Oft hier als ""bargain"" erwaehnt, McEwen mus ja Moos haben. 
Der Grabscher ist sogar in Argentinien.
Wed Dec 21, 2005
Rob McEwen Agrees to Invest a Total of C$10 Million in Minera Andes
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SPOKANE, WA - December 21, 2005 - Minera Andes (TSX-V: MAI and US OTC: MNEAF) is pleased to announce that Rob McEwen has today subscribed C$5,395,159 for an aggregate of 15,414,740 units issued by way of private placement. Excluding warrants, completion of this subscription makes Mr. McEwen our largest shareholder with a 14.2% interest.
Terms for a second private placement have also been agreed to with Mr. McEwen that would make his total investment C$10 million. The second private placement of 13,156,689 units will only close 61 days after receipt of approval from the shareholders of the Corporation for the placement and for the waiver or repeal of Minera Andes' shareholder rights plan as it applies to Mr. McEwen. Excluding warrants, completion of the second placement would give Mr. McEwen a 23.5% shareholding in Minera Andes.
Proceeds from these two private placements will be used for further development and exploration of the advanced-stage, high-grade San José gold/silver project in southern Argentina. A positive bankable feasibility study for the project was released October 24, 2005 and permitting, advanced engineering and other work is currently underway. At San José, a work force of 330 is developing the underground workings exploring the main gold/silver vein. Proceeds will also be used for general corporate purposes and for exploration at the Los Azules copper discovery in west central Argentina, in accordance with Minera Andes' recently announced letter of intent with Xstrata Copper Americas.
Allen Ambrose, president of Minera Andes, said, "Minera Andes is an entrepreneurial mining company and we are pleased that a proven industry leader in the gold sector recognizes the value inherent in our company. The value in Minera Andes lies in the development of the advanced stage gold/silver project at San José, currently scheduled for production in the first quarter of 2007, and its significant exploration upside. In addition, we have a large portfolio of wholly owned exploration properties in Argentina, including the Los Azules copper property scheduled for drilling this field season."
Rob McEwen is Chairman and CEO of U.S. Gold Corporation (USGL: OTC BB) and was the founder, former Chairman and CEO of Goldcorp Inc. Over the past eighteen years Mr. McEwen turned Goldcorp Inc. from an investment company with a market capitalization of $50 million into a mining company with a market value over $7.0 billion today. He has been honored with such awards as the Northern Miner's Man of the Year Award; Ernst & Young's Ontario Entrepreneur of the Year Award in the Energy Category; and the Prospectors and Developers Association of Canada's Developer of the Year award. Under his leadership Goldcorp was named one of Fast Company magazine's 50 Companies of Innovation, and Business Week magazine's selection as one of the 50 most innovative companies on the web.
The first placement with Mr. McEwen consists of 15,414,740 units for gross proceeds of C$5.39 million. Each unit, priced at C$0.35, consists of one common share and one-half of one common share purchase warrant of Minera Andes. One whole common share purchase warrant entitles the holder to purchase one additional common share at an exercise price of C$0.55 per share at any time prior to the earlier of: a) the date which is the 15th trading day after receiving notice from Minera Andes that the weighted average price of the common shares on the TSX Venture Exchange has been equal to or greater than C$1.00 for a period of 20 consecutive trading days commencing 120 days after the date of issuance of the warrants, and b) December 20, 2007. Securities issued in this first private placement are subject to a four-month hold period, expiring April 21, 2006. The second private placement is for 13,156,689 units and has the same pricing and terms as the private placement just closed. The second private placement is subject to receiving all necessary regulatory and shareholder approvals and to the waiver or repeal of Minera Andes' shareholder rights plan as it applies to Mr. McEwen. Securities issued in the second private placement will also be subject to a four-month hold period from the date of issue.
Canaccord Capital Corporation will act as agent on both private placements. Canaccord will receive a 5 percent cash commission and up to 700,000 Agent warrants equal to 2.45 percent of the aggregate number of units sold pursuant to both placements. Each Agent warrant will entitle the Agent to acquire one common share on the same terms as the private placement warrants. A total of 377,661 Agent warrants have been issued in connection with the closed private placement. The closed private placement and the second private placement together total C$10 million.
The closed private placement is for C$ 5,395,159 totaling 15,414,740 shares and 7,707,370 warrants making Mr. McEwen a 19.9 percent shareholder in the Corporation on a diluted basis (14.2% on a non-diluted basis). The pending second private placement, for C$4,604,841 totaling 13,156,689 shares and 6,578,344 warrants, would take Mr. McEwen to 31.5 percent ownership on a diluted basis (23.5% on a non-diluted basis).
Under terms of the arrangement Mr. McEwen will have the right to nominate a director and a right to fund the Corporation in future financings for two years. If a majority of the shareholders don't approve the second private placement and waive or repeal the shareholder rights plan as it applies to Mr. McEwen through written approval or by a vote at a special meeting of the shareholders of the Corporation, then a break fee of C$2.0 million will be paid to Mr. McEwen.
In addition, Minera Andes has also completed a non-brokered private placement financing for C$701,639.75 through the issuance of 2,004,685 units at C$0.35 per unit. Each unit consists of one common share and one-half common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at an exercise price of C$0.55 for a period of 24 months. Finder's fees of 6 percent, payable by issuance of 120,281 common shares was paid to Haywood Securities in connection with this financing. The common shares and warrants comprising the units, the warrant shares issueable on exercise of warrants and common shares issued to Haywood Securities will have a four month hold period expiring on April 7, 2006. Proceeds from the financing will be used to advance our projects in Argentina.
Minera Andes is a gold, silver and copper exploration company working in Argentina. Minera Andes holds about 500,000 acres of mineral exploration land in Argentina, including the co-owned San José silver/gold project now under construction and feasibility consideration for possible mine production. Minera Andes has also discovered an enriched copper zone at its Los Azules property and is acquiring other exploration targets in southern Argentina. Including this closed private placement, the Corporation now has 108,484,137 issued and outstanding shares.
For further information, please contact: Art Johnson at the Spokane office, or Krister A. Kottmeier, investor relations - Canada, at the Vancouver office. Visit our Web site: http://www.minandes.com
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