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Silver, Gold and Growth in Argentina

Minera Andes has successfully made the transition from exploration to an exploration company that also receives income from a discovery made by its geologists. Minera Andes' co-owned San Jose silver/gold mine in southern Argentina is operating at its expected level, producing about 59,000 ounces of gold and three million ounces of silver on an annualized basis. Minera Andes receives 49 percent of the value of San Jose's production.

Mine Growth in Progress

Work is well underway to double the output of San Jose, tentatively, at the end of 2008. Production is estimated to rise from 750 tonnes-per-day (tpd) to 1,500 tpd. This means metal production would increase to about 120,000 ounces of gold and six million ounces of silver per year.

Open-Ended Potential

Proven and probable ore reserves grew by 100 percent in 2007, and potential exists for further increases. The San Jose mine and its planned expansion may mark the gradual opening of the 99,000-acre San Jose project area as an emerging mining district hosting multiple mines. About 14 geologic targets, some close-in to the mine, are known to exist. So far, only about 15 percent of the 40 kilometers of known vein strike length have been drill-tested. A significant portion of the drill-tested strike length continues to be open at depth and laterally.

A New Frontier for Copper

The Los Azules copper discovery in San Juan province is a great example of Minera Andes' skill at grassroots exploration and discovery. Since its discovery as a reconnaissance project in 2004, Minera Andes has discovered new mineralization at Los Azules in each subsequent year. As an economic scoping study continues, Los Azules is emerging as a sizeable discovery. It fits Minera Andes' business plan of exploration, discovery, development via partnership, production and profit sharing.