Strong Performance At San Jose Mine
TORONTO, ON - Minera Andes Inc. reported net income of $10.7 million for the quarter ended June 30, 2011, an increase of $6.4 million compared to net income of $4.3 million for the same period in 2010.
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.
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.
In June 2011, Mr. Robert McEwen, the Chairman, Chief Executive Officer and largest shareholder of the Company and of US Gold Corporation ("US Gold") proposed the combination of the two companies to create a high growth, low-cost, mid-tier silver producer focused on the Americas. The company's address is 99 George St., 3rd Floor, Toronto, ON M5A 2N4, 647-258-0395, fax: 647-258-0408.