Exhibit 10.21





SECOND AMENDMENT TO THE


OPTION AND JOINT VENTURE AGREEMENT


OF MARCH 15, 2001





It is hereby agreed this August 27, 2002
to amend the OPTION AND JOINT VENTURE AGREEMENT of March 15, 2001 (the Agreement), between MINERA ANDES INC., a corporation formed under the laws of Canada (MAI), MINERA ANDES S.A., a corporation formed under the laws of
Argentina (MASA), and MAURICIO HOCHSCHILD & CIA. LTDA., a corporation formed under the laws of Peru (MHC).





By mutual consent as witnessed by the signing of this document it is hereby agreed that the Agreement and the rights and obligations of the parties hereunder are strictly limited to the areas of interest described in Exhibit 1 of the
First Amendment to the Agreement of May 14, 2002 (being herein referred to as the Area of Interest). There is no area of influence around the Area of Interest. Each of the Participants shall have the free and unrestricted right to enter
into, conduct and benefit from any and all business ventures of any kind whatsoever, whether or not competitive with the activities undertaken pursuant hereto, without disclosing such activities to the other Participant or inviting or allowing the
other Participant to participate herein. Without limiting the generality of the foregoing, no Participant shall be under any duty to disclose to any other Participant information relating to mining or mineral claims, concessions, or leases of other
properties located outside the Area of Interest.





In addition, MHC agrees not to acquire land within the original joint venture area for
a period of three years from the date of dropping a property from the joint venture.





The Amendment referred to herein supersedes all
other prior agreements and understandings, both written and oral, among the parties or any of them, with respect to the subject matter hereof.





IN WITNESS WHEREOF the parties have executed this Agreement as of the day, month and year first written above.





MINERA ANDES INC.


By:

/s/    Allen V. AmbroseIts:

PresidentMINERA ANDES S.A.By:

/s/    Brian GavinIts:MAURICIO HOCHSCHILD & CIA. LTDA.By:

/s/    Jorge BenavidesIts:

Exploration Manager








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EXHIBIT 1





PROPERTY TYPE

FILE

AREA REAL

CommentsEl Pluma 1

410.411/MA/99

750

Ex cateo 402.845El Pluma 2

412.277/MA/99

1000

Ex cateo 402.845El Pluma 3

412.279/MA/99

750

Ex cateo 402.845El Pluma 4

412.281/MA/99

1000

Ex cateo 402.845El Pluma E1

410.412/MA/99

1000

Ex cateo 403.627El Pluma E2

412.278/MA/99

1000

Ex cateo 403.627El Pluma E3

412.280/MA/99

800

Ex cateo 403.627Saavedra 10

413.395/MA/00

1000

in cateoSaavedra 11

401.874/MA/01

1000

in cateoSaavedra 12

401.875/MA/01

1000

in cateoSaavedra 13

401.876/MA/01

1000

in cateoSaavedra 14

401.877/MA/01

1000

in cateoSaavedra 1a

410.093/MA/99

1000

in cateoSaavedra 2a

410.091/MA/99

1000

in cateoSaavedra 3

410.096/MA/99

800

ex cateoSaavedra 4

410.095/MA/99

800

in cateoSaavedra 5

410.089/MA/99

800

in cateoSaavedra 6b

410.094/MA/99

800

ex cateoSaavedra 7a

410.090/MA/99

1000

in cateoSaavedra 8

410.092/MA/99

1000

in cateoSaavedra 9

413.396/MA/00

1000

in cateoSaavNE1

400.625/MA/01

1000

ex cateoSaavNE2

400.626/MA/01

1000

ex cateoSaavNE3

400.627/MA/01

500

ex cateoTres A

411.333/MA/99

1000

ex cateo




---

Tres B

411.334/MA/99

750

ex cateoTres C

414.264/MA/00

980

ex cateoTres Colores A

411.332/MA/99

1000

Ex cateo 406.002Tres Colores B

411.331/MA/99

998.5

Ex cateo 406.002Tres Colores C

414.643/MA/00

901

Ex cateo 406.002Tres Colores D

414.642/MA/00

901

Ex cateo 406.002Tres Colores E

414.641/MA/00

901

Ex cateo 406.002Tres Colores F

414.640/MA/00

901

Ex cateo 406.002Tres Colores G

414.639/MA/00

397.5

Ex cateo 406.002Tres D

414.265/MA/00

770.13

ex cateoTres E

414.266/MA/00

999.93

ex cateoTres F

414.267/MA/00

999.93

ex cateoUno A

413.095/MA/00

840

ex cateoUno B

413.096/MA/00

840

ex cateoUno C

413.097/MA/00

820.2

ex cateoUno D

400.765/MA/01

840

ex cateoUno E

400.766/MA/01

840

ex cateoUno F

400.764/MA/01

594

ex cateoUno G

401.507/MA/01

1103.7

ex cateo 406.943Uno H

401.508/MA/01

560.4

ex cateo 406.943Uno I

401.509/MA/01

560.4

ex cateo 406.943AGUAS VIVAS

403.089/MSC/01

999250490.69