August 11, 2011 08:00 ET Minera Andes Announces Second Quarter 2011 Financial Results
"TORONTO, ONTARIO--(Marketwire - Aug. 11, 2011) - Minera Andes Inc. (the "Company" or "Minera Andes") (TSX: MAI) (OTCBB: MNEAF) is pleased to announce net income of $10.7 million ($0.04 per share basic and diluted) for the quarter ended June 30, 2011, an increase of $6.4 million compared to net income of $4.3 million ($0.02 per share basic and diluted), 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 $4.1 million in Q2 2010 to $13.5 million in Q2 2011. Comparing Q2 2010 to Q2 2011, silver ounces sold at MSC increased from 1,295,000 ounces ("oz") to 1,584,000 oz reflecting an increase of 22% and gold oz sold remained at 22,000 oz. MSC also benefitted from higher silver and gold prices: the average weighted gross sale price for silver was $36.18 per oz in Q2 2011 compared to $18.21 per oz in Q2 2010, a 99% increase; the average weighted gross sale price for gold was $1,496 per oz for gold compared to $1,233 per oz, a 21% increase.
In June 2011, Mr. Robert McEWEN, the Chairman, Chief Executive Officer and largest shareholder of the Company and of US Gold Corporation ("US Gold") proposed the combination of the two companies to create a high growth, low-cost, mid-tier silver producer focused on the Americas.
Completion of the business combination is conditional on approval of Minera Andes' and US Gold's Board of Directors and their special committees, confirmatory due diligence, the approval of each company's shareholders, and satisfaction of customary approvals, including regulatory, stock exchange, and court approvals.
As a result of this proposal both companies have formed special committees of indepen-dent directors to review Mr. McEwen's proposal and have retained independent financial advisors and independent legal counsel to consider the transaction. The business combination, if approved, is anticipated to become effective in late November 2011"...
SOURCE / LINK / QUELLE dieses Ausschnitts: http://www.marketwire.com/press-release/...esults-tsx-mai-1548558.htm ----------- Gold kauft den Wagen; Silber füttert die Pferde & füllt Dir den Tank...
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