MNEAF.OB

[422fwhp]

Minera Andes announces retraction and clarification of news release
Monday June 18, 2:13 pm ET 
TSX: MAI NASD-OTCBB: MNEAF


SPOKANE, WA, June 18 /PRNewswire-FirstCall/ - Minera Andes Inc. ("Minera Andes" or the "Company") (TSX: MAI and US OTC: MNEAF) announces that it is retracting its April 10, 2007 news release and Material Change Report dated April 12, 2007. Consequently, investors should rely upon the reserves and information reported prior to the Company's April 10, 2007 news release that did not include the drilled off Kospi vein. The Company is also retracting all the disclosure in its 2006 Annual Report related to the Kospi vein. It is Minera Andes' current expectation that the Kospi vein will be added to the existing resources at the time a new technical report is filed in respect of the San Jose Mine. However, at this point we have insufficient data to include the Kospi vein in our resource calculations. The San Jose Project is owned by Minera Santa Cruz ("MSC") a company co-owned by Minera Andes (49%) and joint venture partner and operator Hochschild Mining plc (51%) ("Hochschild") (London Stock Exchange, LSE: HOC). Minera Andes understands that MSC is proposing to undertake the necessary additional technical work to allow the Kospi vein to be classified as a reserve.
ADVERTISEMENT
 




The news release of April 10, 2007 discusses Hochschild's disclosure of the addition of new reserves at the Kospi vein to the existing San Jose reserves. This disclosure of an apparent material increase in reserves triggered the requirement for a new Canadian National Instrument 43-101("NI 43-101") technical report that is being completed by our independent consultants, AMEC. Based on work required to reconcile the reserve as disclosed by Hochschild (estimated to JORC standards) to NI 43-101 standards the Company and AMEC are reviewing whether the Kospi vein can properly be added to the reserves at the San Jose Project in compliance with the requirements of NI 43-101, given the technical work that has been done to date.

Minera Andes will file its new NI 43-101 technical report as soon as it is available. However, it appears that the report will not be available by June 25, 2007, the current deadline for completion of the report. As soon as the report is filed, Minera Andes will issue a news release that summarizes the report and reconciles differences between the reserves that were referred to in its April 10, 2007 news release and the reserve and resource figures that are supported by AMEC's independent technical report.

Production at the San Jose mine is scheduled to begin at the end of the second quarter of 2007. The November 2005 feasibility study on the San Jose Project assumed the use of conventional flotation, followed by leaching in a Merryl-Crowe plant to recover the gold and silver. As part of optimizing the processing operations MSC decided that the mine will use an intensive leaching reactor (ILR), in lieu of the Merryl-Crowe plant. The ILR was chosen because of its higher recoveries for gold and silver, better control of cyanide, and lower investment and operating costs, all of which were determined as a result of a comprehensive prefeasibility level metallurgical testwork undertaken in 2006. In addition, Hochschild has advised Minera Andes that they are using successfully an ILR in one of its Peruvian operations.

Minera Andes is a gold, silver and copper exploration company working in Argentina. The Corporation holds about 410,000 acres of mineral exploration land in Argentina including the co-owned San Jose silver/gold mine under construction for production and cash flow by mid-2007. Minera Andes has a 49% interest in the San Jose Project. Minera Andes is also exploring the Los Azules copper project in San Juan province, where drilling is underway to define a resource. Other exploration properties, primarily gold and silver, are being evaluated in southern Argentina. The Corporation presently has 166,605,767 issued and outstanding shares.

Allen V. Ambrose, Minera Andes' President, who is an appropriately qualified person as defined by National Instrument 43-101, has reviewed the information used in this news release.

This news is submitted by Allen V. Ambrose, President and Director of Minera Andes Inc.

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. Investors should be aware that the introduction of new technology such as ILR can create added risk in achieving metallurgical performance. 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, Hochschild Mining plc., 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 with "mineral reserves" 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.

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: 111 East Magnesium Rd., Ste. A, Spokane, WA, 99208, USA, Phone: (509) 921-7322, E-mail: [email protected]; Vancouver Office: 911-470 Granville Street, Vancouver, B.C., V6C 1V5, Phone: (604) 689-7017, (877) 689-7018, E-mail: [email protected]




--------------------------------------------------------------------------------
Source: Minera Andes Inc.

[422fwhp]

...excerpt below taken from recent news: Minera Andes engages Macquarie Bank Limited for debt financing for San Jose Project

http://biz.yahoo.com/prnews/071025/to215.html?.v=57


"The commercial terms of the loan include a facility fee of 1.75% of the principal amount of the loan and interest of Libor plus 2.75% p.a., currently totaling approximately 7.79% p.a. In addition, Minera Andes has issued share purchase warrants acquiring 4,066,390 Common Shares of Minera Andes at an exercise price of C$2.41 per share. The warrant exercise price was calculated at a 20 percent premium to the volume weighted average of Minera Andes' common stock determined from the ten business days prior to October 22, 2007. The warrants issued are exercisable until September 30, 2009 the same term as the loan. The warrants and the underlying common shares will have a hold period until February 25, 2008. A success fee of US$100,000, being one percent of the principal amount of the facility, is payable to Xystus Limited for assisting with the structuring and negotiation of the loan facility."

==============

The current share price is $1.97

How would the highlighted statement above reflect tomorrow?  Negative?  None?

Any help or understanding would be greatly appreciated.

[422fwhp]

Any help or understanding would be greatly appreciated.

Jody

[422fwhp]

Any help or understanding would be greatly appreciated.

Jody

[422fwhp]

ok then.


Jumped off the 9dma (not shown) after 3 white soldiers.  It's held up nicely over these last couple of mostly red days... double average volume today (per Yahoo) on no news and closed at the HOD.  Nice rounding bottom...50dma supported by 200dma, MACD turning positive and nice accumulation.  Could be some news coming?

Year high is $2.40....Near term high is at $2.20

RADAR!

[setravis]

A bounce...

[setravis]

MNEAF - Momentum.......
Minera Andes, Inc., an exploration stage corporation, engages in the acquisition, exploration, and development of mineral properties located in the Republic of Argentina.


52wk Range: 0.72 - 2.265
Volume: 862,069
Avg Vol (3m): 234,852

Technicals
Close Above the 50-day MA
Percentage Gainer

Last Price Quote is:
40.40%above 13-day MA
13.95%above 50-day MA
RS Rating: N/A 

Fundamentals
Earnings Expected on Feb 14

Key Data:
Market Cap (M): $56.89 
P/E Ratio: NA 
PEG Ratio: N/A 
Next Earnings: N/A
Last Analyst Rating: N/A

[setravis]

updated chart look.......