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mneaf is having a good day. I would have to take some profits at the close today if I bought in the 1.60's because this is a large cap stock and there is bound to be a retrace on todays movement. glta
Minera Andes announces the San Jose project increases silver and gold reserves by 71 percent
4/10/2007 8:30:00 AM
TSX: MAI NASD-OTCBB: MNEAF
SPOKANE, WA, April 10, 2007 /PRNewswire-FirstCall via COMTEX/ -- Minera Andes Inc. (TSX: MAI and US OTC: MNEAF) is pleased to announce the results of the 2006 exploration program at the San Jose project in Santa Cruz province, southern Argentina, where production is scheduled to commence in the second quarter of this year. The San Jose project is operated by, Hochschild Mining plc ("Hochschild") (HOC.L Reuters, HOC.LN Bloomberg, London Stock Exchange). Minera Andes has a 49% interest in the San Jose Project.
In 2006, a 21,241 meter drilling program increased silver and gold reserves by approximately 71% from the reserves announced in the news release of October 24, 2005. The highlights of the new reserve estimate from Hochschild and the expected initial mine production are as follows (all amounts are expressed in U.S. dollars, unless otherwise indicated):
- Proven and probable mineral reserves at December 31, 2006 are:
1,958,430 tonnes (t) with an average grade of 7.2 g/t gold and 450
g/t silver (using a cutoff off grade of $75/t - using a price of
$500/oz for gold and $8.50/oz for silver).
- Gold contained: 453,348 ounces proven and probable reserves
- Silver contained: 28,334,242 ounces proven and probable reserves
- Forecast average gold production: 60,633 ounces per year
- Forecast average silver production: 3,119,533 ounces per year
- Initial production 750 t/day - with plant and infrastructure
constructed to be upgraded to 1,500 t/day
- Forecast average operating costs of: $200 per ounce of gold
equivalent from October 2005 feasibility study
- Mine life increased from 4.3 years to 6.8 years
- Production: Scheduled start up second quarter 2007
The drilling completed on the San Jose mine at year end 2006 increased the project mine life by 58 percent from 4.3 years (as previously announced from the results of the feasibility study in October 2005) to 6.8 years. The new mineral reserves indicate an increase of approximately 71% in contained gold and silver and the mine now contains over 55 million silver equivalent ounces in the proven and probable categories (see reserve tables below). Inclusive of reserves the mineral resources (measured and indicated) on the property now total approximately 58.8 million silver equivalent ounces plus an additional 12.2 million silver equivalent ounces in the inferred category. This increase is primarily due to the addition of the Kospi vein to the reserve/resource category.
The Kospi vein is the first of the four new veins discovered on the property in the last 18 months to be drilled and placed into the reserve category. Sufficient drilling has not yet been done on the other veins to include them in the reserve category.
Allen Ambrose, president of Minera Andes, said "Even with the new drilling, less than 15% of the known 40 kilometers of the vein trends at San Jose have been drilled. The 21,241 meter drill program in 2006 increased the mine's reserves by 71%. The joint venture is drilling 38,228 meters in 2007 to define new reserves and continue evaluating new targets. These factors are expected to allow an expansion of production at the project within a short period after mine start-up. With production expected to begin in the second quarter of 2007, it is an exciting time for Minera Andes. We are on the road to becoming a producing company. In a few short months, we expect to be an unhedged low cost silver producer in Argentina."
The San Jose mine is in the final construction stages and scheduled to start up in the second quarter of this year. Approximately nine kilometers of underground workings have been developed at the mine along with the associated infrastructure. Completion of construction of the processing plant is underway, where the final product will be a silver/gold dore. This year mining will begin at the Huevos Verdes and Frea veins. All of the personnel have been hired for the mine and the processing plant personnel are currently being hired. During construction approximately 700 people are working at the site and when construction is complete the mine will be staffed by approximately 450 personnel.
The new San Jose mineral resource and reserve estimates, mine life, and mining rates, disclosed herein are from a report provided by our joint venture partner Hochschild which have been reported according to JORC code and use JORC categories that are recognized under Section 7.1(b) of NI 43-101. Minera Andes will have its independent qualified persons review the disclosure made herein and will have an independent technical report prepared and filed as soon as practicable. Investors should consider this in their investment decisions.
At December 31, 2006 total unaudited measured and indicated resources at the San Jose Project were 480,197 ounces of gold and 29.9 million ounces of silver, contained in 1.8 million tonnes grading 8.36 g/t gold and 522 g/t silver. An additional 99,015 ounces of gold and 5.9 million ounces of silver, in 317,824 tonnes, grading 9.69 g/t gold and 576 g/t silver are classified as inferred resources. The cutoff grade used to calculate the resources is $45/t (using a price of $500 for gold and $8.50 for silver).
Mineral Resources - Measured and Indicated(x)
-------------------------------------------------------------------------
Grades Classified Resource
------------------------------------------------------------
Area Total
Resources Au Ag Resource Measured Indicated
(12/31/06) (g/t) (g/t) (t) (t) (t)
-------------------------------------------------------------------------
HUEVOS VERDES 7.47 551 563,266 216,026 347,240
-------------------------------------------------------------------------
good decision. now take all that money fromm CVSS and put it in IEVM. Good luck with DNDN. I can only watch these days.
keep an eye on CERP....gonna pop soon. has been consolidating at this level in a very very tight range for a few months. Buy and double your money, at least, in 3 months...IMO
ievm...good solid consolidation...gonna blow by .40 in the next day or two
MNEAF...put your sell GTC at about $2.20..30% from here
CLRT...relentless upward movement
IEVM big big day
yeah..IPRE...This is a buy and holder...Not an overnight moonshot but a steady efficient management implementing a solid business plan. There is a bit of an equity overhang as thet raised some money not to long ago but nothing offensive. If you don't mind tying up some money for a couple of years, you will get 3 or 4 hundred percent easily here and probably a whole lot more.
new paper. It's over ..GLTA...I will take my beating in silence. I promise
quick....You can't get blood from a rock. and you can't ask a lemon to be an orange. The whole thing can be summed up in one phrase. We been pinked. but good effort nonetheless. They simply aren't a real company. Just save a few hundred for the momo on the news. It's coming. Legitimate dd here is an oxymoron. imo.. all the best
IVEM....ZIXI....CLRT....MNEAF
ZIXI......Oh boy I wish I had some cash
IEVM I love it.
IPRE, don't get shaken out of DTGP...HOLD
Clrt a very high volume day. This baby is the real deal
I have a theory. Insiders are trading this. They wiil play the news cycle that they have control of. From north of the border. right now they are bashers of their own stock as evidenced from that broadcast interview which made the company look foolish and as evidenced with some of the e-mail responses they have put out. Why have that interview? They bash their own stock under the guise of honestly evaluating the "companies" current state. I think they are hoping it goes to triple zeros. Then news and they recoup all the money they invested in this boondoggle. Just my opinion. I wish I had the cash to play with them. There is going to be a big payday here for the people with cash and timing...gl
clrt...is still heading for a double from here.
ENXTF..Upon the next contract announcement a big brak out from these levels. Actually, I expect a buyout offer a couple of dollars from here. There is no competition to their technology
MNEAF...a rock solid gift at 1.61. 30% gains coming in the next 2-3months. Consolidation at these levels almost complete. Remember they are getting real debt financing and the bank also got some warrants at about 2.20
they are not speaking about the float. Mgmnt that is and for good reason it appears. . There are a lot of mad money shares still out their. We go lower. Just a better buying op for those who are liquid and another painful lesson about "pink honesty" and timing for those of us who bought the momo
the s.o.b. took our advice. Now it is just a matter of how many of the damn things he owns
would the seller please just unload and go away.. I'm starting not to like you
we are not 3 zeros and seem to have hit the double bottom. I actually think we are a day or two away from a 10x...gl
Lefty, I am trapped in PKTO with no powder. I probably won't have any money until June but that sure was one hell of a heads up. Remember me come the very end of June when I am back in the states with a fist full of cash.. Can't wait to get home...gl
CLRT...is rock solid as I have said
one of these days, I will get a full membership here and return all those kind pm's. I've done a bit of arguing here on the hub but there is a lot of high quality souls lurking..IMO
avg a little over .044..anyway...ouch works
.005 doesn't help me. I need 10x that to make a profti
penny There are lots of bagholders here. Resistance all the way up as people exit with a few bucks and a modicum of dignity
IPRE your DTGP is looking good for more gains..gl
Lefty...thanks for keeping me in mind...It helps...
mkt makers are gonna sell 'em back for a profit today. good luck to all you vultures..I mean traders. I am just a piece of carrion
duck!!
I'll audit his financials for free. I have a BA in English and an MS in Education. I'll post the results on I-HUB on the CKYS thread. Oh please don't yell at me for trying to have a lttle fun. I'm getting my ass kicked here..
geez...leaving so soon...gl
I am a play thing of the momo gods. Damn I hate that role..gl anyway
They already have lost their shirts. Going public is an attempt to get a new pair of socks. Just bad timing. But would love to be wrong. Would beg for forgiveness if I were. Shamelessly. I would like it to hit .10 soon
Quick I really do appreciate your dd. I like your optimism. Bullet point number two however is IMO nonsense. That has to be one of the most disingenuous answers ever.
"We are in the process of completing our audited financial statements"
say goodnight gracie..
IPRE...I think this is a good entry into PKTO...Good luck in DTGP