SPOKANE, Wash., Feb. 17, 2004 (PRIMEZONE) -- Minera Andes Inc. (TSX Venture Exchange:MAI) (OTCBB:MNEAF) has acquired several new epithermal gold/silver prospects in southern Argentina through an active, generative exploration program. Santa Cruz province, location of the new properties, is emerging as an under-explored, highly prospective area for gold and silver and is host to several mines and discoveries.
Santa Cruz is where Minera Andes discovered and co-owns the San Jose project, a successfully evolving advanced-stage gold/silver exploration project. The project, based on a high-grade vein system, is currently in construction to develop the underground workings at the Huevos Verdes target, where a mine development/production decision is planned for later this year.
New Exploration
Minera Andes has always believed that people are key to a successful exploration program. Minera Andes' exploration team, with a proven track record of discovery success in the Americas, including Argentina, is headed by Brian Gavin, vice president of exploration. The Santa Cruz exploration program is headed by veteran exploration geologist Denis Hall, who has worked for the company in Argentina for several years. An aggressive reconnaissance program is underway using the company's accumulated expertise in the region to find new gold/silver systems. This exploration program combines both state-of-the-art geologic tools such as remote sensing imagery from orbiting satellites, and the indispensable human-based benefits of knowledge and judgment to find and evaluate mineralized terrain. Areas with promising showings of mineralization are then subjected to further detailed evaluation.
In selecting new targets, Minera Andes' geologists designed an exploration model based on alteration color anomalies and structures defined by the mineralized veins known at Minera Andes' San Jose property where construction is underway at Huevos Verdes, and AngloGold's Cerro Vanguardia mine. Cerro Vanguardia, is a producing, high grade gold/silver vein mine in Santa Cruz province containing in excess of 3 million ounces of gold.
New Prospects
Several new properties have been acquired through the filing of mineral applications. These properties reveal numerous similarities to Minera Andes' San Jose property in northern Santa Cruz province. Two new properties, La Huella and El Trumai, contain mineralized structures with high-level, low sulfidation hydrothermal alteration in faults and fracture zones which strike north/northwest to northwest. Strong arsenic and mercury geochemistry associated with the mineralization is consistent with the zone at or near the paleo surface above bonanza grade veins. Quartz-hosted mineralization extends along two principal structures within an area 2.5 km long and 1 km wide. These characteristics mirror much that has been discovered about San Jose. Minera Andes' geologists regard La Huella as a good example of a Cerro Vanguardia-like structural environment. Other prospects contain structures with sinter-like quartz veining and anomalous arsenic and mercury.
Minera Andes is a mining exploration corporation that is involved with approximately 10 projects on about 198,000 hectares (about 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 59,740,865 issued and outstanding common 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 1000-355 Burrard Street
Spokane, WA 99208 USA Vancouver, B.C. V6C 2G8
Phone: (509) 921-7322 Phone: (604) 689-7017;
877-689-7018
E-mail: mineraandes@minandes.com 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.
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