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  • Investor’s Patience Rewarded on Minera Andes Inc. 0 comments
    Nov 30, 2010 12:30 PM | about stocks: MNEAF
    Over my years of participation in micro and small cap stocks, it seems that many traders believe stocks should go up every day and day after day after day. Well, like everything else, stocks are all about supply and demand and what goes up, must eventually level off or come down some.
    When a solid company has substantial gains, the stock goes into a consolidation period whereby the stock “rests” and shakes out the impatient traders and weak hands. Once this consolidation is over, the stock is much freer to move to higher levels. Sometimes this takes time…

    This consolidation period on Minera Andes (OTCBB: MNEAF) lasted about 7 weeks. Traders typically do not hold stocks for 7 hours let alone 7 weeks. But investors that held on have been rewarded.
    Last week Minera Andes announced that results of an updated independent mineral resource estimate as at September 30, 2010 at the San Jose mine in Santa Cruz province, southern Argentina. The contained silver in the Inferred Mineral Resources increased by 133% and the contained gold increased by 122% compared to the December 31, 2009 estimate as reported by the Corporation in its March 31, 2010 Annual Information Form.
    Interestingly the stock did not charge to its breakout level close until late in the trading session yesterday (29 Nov. 2010). Regardless of timing, the $2.35 close (52 week high) on volume that was twice the average daily volume for the stock bodes well for the immediate future of this company. The stock may indeed rest here or trim some of its gains but it looks very healthy on the chart!
    About Minera Andes
    Minera Andes (TSX: MAI, US OTC: MNEAF) has three significant assets in Argentina: 100% ownership of approximately 133,700 acres of mineral rights bordering the Cerro Negro project owned by Andean Resources, a company Goldcorp Inc. recently bid $3.6 Billion for; 49% interest in the producing San José gold/silver mine, located approximately 20 km north of Cerro Negro; and, 100% ownership of Los Azules, a large porphyry copper deposit with 10.3 Billion pounds of copper (inferred basis) and 2.2 Billion pounds of copper (indicated basis).

    Minera Andes is an Alberta corporation with headquarters in Toronto and an office in Mendoza, Argentina. The common shares of Minera Andes are listed on the Toronto Stock Exchange under the symbol MAI and trade on the over-the-counter bulletin board market in the United States under the symbol MNEAF.

    Disclosure: no position and no compensation
    Stocks: MNEAF
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