SPOKANE, Wash., March 9, 2004 (PRIMEZONE) -- Minera Andes Inc., (TSX Venture Exchange:MAI) (OTCBB:MNEAF), is pleased to announce that a large anomaly has been identified using the MIMDAS deep penetration, high resolution induced polarization (IP) system at the Los Azules porphyry copper/gold system in San Juan province, central Argentina. The anomaly identified by the geophysics is beneath an area covered by glacial debris several hundred meters to the west of five recently completed drill holes. Several drill sites have been selected to conduct a preliminary test of the area if weather conditions allow.
The geophysical data is being collected by Xstrata Copper 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) a major diversified international mining group. Both Minera Andes and Xstrata Copper are drilling there respective portions of the Los Azules system with a total of three drill rigs.
The geophysical survey has defined a chargeability anomaly up to 1100 meters by 1600 meters in size and extends to a depth of about 500 meters to the limits of the survey. This anomaly is interpreted to be caused by sulfide mineralization and clay alteration typical of a porphyry system.
The survey is consisted of 12 line kilometers of readings on five lines spaced 400 meters apart commissioned by Minera Andes. The geologic setting is typical of porphyry copper-style mineralization and is consistent with the mineralization observed in previous drilling by Battle Mountain Gold some 220 meters north of the Minera Andes' property. This hole contained a 117-meter interval of 0.61 percent copper and 2.3 gm silver.
The five drill holes just completed by Minera Andes are located to the east of the recently identified geophysical anomaly. As previously reported, several of the drill holes completed to date have encountered many of the geologic features typical of porphyry copper systems such as phyllic, argillic and potassic alteration beneath "leached cap" rocks. Mineralization seen in drill holes includes chalcocite and covellite supergene secondary copper mineralization and primary chalcopyrite copper mineralization. Assays from this drilling are expected in late March.
This work is being undertaken by Nivaldo Rojas and Associates under the supervision of Minera Andes' technical staff. 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 59,810,865 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;
E-mail: mineraandes@minandes.com (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.
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.