RE: MAI delays Los Azules spinoutMinera Andes Defers Spin-Out of Los Azules Copper Project
5/19/2011 6:53:52 PM - Market Wire
TORONTO, ONTARIO, May 19, 2011 (MARKETWIRE via COMTEX News Network) --
Minera Andes Inc. (TSX: MAI)(OTCBB: MNEAF) announced today that the proposed spin-out of its copper assets, including the Los Azules project, has been deferred. Weaker financial markets, financing uncertainties, and a delayed legal decision (as described in our May 17, 2011 news release) all contributed to this decision by Minera Andes' board of directors.
About Minera Andes: Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: (i) a 49% interest in Minera Santa Cruz SA, owner of the San Jose Mine in close proximity to Goldcorp's Cerro Negro project; (ii) 100% ownership of the Los Azules copper deposit; and, (iii) 100% ownership of a large portfolio of exploration properties in Santa Cruz province, Argentina, including properties bordering the Cerro Negro project in Santa Cruz Province. The company had $31 million USD in cash as at February 7, 2011 with no bank debt. Rob McEwen, Chairman and CEO, owns 31% of the shares of the company.
This news release has been submitted by Robert R. McEwen, President and CEO of Minera Andes Inc.
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I HOPE NO OUT OF COURT SETTLEMENT IS EVER REACHED.............TNR WOULD BE BETTER OFF LETTING THE LEGAL PROCESS AND GET WHAT (IF THE BC SUPREME COURT DECIDES IN ITS FAVOUR) IT DESERVES.