LOS ANDES COMPLETES ACQUISITION OF CONSUMPTIVE WATER RIGHTS FOR VIZCACHITAS
March 27, 2008
Vancouver, BC – Los Andes Copper Ltd. ("Los Andes", or the "Company", TSX Venture Exchange: LA) announces the completion of the previously announced (see news release dated January 25, 2008) acquisition of the 250 litres per second water right, which is an entitlement to permanent, continuous, consumptive use of 250 litres per second of flow from the Aconcagua River, from Inversiones Y Asesorias El Sauce Sociedad Anonima.
Under the terms of the purchase agreement, Los Andes agreed to pay Inversiones Y Asesorias El Sauce Sociedad Anonima US$17,000 per litre per second for a total of US$4,250,000 as follows:
The acquisition of this substantial water right represents a major step towards securing the water necessary for potential mining operations at Vizcachitas.
Two diamond drill rigs continue drilling at Vizcachitas and 14,700 metres in 58 holes have been completed since drilling began in July last year. The current program is expected to be completed in May, after which the resource will be updated using results from both recent and historical drilling.
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:
Michael Kuta, Corporate Secretary Tel: 604-697-6201 or
Roger Moss, President Tel: 416-516-6050
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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