LOS ANDES ANNOUNCES COMPLETION OF ITS $6 MILLION PRIVATE PLACEMENT PLUS THE FULL $1.5 MILLION IN THE RESERVED ADDITIONAL ALLOTMENT TO RAISE $7.5 MILLION
November 26, 2007
Vancouver, BC – Los Andes Copper Ltd. ("Los Andes", or the "Company", TSX Venture Exchange: LA) is pleased to announce that, further to its news release of November 2, 2007, the Company has completed its non-brokered private placement of $6 million and has received subscriptions for the full reserved additional allotment of $1.5 million. Los Andes sold a total of 15,000,000 units at a price of $0.50 per unit for aggregate gross proceeds of $7,500,000. Each unit issued under the private placement consisted of one common share and one-half of one share purchase warrant. Each warrant entitles the holder to acquire one additional common share of the Company at a price of $0.75 until November 24, 2008. In connection with the private placement, Los Andes paid aggregate finder’s fees of $305,025. All securities issued as referenced above are subject to a four month hold period expiring March 23, 2008.
The proceeds of the private placement will be used by the Company to finance a phase two drilling program on the Vizcachitas copper-molybdenum project located in Region V, Chile; and for general working capital purposes.
The Vizcachitas Project offers potential for a low strip, open pit operation in an area of low elevation with excellent infrastructure, including water and power in central Chile. The Vizcachitas deposit occurs in the same metallogenic belt as the large copper-molybdenum porphyries Rio Blanco-Los Bronces, Los Pelambres-El Pachon and El Teniente. Based on 68 drill holes previously completed by General Minerals Corporation and Placer Dome, the project contains an indicated resource of 232 million tonnes grading 0.46% copper and 0.014% molybdenum and an inferred resource of 619 million tonnes grading 0.38% copper and 0.013% molybdenum at a 0.30% copper cutoff. At a 0.4% cutoff, indicated resources total 144 million tonnes grading 0.52% copper and 0.015% molybdenum and inferred resources total 211 million tonnes grading 0.46% copper and 0.016% molybdenum as detailed in the NI43-101 compliant technical report of A.C.A. Howe International Limited dated February 7, 2007. The technical report, as well as additional information about the Vizcachitas Project is available on our website at www.losandescopper.com.
For more information please contact:
Roger Moss, President Tel: 416-516-6050 or
This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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