Exhibit 10.20



LOGO



December 2, 2003



N.A. Degerstrom, Inc.

N. 3303 Sullivan Road

Spokane, Washington 99216



Attn: N. A. Degerstrom



Dear Sirs:



Settlement Agreement



We refer to the following agreements:



|(a) | the Asset and Share Acquisition Agreement made March 8, 1995 among N.A. Degerstrom, Inc. (NADI), Brian Gavin (Gavin), Jorge Vargas (Vargas), Enrique Rufino Marzari Elizalde
(Elizalde), Minera Andes S.A. (MASA), Minera Andes Inc. (MAI) and NAD (S.A.) (NADSA)
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(the Asset Agreement);



|(b) | the Operating Agreement dated effective March 15, 1995 among MAI, NADSA, MASA and NADI
|--- | --------------------------------------------------------------------------------------

(the Operating Agreement);



|(c) | the letter agreement between NADI and MAI dated May 30, 2003 providing for a lock-up over all shares of MAI held by NADI
|--- | ------------------------------------------------------------------------------------------------------------------------

(the Existing Lock-up Agreement).



The parties acknowledge that:



|(a) | pursuant to the Asset Agreement, Vargas granted an option to MAI to acquire the one issued and outstanding shares in the capital of MASA held by him (the Vargas Option) and Elizalde
granted an option to MAI to acquire the one issued and outstanding shares in the capital of NADSA held by him (the Elizalde Option);
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | MAI has incorporated a wholly-owned subsidiary, Minera Andes (Cayman) Inc. (MACA);
|--- | ----------------------------------------------------------------------------------



3303 N. Sullivan Road        Spokane, Washington
99216         Phone: (509) 921-7322        Fax: (509) 921-7325



---

|(c) | MAI has sold to NADI all of the issued and outstanding shares in the capital of NADSA held by it (being all of the issued and outstanding shares of NADSA other than the one share of
NADSA held by Elizalde) and has assigned to NADI the Elizalde Option (collectively, the NADSA Sale) and NADSA is no longer a party to the Operating Agreement;
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) | prior to the NADSA Sale, the NAD Properties (as such term is defined in the Asset Agreement) were transferred to MASA;
|--- | ----------------------------------------------------------------------------------------------------------------------



|(e) | pursuant to the Asset Agreement, the Royalty (as such term is defined in the Asset Agreement) was granted to NADI by MAI and MASA (among others) in respect of the Properties, the
MASA Properties the NAD Properties and any Future Properties (as such terms are defined in the Asset Agreement);
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(f) | attached to this letter agreement as Schedule A is a list of all properties that are, as at the date of this letter agreement, the subject of the Royalty (collectively, the Current
Properties);
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(g) | pursuant to the Asset Agreement, MAI agreed, in certain circumstances, to issue additional common shares in the capital of MAI to NADI as a Bonus (as such term is defined in the
Asset Agreement); and
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(h) | the number of shares that were the subject of the Bonus is equal to 1,213,409 common shares of MAI.
|--- | ---------------------------------------------------------------------------------------------------



The purpose of this letter agreement is to set forth the agreement reached by the parties to terminate the Operating Agreement and the
Existing Lock-up Agreement, and to terminate certain provisions of and assign certain benefits under the Asset Agreement.



As a consequence of the NADSA Sale and the fact that NAD is no longer a party to the Operating Agreement, the agreement of NADSA and of Elizalde are not required in order
to give effect to the transactions contemplated by this letter agreement and they therefore are not parties to this letter agreement. As there are no obligations of Gavin or Vargas arising under the Asset Agreement that have not been performed, the
agreement of Gavin and of Vargas are not required in order to give effect to the transactions contemplated by this letter agreement and they therefore are not parties to this letter agreement.



In consideration of entering into this letter agreement and the payment to each party by the
other of $1.00 and other good and valuable consideration, but subject to the conditions referred to below, the parties agree as follows:



|1. | Termination of Operating Agreement
|-- | ----------------------------------



|1.1. | The Operating Agreement is terminated effective December 31, 2003 or such earlier date as MAI may direct by notice in writing given to NADI, provided that section 5.9
(Confidentiality) of the Operating Agreement will survive such termination and continue to be binding.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Settlement Agreement and Lockup - Page 2



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|1.2. | Following termination of the Operating Agreement, NADI will provide one or more accounts to MAI for any outstanding amounts owed under the Operating Agreement and MAI will pay those
accounts promptly following receipt.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|1.3. | Upon termination of the Operating Agreement MAI will vacate the office space currently provided by NADI under the Operating Agreement.
|---- | --------------------------------------------------------------------------------------------------------------------------------------



|2. | Transitional Matters
|-- | --------------------



|2.1. | Prior to January 1, 2004, MAI will establish its own accounting system and NADI and MAI will transfer MAIs accounting data from NADIs accounting system to MAIs
accounting system. NADI will cooperate with MAI and any consultants it may retain and will assist MAI in transferring the accounting data to the MAI accounting system. NADI will provide MAI and its auditors with access to the accounting system as
required for the purpose of completing the preparation and audit of MAIs financial statements for the year ended December 31, 2003.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.2. | NADI shall not, unless otherwise consented to in writing by MAI, for a period of five years following the termination of the Operating Agreement, destroy or otherwise dispose of any
books, records, financial or accounting data relating to MAI (the Records) without first offering to surrender the Records to MAI. NADI shall provide MAI and its authorized representatives with access to the Records during normal
business hours following the termination of the Operating Agreement upon prior written notice for purposes of tax and other government audits, litigation and other proceedings by and against MAI.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.3. | Until December 31, 2003 or for such shorter period as may be requested by MAI, NADI will provide Judi Tallman on a full time basis to assist in transitioning MAI into a self
sufficient operation including training personnel, if needed. Subsequently, NADI will enable Judi Tallman to provide such assistance as may be reasonably required by MAI in preparing its financial statements and preparing and making other regulatory
filings until December 31, 2004, including without limitation its annual report on Form 10K-SB.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.4. | NAD will provide MAI with such assistance as is necessary for MAI to produce its annual financial statements for the year ended December 31, 2003, including entering data into
NADs accounting system so as to allow production of the statements.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.5. | Until December 31, 2003, or for such shorter period as may be requested by MAI, NADI will provide MAI with payroll and benefits (including retirement and medical plans) services.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.6. | NADI will bill MAI for any out-of-pocket expenses of NADI in providing the transitional services referred to in this Section 2 and MAI will pay those accounts promptly following
receipt.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. | Board of Directors
|-- | ------------------



|3.1. | The parties acknowledge that NADI has never had and, upon termination of the Operating Agreement will not have, any right to nominate persons for election as a director of MAI or to
otherwise have any board representation.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Settlement Agreement and Lockup - Page 3



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|4. | Lock-up Agreement
|-- | -----------------



|4.1. | The Existing Lock-up Agreement is terminated effective immediately.
|---- | -------------------------------------------------------------------



|4.2. | MAI covenants and agrees with NADI that it will continue to assist NADI in identifying a suitable buyer for some or all of the common shares of MAI held by NADI and to discuss with
NADI alternatives that are available for such a sale, provided that MAI shall have no obligation to include such shares as part of any public offering or private placement undertaken by MAI. NADI agrees to liaise with MAI with respect to any
proposed sale by NADI of is shares so as not to disrupt an orderly market for MAIs common shares and so as to minimize any effect upon MAIs own capital raising efforts.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5. | The Asset Agreement  Assignment of Royalty and Cancellation of Bonus
|-- | ---------------------------------------------------------------------



|5.1. | NADI hereby represents and warrants to MACA that it has not previously sold, assigned or transferred the Royalty to any other party or in any way encumbered the Royalty. NADI and
MACA acknowledge that no amounts have been paid (nor have any amounts been required to have been paid) under the Royalty to the date of this letter agreement.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.2. | NADI hereby agrees to sell, assign and transfer to MACA and MACA hereby agrees to purchase all of NADIs right, title and interest in the Royalty, effective the date that MACA
provides to NADI a notice of transfer, together with payment in accordance with section 5.5(a).
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.3. | All parties acknowledge that the Royalty covers only the Current Properties and that, effective upon the transfer referred to in section 5.2, it will be held by MACA.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.4. | Effective upon completion of the transfer of the Royalty pursuant to section 5.2, NADI hereby releases MAI and the other parties to the Asset Agreement from any obligation to issue
the shares comprised in the Bonus and the parties agree that such obligation will be extinguished.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.5. | MAI and MACA agree to pay to NADI:
|---- | ----------------------------------



| | (a) | forthwith after receipt of the approvals referred to below under Conditions and written notice by MACA to NADI under section 5.2, the sum of US$500,000; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | forthwith after written notice by MACA to NADI under section 5.2 and:
| | --- | ---------------------------------------------------------------------



| | (i) | receipt by MAI or any of its subsidiaries of a Bankable Feasibility (as such term is defined in the Asset Agreement), or
| | --- | ------------------------------------------------------------------------------------------------------------------------



| | (ii) | if no Bankable Feasibility is prepared, upon attaining commercial production;
| | ---- | -----------------------------------------------------------------------------



in respect of any of the Current Properties other than those properties listed in paragraph 2(b) of Schedule A (which are the properties that comprise
the San José project), the sum of US$250,000, provided thatthe obligation to make this additional payment:



Settlement Agreement and Lockup - Page 4



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| | (iii) | shall expire on the tenth anniversary of the date on which MAI becomes obligated to make the payment to NADI referred to in paragraph (a) immediately above;
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | shall not extend to any Current Property that MAI abandons or in respect of which MAI determines to allow its rights to lapse;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------



| | (v) | for greater certainty, shall extend to any Current Property that MAI sells; and
| | --- | -------------------------------------------------------------------------------



| | (vi) | shall only arise once, in respect of the first of the Current Properties to satisfy the conditions set out in clauses (i) or (ii) immediately above.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------



|6. | Conditions
|-- | ----------



|6.1. | This Agreement is conditional upon approval by the board of directors of MAI and approval by the independent directors of MAI.
|---- | ------------------------------------------------------------------------------------------------------------------------------



|6.2. | The parties agree that:
|---- | -----------------------



| | (a) | the provisions of Section 4 of this letter agreement take effect immediately after NADI receives notice of the approval referred to in section 6.1 and are not subject to any other
condition; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the provision of Sections 1, 2 and 5 are subject to the condition in Section 6.1 and receipt by MAI of the approval of the TSX Venture Exchange (the TSXV) and, if required by the
TSXV, the approval of the shareholders of MAI. The parties agree to exercise all commercially reasonable efforts to obtain such approvals on a timely basis.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7. | General
|-- | -------



|7.1. | Any notice to be given hereunder shall be in writing and shall be delivered in person or transmitted by facsimile or other means of recorded electronic communication to the address
of each party show below next to their signature or to such other address or addresses as any such party may from time to time designate for itself by like notice.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Any such notice or other communication shall be deemed to have been given and received on the day on which it was delivered
or transmitted or, if such day is not a business day in the place of receipt, on the next following business day.



|7.2. | The parties agree to execute and deliver all such further documents and to do all such other acts and things that may be necessary or desirable, or that another party may reasonably
request, from time to time in order to give effect fully to the provisions and intent of this letter agreement.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7.3. | This letter agreement shall be governed by the laws of Washington State. The parties hereto hereby attorn to the non-exclusive jurisdiction of the Courts of Washington State.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Settlement Agreement and Lockup - Page 5



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|7.4. | This letter agreement shall enure to the benefit of and be binding upon the parties hereto and their respective legal representatives, successors and permitted assigns. No party
hereto may assign or transfer all or any part of its rights hereunder or any interest therein without the prior written consent of the other parties from whom the rights in question are derived, such consent not to be unreasonably withheld.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7.5. | Time shall be of the essence of this letter agreement.
|---- | ------------------------------------------------------



|7.6. | This letter agreement may be signed in as many counterparts as may be necessary, each of which so signed shall be deemed to be an original, and such counterparts together shall
constitute one and the same instrument. Executed copies of this letter agreement may be delivered by facsimile transmission and it shall not be necessary to confirm execution by delivery of originally executed documents.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7.7. | Each party shall pay any expenses incurred by it incident to this letter agreement and preparing to consummate the transactions provided for herein.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------



Settlement Agreement and Lockup - Page 6



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|7.8. | If the foregoing accurately sets forth the agreement we have reached, please sign a copy of this letter and return it to us.
|---- | ----------------------------------------------------------------------------------------------------------------------------



Yours truly



|                  |  |                                                                                                |  | 
|----------------- |  | ---------------------------------------------------------------------------------------------- |  | 
|MINERA ANDES INC. |  | Address for Notice: 3303 North Sullivan Road Spokane,
Washington USA 99216 Fax: (509) 921-7325
|                  |  |                                                                                                | 
|                  |  |                                                                                                | 
|By:               |  | /s/ Allen V. Ambrose                                                                           | 
|                  |  | President                                                                                      |  | 



Date:   December 2, 2003



We agree to the foregoing:



|                           |  |                                                                                                       |  | 
|-------------------------- |  | ----------------------------------------------------------------------------------------------------- |  | 
|N.A. DEGERSTROM, INC.      |  | Address for Notice: 3303 N. Sullivan Road Spokane, WA 99216 Fax: (509) 927-2010                      
|By:                        |  | /s/ James A.
Fish                                                                                     | 
|                           |  | Title: Vice President                                                                                 | 
|Date:                      |  | December 2, 2003                                                                                      | 
|                           | 
|MINERA ANDES S.A.          |  | Address for Notice: c/o Minera Andes Inc. 3303 N. Sullivan Road Spokane, WA 99216 Fax: (509) 921-7325
|By:                        |  | /s/ Brian
Gavin                                                                                       | 
|                           |  | Title: Apoderado                                                                                      | 
|Date:                      |  | December 2, 2003, 2003                                                                                | 
|                           | 
|MINERA ANDES (CAYMAN) INC. |  | Address for Notice: c/o Minera Andes Inc. 3303 N. Sullivan Road Spokane, WA 99216 Fax: (509) 921-7325
|By:                        |  | /s/ Allen V.
Ambrose                                                                                  | 
|                           |  | Title:                                                                                                | 
|Date:                      |  | December 2, 2003                                                                                      | 



Settlement Agreement and Lockup - Page 7



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SCHEDULE A



Set forth below is a description of the current properties:



Properties are held either directly by Minera Andes S.A. (MASA) or indirectly
through MASAs ownership of 49% of Minera Santa Cruz S.A. (MSC). MSC is the holding and operating company for the San José project, a joint venture between Minera Andes Inc. (MAI) and Mauricio Hochschild y
Compañia Limitada (MHC). The San José project includes the Huevos Verdes area.



|1. | San Juan Province
|-- | -----------------



The following properties are owned by Minera Andes S.A.



|(a) | Cateos
|--- | ------



|             |  |            |  |                
|------------ |  | ---------- |  | ---------------
|File Number  |  | Department |  | Area (Hectares)
|545.955-D-94 |  | Calingasta |  | 7,200 has      
|545.957-D-94 |  | Calingasta |  | 1,920 has      
|545.996-D-94 |  | Calingasta |  | 4,900 has      
|545.997-D-94 |  | Calingasta |  | 9,750 has      
|545.949-N-94 |  | Calingasta |  | 8,800 has      
|545.995-N-94 |  | Calingasta |  | 3,500 has      



|(b) | Manifestations of Discovery
|--- | ---------------------------



|            |  |            |  |                
|----------- |  | ---------- |  | ---------------
|File Number |  | Department |  | Area (Hectares)
|520-0358-97 |  | Calingasta |  | 4,980 has      
|520-0963-97 |  | Calingasta |  | 1,200 has      
|520-0279-98 |  | Calingasta |  | 2,098 has      
|520-0280-98 |  | Calingasta |  | 1,320 has      
|0229-F-28   |  | Calingasta |  | 4,987.5 has    
|0952-F-28   |  | Calingasta |  | 7,62.5 has     
|0953-F-28   |  | Calingasta |  | 1,000 has      
|0954-F-28   |  | Calingasta |  | 1,000 has      
|0955-F-28   |  | Calingasta |  | 1,000 has      
|0956-F-28   |  | Calingasta |  | 1,000 has      
|0230-F-28   |  | Calingasta |  | 3,500 has      



---

|2. | Santa Cruz Province
|-- | -------------------



|(a) | Minera Andes S.A.
|--- | -----------------



The following properties are owned by Minera Andes S.A.



|i. | Cateos
|-- | ------



|             |  |                       |  |                
|------------ |  | --------------------- |  | ---------------
|File Number  |  | Name                  |  | Area (Hectares)
|406081/MA/02 |  | Lago de Olín          |  | 1,400 has      
|406082/MA/02 |  | La Taba               |  | 2,000 has      
|406083/MA/02 |  | La Española           |  | 1,500 has      
|406084/MA/02 |  | El Meridiano          |  | 2,000 has      
|406085/MA/02 |  | Sierrra Morena        |  | 4,000 has      
|406086/MA/02 |  | San Agustín           |  | 3,900 has      
|406087/MA/02 |  | Las Lomas             |  | 2,400 has      
|406088/MA/02 |  | La Mata               |  | 5,000 has      
|406089/MA/02 |  | La Huella             |  | 3,445 has      
|406090/MA/02 |  | El Truma              |  | 2,450 has      
|406091/MA/02 |  | C° Mojon              |  | 5,850 has      
|406092/MA/02 |  | C° Dos Aguadas        |  | 3,420 has      
|406093/MA/02 |  | C° Botellón           |  | 2,000 has      
|406094/MA/02 |  | Bajo de los Calafates |  | 1,500 has      
|406350/MA/02 |  | Oeste                 |  | 5,067 has      
|406347/MA/02 |  | Este                  |  | 4,746 has      
|407541/MA/03 |  | El Truma II           |  | 3,824 has      



|ii. | Manifestations of Discovery
|--- | ---------------------------



|              |  |          |  |                
|------------- |  | -------- |  | ---------------
|File Number   |  | Name     |  | Area (Hectares)
|411.338/MA/99 |  | Dos A    |  | 999.6 has      
|411.337/MA/99 |  | Dos B    |  | 999.6 has      
|411.336/MA/99 |  | Dos C    |  | 999.6 has      
|411.335/MA/99 |  | Dos D    |  | 501.2 has      
|412.847/MA/00 |  | Seis D   |  | 869.75 has     
|412.848/MA/99 |  | Siete B  |  | 750 has        
|414.783/MA/00 |  | Once D   |  | 900 has        
|413.101/MA/00 |  | Cuatro A |  | 750 has        
|413.102/MA/00 |  | Cuatro B |  | 750 has        
|413.103/MA/00 |  | Cuatro C |  | 675 has        
|413.104/MA/00 |  | Nueve A  |  | 1.000 has      
|414.285/MA/00 |  | Ocho C   |  | 874 has        
|414.268/MA/00 |  | Nueve B  |  | 1.000 has      
|414.269/MA/00 |  | Nueve C  |  | 671.5 has      
|414.270/MA/00 |  | Nueve D  |  | 671.5 has      
|400.244/MA/01 |  | Seis E   |  | 900 has        
|400.245/MA/01 |  | Seis G   |  | 817 has        
|404.639/MA/01 |  | Cinco F  |  | 1,022 has      
|401.504/MA/01 |  | Cinco I  |  | 930 has        



---

|              |  |         |  |                
|------------- |  | ------- |  | ---------------
|File Number   |  | Name    |  | Area (Hectares)
|401.218/MA/01 |  | Dos H   |  | 911.35 has     
|401.219/MA/01 |  | Dos I   |  | 797.1 has      
|402.318/MA/01 |  | Seis H  |  | 994 has        
|402.316/MA/01 |  | Seis I  |  | 994 has        
|402.317/MA/01 |  | Seis J  |  | 887 has        
|414.525/MA/00 |  | Dos E   |  | 911.35 has     
|414.526/MA/00 |  | Dos F   |  | 990 has        
|414.524/MA/00 |  | Dos G   |  | 990 has        
|401.220/MA/01 |  | Dos J   |  | 900 has        
|413.099/MA/00 |  | Cinco B |  | 950 has        
|413.100/MA/00 |  | Cinco C |  | 490.6 has      



|(b) | Minera Santa Cruz S.A.
|--- | ----------------------



The following properties are owned by Minera Santa Cruz S.A., which owns the following properties as part of the San José Project, a joint venture with Mauricio Hochschild y Compañía Limitada.



|i. | Cateos
|-- | ------



|              |  |       |  |                
|------------- |  | ----- |  | ---------------
|File Number   |  | Name  |  | Area (Hectares)
|403089/MSC/01 |  | Cateo |  | 10,200 has     



|ii. | Manifestations of Discovery
|--- | ---------------------------



|             |  |                |  |                
|------------ |  | -------------- |  | ---------------
|File Number  |  | Name           |  | Area (Hectares)
|410089/MA/99 |  | Saavedra 5     |  | 800 has        
|410090/MA/99 |  | Saavedra 7a    |  | 1,000 has      
|410091/MA/99 |  | Saavedra 2a    |  | 1,000 has      
|410092/MA/99 |  | Saavedra 8     |  | 1,000 has      
|410093/MA/99 |  | Saavedra 1a    |  | 1,000 has      
|410094/MA/99 |  | Saavedra 6b    |  | 800 has        
|410095/MA/99 |  | Saavedra 4     |  | 800 has        
|410096/MA/99 |  | Saavedra 3     |  | 800 has        
|410411/MA/99 |  | El Pluma 1     |  | 750 has        
|410412/MA/99 |  | El Pluma E1    |  | 1,000 has      
|411331/MA/99 |  | Tres Colores B |  | 998.5 has      
|411332/MA/99 |  | Tres Colores A |  | 1,000 has      
|411333/MA/99 |  | Tres A         |  | 1,000 has      
|411334/MA/99 |  | Tres B         |  | 750 has        
|412277/MA99  |  | El Pluma 2     |  | 1,000 has      
|412278/MA/99 |  | El Pluma E2    |  | 1,000 has      
|412279/MA/99 |  | El Pluma 3     |  | 750 has        
|412280/MA/99 |  | El Pluma E3    |  | 800 has        
|412281/MA/99 |  | El Pluma 4     |  | 1,000 has      
|413095/MA/00 |  | Uno A          |  | 840 has        
|413096/MA/00 |  | Uno B          |  | 840. has       
|413097/MA/00 |  | Uno C          |  | 820.2 has      
|413395/MA/00 |  | Saavedra 10    |  | 1,000. has     



---

|             |  |                |  |                
|------------ |  | -------------- |  | ---------------
|File Number  |  | Name           |  | Area (Hectares)
|413396/MA/00 |  | Saavedra 9     |  | 1,000. has     
|414264/MA/00 |  | Tres C         |  | 980. has       
|414265/MA/00 |  | Tres D         |  | 770.13 has     
|414266/MA/00 |  | Tres E         |  | 999.93 has     
|414267/MA/00 |  | Tres F         |  | 999.93 has     
|414639/MA/00 |  | Tres Colores G |  | 397.5 has      
|414640/MA/00 |  | Tres Colores D |  | 90. has        
|414641/MA/00 |  | Tres Colores F |  | 901 has        
|414642/MA/00 |  | Tres Colores C |  | 901 has        
|414643/MA/00 |  | Tres Colores E |  | 901 has        
|400625/MA/01 |  | SaavNE1        |  | 1,000 has      
|400626/MA/01 |  | SaavNE2        |  | 1,000 has      
|400627/MA/01 |  | SaavNE3        |  | 500 has        
|400764/MA/01 |  | Uno F          |  | 594 has        
|400765/MA/01 |  | Uno D          |  | 840. has       
|400766/MA/01 |  | Uno E          |  | 840 has        
|401507/MA/01 |  | Uno G          |  | 1,103.7 has    
|401508/MA/01 |  | Uno H          |  | 560.4 has      
|401509/MA/01 |  | Uno I          |  | 560.4 has      
|401874/MA/01 |  | Saavedra 11    |  | 1,000 has      
|401875/MA/01 |  | Saavedra 12    |  | 1,000 has      
|401876/MA/01 |  | Saavedra 13    |  | 1,000 has      
|401877/MA/01 |  | Saavedra 14    |  | 1,000 has      



|3. | Chubut Province
|-- | ---------------



The following properties are owned by Minera Andes S.A.



|(a) | Cateos
|--- | ------



|            |  |                   |  |                
|----------- |  | ----------------- |  | ---------------
|File Number |  | Name              |  | Area (Hectares)
|13127/97    |  | La María          |  | 4,000 has      
|13309/98    |  | El Valle 2        |  | 2,750 has      
|13970/02    |  | El Triunfo        |  | 2,600 has      
|13971/02    |  | Los Zorros        |  | 3,998.5 has    
|13972/02    |  | Los Zorros II     |  | 4,805 has      
|13973/02    |  | El Montero        |  | 1,500 has      
|13974/02    |  | La Morena         |  | 2,430 has      
|13975/02    |  | La Morena Este    |  | 1,485 has      
|13976/02    |  | Cerro Negro Oeste |  | 980 has        
|13977/02    |  | Cerro Negro Norte |  | 1,482 has      
|13978/02    |  | Estancia Shaman   |  | 1,800 has      
|13979/02    |  | El Mogote         |  | 1,480 has      



|(b) | Manifestations of Discovery
|--- | ---------------------------



|            |  |              |  |                
|----------- |  | ------------ |  | ---------------
|File Number |  | Name         |  | Area (Hectares)
|13658/01    |  | La Maria I   |  | 1,600 has      
|13659/01    |  | La María II  |  | 1,600 has      
|13660/01    |  | La María III |  | 1,600 has      
|13749/01    |  | Valle Uno a  |  | 625 has        
|13750/01    |  | Valle Uno b  |  | 625 has        
|13751/01    |  | Valle Uno c  |  | 625 has        
|13752/01    |  | Valle Dos a  |  | 900 has        
|13753/01    |  | Valle Dos b  |  | 900 has        
|13754/01    |  | Valle Dos c  |  | 900 has        
|13755/01    |  | Valle Dos d  |  | 100 has        
|13759/01    |  | Valle Uno d  |  | 625 has        
|13792/02    |  | La María IV  |  | 1,600 has      
|13793/02    |  | La María V   |  | 1,600 has      
|13794/02    |  | La María VI  |  | 1,600 has      
|13796/02    |  | Valle Dos e  |  | 900 has        
|13797/02    |  | Valle Dos f  |  | 900 has        
|13798/02    |  | Valle Dos g  |  | 900 has        
|14088/03    |  | Valle Dos h  |  | 1,600 has      
|14089/03    |  | Valle Dos i  |  | 400 has