold/silver discovery property in Santa Cruz province, and is prospecting in other Argentine provinces. The Corporation presently has 37,475,864 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 3303 N. Sullivan Road Spokane, WA 99216 USA Phone: (509) 921-7322 E-mail: mineraandes@minandes.com Vancouver Office 1000-355 Burrard Street Vancouver, B.C. V6C 2G8 (604) 689-7017; 877-689-7018 E-mail: ircanada@minandes.com
Forward-Looking Statement - 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 or probable mineral reserves. There can be no assurance that such reserves will be identified on any property, or that, if identified, mineralization may be economically extracted. The Corporation's results will be subject to known and unknown risks and uncertainties that may cause the Corporation's actual results in future periods to differ materially from forecasted or anticipated results. Among those factors which could cause actual results to differ materially are the following: the risks inherent in mineral exploration and the mining industry, the Corporation's needs for additional capital and other risk factors listed from time to time in the Corporation's SEC reports.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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