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Rob McEwen Proposes Merger of US Gold and Minera Andes
http://www.usgold.com/index.php?option=com_content&view=article&id=388:20110614-merger
Toronto, Ontario (June 14, 2011) US Gold Corporation (NYSE:UXG – TSX:UXG) and Minera Andes Inc. (TSX:MAI - US OTC: MNEAF) announce that Rob McEwen, Chairman, CEO, and largest shareholder of both companies has proposed to combine these companies to create a high growth, low-cost, mid-tier silver producer focused in the Americas. Mr. McEwen’s investment in the combined company (market close on June 13, 2011) would be approximately US$ 345 million.
“The merger of US Gold and Minera Andes would be transformative, creating a dynamic, new precious metal company. A mid-tier silver producer diversified throughout the Americas. The combined company would be low-cost and possess a significant pipeline of production growth in addition to owning an exciting portfolio of exploration properties. Importantly, this combination would move us one step closer to our goal of qualifying for inclusion in the S&P 500 Index by 2015.”
– Rob McEwen
Highlights of the Combined Company Would Include:
• Significant Growth: projected production of 2.5 million silver ounces in 2011 expected to increase to 7.5 million silver ounces by 2014;
• Industry Leading Costs: estimated cash cost of negative US$0.40 per silver ounce (net of gold by-product), with costs expected to reduce further as new production commences;
• Strong Balance Sheet: US$122 million in cash, including silver/gold bullion, and no bank debt;
• Exciting Exploration: significant land packages adjoining Goldcorp’s Cerro Negro Project, Barrick’s Cortez Mine and US Gold’s own El Gallo Project;
• Resources (NI 43-101): Silver, measured + indicated totals 81.2 million ounces and 51.1 million inferred ounces; Gold, measured + indicated totals 3.8 million ounces and 900,000 inferred ounces; and Copper, indicated totals 2.2 billion pounds + 10.3 billion inferred pounds;
• Market Capitalization: approximately US$1.4 billion;
• Listings: the combined company’s shares would trade on the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX).
As proposed by Mr. McEwen, Minera Andes shareholders would receive 0.4 of a US Gold common share for each 1.0 Minera Andes share currently held. This ratio is within an average trading range established during the past six months and presents a slight premium over the previous day’s closing price on June 13th, 2011. The total number of shares outstanding in the combined company would be approximately 252.7 million.
Completion of the business combination is conditional on approval of US Gold’s and Minera Andes Board of Directors and their special committees, confirmatory due diligence, the approval of each company’s shareholders, and satisfaction of customary approvals, including regulatory, stock exchange, and court approvals. In that regard, the board of directors of each of US Gold and Minera Andes have each formed special committees of independent directors to consider the proposed transaction.
The business combination, if approved, is anticipated to become effective in late October 2011. Upon completion of the proposed transaction the combined entity would change its name to McEwen Mining Inc.
Webcast Details
Management will be providing an overview of the combined company at US Gold’s Annual General Meeting (AGM) that will be held in Toronto at the One King West Hotel at 4:00PM (eastern).
Interested investors may view the live AGM webcast by clicking the link below:
http://www.meetview.com/usgold2011
An investor presentation may be accessed by clicking the link below:
http://www.usgold.com/news/pdf/20110614_agm/20110614_usgold_agm_presentation.pdf
During the first quarter, we also recorded a $6.1 million non-cash gain with respect to fair value adjustments to our warrant liability in the current quarter compared to a $2.1 million non-cash loss in Q1 2010.
How does this change the numbers? Back out the 6.1M and how do the numbers look?
TORONTO, ONTARIO, Jun 6, 2011 (Marketwire via COMTEX) -- Minera Andes Inc. (the
"Company" or "Minera Andes") (TSX:MAI)(OTCBB:MNEAF) is pleased to ann ounce net
income of $17.0 million ($0.06 per share basic and diluted) for the quarter
ended March 31, 2011, an increase of $19.9 million compared to a net loss of
$2.9 million ($0.01 per share loss basic and diluted), as restated, for the same
period in 2010. The increase is primarily attributable to the strong performance
of the San Jose Mine where our 49% ownership interest is reflected in our Income
from Investment in Minera Santa Cruz S.A. ("MSC") which increased from $0.1
million in Q1 2010 to $11.7 million in Q1 2011. Comparing Q1 2011 to Q1 2010,
silver ounces sold at MSC increased from 739,000 ounces ("oz") to 1,342,000 oz
and gold ounces sold increased from 14,000 oz to 18,000 oz, reflecting increases
of 82% and 29%, respectively. MSC also benefitted from higher silver and gold
prices: the average weighted gross sale price for silver was $33.75 per oz in Q1
2011 compared to $16.86 per oz in Q1 2010, a 100% increase; the average we ighted
gross sale price for gold was $1,362 per oz for gold compared to $1,109 per oz,
a 25% increase.
During the first quarter, we also recorded a $6.1 million non-cash gain with
respect to fair value adjustments to our warrant liability in the current
quarter compared to a $2.1 million non-cash loss in Q1 2010.
The Company also announces that it has recently been informed by MSC of a
restatement to their 2010 financial results, as previously reported to us, to
record a non-cash deferred tax provision and liability not previously
recognized. The restatement has the effect of decreasing our 2010 Income from
Investment in MSC by $11.4 million, from $35.9 million to $24.5 million, with a
corresponding reduction to our Investment in MSC balance at December 31, 2010.
This amount does not reflect income taxes currently payable to tax authorities
but instead reflects the difference between the carrying value of MSC's assets
for acc ounting purposes compared to their value for tax purposes at relevant tax
rates. Accordingly, we have filed restated financial statements and revised
management discussion and analysis of financial condition and results of
operations for the year ended December 31, 2010. Our financial statements and
management's discussion and analysis are available under the Company's profile
at www.sedar.com and www.sec.gov.
About Minera Andes
Minera Andes is an exploration company exploring for gold, silver and copper in
Argentina with three significant assets: A 49% interest in Minera Santa Cruz SA,
owner of the San Jose Mine in close proximity to Goldcorp's Cerro Negro project;
100% ownership of the Los Azules copper deposit with an inferred mineral
resource of 10.3 billion pounds of 0.73% Cu copper and an indicated resource of
2.2 billion pounds of 0.52% Cu copper; and, 100% ownership of a large portfolio
of exploration properties in Santa Cruz province, Argentina, including
properties bordering the Cerro Negro project in Santa Cruz Province. The Company
had $31 million USD in cash and short-term investments as at March 31, 2011 with
no bank debt. Rob McEwen, Chairman and CEO, owns 31% of the shares of the
company.
About Minera Santa Cruz
Minera Santa Cruz SA is a joint venture owned 51% by Hochschild Mining
Argentina, a wholly owned subsidiary of Hochschild Mining plc, and 49% by Minera
Andes S.A., a wholly owned subsidiary of the Company. The joint venture owns and
operates the San Jose property.
This news release has been submitted by Perry Ing, Chief Financial Officer of
the Company. For further information, please contact Perry Ing or visit our Web
site: www.minandes.com.
Reliability of Information:
MSC, the owner and operator of the San Jose mine, is responsible for and has
supplied to the Company all reported results and operational updat es from the
San Jose mine. Minera Andes' joint venture partner, a subsidiary of Hochschild
Mining plc, and its affiliates other than MSC do not accept responsibility for
the use of project data or the adequacy or accuracy of this release. As the
Company is not the operator of the San Jose mine, there can be no assurance that
production information reported to the Company by MSC is accurate, the Company
has not independently verified such information and readers are therefore
cautioned regarding the extent to which they should rely upon such information.
Technical Information
Technical information about the Los Azules Project in this news release was
derived from the report entitled "Canadian National Instrument 43-101 Technical
Report Updated Preliminary Assessment, Los Azules Project, San Juan Province,
Argentina" with an effective date of December 1, 2010 (released December 16,
2010) prepared by Kathleen Altman, Ph.D., PE,, Ro bert Sim, P.Geo,. Bruce Davis,
PhD, FAusIMM, Richard Jemielita, Ph.D., MIMMM, William Rose, PE, and Scott
Elfen, PE (the "Los Azules Report"). Each of the Los Azules Report authors are
independent of Minera Andes Inc. and Qualified Persons, each as defined by
National Instrument 43-101 "Standards of Disclosure for Mineral Projects" ("NI
43-101"). The Los Azules Report is available under the Corporation's profile on
SEDAR (www.sedar.com).
----------------------------------------------------------------------------
Contained
Mineral Resource Tonnes Copper Copper Gold Silver
Category (millions) % (Billion lbs) grams/tonne grams/tonne
----------------------------------------------------------------------------
Indicated 137 0.73 2.2 0.07 1.7
----------------------------------------------------------------------------
Inferred &nb sp; 900 0.52 10.3 0.07 1.7
----------------------------------------------------------------------------
Cut-off grade of 0.35% Cu.
Caution Concerning Forward-Looking Statements:
This press release contains certain forward-looking statements and information.
The forward-looking statements and information express, as at the date of this
press release, the Company's plans, estimates, forecasts, projections,
expectations or bel iefs 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, risks related to litigation, property
title, the state of the capital markets, environmental risks and hazards,
uncertainty as to calculation of mineral resources and reserves and other risks.
Readers should not place undue reliance on forward-looking statements or
information. The Company undertakes no ob ligation to reissue or update
forward-looking statements or information as a result of new information or
events after the date hereof except as may be required by law. See the Company's
Annual Information Form for additional information on risks, uncertainties and
other factors relating to the forward-looking statements and information. All
forward-looking statements and information made in this news release are
qualified by this cautionary statement.
SOURCE: Minera Andes Inc.
CONTACT: Minera Andes Inc.
Perry Ing
Chief Financial Officer
T oll-Free: 1-866-441-0690 or Tel: 647-258-0395
647-258-0408(FAX)
info@minandes.com
www.minandes.com
Yesterday's action was one of the absurd 'sell the news' reactions in recent memory... sellers burned themselves. LOL!!!
Minera Andes Announces First Quarter 2011 Financial Results and Restated Financial Results for 2010
http://www.minandes.com/News/Press-Release-Details/2011/Minera-Andes-Announces-First-Quarter-2011-Financial-Results-and-Restated-Financial-Results-for-20101125573/default.aspx
TORONTO, ONTARIO -- (MARKET WIRE) -- 06/06/11 -- Minera Andes Inc. (the "Company" or "Minera Andes") (TSX: MAI)(OTCBB: MNEAF) is pleased to announce net income of $17.0 million ($0.06 per share basic and diluted) for the quarter ended March 31, 2011, an increase of $19.9 million compared to a net loss of $2.9 million ($0.01 per share loss basic and diluted), as restated, for the same period in 2010. The increase is primarily attributable to the strong performance of the San Jose Mine where our 49% ownership interest is reflected in our Income from Investment in Minera Santa Cruz S.A. ("MSC") which increased from $0.1 million in Q1 2010 to $11.7 million in Q1 2011. Comparing Q1 2011 to Q1 2010, silver ounces sold at MSC increased from 739,000 ounces ("oz") to 1,342,000 oz and gold ounces sold increased from 14,000 oz to 18,000 oz, reflecting increases of 82% and 29%, respectively. MSC also benefitted from higher silver and gold prices: the average weighted gross sale price for silver was $33.75 per oz in Q1 2011 compared to $16.86 per oz in Q1 2010, a 100% increase; the average weighted gross sale price for gold was $1,362 per oz for gold compared to $1,109 per oz, a 25% increase.
During the first quarter, we also recorded a $6.1 million non-cash gain with respect to fair value adjustments to our warrant liability in the current quarter compared to a $2.1 million non-cash loss in Q1 2010.
The Company also announces that it has recently been informed by MSC of a restatement to their 2010 financial results, as previously reported to us, to record a non-cash deferred tax provision and liability not previously recognized. The restatement has the effect of decreasing our 2010 Income from Investment in MSC by $11.4 million, from $35.9 million to $24.5 million, with a corresponding reduction to our Investment in MSC balance at December 31, 2010. This amount does not reflect income taxes currently payable to tax authorities but instead reflects the difference between the carrying value of MSC's assets for accounting purposes compared to their value for tax purposes at relevant tax rates. Accordingly, we have filed restated financial statements and revised management discussion and analysis of financial condition and results of operations for the year ended December 31, 2010. Our financial statements and management's discussion and analysis are available under the Company's profile at www.sedar.com and www.sec.gov.
yippie i a kye a.... financials out and its looking better and better...
real
Indicators say the bottom is in... in for more.
Time to load da boat!!
http://americanbulls.com/StockPage.asp?CompanyTicker=MNEAF&MarketTicker=OTC&TYP=S
good news rewarded with a nice turn around.
real
WORK RESUMES!!!!
rally time..
Gimme a sec... oh yah, I got it now... it was:
http://investorshub.advfn.com/boards/board.aspx?board_id=13224
All the best, stay safe this weekend!
STRIKE SHUTS DOWN MINE IN SAN JOSE MINE IN ARGENTINA, work stoppage said to be illegal.
real
Hey FuturesJackal, don't I know you from somewhere? I bought this company when it was at .42 then HAD TO sell at .78 (cause I had to feed my family and pay bills). I love this company and I think it could go to $12 or $13.
I don't own a share right now but I'm hoping some other investment pay's off so I can join in the fun here.
See you back where ever I saw you the last time.
GLTA
Chartman17
TORONTO, ONTARIO, Apr 20, 2011 (Marketwire via COMTEX) -- Minera Andes Inc.
(the "Company" or "Minera Andes") (TSX:MAI)(OTCBB:MNEAF) announces production
results from its 49% owned San Jose mine in Santa Cruz Province, Argentina.
Overall production at the San Jose mine during the first quarter of 2011 was
1,522,207 ounces of silver and 21,412 ounces of gold, of which 49% is
attributable to Minera Andes. Production cost information will be provided in
conjunction with our first quarter 2011 financial results expected to be
released mid-May.
Compared to the first quarter of 2010, first quarter 2011 silver production
increased 85% and gold production increased 30%. Mill throughput increased 18%
over that period due to higher daily production rates as a result of an increase
in the number of high grade stoping areas available for mining, including the
high grade Kospi vein. This improved access resulted in a higher average silver
head grade mined, consistent with reserve grades, compared to the first quarter
2010. Higher recovery rates also contributed to the increased production.
Compared to the fourth quarter of 2010, first quarter 20 11 silver production was
19% lower and gold production was 18% lower. The decrease in silver and gold
production was primarily the result of lower mine production with tonnage down
by 16% and slightly lower head grades for both silver and gold, partially offset
by higher recovery rates. Tonnage in the first quarter of 2011 was lower than
the fourth quarter of 2010 primarily as production was impacted by the seasonal
effect of fewer production days in the first quarter relative to the fourth
quarter of the year.
The difference in the amount of metal sold in the quarter compared to the amount
produced was due to timing differences.
-4.90% is the scorecard for the week...
I Love This Company!!!
This stock will be uplisted sometime this year, of that I have no doubts! If you're looking for a solid Junior play, do your DD on Minera!
The estimated NPV is $2.8B +/- 35% at 3 dollar copper or around 10 bucks a share. Even if we discount the number by 80%, it would still be about $2 per share of the spin off. This may work out well. I guess I can start with a listing of copper companies in the feasibility stage. Northern Dynasty comes to mind. What else?
I do not however... today's +16% has the market speaking loudly... it turned the whole week around!!!
Anybody here have a handle on the valuation of the Los Azules spin off?
TORONTO, ONTARIO, Mar 10, 2011 (MARKETWIRE via COMTEX) -- Minera Andes Inc.
(the "Corporation" or "Minera Andes") (TSX: MAI)(OTCBB: MNEAF) is pleased to
provide a summary of the explorati on results achieved during 2010 at the San
Jose Mine. A total of 7.5 kilometers of new high-grade silver/gold veins were
discovered in 2010 representing a 44% increase in the cumulative strike length
of all veins known at the mine at the end of 2009. In addition, drilling in 2010
through September 30th produced a doubling of the Inferred Mineral Resources, as
previously reported on November 22, 2010. The new veins are located within the
area of the existing San Jose mining operations between the Kospi and Frea
veins, and access for the new veins will be developed from existing underground
mine workings. The discoveries are the result of a significant increase in the
exploration effort at San Jose compared to previous years.
Rob McEwen, Chairman and CEO of Minera Andes, said:
"These drill results demonstrate that the area in and around the San Jose mine
is extremely prospective. We are eagerly awaiting the results of the ongoing
exploration drilling in and outside the mine area. The recent $3.6 billion
acquisition of Andean Resources' for its nearby Cerro Negro property by Goldcorp
Inc. highlights the world class potential of this emerging gold/silver
district."
Exploration Has Become a Priority at San Jose
The exploration drilling at San Jose has increased dramatically in 2010 over
previous years and met with a high degree of success. A total of 54,476 meters
were drilled in 265 diamond core holes during 2010, as compared to 115 core
holes totaling 25,094 meters in 2009 and 85 core holes totaling 18,915 meters
drilled in 2008.
The success of the current exploration program is in large part a result of
extensive surface geophysical surveys conducted during 2009 and 2010 along with
a significant increase in drilling. In 2010, a total of 11 new veins were
discovered that extended over a strike length of 7.5 kilometers. In October, the
company repor ted nine new veins extending a cumulative total of 5.0 kilometers,
and subsequently, two additional new veins were discovered in reconnaissance
drilling that project for a cumulative total of 2.5 kilometers in strike length.
The location of the new veins is shown in Exhibits 1 and 1A.
An updated NI 43-101 Report was released on December 22, 2010 that included the
drill results to the end of September, and it is available on SEDAR
(www.sedar.com). This NI 43-101 report also includes an interim resource
estimate as at September 30, 2010. A new resource and reserve estimate
incorporating all 2010 drilling will be released later this month as part of the
Company's Annual Information Form.
Drilling from October to December 31, 2010
Exploration success continued during the fourth quarter with the discovery of
two additional gold/silver veins called the Susana and Luli veins. The new veins
have only widely spaced reconnaissance dri lling and more drilling will be
required to estimate resources for these veins.
Selected assay results for the new veins are shown below, and highlights from
surface drilling during the last three months of 2010 including the new veins
are provided in Exhibit 2. All of the drilling reported herein was completed
during 2010, and the assays reported below and in Exhibit 2 were analyzed by
Alex Stewart Laboratory in Mendoza, Argentina and received through December 31,
2010. All widths shown below are true widths (normal to the dip of the vein).
Longitudinal sections of the Susana and Luli veins are provided in Exhibit 3.
Selected Assay Results &n bsp;
- Susana Vein - 1200 meter strike length inferred, cut by 4 diamond drill
holes.
Hole SJD- 825- 3.10 m (meters) at 22.19 g/t (grams/tonne) Au and 2,318
g/t Ag &n bsp;
- Luli Vein - 1300 meter strike length inferred, cut by 6 diamond drill
holes.
Hole SJD-484(i) - 1.27 m at 5.81 g/t Au and 640 g/t Ag
Hole SJD-825 - 2.70 m at 5.35 g/t Au and 26.90 g/t Ag &nbs p;
Hole SJD-852 - 0.24 m at 6.81 g/t Au and 569 g/t Ag
(i) Existing drill hole extended
Drill hole SJD-825 is important because it contains four separate silver/gold
vein intercepts, one in the Luli vein and one in the Susana vein and two
additional high-grade intercepts north of the Susana vein (see exhibit 1a). This
suggests that with more drilling additional veins may be delineated north and
parallel to the Susana vein.
The Luli and Susana veins are part of the part of the E-W trending vein systems
discovered earlier in 2010. The veins discovered in 2010 are especially
important because their orientation is different from the typical northwest
trend of all the other veins at San Jose. The discovery of this system, which
does not outcrop, is being used as an exploration guide to open up new
exploration opportunities on the property. Other exploration drilling is
continuing to expand the resources on the known veins, such as the Ayelen and
Odin veins. Exploration is also continuing on other areas of the joint venture
property, such as Saavedra West and other target outside the mine workings.
In addition, several reconnaissance exploration holes were drilled at the
Saavedra West area 10km south of the main workings at San Jose. Anomalous
disseminated silver and also some high-grade silver incepts were encountered in
this area (see exhibit 3).
The San Jose mine is operated by Minera Santa Cruz SA ("MSC"), which is 49%
owne d by the Corporation and 51% owned by Hochschild Mining plc.
About Minera Andes
Minera Andes is an exploration company exploring for gold, silver and copper in
Argentina with three significant assets: A 49% interest in Minera Santa Cruz SA,
owner of the San Jose Mine in close proximity to Goldcorp's Cerro Negro project;
100% ownership of the Los Azules copper deposit with an inferred mineral
resource of 10.3 billion pounds of copper and an indicated resource of 2.2
billion pounds of copper; and, 100% ownership of a large portfolio of
exploration properties in Santa Cruz province, Argentina, including properties
bordering the Cerro Negro project in Santa Cruz Province. Exploration and infill
drilling is currently underway at the Los Azules project The Corporation had $31
million USD in cash as at February 7, 2011 with no bank debt. Rob McEwen,
Chairman and CEO, owns 31% of the shares of the company.
About Hochschild Mining pl c
Hochschild Mining plc is a leading precious metals company listed on the London
Stock Exchange (HOCM.L / HOC LN) with a primary focus on the exploration,
mining, processing and sale of silver and gold. Hochschild has over forty years
of experience in the mining of precious metal epithermal vein deposits and
currently operates four underground epithermal vein mines, three located in
southern Peru, one in southern Argentina and one open pit mine in northern
Mexico. Hochschild also has numerous long-term prospects throughout the
Americas.
This news release has been submitted by Jim Duff, Chief Operating Officer of the
Corporation. For further information, please contact Jim Duff or visit our Web
site: www.minandes.com.
Technical Information:
This news release has been reviewed and approved by Jim Duff the Chief Operating
Officer of the Corporation, a Qualified Person as defined by Canadian Securities
Administrator N ational Instrument 43-101 "Standards of Disclosure for Mineral
Projects" ("43-101"). Assay results were reported to Minera Andes by MSC, which
is the operating company for the San Jose joint venture. Assay results for the
drilling were reviewed by Jim Duff. All samples were collected in accordance
with industry standards. Splits from checks of the drill core samples assay at
the San Jose Mine laboratory 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. Jim Duff has reviewed the results of the check assays and other quality
control measures.
Cautionary Note to U.S. Investors:
All resource estimates reported by the Corporation are calculated in accordance
with 43-101 and the Canadian Institute of Mining and Metallurgy Classification
system. These standards differ signif icantly from the requirements of the U.S.
Securities and Exchange Commission. Mineral resources which are not mineral
reserves do not have demonstrated economic viability.
Caution Concerning Forward-Looking Statements:
This press release contains certain forward-looking statements and information.
The forward-looking statements and information express, as at the date of this
press release, the Corporation'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 inc lude, but are not limited to, factors associated
with fluctuations in the market price of precious metals, mining industry risks,
risks associated with foreign operations, risks related to litigation, property
title, the state of the capital markets, environmental risks and hazards,
uncertainty as to calculation of mineral resources and reserves and other risks.
Readers should not place undue reliance on forward-looking statements or
information. The Corporation undertakes no obligation to reissue or update
forward-looking statements or information as a result of new information or
events after the date hereof except as may be required by law. See the
Corporation's Annual Information Form for additional information on risks,
uncertainties and other factors relating to the forward-looking statements and
information. All forward-looking statements and information made in this news
release are qualified by this cautionary statement.
To view Exhibit 1: Plan Map of San Jose Mine veins showing new veins in red,
please visit the following link:
http://media3.marketwire.com/docs/Exhibit%201%20-%20Plan%20Map.pdf
To view Exhibit 1A: Drill Hole Location Map for Susana and Luli Veins, please
visit the following link:
http://media3.marketwire.com/docs/Exhibit%201A.pdf
Exhibit 2 - Surface Drilling Results from September 1, 2010 to December 31,
2010
----------------------------------------------------------------------------
Dri ll Intercept True
Hole From (m) To (m) (m) Width (m) Au (g/t) Ag (g/t) Vein
----------------------------------------------------------------------------
SJD-482 231.64 232.9 1.26 1.03 0.54 51.56 Luli
----------------------------------------------------------------------------
SJD-484 ; 202.9 204.45 1.55 1.27 5.81 639.97 Luli
----------------------------------------------------------------------------
Frea
SJD-818 &n bsp; Nil Extension
----------------------------------------------------------------------------
Split HV
SJD-819 Nil &n bsp; south
----------------------------------------------------------------------------
SJD-820 Nil Kamila
----------------------------------------------------------------------------
SJD-821 64.00 67.65 3.65 1.03 54.4 Frea
----------------------------------------------------------------------------
and 225.65 226.20 0.55 0.44 15.96 23.0
----------------------------------------------------------------------------
SJD-822 68.70 69.10 0.40 0.32 0.10 68.3 Micaela
----------------------------------------------------------------------------
and 201.15 201.7 0.55 0.44 1.74 15.146
-------------------- --------------------------------------------------------
Ayelen
SJD-823 Nil Extension
----------------------------------------------------------------------------
SJD-824 Nil Line N30E
----------------------------------------------------------------------------
SJD-825 93.10 96.40 3.30 2.64 5.35 26.90 Luli
----------------------------------------------------------------------------
and 215.00 219.05 4.05 3.10 22.19 2317.74 Susana
----------------------------------------------------------------------------
" 223.30 226.90 3.60 2.88 2.14 195.3
----------------------------------------------------------------------------
" 250.80 251.25 0.45 0.36 4.40 396.1
----------------------------------------------------------------------------
" 302.00 302.20 ;0.20 0.16 7.11 1086.3
----------------------------------------------------------------------------
SJD-826 Nil Susana
----------------------------------------------------------------------------
Ayelen
SJD-827 Nil Extension
----------------------------------------------------------------------------
; Frea
SJD-828 Nil Extension
----------------------------------------------------------------------------
Saavedra
SJD-829 13.25 &n bsp; 13.85 0.60 0.48 0.17 137.37 West
----------------------------------------------------------------------------
Saavedra
31.70 36.30 4.60 3.68 1.06 518.4 &n bsp; West
----------------------------------------------------------------------------
Saavedra
SJD-830 Nil West
---------------------------------------------------------------- ------------
Saavedra
SJD-831 Nil West
----------------------------------------------------------------------------
& nbsp; Saavedra
SJD-832 7.0 10.00 3.00 2.40 0.08 172.2 West
----------------------------------------------------------------------------
&nbs p; Saavedra
SJD-833 18.60 24.00 5.40 5.20 0.95 463.8 West
----------------------------------------------------------------------------
Saavedra
SJD-834 Nil West
----------------------------------------------------------------------------
Ayelen
split
SJD-835 Nil extension
----------------------------------------------------------------------------
SJD-836 &nbs p; Nil Luli-Susana
----------------------------------------------------------------------------
SJD-837 286.50 287.40 0.90 0.70 0.01 2.06 Susana
----------------------------------------------------------------------------
SJD-837 438.10 438.55 0.45 0.37 0.25 2.96 Luli
----------------------------------------------------------------------------
&nbs p; Media
SJD-838 Nil Bestia
----------------------------------------------------------------------------
SJD-839 239.25 239.55 0.30 0.24 1.11 26.1 Pablo
----------------------------------------------------------------------------
SJD-840 Nil Pablo
----------------------------------------------------------------------------
&nbs p; Micaela
SJD-841 Nil Extension
----------------------------------------------------------------------------
SJD-842 235.35 236.10 0.75 0.60 0.09 46.0 Pablo
----------------------------------------------------------------------------
; Huevos
Verdes
South Split
SJD-843 Nil extension
----------------------------------------------------------------------------
Micaela
SJD-844 Nil Extension
----------------------------------------------------------------------------
Micaela
SJD-845 Hole abandoned Extension
----------------------------------------------------------------------------
SJD-845 Nil Portuguese
----------------------------------------------------------------------------
SJD-846 Nil&nb sp; Portuguese
----------------------------------------------------------------------------
Saavedra
SJD-847 129.00 131.00 2.00 1.60 0.49 6.30 West
----------------------------------------------------------------------------
&n bsp; Saavedra
and 141.00 152.00 11.00 8.80 0.30 4.57 West
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&nb sp; Saavedra
" 170.00 173.00 3.00 2.40 1.26 18.34 West
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Saavedra
" 209.00&n bsp; 216.00 7.00 5.60 0.18 12.74 West
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Saavedra
" 221.00 228.00 7.00 5.60 0.13 1.93 &n bsp; West
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Saavedra
" 241.00 248.00 7.00 5.60 0.18 2.53 West
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Saavedra
SJD-848 122.40 127.20 4.80 3.84 1.10 36.26 West
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; Saavedra
and 127.20 137.75 10.55 8.44 0.40 5.04 West
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Saavedra
" 159.00 170.00 11.00 8.80 0.53 3.23 West
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Saavedra
SJD-849 213.98 214.89 0.91 1.29 3.67 West
------------------------------------- ---------------------------------------
Saavedra
SJD-850 Nil West
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&nbs p; Kospi Split
SJD-851 Nil I
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SJD-852 80.45 80.75 ; 0.24 6.81 569.00 Luli
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SJD-852 128.40 128.70 0.22 0.36 6.78 Susana
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Micaela
SJD-853 Nil Extension
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To view Exhibit 2A: Sept.-Dec. 31, 2010 Drill Holes on the San Jose Property,
please visit the following link:
http://media3.marketwire.com/docs/Exhibit%202A.pdf
To view Exhibit 3: Longitudinal Section - Susana and Luli Vein Drill Intercepts,
please visit the following link:
http://media3.marketwire.com/docs/Exhibit%203m.pdf
The TSX has not reviewed and does not accept responsibility for the adequacy or
accuracy of the contents of this news release, which has been prepared by
manageme nt.
Contacts:
Minera Andes Inc.
Jim Duff
Chief Operating Officer
Toll-Free: 1-866-441-0690 or 647-258-0395
647-258-0408 (FAX)
info@minandes.com
Minera Andes Inc.
99 George St. 3rd Floor
Toronto, Ontario, Canada. M5A 2N4
www.minandes.com
It could be higher I agree
I agree that it is quite undervalued. But I am disappointed in its price action. A lot of gold/silver stocks have performed well but MNEAF has been lagging.
This is so undervalued still it's not even funny, with Rob at the helm and the assets owned this is a nice sleeper and it's going to get alot better IMHO. :)
Been waiting for years
UXG announced dilution.
This one is another of our CEO's companies. Mr. McEwen also announced that he will buy a good chunk of the new shares.
http://finance.yahoo.com/news/US-Gold-Announces-Common-iw-3433769443.html?x=0&.v=1
Great Panther recently made it onto the AMEX. Why not Minera?
When will MNEAF get upgraded to AMEX? They should qualify..
My friends, for the week: +9%!!!
Nice numbers. Are they at 100% capacity?
MINERA ANDES ANALYSIS
I originally had my doubts about this company when I bought years ago but it has been skilfully managed and saved by a major stock holder buy out preventing it from being taken over by it's partner in the mine. This was one of those Cinderella stories where one of the company officers stepped forward and put millions of his own money down at the last moment and buys up controlling interest to keep it's crooked partner from scalping the company. With the direct ownership of the majority of stock by this person the mine will be safe from attacks and with no debt and steady income from the joint venture and a massive amount of 100% owned claim holdings in other rich resources and the money now at hand to develop those then this company has no wheres to go but up in price. I bought this one when it was only .19 cents and before it is over it will make me a 100 times what I invested in it. It is one of those true junior companies that is a Cinderella story ending. Read the below recent release and its previous ones from the past year to fully understand this great little company. Just the the first part is given below, go to the URL for the rest of the story and the company's web site.
Minera Andes Announces Increased Silver and Gold Production for the Fourth Quarter and for the Year 2010 at the San Jose Mine
2011-01-19 08:30 ET - News Release
TORONTO, ONTARIO -- (MARKET WIRE) -- 01/19/11
Minera Andes Inc. (the "Corporation" or "Minera Andes") (TSX: MAI)(OTCBB: MNEAF) announces the San Jose mine production results for the fourth quarter of 2010 and the year ended December 31, 2010. During the fourth quarter, the San Jose mine produced 1,871,440 ounces of silver and 26,141 ounces of gold, of which 49% is attributable to Minera Andes. For the full year of 2010 silver production was 5,323,842 ounces and gold production was 84,303 ounces.
http://www.stockwatch.com/News/Item.aspx?bid=U-i0709843-U%3aMNEAF-20110119&symbol=MNEAF®ion=U
yeah its going on a while now.. when that all first went down it seemed that minera did all the exploration and TNR didn't pony up.. the deadline when by..
then minera came out with the results and TNR all of a sudden wanted back in..
its been going back and forth.
real
"... MINERA ANDES REJECTS THE ABILITY OF TNR TO BACK-IN TO ANY PART OF THE LOS AZULES PROJECT... "
http://www.minandes.com/s/NewsReleases.asp?ReportID=395848&_Type=News-Releases&_Title=Minera-Andes-Rejects-TNR-Gold-Corp.s-Claim-of-Back-in-Right
And this:
"... As we mentioned in our April 1, 2010 news release, Minera Andes rejects the ability of TNR to back-in to any part of the Los Azules copper project. And, as also previously announced, Minera Andes has filed a statement of claim against TNR in the Supreme Court of British Columbia in respect of the same... "
Additionally:
"... As an additional point of clarification, Minera Andes wishes to confirm that notwithstanding references by TNR to "its Los Azules" project, that the Project remains 100% owned by Minera Andes and Minera Andes has no agreement or working relationship with TNR... "
http://www.minandes.com/s/NewsReleases.asp?ReportID=396725&_Type=News-Releases&_Title=Minera-Andes-rejects-TNR-Gold-Corp.s-claim-of-a-back-in-right-to-the-Los-Az...
Frankie,
Thanks for the article you posted. As one can see, Minera Andes responded as needed. Obviously, the issue has not died leaving one to think that TNR must be really desperate in spending such valuable share holder resources in the courts, legal fees, and media attention. This really is a shame that today we find Minera Andes spending such valuable share holder resources to fend off these legal manuevers. The spinoff of assets into a seperate public company by TNR seems to serve the purpose of legally protecting TNR in case this mess goes against TNR. I am not impressed - rather, I look the other way. Minera Andes is very clear about their position.
GL
Dec 20, 2010 (TheNewswire.ca via COMTEX) -- (via Thenewswire.ca)
Vancouver B.C.: TNR Gold Corp. ("TNR" or the "Company") announces that it has
become aware of a news release issued by Minera Andes Inc. (" MAI") on December
16, 2010 disclosing results of an updated preliminary assessment at the Los
Azules project ("Project").
As most recently disclosed by the Company in its press release of November 4,
2010, the Company is involved in a legal dispute with MAI regarding TNR's
interest in the Project. As a result, a qualified person of TNR (within the
meaning of National Instrument 43-101) has not been able to verify the
information disclosed by MAI, and, thus, such information should not be relied
upon by TNR shareholders.
The Los Azules project is an advanced exploration project in Argentina. TNR's
wholly owned subsidiary, Solitario Argentina S.A., has served notice exercising
its 25 per-cent back-in right to certain of the properties comprising the
Project. Solitario's right to back into the properties is the subject of a
lawsuit filed by Minera Andes, and the terms of the back in right are the
subject of litigation between So litario and Xstrata.
We encourage interested parties to review the Amended Statement of Defence and
Counterclaim in their entirety on our website for a better understating of our
position. The link for this information is as follows:
http://www.tnrgoldcorp.com/i/pdf/TNR%20FiledAmendedStatementofDefenceCounterclaim.pdf
It should be noted that the Statement of Defence and Counterclaim are not
intended to be, and should not be interpreted as, sources of factual, business
or operational information about TNR or any of its affiliates. The Statement of
Defence and Counterclaim contain assertions that have been prepared solely for
use in connection with the legal dispute with MAI and Xstrata, have not been
proven and should, therefore, not be relied upon.
ABOUT TNR GOLD CORP.
The Company is a diversified international metals exploration company focusing
on the continued advancement of existing properties and identifying and
acquiring new prospective projects. The Company has a portfolio of 18 active
projects, of which the rights to 9 rare metals projects, including Mariana, will
be transferred to the wholly owned subsidiary International Lithium Corp. upon
completion of a proposed plan of arrangement.
The objective of the proposed plan of arrangement is to spin out the Company's
rare metals property interests into a separate public company, International
Lithium Corp. This proposed plan of arrangement has been approved by the
Company's shareholders and the courts of British Columbia. The Company will now
proceed with the spin out and will provide updates on the progress of the
spinout in further news releases. For further details of the spinout, please
refer to Stockwatch news dated May 26, 2010, or visit International Lithium's
website.
The recent acquisition of lithium, other rare metals and rare-earth elements
projects in Argentina, Cana da, USA and Ireland confirms the combined companies'
commitments to generating projects, diversifying its markets, and building
shareholder value.
On behalf of the board,
Gary Schellenberg
President
Cautionary Language and Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts
responsibility for the adequacy or accuracy of this release. This press release
includes certain statements that may be deemed "forward-looking statements". All
statements in this discussion, other than statements of historical facts, that
address future exploration drilling, exploration activities and events or
developments that TNR expects, including the outcome of pending and current
litigation, are forward looking statements. Although the Company believes the
expectations expressed in such forward looking statements are based on
reasonable assumptions, such statements are not guarantee s of future performance
and actual results or developments may differ materially from those in
forward-looking statements. Factors that could cause actual results to differ
materially from those in forward-looking statements include metal prices,
exploration successes, continued availability of capital and financing, and
general economic, market or business conditions. In particular, there are no
assurances that TNR will be successful in the current litigation with respect to
the Los Azules Project and its back-in right. Accordingly, readers should not
place undue reliance on forward-looking statements. This press release and the
information contained herein does not constitute an offer of securities for sale
in the United States and securities may not be offered or sold in the United
States absent registration or exemption from registration.
Copyright (c) 2010 Thenewswire.ca - All rights reserved.
This doubled for me and some change...got to love this one. Hope you guys got in under a buck back in the day and held this puppy long like I have.
CPM Group Looks For Historically High Silver Prices For Next Decade
10 December 2010, 10:30 a.m.
By Kitco News
http://www.kitco.com/
http://www.kitco.com/reports/KitcoNews20101210AS_CPM.html
(Kitco News) - Silver prices are projected to remain at historically high levels over the next 10 years, concludes CPM Group in its 2010 edition of its “Silver Long-Term Outlook,” released Thursday by the New York commodities research and advisory firm.
The 224-page study is a comprehensive analysis of the key market fundamentals of silver that are expected to influence prices over a decade. The report contains projections for global mine production through 2019 on a mine-by-mine basis and also contains a new China section with an analysis of the silver supply and demand in a previously opaque market. CPM Group said the use of silver in China during 2009 was perhaps twice as much as had been believed.
The report also reviews uses for silver, including new fabrication demand such as solar panels, as well as investment. The report includes 10-year projections of supply, demand, and prices under a base case and two alternative scenarios.
“Strong investment demand, the single most important factor in influencing the price of the metal, is expected to keep silver prices at elevated levels during the projected period,” CPM Group said in a news release announcing the publication, which can be purchased. “Investors who view silver as a safe-haven asset are expected to continue buying large amounts of silver over the next couple of years as uncertainty regarding global economic growth, financial market instability, and volatility in major currency markets persist. As these concerns recede later in the decade, investment demand is projected to decline. Silver prices are expected to weaken alongside the decline in investment demand as the decade progresses.”
CPM Group said fabrication demand for silver is forecast to rise over the projected period, providing additional support to prices.
“Even in present economic conditions, there is strong demand for some of the products in which silver is used, including various electronic components used in a full range of consumer and industrial equipment,” CPM Group said. “Fabrication demand for silver is expected to rise further over the next few years, due to an anticipated improvement in global economic activity coupled with increased use of silver in some of its new and relatively new uses, such as solar panels, silver-zinc batteries.”
Primary silver mine production is expected to increase due to high silver prices and the relatively low cash and total operating costs, CPM Group said. Also, since much silver is produced as a byproduct of gold, copper, lead, and zinc, favorable market fundamentals and rising prices for these metals are expected to mean higher output and thus more silver as a by-product during the initial years covered by the CPM Group report. However, during the second half of the forecast period, net additions to silver mine supply are expected to decline, which CPM Group forecast to support silver prices during that time.
Meanwhile, CPM Group said silver use in China is estimated to have risen around three and a half times over the last decade, from 40.8 million ounces in 2000 to 139.2 million ounces in 2009, twice as large as many Western commentators have previously suggested. “Chinese silver fabrication demand is projected to account for nearly a fifth of global silver fabrication demand this year,” CPM Group said.
Previously, a lack of reliable statistics on silver fabrication demand and secondary recovery prevented China’s inclusion in international statistics. However, CPM said it has developed what it feels are sufficiently reliable statistics on silver fabrication demand by major industrial category and scrap recovery, relying on a network of industry associations and industrial participants in these markets.
By Allen Sykora of Kitco News; asykora@kitco.com
MNEAF chart definitely shows it needs a pull back and breather here. JMHO.
Great week for MNEAF. Silver (and yes, plenty of copper).
Speaking of copper...turns out JPM has been revealed as the big mystery player.
http://www.telegraph.co.uk/finance/newsbysector/industry/8180304/JP-Morgan-revealed-as-mystery-trader-that-bought-1bn-worth-of-copper-on-LME.html
that if i am not mistaken wasn't what the original mine was going for..
real
Their San José Mine produces 50 percent silver. By product?
40.8 Moz silver 628,000 oz gold
by product...
yeah...billions of pounds of it.
Silver and gold too though...
errrr don't you mean copper?
real
Up for the week, at the moment: +36%
Nice continuation. Does look a bit toppy, but these are unusual times. If silver breaks $30, MNEAF may not look back...
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Major Assets Under Strong Direction Minera Andes is a successful exploration company. We are pleased that the San José mine built upon our discovery has been successfully completed. San José has annualized production of gold 77,070 and silver of 4.9 million ounces produced in 2009. 49 percent of the value of San Jose's production is attributable to Minera Andes. We also own 100% of the Los Azules copper project in the San Juan province containing 11.2 billion lbs of copper and other exploration targets are 100% owned by Minera Andes. San José Potential Proven and probable ore reserves has been growing and potential exists for further increases. The San José mine and its planned expansion may mark the gradual opening of the 99,000-acre San Jose project area as an emerging mining district that hosts 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 kilometres 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. 100% Ownership of One of the Largest Undeveloped Copper Projects in the World! The Los Azules copper discovery in San Juan province is a great example of Minera Andes' skill in exploration and discovery. Since its discovery as a reconnaissance project in 2004, Minera Andes has discovered new mineralization at Los Azules each subsequent year. Los Azules is a sizeable discovery with an independently-calculated inferred mineral resource of 922 million tonnes grading 0.55 percent copper, and containing 11.2 billion pounds of copper. Exploration Active in two mining-friendly provinces (Santa Cruz in southern Argentina and San Juan in the north), Minera Andes has been successful in making new discoveries in silver, gold and copper. The company has numerous new discoveries in the highly prospective Santa Cruz province, an underexplored, still-emerging silver/gold region. Drilling is scheduled for three targets very similar to the San Jose discovery - quartz vein-hosted silver and gold. In San Juan with Los Azules, we are also finalizing plans for the upcoming 2009-2010 field season and expanding our known resource towards a preliminary feasibility study. Projects: San Jose Gold/Silver Mine, Los Azules Copper Project, Exploration |
Our strategic goal is to achieve success in a "mine cycle" of exploration, development and production in Argentina. Minera Andes explores in high-potential regions in Argentina, makes a discovery, and adds value to the discovery through a methodical and systematic exploration program. Our properties and targets are in two mining friendly provinces of Argentina -- Santa Cruz Province in the south and to the North, in the San Juan Province. Exploration: Key to Minera Andes' Growth The mines of tomorrow begin with the discoveries of today. Minera Andes is first and foremost an exploration company, and it is through successful, professional exploration that Minera Andes adds asset value to its books. Skilled, methodical exploration led to Minera Andes' discovery of what is now the operating San Jose mine in Argentina's Santa Cruz province. The same systematic exploration techniques resulted in the discovery of Minera Andes' Los Azules copper discovery in San Juan province and suggest Los Azules is larger than originally estimated. Exploration: Minera Andes' Professional Strength The mines of tomorrow begin with skilled exploration today. That simple fact guides Minera Andes -- an exploration company formed by experienced exploration geologists as a gold, silver and copper exploration company. With proven abilities in mineral exploration, property evaluation and management, Minera Andes emphasizes its professional strengths to add asset value. It then partners with other proven companies with strengths in mine development and operation. This business strategy is a proven success. It resulted in a discovery that led to the development and operation of the high-grade San Jose silver/gold mine. Now, San Jose is being prepared for a further production increase by the joint venture operator. To achieve this success, Minera Andes carries out a systematic, methodical exploration plan. Part of this deliberative approach has been to concentrate technical and human resources in Argentina, a country emerging as a new mineral frontier. Minera Andes' strategy has been to focus on properties which can be brought to drill and discovery stage as soon as possible, thus making more efficient use of financial and human resources. Minera Andes' Four Stages to Success Exploration: Large regions are investigated, sometimes through the use of satellite imaging. Once prospective areas have been identified, follow-up exploration is conducted by geologists in the field. Discovery: If a project contains sufficient mineralization and may be an economic discovery, further evaluation is planned. Adding Value: Work continues as long as the property continues to show promise. If a property fails to meet the tests of exploration, it is released and valuable exploration dollars are reassigned to another discovery. Marketing for Production: If results warrant, Minera Andes markets its discovery to a partner skilled in mine development and operation via a joint venture or other business agreement. http://www.minandes.com/Corporate-Info/Management-Profiles/default.aspx |
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