US Gold and Minera Andes announced that Rob McEwen, Chairman, CEO, and largest shareholder of both companies has proposed to combine these companies to create a high growth, low-cost, mid-tier silver producer focused in the Americas. Mr. McEwen's investment in the combined company (market close on June 13, 2011) would be approximately US$ 345 million.
Minera Andes Inc. Mining News
Minera Andes announced net income of $17.0 million ($0.06 per share basic and diluted) for the quarter ended March 31, 2011, an increase of $19.9 million compared to a net loss of $2.9 million ($0.01 per share loss basic and diluted), as restated, for the same period in 2010. The increase is primarily attributable to the strong performance of the San José Mine where our 49% ownership interest is reflected in our Income from Investment in Minera Santa Cruz S.A. ("MSC") which increased from $0.1 million in Q1 2010 to $11.7 million in Q1 2011. Comparing Q1 2011 to Q1 2010, silver ounces sold at MSC increased from 739,000 ounces ("oz") to 1,342,000 oz and gold ounces sold increased from 14,000 oz to 18,000 oz, reflecting increases of 82% and 29%, respectively.
Toronto stock exchange listed Minera Andes announced on Friday the proposed spin-out of its copper assets, including the 100%-owned Los Azules project, has been deferred. The gold, silver and copper exploration company cited weaker financial markets, financing uncertainties, and a delayed legal decision regarding its dispute with TNR Gold over claims on the Argentinean property, as contributing to the board’s decision.
Minera Andes (MAI.TO: Quote) said on Thursday it plans to spin out its Los Azules copper project in Argentina into a new publicly traded company. The Toronto-based exploration company said the move will let it unlock value from Los Azules and allow it to focus on developing its San Jose gold-copper project, which is located in the vicinity of Goldcorp's (G.TO: Quote) recently acquired Cerro Negro project in Argentina.
Minera Andes Inc. (the "Corporation" or "Minera Andes") (TSX:MAI)(OTCBB:MNEAF) is pleased to provide a summary of the exploration results achieved during 2010 at the San José Mine. A total of 7.5 kilometers of new high-grade […]
Minera Andes Announces Increased Silver and Gold Production for the Fourth Quarter and for the Year 2010 at the San Jose Mine
Minera Andes Inc. announces the San Jose mine production results for the fourth quarter of 2010 and the year ended December 31, 2010.