SPOKANE, Wash., June 15, 2004 (PRIMEZONE) -- Minera Andes Inc. (TSX Venture Exchange:MAI) (OTCBB:MNEAF) is meeting this week with representatives of their joint venture partner Mauricio Hochschild & Cia. Ltda. (MHC) at the San Jose Project in Argentina to obtain a quarterly update on the progress of the development, infrastructure, and underground construction of the site. The work is being done in preparation to a production decision expected later this year.
According to Allen Ambrose, President of Minera Andes, "It's exciting to see a project discovered by our exploration staff to move to a production decision milestone. We look forward to reporting the continued progress on this project."
MHC has earned a 51 percent interest in the 88,000 hectare (217,000 acre) land package and is operator of the joint venture project involving the two companies. MHC is a privately held Peruvian company that produces gold and silver at several mines similar in nature to the developing project at San Jose.
Minera Andes is funded with working capital of approximately US$5.5 million to carry out its exploration and development programs. Minera Andes holds approximately 10 projects on about 200,000 hectares (500,000 acres) of mineral exploration land in Argentina. The properties primarily contain gold, silver and copper targets. The Corporation presently has 70,291,490 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 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. In addition, Minera Andes' joint venture partner, Mauricio Hochschild & Cia. Ltda., does not accept responsibility for the use of project data or in the adequacy or accuracy of this release.
CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF INFERRED RESOURCES:
This news release uses the term "Inferred Resources." We advise U.S. investors that while this term is recognized and required by Canadian regulations, the SEC does not recognize it. "Inferred Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "Inferred Resource" will ever be upgraded to a higher category. Under Canadian rules estimates of "Inferred Resources" may not form the basis of feasibility or other economic studies. U.S. INVESTORS ARE CAUTIONED NOT TO ASSUME THAT PART OR ALL OF AN "INFERRED RESOURCE" EXISTS, OR IS ECONOMICALLY OR LEGALLY MINABLE.
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