SPOKANE, Wash., Feb. 3, 2004 (PRIMEZONE) -- Minera Andes Inc. (TSX Venture Exchange:MAI) (OTCBB:MNEAF) is pleased to announce that drilling has commenced at the Los Azules porphyry copper/gold system in San Juan province, central Argentina.
A total of seven core holes, for a total of 1,550 meters, will be drilled in the current campaign. The holes will be drilled to a depth of 200 to 350 meters. This drilling will test a well defined magnetic low previously identified in aeromagnetic surveys and recently confirmed by 22 line kilometers of ground magnetic surveys commissioned by Minera Andes. This 1,500 meter by 400 meter area of anomalously low magnetic response coincides with the presence of strongly leached rocks at the surface containing up to 200 ppb gold in rock chip samples. The geologic setting is typical of porphyry copper-style mineralization and is consistent with the mineralization observed in an historic drill hole by Battle Mountain Gold some 220 meters north of the Minera Andes' property which contained a 117-meter interval of 0.61 percent copper and 2.3 gm silver. A high resolution IP survey is planned to complement the drill program.
This work is being undertaken by Nivaldo Rojas and Associates under the supervision of Minera Andes' technical staff. The geophysical data is being collected by Xstrata Copper Americas under a cooperative arrangement between Minera Andes and Xstrata, a subsidiary of Xstrata PLC (London Stock Exchange:XTA.L) and (Zurich Stock Exchange:XTRZn.S). All results have been reviewed by Brian Gavin, Minera Andes' vice president of exploration, who is an appropriately qualified person as defined by National Instrument 43-101.
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.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.