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TSX: MAI OTC: MNEAF 2

in Argentina

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Location of Mineral Assets Silver, Gold & Copper

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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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Sept 20, 2010

Lawsuit Resolved

Cash Flow Starts

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San José Mine 49% Minera Andes

51% Hochschild Mining (Operator)

Est. 2010 Production oz

Q3 YTD Cost / oz* Co-product

By-product

5,000,000 80,000

$592

$48

* YTD to Sept 30, 2010

Silver Gold

($0.86)

$9.09

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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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San José Debt Financed by Partners

$144 M o/s $30 M - Minera Andes $114 M - Hochschild

Once Retired Distribution

49% - Minera Andes 51% - Hochschild

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Sept 3, 2010 $3.6 Billion Bid For Andean Resources

Next Door to San José Mine

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Very Valuable Real Estate

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80% Resources

Better Grade

In Production

San José vs Andean

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Comparison of Resources

Andean Resources (July 6, 2010) Tonnes Gold Silver

Grade (gpt) Contained oz.

(000,000s)

Indicated

Inferred

13.8

5.0

5.71

3.24

52.9

19.3

Gold Silver

2.54

0.52

23.6

3.1

San José (Nov 22, 2010)

Measured + Indicated

Inferred

3.0

4.6

6.81

4.87

462

317

0.65

0.71

44.2

46.4

San José Mine: 49% MAI, 51% HOC

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Los Azules Amongst World’s Copper Giants

Andean Cordillera Region - 18% of World’s Copper Resources

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Los Azules 3,500 m Above Sea Level

Big Copper

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Los Azules 2010 Resource

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Los Azules: Big Widths, Good Grades Best Drill Holes:

•  1.08% copper over 145 meters

•  1.01% copper over 216 meters

•  1.05% copper over 236 meters

•  1.04% copper over 168 meters

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Very Prospective, On Trend

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San José Potential!§ 90% exploration

is within 2km of mine

§ 40 km of known vein trend

§ Only 20% of system currently drilled

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Stepping out: 1.12% 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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CEO Owns 33%

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Share Ownership by CEO

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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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Silver / Gold Exchange Ratio # of ozs Silver = 1 oz Gold

Range 1980 – Present

14 - 100

2010 YTD

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Impact of Silver / Gold Exchange Ratio

Gold + Gold Equivalent Resources

@ 60:1 = 80% Andean’s (FS)

@ 30:1 = 110% Andean’s (FS)

San José Resources

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San José’s Leverage to Silver

Andean Resources

Contained oz. (000,000s)

Indicated

Inferred

Gold Silver

2.54

0.52

23.56

3.12

San José

Measured + Indicated

Inferred

0.65

0.71

44.2

46.4

Gold Equivalent Oz. @ Silver Exchange Ratios

60:1

2.9

0.6

1.4

1.5

45:1

3.1

0.6

1.6

1.7

30:1

3.3

0.6

2.1

2.3

San José Mine: 49% MAI, 51% HOC

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TSX: MAI US OTC: MNEAF

265 Million O/S

288 Million FD

15 Million Warrants Exer.Price $1.25 Expiry Aug 19, 2014

(1)*As of Dec 01, 2010 (2)*As of Sept 30, 2010 (3)*3 months

Share Price(1) C$2.93

Avg Volume(3) 877,000

Market Cap(1) C$775 MM

Cash(2) C$10.3 MM

No Debt

Shares

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Minera Andes 1995 - Present

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Minera Andes Silver, Gold & Copper

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My Rough Estimate of Value (Based on FD 288 Million Shares)

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

$880M

Current Share Price* $2.93

$250M

$50M

$3.06

$0.87

$0.17

*Close Dec 01, 2010. Share o/s 265 million

$4.10

San José (Ag, Au) $3.6 B x 0.5 x 0.49

Exploration Properties

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You Should Own Minera Andes §  Andean: Reload @ Lower Price

§  Major Obstacle Removed. Cash Flowing

§  Significant Leverage to Silver

§  Exploration Delivering Rapid Growth

§  Big Copper Exposure

§  Share Value Focused Mgmt!