SPOKANE, Wash., Feb. 3, 2005 (PRIMEZONE) -- Minera Andes Inc. (TSX Venture Exchange:MAI) and (OTCBB:MNEAF) is pleased to announce positive results from new surface exploration at its 100-percent owned Cerro Mojon epithermal silver-gold property in Santa Cruz province, Argentina. Cerro Mojon was first discovered in 2004. Recent sampling has continued to expand the size and number of mineralized targets.
Recent Sampling
Mapping and sampling of 176 rock chip samples has broadened the anomalous area to include more than fifteen mineralized structures, several of which outcrop for over 500 meters of strike length. Anomalous gold values in this recent work include 54 samples with greater than 0.1 grams per ton (g/t) gold, including nine with between 1 g/t and 2.7 g/t gold. In addition, anomalous silver values of greater than 10 g/t were found in 55 of the recent samples. Twenty-four of the anomalous samples ranged between 31 g/t and 387 g/t (approximately 10 ounces per ton) silver. These anomalous silver and gold values continue to be associated with strongly anomalous arsenic, antimony, mercury, barium, lead, and zinc, common trace minerals associated with silver/gold mineralization.
Additional work planned for this project this field season includes IP and resistivity ground geophysical surveys currently underway and an initial phase of core drilling to begin in early March 2005.
Minera Andes' president, Allen Ambrose said: "The success of recent exploration at Cerro Mojon is of particular significance to Minera Andes. Our exploration expertise and knowledge of Patagonia has resulted in the discovery of the San Jose project and has provided us with a "road-map" for successful exploration that led us to Cerro Mojon. We anticipate the current program of geophysics, key to our outlining the Huevos Verdes vein at San Jose, will be useful in outlining potential high priority drill targets at Cerro Mojon. The drill program will test for high grade silver/gold mineralization at depth."
Previous Sampling
Cerro Mojon was acquired on the basis of geologic reconnaissance by Minera Andes' exploration team. Structures of interest were recognized based on studies of the structural setting of the epithermal vein mineralization at the Cerro Vanguardia gold mine and Minera Andes' Huevos Verdes gold-silver discovery.
During an initial field visit, forty-one rock chip grab samples were taken from approximately ten vein structures showing alteration and mineralization typical of the high-level portions of an epithermal vein system. Mineralization seen at the surface includes sparse amounts of fine-grained gray crystalline quartz with pyrite grading to light brown quartz with primary hematite-limonite. This quartz is cut by abundant late barite, or jarosite and barren white quartz. Strong kaolinite-illite alteration is associated with the mineralization. Several additional structures remain to be sampled.
Previous rock chip sampling (see News Release of June 3, 2004) revealed strongly anomalous gold (4 samples with greater than 0.5 g/t, including one sample with 1.94 g/t), silver (16 samples with greater than 10 g/t, including 4 samples with greater than 100 g/t (3 oz/t)), arsenic (10 samples with greater than 1,000 ppm including one sample with 5,878 ppm), barium (13 samples with greater than 2,000 ppm), and mercury (29 samples with greater than 1 ppm, including one sample with greater than 100 ppm).
The exploration results have been reviewed by Brian Gavin, Minera Andes' vice president, exploration, who is an appropriately qualified person as defined by National Instrument 43-101.
Minera Andes is a gold, silver and copper exploration company working in Argentina funded with working capital of about US$2.1 million and a pending credit facility of up to US$2 million for feasibility 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.
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 410-744 West Hastings Street Spokane, WA 99208 USA Vancouver, B.C. V6C 1A5 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. There can be no assurance that the Cerro Mojon gold/silver project will be found to be economically feasible or that a mine will be successfully constructed.
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