Minera Andes San Jose Project Drilling Expands Kospi Silver/Gold Vein From 250 Meters to 1.3 KM
Posted on: Tuesday, 25 July 2006, 15:00 CDT
Minera Andes Inc. (TSX-V: MAI) (OTCBB: MNEAF) is pleased to announce the results of on going exploration drilling at the Kospi silver/gold vein discovered last year at its San Jose project in southern Argentina. Prior drilling (see our press release of January 19, 2006) discovered the Kospi vein and identified mineralized vein over a strike length of 250 meters. Subsequent drilling has now identified mineralization over a distance of 1.3 kilometers -- a four-fold increase in strike length (see attached map).
The discovery of high-grade gold and silver mineralization again highlights the mining district scale of the project. The Kospi vein was discovered during a 2005 drilling program in the area between the Huevos Verdes and Frea Veins, both of which are currently under development (see map). The highest grade intercept encountered in the current 2006 drilling campaign (totaling 5,500 meters) is 32.64 g/t (1.04 ounces per ton - opt) gold and 4,567 g/t (147 opt) silver over 0.55 meters in hole SJD-227. Other highlights include 4.12 meters of 12.64 g/t (0.41 opt) gold and 336 g/t (11 opt) silver in hole SJD-216. Holes SJD-225 and SJD-224 also encountered 18.63 g/t gold and 1,063 g/t silver and 9.38 g/t gold and 1,432 g/t silver over 1.54 meters and 2.77 meters, respectively. The recent drilling indicates the Kospi vein is an open-ended mineralized silver/gold vein that averages about 2.8 meters in width.
2005 Drill Intercepts Kospi Vein, San Jose Project From To Interval* Au Ag Drill Hole (meters)(meters)(meters) (g/t) (g/t) ----- ----- ----- ----- ----- HVD-39 54.18 57.70 3.25 1.00 57 ----- ----- ----- ----- ----- includes 54.18 55.08 0.85 2.56 118 ----- ----- ----- ----- ----- HVD-40 91.45 97.50 5.11 2.41 256 ----- ----- ----- ----- ----- includes 94.50 96.60 1.76 6.65 731 ----- ----- ----- ----- ----- HVD-41 90.85 98.18 6.22 18.24 574 ----- ----- ----- ----- ----- includes 90.85 96.51 4.79 23.60 743 ----- ----- ----- ----- ----- HVD-42 47.58 47.93 0.32 0.08 2 ----- ----- ----- ----- ----- (*True width) 2006 Drill Intercepts Kospi Vein, San Jose Project From To Interval* Au Ag ------ ------ -------- ------ ------- (meters)(meters) (meters) (g/t) g/t) ------ ------ -------- ------ ------- HVD-43 Nil Nil ------ ------- ------- ------ ------- HVD-44 73.84 79.67 5.23 3.92 350 ------ ------- ------- ------ ------- includes 78.72 79.67 0.87 9.24 1,109 ------ ------- ------- ------ ------- MSC-5 17.00 24.00 2.95 4.32 406 ------ ------- ------- ------ ------- HVD-51 76.1 76.7 0.53 0.67 35 ------ ------- ------- ------ ------- HVD-52 71.47 72.12 0.59 1.44 140 ------ ------- ------- ------ ------- and 104.45 108.00 3.19 0.16 11 ------ ------- ------- ------ ------- HVD-53 81.38 83.78 2.18 0.13 8 ------ ------- ------- ------ ------- SJD-216 104.96 107.77 2.56 7.91 46 ------ ------- ------- ------ ------- includes 105.80 107.77 1.36 13.15 76 ------ ------- ------- ------ ------- and 114.92 119.45 4.12 12.64 336 ------ ------- ------- ------ ------- SJD-217 137.12 144.56 6.73 1.01 136 ------ ------- ------- ------ ------- includes 137.90 138.96 0.96 5.69 855 ------ ------- ------- ------ ------- SJD-218 109.71 110.15 2.10 0.44 8 ------ ------- ------- ------ ------- SJD-219 81.10 84.64 3.20 6.57 750 ------ ------- ------- ------ ------- includes 82.75 83.08 0.94 16.70 1,580 ------ ------- ------- ------ ------- SJD-220 124.50 127.13 2.42 4.43 99 ------ ------- ------- ------ ------- includes 126.13 127.13 0.92 8.99 128 ------ ------- ------- ------ ------- SJD-221 153.57 154.58 0.92 38.19 346 ------ ------- ------- ------ ------- and 161.39 165.16 3.42 10.84 194 ------ ------- ------- ------ ------- includes 164.22 165.16 0.85 17.30 496 ------ ------- ------- ------ ------- SJD-222 232.90 238.36 5.78 0.35 24 ------ ------- ------- ------ ------- includes 234.35 235.03 0.61 1.00 118 ------ ------- ------- ------ ------- SJD-223 236.79 237.09 0.26 0.03 2 ------ ------- ------- ------ ------- SJD-224 193.92 196.95 2.77 9.38 1,432 ------ ------- ------- ------ ------- SJD-225 88.9 90.5 0.93 5.29 526 ------ ------- ------- ------ ------- and 100.42 102.13 1.54 18.63 1,063 ------ ------- ------- ------ ------- SJD-226 assays pending ------ ------- ------- ------ ------- SJD-227 67.00 67.95 0.55 32.64 4,567 ------ ------- ------- ------ ------- and 125.75 130.82 4.51 0.02 0.67 ------ ------- ------- ------ ------- SJD-228 160.93 164.09 1.74 6.10 449 ------- ------ ------ ------ ------- SJD-229 98.92 102.60 2.11 5.00 85 ------ ------- ------- ------ ------- SJD-230 139.00 142.90 2.28 6.12 687 ------ ------- ------- ------ ------- SJD-231 267.91 268.74 0.48 0.04 8 ------ ------- ------- ------ ------- SJD-232 40.60 44.90 2.58 0.02 1 ------ ------- ------- ------ ------- SJD-233 assays pending ------ ------- ------- ------ ------- SJD-234 assays pending ------ ------- ------- ------ ------- (*True width)
Allen Ambrose, president of Minera Andes, said: "The drilling at the San Jose project continues to expand the project. The Kospi vein is revealing significant potential to expand the reserves and mine life of the project. In only six months we have increased the known silver/gold mineralization at the Kospi vein from 250 meters to 1.3 kilometers, again revealing the silver/gold potential of the San Jose project with production planned for early next year."
As a follow-up to the new discovery at the Kospi vein, Minera Santa Cruz, the joint venture corporation co-owned by Minera Andes (49%) and Mauricio Hochschild & Cia. Ltda. (51%), will continue drilling to define the limits of the vein. The discovery of new high-grade silver/gold veins such as Kospi represents additional mineralization that may add to the current reserves under development at the project with further exploration. These discoveries also indicate the large mineral potential of the San Jose property where more than 30 kilometers of vein trend target is currently known to exist, of which less than 15 percent has been explored in detail.
Assay results for the drilling were reviewed by Brian Gavin, Minera Andes' vice president, exploration, who is an appropriately qualified person as defined by National Instrument 43-101. All samples were collected in accordance with industry standards. Splits from the drill core samples were submitted to Alex Stewart Assayers, Argentina, S.A., in Mendoza, Argentina, for fire assay and ICP analysis. Accuracy of results is tested through the systematic inclusion of standards, blanks and check assays.
Minera Andes is a gold, silver and copper exploration company working in Argentina. Minera Andes holds about 500,000 acres of mineral exploration land in Argentina, including the co-owned San Jose silver/gold project now under construction and feasibility consideration for possible mine production. Minera Andes is also exploring an enriched copper zone at its Los Azules property and is acquiring other exploration targets in southern Argentina. The Corporation presently has 152,359,596 issued and outstanding shares.
This news is submitted by Allen V. Ambrose, president and director of Minera Andes Inc.
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.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS: This press release contains certain "forward-looking statements," including, but not limited to, the statements regarding the Company's strategic plans, evolution of mineral resources and reserves, work programs, development plans and exploration budgets at the Company's San Jose Project. The forward-looking statements express, as at the date of this press release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, risks associated with foreign operations, environmental risks and hazards, uncertainty as to calculation of mineral reserves and other risks. 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.
Cautionary Note to U.S. Investors: The United States Securities and
Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "mineral resources," that the SEC guidelines strictly prohibit us from including in our filings with the SEC.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Spokane Office Art Johnson 111 East Magnesium Rd., Suite A Spokane, WA 99208 USA Phone: (509) 921-7322 E-mail: mineraandes@minandes.com Vancouver Office Krister A. Kottmeier Investor Relations - Canada 410-744 West Hastings Street Vancouver, B.C. V6C 1A5 Phone: (604) 689-7017; 877-689-7018 E-mail: ircanada@minandes.com
SOURCE: Minera Andes Inc.
Source: MARKET WIRE
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