Minera Andes owns the San Jose silver and gold mine in Argentina which produced over 5 million ounces of silver and 84,000 ounces of gold in 2010. Exploration continues to expand resources at San Jose which now has an estimated 12 year mine life. Minera Andes also owns the large undeveloped Los Azules copper project in Argentina which contains over 18% of the world's copper resources. Drilling and feasibility studies are ongoing to advance Los Azules with the goal of developing a 100,000 ton per day copper mine.

1. in Argentina
TSX: MAI OTC: MNEAF
July 2011
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2. Cautionary Statement
This presentation contains certain "forward-looking statements", including, but not limited to, the statements regarding Minera
Andes Inc.’s and its subsidiaries’ and affiliates’ (collectively the “Company’s”) strategic plans, forecasts, projections, future
financial or operating information, evolution of mineral resources and reserves, work programs, development plans, operating
performance and plans, exploration budgets and plans, or other expectations or beliefs as to future events or results. This
includes descriptions and summaries of certain proposals received from significant shareholders, which the Company and its
directors are currently evaluating. All statements, other than statements of historical fact, are forward-looking statements.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered
reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and
contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual financial results, performance or achievements of the Company to be
materially different from the Company's estimated future results, performance or achievements expressed or implied by those
forward-looking statements and the forward-looking statements are not guarantees of future performance. Risks and
uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the
forward-looking statements include, but are not limited to, the completion of a proposed business combination between Minera
Andes and US Gold (including the numerous approvals required in connection with such a business combination), risks related
to business integration as a result of a successful business combination, factors associated with fluctuations in the market price
of metals, mining industry risks, risks associated with foreign operations, risks associated with operations not controlled by the
Company, environmental risks and hazards, legislative, political or economic developments in the jurisdictions in which the
Company carries on business; operating or technical difficulties in connection with mining or development activities; employee
relations; availability and costs associated with mining inputs and labour; the speculative nature of exploration and development,
including the risks of obtaining necessary licenses and permits, currency fluctuations, uncertainty as to calculation of mineral
reserves and other risks. Reference is made to the risk factors and uncertainties described in the Company's continuous
disclosure record, a copy of which is available under the Company's profile at www.sedar.com. The Securities & Exchange
Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can
economically and legally extract or produce. We may use certain terms in this presentation, such as "mineral resources" and
“measured”, “indicated” and “inferred” mineral resources that are normally not permitted to be used in filings made with the SEC.
Investors are cautioned not to assume that any part of the mineral deposits in such categories will ever be converted into
reserves. Accordingly, information in this presentation containing descriptions of our mineral deposits may not be comparable to
similar information made public by U.S. companies subject to the disclosure requirements of the U.S. federal securities laws.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of
new information, future events or otherwise, except as required by applicable law.
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3. Minera Andes’ Assets
Silver, Gold & Copper
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4. SAN JOSÉ MINE!
Silver + Gold!
Production !
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5. San José
A Large Silver Mine
§ 2010 Production:
Silver – 5.3 million oz (@$9.67/oz Ag*)
Gold - 84,000 oz (@ $568/oz Au*)
§ Inferred resources nearly doubled
– 12 year resource life
§ Exploration continuing in 2011
§ 16 day strike in April-May 2011
* Cash operating costs on a co-product basis 5

6. Dec 2010 Resource and Reserves*
Resources (Significant Increase)
Mineral Tonnes Ag g/t Au g/t Ag Eq oz
Resource (millions)
M&I 2,645,000 480 7.39 78.5
2009
Inferred 2,002,000 310 4.98 39.2
M&I 3,055,000 475 6.80 86.8
2010
Inferred 2,986,000 373 5.96 70.2
2009 - Cutoff grade of 149 eqAg g/t using $925/oz Au and $15/oz Ag prices, Ag:Au ratio 60:1
2010 - Cutoff grade of 198 eqAg g/t using $900/oz Au and $15/oz Ag prices, Ag:Au ratio 60:1
Reserves
Mineral Tonnes Ag g/t Au g/t Ag Eq oz
Reserve (millions)
2009 2P 1,520,000 454 7.32 43.7
2010 2P 1,469,000 451 6.33 39.2
2009 – Breakeven cutoff value of $125.60/t using $810/oz Au and $13.50/oz Ag prices, Ag:Au ratio 60:1
2010 – Breakeven cutoff value of $191.30/t using $900/oz Au and $15.00/oz Ag Prices, Ag:Au ratio 60:1
*Reported March 28, 2011 in the company’s annual information form 6

7. San José Mine Production
Product Q1 2011 Q4 2010
Mill feed (tonnes) 113,696 135,710
Average head grade silver (g/t) 459 475
Average head grade gold (g/t) 6.08 6.34
Silver produced 1,522,000 1,871,440
Gold produced 21,410 26,141
Silver equivalent produced (60:1) 2,807,000 3,439,929
Cash cost per tonne of ore $181 $172
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8. Prospective Exploration Properties
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9. Santa Cruz Exploration Targets
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10. Los Azules
3,500 m Above Sea Level
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11. Los Azules
Amongst
Copper Giants
18% of
World s
Copper
Resources
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12. Exploration and Infill Drilling
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13. Exploration and Infill Drilling
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14. Los Azules – Longitudinal Section
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15. 2010-2011 Field Season
Accomplishments
• 9 infill drill holes - 2 deep exploration holes
• Advanced Preliminary Feasibility Study
• Preliminary hydrologic model
• Geotechnical evaluations
• Access road evaluation
• Environmental assessments and base line
monitoring
• Metallurgical test work
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16. 2011-2012 Goals
• Continue exploration and infill
drilling
• Advance Preliminary Feasibility
Study
• Metallurgical test work
• environmental studies and
baseline monitoring
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17. Los Azules
2010 Resource
g/t = grams per tonne
Resources not recalculated in 2011 because drilling during 2010-2011 season would not materially change resources
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18. Updated Preliminary Economic
Assessment Highlights
100,000 TPD ore production
LOM average 375 million lbs Cu/year
CAPEX $2.9 Billion
Cash Operating Cost $0.96/lb
Payback in 3 years @ $3/lb
25 year Mine Life
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