Minera Andes still has 100% interest in Los Azules
Ticker Symbol: C:MAI

Minera Andes still has 100% interest in Los Azules

Minera Andes Inc (C:MAI)
Shares Issued 261,393,851
Last Close 10/1/2009 $0.67
Friday October 02 2009 - News Release

Ms. Helen Bilhete reports

MINERA ANDES PROVIDES CONFIRMATION OF ITS 100% EARN-IN ON THE LOS AZULES COPPER PROJECT

Minera Andes Inc. is confirming its 100% earn-in interest in the Los Azules copper project in Argentina.

As previously announced, Minera Andes exercised its 100% earn-in option with respect to the Los Azules project effective June 1, 2009. The Los Azules project was subject to a back-in right by Xstrata Copper. This right expired on October 1, 2009, without being exercised.

"With the expiry of the back-in right we can now turn our attention to aggressively continuing to explore and develop this property in order to deliver value to our shareholders" said Rob McEwen, President, CEO and Chairman (and the Corporation's largest individual shareholder)

Minera Andes expects the transfer of all the Los Azules properties from certain Xstrata affiliates to be completed shortly.

The Los Azules copper discovery is a very large copper porphyry system. Located in western San Juan province (Argentina), Los Azules has an independently calculated inferred mineral resource of 922 million tonnes grading 0.55 percent copper and containing 11.2 billion pounds of copper. This resource, calculated using a 0.35 percent copper cutoff grade, is defined by an area approximately 3.7 kilometers by one kilometer. Drilling has also identified a high-grade, near-surface copper core approximately one percent in grade. Los Azules is open at depth and to the north. At the current copper price (US$ 2.70/lb) the preliminary assessment contained in the Corporation's previously published technical report, indicated a pre-production capital cost of US$ 2.7 billion with an internal rate of return of approximately 22% and a net present value of US$ 2.9 billion.

In further news, Nils Engelstad, formerly legal counsel to the Corporation has been appointed to the position of Vice President, Corporate Affairs.

This news release is submitted by James K. Duff, Chief Operating Officer of Minera Andes Inc.