LOS ANDES ANNOUNCES AGREEMENT FOR RESTRUCTURING OF OPTION PAYMENTS
January 16, 2009
Vancouver, BC – Los Andes Copper Ltd. ("Los Andes", or the "Company", TSX Venture Exchange: LA) announced today that it has entered into an agreement that provides for the restructuring of the remaining option payments and adjustment to the option price relating to certain of the mining concessions that form part of the Company's Vizcachitas Project (the "Additional Concessions"). The remaining option payments for the Additional Concessions were originally scheduled to be paid in three instalments by November 30, 2009, and will now be payable in five instalments to November 30, 2010.
This agreement improves the Company's liquidity going forward and provides additional flexibility as Los Andes continues to conserve its cash resources in view of the ongoing global financial crisis. As at December 31, 2008 the Company's cash and cash equivalents totaled approximately $4.1 million.
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 giant copper-molybdenum porphyries Rio Blanco-Los Bronces, Los Pelambres 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 cutoff. Additional information about the Vizcachitas Project is available on our website at www.losandescopper.com.
For more information please contact:
Michael Kuta, Corporate Secretary
Roger Moss, President
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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