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. 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, 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 labor; 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. All monetary amounts herein are
stated in United States dollars unless otherwise noted.
2
8. My Rough Estimate of Value
(Based on FD 285 Million Shares)
San José (Ag, Au)
$3.6 B x 0.5 x 0.49 $880M $3.09
Los Azules (Cu)
12.5 B lbs Inferred $250M $0.88
Resources @ $0.02 / lb
Exploration Properties $50M $0.18
Cash $31M $0.11
$4.26
Current Share Price* $2.97
*Close March 28, 2011. Share o/s 280 million 8
9. Potential Value - Independent Research
3,000
2,000
Million $
Additional Possible Upside
Current Market Cap
1,000
-
Potential Upside Based On $0.05/lb.-$0.20/lb. Of Recoverable Copper
March 02, 2011 CIBC Institutional Equity Research Industry Update 9
10. Recent News
Copper Spin Out
1 Minera Andes Share
= 1 Minera Andes
+
1 Minera copper 10
15. Los Azules
Preliminary Economic Assessment
Forecast Copper Production
• 100,000 tpd
• 500 Million lbs / yr
1st 5 yrs 226,500 tonnes / yr
• 375 milion lbs / yr
LOM 170,000 tonnes / yr
15
16. Los Azules
Preliminary Economic Assessment
Forecast Highlights
CAPEX $2.9 Billion
Payback @ $3 lb in 3 yrs
Mine Life 25 yrs
Cash Operating Cost $0.96/lb
16
18. Los Azules: Big Widths, Good Grades
Stepping out: 1.1%
copper over 62.5 meters
Exploration Targets
• Expand High Grade
• North End
• Geophysical Targets
18
23. Comparison of Resources
Reserves & Resources Contained Ounces
Goldcorp - Cerro Negro Gold Grade Silver Grade
(Feb 09, 2011) Moz gpt Moz gpt
Proven & Probable 2.1 9.0 20.5 89.3
Measured & Indicated 2.7 8.8 18.7 61.8
Inferred 0.7 5.0 4.7 32.8
Minera Andes - San José
(Nov 22, 2010)
Measured + Indicated 0.7 6.8 44.2 462
Inferred 0.7 4.9 46.4 317
San José Mine: 49% MAI, 51% HOC 23
24. San José vs Cerro Negro
Silver Equiv. Reserves & Resources
56% Resources
with
Better Silver Grades
and
In Production
@ 40:1 Silver:Gold Exch. Ratio 24
25. Highlights New Veins
@ San José
Sofia Vein
10.13 m @ 14.96 g/t Au, 1,096 g/t Ag
5.45 m @ 13.54 g/t Au, 206 g/t Ag
1.72 m @ 10.94 g/t Au, 1,255 g/t Ag
Micaela Vein
2.45 m @ 8.33 g/t Au, 1,484 g/t Ag
1.09 m @ 33.50 g/t Au, 2,752 g/t Ag
25
27. TSX: MAI US OTC: MNEAF
Shares
Share Price(1) C$2.97 280 Million O/S
285 Million FD
Avg Volume(2) 1,100,000
Market Cap(1) C$831 MM
Cash(3) C$31 MM No Bank Debt
(1)*As of March 28, 2011 (2)*3 months (3)*As of Feb 07, 2011 27
28. San José Mine
Estimated Cash Flow to Minera Andes
Using Current Ag, Au Prices
Today
25%
After Mid 2012
49%
28
29. Year End Financials
2010 2009
(millions)
Net Income $30.9 $4.1
EPS $0.12 $0.02
EPS FD $0.11 $0.02
29
30. Q4 Financials
2010 2009
(millions)
Net Income $18.8 $2.4
EPS $0.07 $0.01
30
32. Buy Minera Andes
If you,
were Andean Res. Shareholder
want Big Copper Exposure
want Big Leverage to Silver
want a Silver / Gold Producer
want Management with Big Ownership
32
