SPOKANE, Wash., July 11, 2005 (PRIMEZONE) -- Minera Andes Inc. (TSX-V:MAI), (OTCBB:MNEAF) is pleased to announce that all four resolutions and a shareholder rights plan have been approved by shareholders of the company. Approval of the resolutions came at the Company's annual general and special meeting on June 23, 2005, at the Company's head office in Spokane, WA.
The shareholders rights plan is designed to encourage the fair treatment of shareholders in connection with any takeover offer for the company by allowing sufficient time, if a bid is made, for both the management and the shareholders to evaluate a takeover bid. The plan also allows the management additional time to seek other alternatives to a bid and ensure that all shareholders are treated equally in any change of control of the company. The plan is similar to those adopted recently by companies in Canada and the United States.
Adopted by shareholders and effective June 23, 2005 the shareholder rights plan attached a "Right" to each share of outstanding common stock of Minera Andes. Provisions of the plan are triggered when someone acquires or announces intent to acquire 20 percent or more of the Company's outstanding common stock without complying with the "Permitted Bid" provisions of the rights plan. A "Permitted Bid" is made to all shareholders for at least 60 days. If a "Permitted Bid" isn't made to all shareholders, the rights attached to the common stock would entitle the holder to purchase an additional share at a 50 percent discount to the market price.
The corporation is funded with working capital of about US$2.0 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 90,549,719 issued and outstanding shares.
This news is submitted by Allen V. Ambrose, President and Director of Minera Andes Inc.
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.
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