Minera Andes earns $1.3-million in Q1 2010
Minera Andes Inc (C:MAI)
Shares Issued 264,741,621
Last Close 5/10/2010 $0.95
Tuesday May 11 2010 - News Release
Ms. Daniela Ozersky reports
MINERA ANDES REPORTS NET INCOME OF $1.3 MILLION FOR FIRST QUARTER 2010
Minera Andes Inc. had net income of $1.3-million (one cent per share basic and diluted) in its financial statements for the three months ended March 31, 2010, compared with a net loss of $4.4-million (two cents per share basic and diluted) for the three months ended March 31, 2009. All amounts in this news release are in US dollars unless otherwise noted. Our financial statements and management's discussion and analysis are available under the Corporation's profile at www.sedar.com and www.sec.gov.
This increase was primarily due to an increase in the income recorded in our investment in Minera Santa Cruz S.A. ("MSC") and a reduction in total expenses in 2010. Minera Andes' share of the net income derived from MSC for the three months ended March 31, 2010 (before amortization), was $2.2 million compared to income of $0.0 million in the same period in 2009. MSC is owned 49% by Minera Andes and 51% by Hochschild Mining plc ("Hochschild"). MSC owns the San Jose silver-gold mine in southern Argentina (the "Mine" or the "San Jose Mine") and Hochschild is the operator of the Mine.
Also, in comparing the first quarter of this year with the same period in 2009 Minera Andes reduced total expenses by $3.6 million, which was a result of decreases in professional fees and interest expense while also benefitting from a positive change in foreign currency exchange.
For full details of the activities of the Corporation during the first quarter of 2010 please refer to our management discussion and analysis.
