SPOKANE, WA, Feb. 9 /-/ - Minera Andes Inc. (TSX: MAI and US OTC: MNEAF) is pleased to announce that at a special meeting of shareholders over 97% of the shares voted approved an incentive program for the early exercise of three series of common share purchase warrants of the Corporation.
The early exercise incentive program pertains to three private placements listed in the table below. Notices regarding the early exercise incentive will be delivered to holders of the affected private placements advising the holders of the incentive exercise program. Holders of these warrants will have until 5:00 p.m. (Toronto time) on March 19, 2007 to exercise their warrants to receive the incentive.
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Number of Value of Warrants
Warrant Price (C$) Expiry Date Warrants Outstanding (C$)
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0.50 11/13/2008 1,730,225 $865,113
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0.55 12/1/2007 935,714 $514,643
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0.70 3/22/2010 6,231,953 $4,362,367
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Total 8,897,892 $5,742,123
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As approved by Minera Andes shareholders, the warrant incentive program pertains to the early exercise of 8,897,892 common share purchase warrants currently outstanding and totaling C$5,742,123.
Under the incentive program, warrant holders will receive one new common share purchase warrant exercisable at the price of CDN$1.75 per share expiring September 19, 2008 for each ten warrants currently held if the holder exercises his or her existing warrants on or before 5:00 p.m. (Toronto time) on March 19, 2007. The new warrants and common shares issuable upon exercise will be subject to a four-month and one-day hold period. If a warrant holder does not wish to take part in the incentive exercise program, the existing warrants he or she holds will continue to be exercisable for common shares under the original terms of the private placement. However, the holder will not be entitled to receive any new incentive warrants.
Minera Andes is a gold, silver and copper exploration company working in Argentina. Minera Andes holds about 440,000 acres of mineral exploration land including the co-owned San Jose gold/silver project now under construction and development for planned mine production in 2007, and the Los Azules copper project now undergoing an economic scoping study. Minera Andes is engaged in exploration and the acquisition of other exploration targets in southern Argentina. The Corporation presently has 157,009,415 issued and outstanding shares.
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.
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.
CONTACT: please contact Art Johnson at the Spokane office, or Krister A. Kottmeier, investor relations - Canada, at the Vancouver office. Visit our web site: http://www.minandes.com. Spokane Office: 111 East Magnesium Road, Ste. A, Spokane, WA, 99208, USA, Phone: (509) 921-7322, E-mail: info@minandes.com; Vancouver Office: 911-470 Granville Street, Vancouver, B.C., V6C 1V5, Phone: (604) 689-7017, 1-877-689-7018, E-mail: ircanada@minandes.com
