Minera Andes attracts Cominco to Argentina

Cominco (TSE) can earn a half interest in the Pino Andino and Santa Clara gold-copper properties in Argentina.

To do so, it must spend US$5 million per project over four years and pay the vendor, Minera Andes (ASE), US$350,000 for Pino Andino and US$250,000 for Santa Clara.

Both properties represent copper-gold porphyry targets.

Recent drilling on the Pino Andino returned up to 16 metres grading 1.2 grams gold per tonne and up to 93 metres grading 0.32% copper in two separate holes.

Cominco will also complete a private placement in Minera Andes, comprising 877,194 units for $3 million. Each unit includes one common share and half a warrant, with each whole warrant exercisable at $3.98 per share for one year.

The agreement requires Minera Andes to spend 25% of the private placement proceeds on the two optioned properties.

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