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TSX: MAI OTC: MNEAF

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in Argentina

March 2011

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Cautionary Statement This presentation contains certain "forward-looking statements", including, but not limited to, the statements regarding Minera Andes Inc.’s and its subsidiaries’ and affiliates’ (collectively the “Company’s”) strategic plans, forecasts, projections, future financial or operating information, evolution of mineral resources and reserves, work programs, development plans, operating performance and plans, exploration budgets and plans, or other expectations or beliefs as to future events or results. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of the Company to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of metals, mining industry risks, risks associated with foreign operations, risks associated with operations not controlled by the Company, environmental risks and hazards, legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; employee relations; availability and costs associated with mining inputs and labor; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits, currency fluctuations, uncertainty as to calculation of mineral reserves and other risks. Reference is made to the risk factors and uncertainties described in the Company's continuous disclosure record, a copy of which is available under the Company's profile at www.sedar.com. The Securities & Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in this presentation, such as "mineral resources" and “measured”, “indicated” and “inferred” mineral resources that are normally not permitted to be used in filings made with the SEC. Investors are cautioned not to assume that any part of the mineral deposits in such categories will ever be converted into reserves. Accordingly, information in this presentation containing descriptions of our mineral deposits may not be comparable to similar information made public by U.S. companies subject to the disclosure requirements of the U.S. federal securities laws. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. All monetary amounts herein are stated in United States dollars unless otherwise noted.

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Share Ownership by CEO

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CEO Owns 31%

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CEO’s Investment

$60 Million 86 Million Shares

$0.72 / Share

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CEO §  No Salary

§  Makes $ Same way as Shareholders

§  By Higher Share Price

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Minera Andes’ Assets Silver, Gold & Copper

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My Rough Estimate of Value (Based on FD 285 Million Shares)

Los Azules (Cu) 12.5 B lbs Inferred Resources @ $0.02 / lb

$880M

Current Share Price* $2.97

$250M

$50M

$3.09

$0.88

$0.18

*Close March 28, 2011. Share o/s 280 million

$4.26

San José (Ag, Au) $3.6 B x 0.5 x 0.49

Exploration Properties

Cash $31M $0.11

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Potential Value - Independent Research

Potential Upside Based On $0.05/lb.-$0.20/lb. Of Recoverable Copper March 02, 2011 CIBC Institutional Equity Research Industry Update

-

1,000

2,000

3,000

Additional Possible Upside

Current Market Cap Mill

ion

$

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Recent News Copper Spin Out

1 Minera Andes Share

= 1 Minera Andes + 1 Minera copper

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Los Azules Amongst Copper Giants

18% of World’s Copper Resources

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Los Azules 3,500m Above Sea Level

Big Copper

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Los Azules 2010 Resource

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Los Azules Preliminary Economic Assessment

Forecast Copper Production

•  100,000 tpd

•  500 Million lbs / yr 1st 5 yrs 226,500 tonnes / yr

•  375 milion lbs / yr LOM 170,000 tonnes / yr

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CAPEX $2.9 Billion

Payback @ $3 lb in 3 yrs

Mine Life 25 yrs

Cash Operating Cost $0.96/lb

Los Azules Preliminary Economic Assessment

Forecast Highlights

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Los Azules Sensitivity of NPV + IRR to Cu Price

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Stepping out: 1.1% copper over 62.5 meters

Los Azules: Big Widths, Good Grades

Exploration Targets •  Expand High Grade

•  North End

•  Geophysical Targets

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Los Azules Big Geophysical Targets

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San José Mine 49% Minera Andes

51% Hochschild Mining (Operator)

2010 Production oz

Q4 YTD Cost / oz* Co-product

By-product

5,300,000 84,000

* YTD to Dec 31, 2010

Silver Gold

($0.98)

$9.67

($155)

$568

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Very Valuable Real Estate

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Comparison of Resources

Goldcorp - Cerro Negro (Feb 09, 2011)

Grade gpt

Reserves & Resources

Proven & Probable

Measured & Indicated

Inferred

2.1

2.7

0.7

9.0

8.8

5.0

20.5

18.7

4.7

89.3

61.8

32.8

Minera Andes - San José (Nov 22, 2010)

Measured + Indicated

Inferred

0.7

0.7

6.8

4.9

44.2

46.4

462

317 San José Mine: 49% MAI, 51% HOC

Gold Moz

Contained Ounces

Grade gpt

Silver Moz

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56% Resources with

Better Silver Grades and

In Production

San José vs Cerro Negro Silver Equiv. Reserves & Resources

@ 40:1 Silver:Gold Exch. Ratio

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Sofia Vein

10.13 m @ 14.96 g/t Au, 1,096 g/t Ag 5.45 m @ 13.54 g/t Au, 206 g/t Ag 1.72 m @ 10.94 g/t Au, 1,255 g/t Ag

Micaela Vein

2.45 m @ 8.33 g/t Au, 1,484 g/t Ag 1.09 m @ 33.50 g/t Au, 2,752 g/t Ag

Highlights New Veins @ San José

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Very Prospective, On Trend

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TSX: MAI US OTC: MNEAF

280 Million O/S

285 Million FD

(1)*As of March 28, 2011 (2)*3 months (3)*As of Feb 07, 2011

Share Price(1) C$2.97

Avg Volume(2) 1,100,000

Market Cap(1) C$831 MM

Cash(3) C$31 MM

Shares

No Bank Debt

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San José Mine Estimated Cash Flow to Minera Andes

Using Current Ag, Au Prices

Today 25%

After Mid 2012 49%

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Year End Financials

Net Income

EPS

EPS FD

2010 2009

$30.9 $4.1

$0.12

$0.11

$0.02

$0.02

(millions)

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Q4 Financials

Net Income

EPS

2010 2009

$18.8 $2.4

$0.07 $0.01

(millions)

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Minera Andes Silver, Gold & Copper

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Buy Minera Andes If you,

were Andean Res. Shareholder

want Big Copper Exposure

want Big Leverage to Silver

want a Silver / Gold Producer

want Management with Big Ownership