Minera Andes Reports Second Quarter 2010 Results
TORONTO, ONTARIO – August 13 2010 - Minera Andes Inc. (the “Corporation” or “Minera Andes”)
(TSX: MAI and US OTC: MNEAF) is pleased to announce net income of $4.6 million ($0.02 per share basic
and diluted) for the three month period ended June 30, 2010, compared to net income of $0.9 million ($0.00 per
share basic and diluted) for the three months ended June 30, 2009. All amounts in this news release are in US
dollars unless otherwise noted. Our financial statements and management’s discussion and analysis are available
under the Corporation’s profile at www.sedar.com and www.sec.gov.
The increase in net income for the quarter was primarily due to an increase of $4.0 million in income on our
investment in Minera Santa Cruz (“MSC”), which was partially offset by an increase of $0.3 million in total
expenses for the quarter. This increase in expenses was a net result of a foreign currency exchange loss (due to a
lower Canadian dollar) and an increase in legal expenses for the quarter, partially offset by a decrease in general
and administrative costs.
Minera Andes has a 49% interest in the San José mine which is operated by MSC in the province of Santa Cruz,
Argentina, an emerging gold/silver region home to many producing mines. Net proceeds realized by MSC from the
sale of silver and gold for the quarter totaled $49.4 million as compared to $27.8 million for the first quarter of
2010, an increase of $21.6 million due to higher production and mill throughput as well as higher realized metal
prices for both silver and gold. Net income at MSC for the second quarter was $11.3 million, an $8.9 million
increase from the first quarter of this year. Silver and gold production came in at 1,220,794 ounces of silver and
19,707 ounces of gold, which were 48% and 20% higher respectively compared to the first quarter of this year.
These figures are presented on a 100% basis.
The average weighted