Minera Andes Inc.

Minera Andes Inc.

February 24, 2005 08:30 ET

Minera Andes Announces International Bankers Visit San Jose Project Prior To Feasiblity Study Completion


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MINERA ANDES INC.

TSX VENTURE SYMBOL: MAI
OTC Bulletin Board SYMBOL: MNEAF

FEBRUARY 24, 2005 - 08:30 ET

Minera Andes Announces International Bankers Visit San
Jose Project Prior To Feasiblity Study Completion

SPOKANE, WASHINGTON--(CCNMatthews - Feb. 24, 2005) - Minera Andes Inc.
(TSX VENTURE:MAI)(OTCBB:MNEAF) is pleased to announce that a group of
approximately ten financial and technical representatives from five
international banks are visiting the San Jose/Huevos Verdes silver/gold
project this week. The visit to the project located in southern
Argentina allows the banks to familiarize themselves with the project,
which helps expedite the bidding process for any project financing debt
facility, based on a positive feasibility study outcome.

Allen V. Ambrose, president of Minera Andes said "The response to the
early visit to the property prior to the completion of the feasibility
study indicates the level of interest the project is receiving from the
banking community. Assuming a positive feasibility study is produced our
goal is to have bank project finance proposals made shortly after to
eliminate any lost time between feasibility completion and any potential
start-up construction."

The site visit by the international banks represents a new stage in the
San Jose project advancement. Minera Santa Cruz, our operating company
with partner Mauricio Hochschild & Cia. Ltda (51%), coordinated the
visit. The current program at the San Jose/Huevos Verdes project
includes resource/reserve development from 3.5km of underground
exploration workings and a 30,000 meter drilling program in progress
with four drill rigs on the property. In addition, construction of
infrastructure including surface buildings and underground mine
development is underway with the feasibility study in progress expected
to be completed by the end of June this year. The development site at
Huevos Verdes currently has a work force of over 180 personnel.

Minera Andes is a gold, silver and copper exploration company working in
Argentina. The corporation is funded with working capital of about
US$1.1 million and a pending credit facility of up to US$2 million for
feasibility study completion and underground construction at its
advanced-stage silver/gold project in Santa Cruz province. Minera Andes
holds about 500,000 acres of mineral exploration land in Argentina,
including the co-owned Huevos Verdes/San Jose silver/gold project now
under construction and feasibility consideration for possible mine
production. Minera Andes has also discovered an enriched copper zone at
its Los Azules property and is acquiring other exploration targets in
southern Argentina. The Corporation presently has 71,674,306 issued and
outstanding shares.

FORWARD-LOOKING STATEMENT - Although Minera Andes believes many of its
properties have promising potential, its properties are in the early
stages of exploration. None have yet been shown to contain proven or
probable mineral reserves. There can be no assurance that such reserves
will be identified on any property, or that, if identified,
mineralization may be economically extracted. There can be no assurance
that the San Jose/Huevos Verdes gold/silver project will be found to be
economically feasible or that a mine will be successfully constructed.
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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Minera Andes Inc. - Spokane Office
    111 East Magnesium Rd., Suite A
    Spokane, WA 99208 USA
    (509) 921-7322
    E-mail: mineraandes@minandes.com
    or
    Minera Andes Inc. - Vancouver Office
    410-744 West Hastings Street
    Vancouver, B.C. V6C 1A5
    (604) 689-7017 or 877-689-7018
    E-mail: ircanada@minandes.com
    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.