LOS ANDES ANNOUNCES $7.5 MILLION PRIVATE PLACEMENT TO FUND ONGOING EXPLORATION AND DEVELOPMENT ACTIVITIES AT VIZCACHITAS PORPHYRY COPPER-MOLYBDENUM PROJECT
July 23, 2008
Vancouver, BC – Los Andes Copper Ltd. ("Los Andes", or the "Company", TSX Venture Exchange: LA) is pleased to announce that it has engaged a syndicate led by Haywood Securities Inc. and including Jennings Capital Inc. (the “Agents”) to conduct a brokered private placement of up to 15,000,000 units of the Company at a price of $0.50 per unit. Each unit consists of one common share and one non-transferable share purchase warrant. Each warrant is exercisable into one common share of the Company at a price of $0.70 per share for a period of one year. The Agents will receive a cash commission equal to 6.5% of the gross proceeds from the sale of the units and 350,000 broker warrants. Each broker warrant is exercisable at a price of $0.55 per share for a period of one year after closing. The units issued in connection with the private placement will be subject to a 4-month hold period.
The proceeds of the private placement will be used by the Company to finance ongoing exploration and development of the Vizcachitas project in Chile and for general working capital purposes.
The private placement is subject to acceptance by the TSX Venture Exchange.
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 35,255 metres of drilling in 130 diamond drill holes, the project contains an indicated resource of 515 million tonnes grading 0.39% copper and 0.011% molybdenum and an inferred resource of 572 million tonnes grading 0.34% copper and 0.012% molybdenum at a 0.30% copper equivalent cut-off. 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
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
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