SPOKANE, Wash., Feb. 24, 2005 (PRIMEZONE) -- Minera Andes Inc. (TSX Venture Exchange:MAI) (OTCBB:MNEAF) is pleased to announce that a group of approximately ten financial and technical representatives from five international banks are visiting the San Jose/Huevos Verdes silver/gold project this week. The visit to the project located in southern Argentina allows the banks to familiarize themselves with the project, which helps expedite the bidding process for any project financing debt facility, based on a positive feasibility study outcome.
Allen V. Ambrose, president of Minera Andes said, "The response to the early visit to the property prior to the completion of the feasibility study, indicates the level of interest the project is receiving from the banking community. Assuming a positive feasibility study is produced, our goal is to have bank project finance proposals made shortly after to eliminate any lost time between feasibility completion and any potential start-up construction."
The site visit by the international banks represents a new stage in the San Jose project advancement. Minera Santa Cruz, our operating company with partner Mauricio Hochschild & Cia. Ltda (51%), coordinated the visit. The current program at the San Jose/Huevos Verdes project includes resource/reserve development from 3.5km of underground exploration workings and a 30,000 meter drilling program in progress with four drill rigs on the property. In addition, construction of infrastructure including surface buildings and underground mine development is underway with the feasibility study in progress expected to be completed by the end of June this year. The development site at Huevos Verdes currently has a work force of over 180 personnel.
Minera Andes is a gold, silver and copper exploration company working in Argentina. The corporation is funded with working capital of about US$1.1 million and a pending credit facility of up to US$2 million for feasibility study completion and underground construction at its advanced-stage silver/gold project in Santa Cruz province. Minera Andes holds about 500,000 acres of mineral exploration land in Argentina, including the co-owned Huevos Verdes/San Jose silver/gold project now under construction and feasibility consideration for possible mine production. Minera Andes has also discovered an enriched copper zone at its Los Azules property and is acquiring other exploration targets in southern Argentina. The Corporation presently has 71,674,306 issued and outstanding shares.
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. There can be no assurance that the San Jose/Huevos Verdes gold/silver project will be found to be economically feasible or that a mine will be successfully constructed. 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.
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