MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND PLAN OF
MINERA ANDES INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This management’s discussion and analysis (“MD&A”) of the financial condition and results of operations is
prepared as of August 12, 2010 and is to be read in conjunction with our audited consolidated financial
statements and notes thereto for the year ended December 31, 2009, and the unaudited interim financial
statements for the three month and six month periods ended June 30, 2010, which have been prepared in
accordance with Canadian Generally Accepted Accounting Principles (“GAAP”) in Canada. These statements,
along with additional information relating to Minera Andes Inc, including our Annual Information Form for the
year ended December 31, 2009, are available on SEDAR at www.sedar.com and on the United States
Securities and Exchange Commission (“SEC”) EDGAR system at www.sec.gov. All amounts in this MD&A are
in U.S. dollars unless otherwise indicated. Canadian dollars are shown as C$.
Unless the context otherwise requires or it is otherwise stated, references in this MD&A to “Minera Andes” the
“Company” or “we” or “us” are references to Minera Andes Inc. (“MAI”) and its subsidiaries.
Cautionary Note to U.S. Investors — Information Concerning Preparation of Resource and Reserve
The terms “mineral reserve”, “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms
defined in accordance with National Instrument 43-101 — “Standards of Disclosure for Mineral Projects” (“NI
43-101”) and by the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) in the CIM Standards
on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as the same may be amended from
time to time by the CIM.
The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in the SEC Industry