Minera to file revised 2008 and Q1 financial statements
Ticker Symbol: C:MAI

Minera to file revised 2008 and Q1 financial statements

Minera Andes Inc (C:MAI)
Shares Issued 230,648,851
Last Close 7/29/2009 $0.70
Thursday July 30 2009 - News Release

Mr. Art Johnson reports

MINERA ANDES TO FILE AMENDED AND RESTATED FINANCIAL STATEMENTS

Minera Andes Inc. intends to file later today amended and restated financial statements, and revised management discussion and analysis of financial condition and results of operations for the year ended Dec. 31, 2008, and for the quarter ended March 31, 2009. All amounts are in United States dollars.

The amended financial statements and the revised MD&A include: (i) The restatement of the corporations' investment in Minera Santa Cruz S.A. (MSC), an Argentinean corporation through which Minera Andes holds its 49-per-cent interest in the San Jose project, for interest income to the corporation since Jan. 1, 2008, on its loans to MSC which were previously not included in the equity pick-up of MSC; and (ii) following a detailed review of the corporation's tax affairs in Argentina, the corporation has included adjustments to restate its 2008 and 2007 accounts payable and accruals for previously unrecognized business and capital taxes in Argentina.

For the year ended Dec. 31, 2008, the effect of (i) above, is to increase the investment in MSC at Dec. 31, 2008, by $3,751,955, with a corresponding increase to income from the investment in MSC. The 2008 basic and diluted loss per share decreased from four cents to two cents. As a result of the restatements in (ii), the accounts payable and accruals at Dec. 31, 2008, and 2007, have been increased by $1,633,000 and $1,218,000 respectively. The opening accumulated deficit for the year ended Dec. 31, 2007, was increased by $1,218,000. Office overhead and administration fees increased by $415,000 and $369,000 for the years ended Dec. 31, 2008, and 2007, respectively.

For the quarter ended March 31, 2009, the effect of: (i) above, is to increase the investment in MSC as at March 31, 2009, by $967,383, from the restated December, 2008, investment; with a corresponding increase to income from investment in MSC. There was no significant change to the basic and diluted loss per share for the first quarter of 2009. As a result of the restatements in (ii) the total of accounts payable and accrued liabilities at March 31, 2009, has been increased by $2,029,000, and general and administrative expenses were increased by $396,000 for the three-month period.

The refiling of the amended financial statements and the revised MD&A is expected to be done later today and, when completed, the amended financial statements and the revised MD&A will be available for review on Stockwatch SEDAR files.