Minera Andes to file amended and restated financial statements

TSX: MAI
NASD-OTCBB: MNEAF

SPOKANE, WA, July 30 /PRNewswire-FirstCall/ - Minera Andes Inc. (the
"Corporation" or "Minera Andes", TSX:MAI and US OTC:MNEAF) advises that it
intends to file later today amended and restated financial statements (the
"Amended Financial Statements") and revised management discussion and analysis
of financial condition and results of operations (the "Revised MD A") for the
year ended December 31, 2008 and for the quarter ended March 31, 2009. All
amounts are in US dollars.
The Amended Financial Statements and the Revised MD A include (i) the
restatement of the Corporations' investment in Minera Santa Cruz S.A. ("MSC"),
an Argentinean corporation through which Minera Andes holds its 49% interest
in the San Jose Project, for interest income to the Corporation since January
1, 2008 on its loans to MSC which were previously not included in the equity
pick-up of MSC; and (ii) following a detailed review of the Corporation's tax
affairs in Argentina, the Corporation has included adjustments to restate its
2008 and 2007 accounts payable and accruals for previously unrecognized
business and capital taxes in Argentina.
For the year ended December 31, 2008, the effect of (i) above, is to increase
the investment in MSC at December 31, 2008 by $3,751,955, with a corresponding
increase to income from the investment in MSC. The 2008 basic and diluted loss
per share decreased from $(0.04) to $(0.02). As a result of the restatements
in (ii), the accounts payable and accruals at December 31, 2008 and 2007 have
been increased by $1,633,000 and $1,218,000 respectively. The opening
accumulated deficit for the year ended December 31, 2007 was increased by
$1,218,000. Office overhead and administration fees increased by $415,000 and
$369,000 for the years ended December 31, 2008 and 2007, respectively.
For the quarter ended March 31, 2009, the effect of (i) above, is to increase
the investment in MSC as at March 31, 2009 by $967,383 from the restated
December 2008 investment; with a corresponding increase to income from
investment in MSC. There was no significant change to the basic and diluted
loss per share for the first quarter of 2009. As a result of the restatements
in (ii), the total of accounts payable and accrued liabilities at March 31,
2009 has been increased by $2,029,000 and general and administrative expenses
were increased by $396,000 for the three month period.
The re-filing of the Amended Financial Statements and the Revised MD A is
expected to be done later today and, when completed, the Amended Financial
Statements and the Revised MD A will be available for review on www.sedar.com.

Minera Andes is a gold, silver and copper exploration company with a 49%
interest in the San Jose silver-gold mine in Santa Cruz, Argentina. The San
Jose mine is owned by Minera Santa Cruz S.A. ("MSC"), which in turn is owned
49% by Minera Andes and 51% by Hochschild Mining plc. Hochschild is the
operator of the San Jose mine. The Corporation also owns the Los Azules copper
project in San Juan province, where a scoping study has been completed and the
Corporation is awaiting a decision by its joint venture partner, Xstrata
Copper Company, if it will exercise its right to back in to a 51% ownership of
the project. The Corporation holds or has an interest in approximately 304,000
acres of mineral exploration land in Argentina located in the regions near the
San Jose mine and Los Azules project. The Corporation presently has
230,688,851 shares issued and outstanding.

Caution Concerning Forward-Looking Statements:

This press release contains certain forward-looking statement and information.
The forward-looking statements and information express, as at the date of this
press release, the Corporation's plans, estimates, forecasts, projections,
expectations or beliefs as to future events and results. Forward-looking
statements involve a number of risks and uncertainties, and there can be no
assurance that such statements will prove to be accurate. Therefore, actual
results and future events could differ materially from those anticipated in
such statements. In particular, there can be no assurance that financing will
be secured within the time required. 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
precious metals, mining industry risks, risks associated with foreign
operations, the state of the capital markets, environmental risks and hazards,
uncertainty as to calculation of mineral reserves and other risks.
SOURCE Minera Andes Inc.

Art Johnson at the Spokane office, or Krister A. Kottmeier, investor relations
- Canada, at the Vancouver office. Visit our Web site: www.minandes.com.
Spokane Office, 111 East Magnesium Road, Ste. A, Spokane, WA, 99208, USA,
Phone: (509) 921-7322, E-mail: info@minandes.com; Vancouver Office, 911-470
Granville Street, Vancouver, B.C., V6C 1V5, Phone: (604) 689-7017, (877)
689-7018, E-mail: ircanada@minandes.com