Document:

MNEAF form S-8 07-06-2006 EX 4.1

    CORPORATE
      ACCESS NUMBER: 206732505

    

    

    Alberta

    

    BUSINESS
      CORPORATIONS ACT

    

    

    CERTIFICATE

     

    OF

     

    AMENDMENT
      AND REGISTRATION

     

    OF
      RESTATED ARTICLES

    

    

    

    MINERA
      ANDES INC.

    AMENDED
      ITS ARTICLES ON 2000/06/30.

    

    

    

    

    The
      information in this document is

    an
      accurate reproduction of data 

    electronically
      captured within the

    official
      records of Alberta Registries

    

    (Seal:
      REGISTRAR OF CORPORATIONS)

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        
        

      

      
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    Name/Structure
      Change Alberta Corporation - Registration Statement

    

    Service
      Request Number:  2140330

     

    Corporate
      Access Number:  206732505

     

    Previous
      Legal Entity
      Name:                     
 MINERA
      ANDES INC.

     

    Previous
      French Equivalent Name:

     

    Legal
      Entity
      Name:                                      
 MINERA
      ANDES INC.

     

    French
      Equivalent Name:

     

    Legal
      Entity Status:    Active

     

    Alberta
      Corporation Type:   Named
      Alberta Corporation

     

    Nuans
      Report
      Number:                                
 PRE-CONV

     

    Nuans
      Report
      Date:                                     
 1995/11/06

     

    French
      Name Nuans Report Number:

     

    French
      Name Nuans Report Date:

     

    Classes
      Of Shares and any

     

    Maximum
      Number(within each class):        REFER
      TO
“SHARE CAPITAL” ATTACHMENT

     

    Restrictions
      On Share
      Transfers:              
 NONE.

     

    Minimum
      Number of Directors:       1

     

    Maximum
      Number of Directors:      15

     

    Restrictions
      On Business To:         NONE.

     

    Restrictions
      On Business From:     NONE.

     

    Other
      Provisions:    REFER
      TO
“OTHER RULES OR PROVISIONS”

                                                                           
      ATTACHMENT

     

    Section
      And Subsection of Act Change

     

    Made
      Under:                                             
 SECTION
      174(1) AND SECTION 167(1)(M).

     

    Restatement
      of Articles:

     

    Directors
      Issue Shares In Series:

     

    Professional
      Endorsement Provided:

     

    Future
      Dating Required:

     

    Amendment
      Date:                                  
         2000/06/30                  
      

    ______________________________________________________________________________________________

    

    Annual
      Returns

    

    
      	
              File
                Year

            	
              Date
                Filed

            
	
              1999

            	
              2000/02/01

            
	
              1998

            	
              1999/04/13

            
	
              1997

            	
              1998/01/28

            

    

    

    ______________________________________________________________________________________________

    

    
      
        
        

      

      
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    Court
      Orders

    

    
      	
              Order
                Type

            	
              Order
                Date

            	
              Order
                Number

            	
              Judicial
                District

            	
              Termination
                Date

            

    

    

    Attachments

    

    
      	
              Attachment
                Type

            	
              Microfilm
                Bar Code

            	
              Date
                Recorded

            
	
              Share
                Capital

            	
              ELECTRONIC

            	
              2000/06/30

            
	
              Other
                rules or Provisions

            	
              ELECTRONIC

            	
              2000/06/30

            

    

    

    

    

    Registration
      Authorized By: BONNIE
      L.
      KUHN

    DIRECTOR

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        
        

      

      
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    SHARE
      CAPITAL

    Attached
      to and Forming Part of the Articles of Amalgamation of

    MINERA
      ANDES INC.

    

    The
      shares which the Corporation is authorized to issued are:

    

    (a) Common
      Shares

    

    The
      Corporation is authorized to issue an unlimited number of Common Shares without
      nominal or par value with the following rights, privileges, restrictions and
      conditions:

    

    
      	i.  	
              To
                vote at meetings of shareholders, except meetings at which only holders
                of
                a specified class of shares are entitled to
                vote;

            

    

    

    
      	ii.  	
              Subject
                to the rights, privileges, restrictions and conditions attaching
                to any
                other class of shares of the Corporation, to share equally in the
                remaining property of the Corporation upon liquidation, dissolution
                or
                winding-up of the Corporation; and

            

    

    

    
      	iii.  	
              Subject
                to the rights of the Preferred Shares, the Common Shares shall be
                entitled
                to receive dividends if, as and when declared by the directors of
                the
                Corporation.

            

    

    

    (b) Preferred
      Shares

    

    The
      Corporation is authorized to issue an unlimited number of Preferred Shares
      without nominal or par value which, as a class, have attached thereto the
      following:

    

    
      	i.  	
              The
                Preferred Shares may from time to time be issued in one or more series
                and, subject to the following provisions, to the sending of articles
                of
                amendment in prescribed form and the issuance of a certificate of
                amendment in respect thereof, the directors may fix from time to
                time
                before such issue the number of shares which is to comprise each
                series
                and the designation, rights, privileges, restrictions and conditions
                attaching to each series of Preferred Shares including, without limiting
                the generality of the foregoing, the rate or amount of dividends
                or the
                method of calculating dividends, the dates of payment thereof, the
                redemption, purchase and/or conversion prices and terms and conditions
                of
                redemptions, purchase and/or conversion, and any sinking fund or
                other
                provisions;

            

    

    

    
      	ii.  	
              The
                Preferred Shares of each series shall, with respect to the payment
                of
                dividends and the distribution of assets or return of capital in
                the event
                of liquidation, dissolution or winding-up of the Corporation, whether
                voluntary or involuntary, or any other return of capital or distribution
                of the assets of the Corporation among its shareholders for the purpose
                of
                winding up its affairs, rank on a parity with the Preferred Shares
                of
                every other series and be entitled to preference over the Common
                Shares
                and over any other shares of the Corporation ranking junior to the
                Preferred Shares. The Preferred Shares of any series may also be
                given
                such other preferences, not inconsistent with these articles, over
                the
                Common Shares and any other shares of the Corporation ranking junior
                to
                such Preferred Shares as may be fixed in accordance with clause (b)
                (i);

            

    

    
      
        
        

      

      
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      	iii.  	
              If
                any cumulative dividends or amounts payable on the return of capital
                in
                respect of a series of Preferred Shares are not paid in full, all
                series
                of Preferred Shares shall participate rateably in respect of accumulated
                dividends and return of capital;
                and

            

    

    

    
      	iv.  	
              Unless
                the directors otherwise determine in the articles of amendment designating
                a series, the holder of each share of a series of Preferred Shares
                shall
                not, except as otherwise specifically provided in the Business
                Corporations Act
                (Alberta), be entitled to receive notice of or vote at any meeting
                of
                shareholders.

            

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

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    OTHER
      RULES OR PROVISIONS

    Attached
      to and Forming Part of the Articles of Amalgamation of

    MINERA
      ANDES INC.

    

    

    
      	
              (a)
                

            	
              The
                Board of Directors of the Corporation may, between annual meetings
                appoint
                one or more additional directors of the Corporation to serve until
                the
                next annual meeting, but the number of additional directors shall
                not at
                any time exceed one-third (1/3) of the number of directors who held
                office
                at the expiration of the last annual meeting of the
                Corporation.

            

    

    

    
      	
              (b)

            	
              Meetings
                of shareholders of the Corporation shall be held in the City of Vancouver
                in the Province of British Columbia, in the City of Spokane in the
                State
                of Washington or anywhere in Alberta that the directors
                determine.MNEAF form S-8 07-06-2006 EX 4.2

    MINERA
      ANDES INC.

    

    AMENDED
      STOCK OPTION PLAN - MAY 30, 2006

    

    

    
      	1.  	
              Purpose

            

    

    

    The
      purpose of the Stock Option Plan (the "Plan") of Minera Andes Inc., a body
      corporate incorporated under the Business
      Corporations Act
      (Alberta) (the "Corporation"), is to advance the interests of the Corporation
      or
      any of its subsidiaries or affiliates by encouraging the directors, officers,
      employees and consultants of the Corporation or any of its subsidiaries or
      affiliates to acquire shares in the Corporation, thereby increasing their
      proprietary interest in the Corporation, encouraging them to remain associated
      with the Corporation or any of its subsidiaries or affiliates and furnishing
      them with additional incentive in their efforts on behalf of the Corporation
      or
      any of its subsidiaries or affiliates in the conduct of their
      affairs.

    

    
      	2.  	
              Administration
                and Granting of
                Options

            

    

    

    The
      Plan
      shall be administered by the board of directors of the Corporation. A majority
      of the board of directors shall constitute a quorum, and the acts of a majority
      of the directors present at any meeting at which a quorum is present, or acts
      unanimously approved in writing, shall be the acts of the
      directors.

    

    Subject
      to the provisions of the Plan, the board of directors shall have authority
      to
      construe and interpret the Plan and all option agreements entered into
      thereunder, to define the terms used in the Plan and in all option agreements
      entered into thereunder, to prescribe, amend and rescind rules and regulations
      relating to the Plan and to make all other determinations necessary or advisable
      for the administration of the Plan. All determinations and interpretations
      made
      by the board of directors shall be binding and conclusive on all participants
      in
      the Plan and on their legal personal representatives and
      beneficiaries.

    

    Each
      option granted hereunder shall be evidenced by an agreement, signed on behalf
      of
      the Corporation and by the optionee, in such form as the directors shall
      approve. Each such agreement shall recite that it is subject to the provisions
      of this Plan.

    

    
      	3.  	
              Shares
                Subject to Plan

            

    

    

    Subject
      to adjustment as provided in Section 15 hereof, the shares to be offered under
      the Plan shall consist of shares of the Corporation's authorized but unissued
      common shares. The aggregate number of shares to be delivered upon the exercise
      of all options granted under the Plan (the "Options") shall not exceed 10%
      of
      the Corporation's issued and outstanding common shares from time to time, to
      a
      maximum of 15,169,643 shares. If any Option granted hereunder shall expire
      or
      terminate for any reason without having been exercised in full, the unpurchased
      shares subject thereto shall again be available for the purpose of this
      Plan.

    

    
      	4.  	
              Number
                of Optioned Shares

            

    

    

    The
      number of shares subject to an Option to a Participant shall be determined
      by
      the Board of Directors, but no Participant, upon the Corporation becoming listed
      on any stock exchange, shall be

    
      
        
        

      

      
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    granted
      an Option which exceeds the maximum number of shares permitted by any stock
      exchange on which the common shares are then listed or other regulatory body
      having jurisdiction. 

    

    
      	5.  	
              Vesting

            

    

    

    The
      Committee may, in its sole discretion, determine the time during which Options
      shall vest and the method of vesting, or that no vesting restriction shall
      exist.

    

    
      	6.  	
              Maintenance
                of Sufficient Capital

            

    

    

    The
      Corporation shall at all times during the term of the Plan reserve and keep
      available such numbers of shares as will be sufficient to satisfy the
      requirements of the Plan.

    

    
      	7.  	
              Participation

            

    

    

    Directors,
      officers, management, consultants and employees of the Corporation shall be
      eligible for selection to participate in the Plan (such persons hereinafter
      collectively referred to as "Participants"). The board of directors shall
      determine to whom options shall be granted, the terms and provisions of the
      respective option agreements, the time or times at which such options shall
      be
      granted, and the number of shares to be subject to each option. An individual
      who has been granted an option may, if he is otherwise eligible, and if
      permitted under the policies of the stock exchange or stock exchanges on which
      the shares of the Corporation are to be listed, be granted an additional option
      or options if the directors shall so determine.

    

    
      	8.  	
              Exercise
                Price

            

    

    

    
      	 	
              (a)

            	
              The
                exercise price of the shares covered by each option shall be determined
                by
                the directors. Subject to the provisions of Sections 8(b) and 17(f),
                as
                applicable, the exercise price shall be not less than the closing
                price of
                the Corporation's shares on the stock exchange or stock exchanges
                on which
                the shares of the Corporation are listed on the last trading day
                immediately preceding the day on which the stock exchange is notified
                of
                the proposed issuance of option, less any discounts permitted by
                the
                policy or policies of such stock exchange or stock
                exchanges;

            

    

    

    
      	 	
              (b)

            	
              If
                an option is granted within six months of a public distribution of
                the
                Corporation's shares by way of prospectus, then the minimum exercise
                price
                of such option shall, if the policy of such stock exchange or stock
                exchanges requires, be the greater of the price determined pursuant
                to
                Sections 8(a) and 17(f), as applicable, and the price per share paid
                by
                the investing public for shares of the Corporation acquired by the
                public
                during such public distribution, determined in accordance with the
                policy
                of such stock exchange or stock
                exchanges.

            

    

    

    
      	9.  	
              Duration
                of Option

            

    

    

    Each
      Option and all rights thereunder shall be expressed to expire on the date set
      out in the Option agreements and shall be subject to earlier termination as
      provided in paragraphs 11 and 12.

    

    
      	10.  	
              Option
                Period, Consideration and
                Payment

            

    

    

    

    
      
        
        

      

      
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              (a)

            	
              The
                Option period shall be a period of time fixed by the Committee, not
                to
                exceed the maximum period permitted by any stock exchange on which
                the
                common shares are then listed or other regulatory body having
                jurisdiction, provided that the Option period shall be reduced with
                respect to any Option as provided in Sections 11 and 12 covering
                cessation as a director, officer, employee or consultant of the
                Corporation or any of its subsidiaries or affiliates or death of
                the
                Participant.

            

    

    

    
      	 	
              (b)

            	
              Except
                as set forth in Sections 10(c), 11 and 12, no Option may be exercised
                unless the Participant is at the time of such exercise a director,
                officer, employee or consultant of the Corporation or any of its
                subsidiaries or affiliates.

            

    

    

    
      	 	
              (c)

            	
              Notwithstanding
                any other provision to the contrary, an Option granted to a consultant
                in
                connection with specific services provided or to be provided by that
                consultant shall be exercised only after the date of completion of
                such
                service and prior to 30 days following the date of completion of
                such
                service.

            

    

    

    
      	 	
              (d)

            	
              The
                exercise of any Option will be contingent upon receipt by the Corporation
                at its head office of a written notice of exercise, specifying the
                number
                of shares with respect to which the Option is being exercised, accompanied
                by cash payment, certified cheque or bank draft for the full purchase
                price of such shares with respect to which the Option is exercised.
                No
                Participant or his legal representatives, legatees or distributees
                will
                be, or will be deemed to be, a holder of any shares subject to an
                Option
                under this Plan, unless and until the certificates for such shares
                are
                issued to such persons under the terms of the
                Plan.

            

    

    

    
      	11.  	
              Ceasing
                To Be a Director, Officer, Employee or
                Consultant

            

    

    

    If
      a
      Participant shall cease to be a director, officer, employee or consultant of
      the
      Corporation or any of its subsidiaries or affiliates for any reason (other
      than
      death), the Participant may but only within 90 days next succeeding the
      Participant's ceasing to be a director, officer, employee or consultant,
      exercise the Participant's Option to the extent that the Participant was
      entitled to exercise it at the date of such cessation.

    

    Nothing
      contained in the Plan nor in any Option granted pursuant to the Plan shall
      confer upon any Participant any right with respect to continuance as a director,
      officer, employee or consultant of the Corporation or any of its subsidiaries
      or
      affiliates.

    

    
      	12.  	
              Death
                of Participant

            

    

    

    In
      the
      event of the death of a Participant, the Option previously granted to him shall
      be exercisable only within the twelve months next succeeding such death and
      then
      only:

    

    
      	 	
              (a)

            	
              by
                the person or persons to whom the Participant's rights under the
                Option
                shall pass by the Participant's will or the laws of descent and
                distribution; and

            

    

    

    
      	 	
              (b)

            	
              if
                and to the extent that the Participant was entitled to exercise the
                Option
                at the date of the Participant's
                death.

            

    

    

    
      	13.  	
              Rights
                of Optionee

            

    

    
      
        
        

      

      
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    No
      person
      entitled to exercise an Option shall have any of the rights or privileges of
      a
      shareholder of the Corporation in respect of any shares issuable upon exercise
      of such Option until certificates representing such shares shall have been
      issued and delivered.

    

    
      	14.  	
              Proceeds
                from Sale of Shares

            

    

    

    The
      proceeds from sale of shares issued upon the exercise of Options shall be added
      to the general funds of the Corporation and shall thereafter be used from time
      to time for such corporate purposes as the Committee may determine and
      direct.

    

    
      	15.  	
              Adjustments

            

    

    

    If
      the
      outstanding shares of the Corporation are increased, decreased, changed into
      or
      exchanged for a different number or kind of shares of securities of the
      Corporation through re-organization, merger, re-capitalization,
      re-classification, stock dividend, subdivision or consolidation, an appropriate
      and proportionate adjustment shall be made in the maximum number or kind of
      shares as to which options may be granted under the Plan. A corresponding
      adjustment changing the number or kind of shares allocated to unexercised
      options or portions thereof, which shall have been granted prior to any such
      change, shall likewise be made. Any such adjustment in the outstanding options
      shall be made without change in the aggregate purchase price applicable to
      the
      unexercised portion of the option but with a corresponding adjustment in the
      price for each share or other unit of any security covered by the
      option.

    

    Upon
      the
      liquidation or dissolution of the Corporation or upon a re-organization, merger
      or consolidation of the Corporation with one or more corporations as a result
      of
      which the Corporation is not the surviving corporation, or upon the sale of
      substantially all of the property or more than eighty (80%) percent of the
      then
      outstanding shares of the Corporation to another corporation, the Plan shall
      terminate, and any options theretofore granted hereunder shall terminate unless
      provision is made in writing in connection with such transaction for the
      continuance of the Plan and for the assumption of options theretofore granted,
      or the substitution for such options of new options covering the shares of
      a
      successor employer corporation, or a parent or subsidiary thereof, with
      appropriate adjustments as to number and kind of shares and prices, in which
      event the Plan and options theretofore granted shall continue in the manner
      and
      upon the terms so provided. If the Plan and unexercised options shall terminate
      pursuant to the foregoing sentence all persons then entitled to exercise an
      unexercised portion of options then outstanding shall have the right at such
      time immediately prior to consummation of the event which results in the
      termination of the Plan as the Corporation shall designate, to exercise their
      options to the full extent not theretofore exercised.

    

    Adjustments
      under this Section shall be made by the board of directors whose determination
      as to what adjustments shall be made, and the extent thereof, shall be final,
      binding and conclusive. No fractional share shall be issued under the Plan
      on
      any such adjustment.

    

    
      	16.  	
              Transferability

            

    

    

    All
      benefits, rights and Options accruing to any Participant in accordance with
      the
      terms and conditions of the Plan shall not be transferrable or assignable unless
      specifically provided herein. During the lifetime of a Participant any benefits,
      rights and Options may only be exercised by the Participant. 

    
      	17.  	
              Certain
                Limitations Regarding Incentive Stock Options Granted to U.S.
                Residents

            

    

    
      
        
        

      

      
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    Incentive
      Stock Options (“ISOs”) as defined in Section 422 of the U.S. Internal Revenue
      Code of 1986, as amended (the “Code”) may be granted only to an individual who
      is an employee of the Corporation and shall be subject to the following
      limitations: 

    

    (a) Exercise
      Price.
      Determination of the option price per share for any stock option issued
      hereunder shall rest in the discretion of the board of directors, provided
      that
      the exercise price for any ISO shall not be less than the fair market value
      per
      share of the Corporation’s shares at the time the option is granted and subject
      further to subparagraph (f) of this Section 17 and Sections 8(a) and 8(b).
      For
      the purposes of this Plan, the fair market value of Corporation’s shares
      (“Shares”), as of any date, shall be determined as follows:

    

    (i) If
      the
      Shares are listed on any established stock exchange or a national market system,
      its fair market value shall be the closing sales price, expressed in Canadian
      dollars, for such Shares (or the closing bid, if no sales were reported), as
      quoted on such system or exchange, or the system or exchange with the greatest
      closing sale price (expressed in its equivalent in Canadian dollars)in Shares,
      for the last market trading day prior to the time of determination;

    

      (ii)
       If
      the
      Shares are regularly quoted by a recognized securities dealer but selling prices
      are not reported, its fair market value shall be the mean between the high
      bid
      and low asked prices for the Shares for the last market trading day prior to
      the
      time of determination; or

    

    (iii)
       In
      the
      absence of an established market for the Shares, the fair market value thereof
      shall be determined in good faith by the board of directors.

    

    (b) Subject
      to the restrictions imposed on ISOs as contained in Section 17, the term of
      each
      option shall be established by the board of directors and, if not so
      established, shall be ten years from the date such ISO is granted. The board
      of
      directors, in its discretion, may provide that an option shall be exercisable
      during such ten-year period or during any lesser period of time.

    

    (c) Nontransferability
      of ISOs.
      No
      right or interest in any ISO granted under this Plan shall be assignable or
      transferable except upon the death of the option holder (“Optionee”) pursuant to
      the terms of such Optionee’s will or the laws of descent and
      distribution.

    

    (d) Termination
      of Employment, Disability and Death.

    

    (i) Termination.
      If the Optionee’s relationship with the Corporation, its subsidiaries or
      affiliates shall terminate for any reason other than death or disability, the
      ISO may be exercised by the Optionee at any time prior to the expiration of
      three (3) months after the date of such termination of employment (unless by
      its
      terms the option sooner terminates or expires), but only if and to the extent
      the Optionee was entitled to exercise the option at the date of such
      termination.

    

    (ii) Disability.
      If the Optionee's relationship with the Corporation, its subsidiaries or
      affiliates ceases as a result of the Optionee's disability (as herein defined),
      the ISO shall not terminate for a period of one (1) year after the date of
      such
      termination (unless by its terms the option sooner terminates or expires),
      but
      only if and to the extent the Optionee was entitled to exercise the option
      at
      the date of such cessation. For purposes of this paragraph, an Optionee will
      be
      considered to be disabled if the Optionee is unable to engage in any substantial
      gainful activity 

    
      
        
        

      

      
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    by
      reason
      of any medically determinable mental or physical impairment which can be
      expected to result in death or which has lasted or can be expected to last
      for a
      continuous period of not less than 12 months.

    

    (iii) Death.
      If
      the Optionee's relationship with the Corporation, its subsidiaries or
      affiliates, ceases as a result of the death of the Optionee, the option shall
      be
      exercisable on or prior to the expiration of one (1) year after the date of
      such
      death (unless by its terms the option sooner terminates and expires), but only
      if and to the extent the Optionee was entitled to exercise the option at the
      date of such death and only by the Optionee's personal representative if then
      subject to administration as part of the Optionee's estate, or by the person
      or
      persons to whom such Optionee's rights under the option shall have passed by
      the
      Optionee's will or by the applicable laws of descent and
      distribution.

    

    (e) Limitation
      on Amount of Grants.
      To the
      extent that an Optionee is granted ISOs that in the aggregate (together with
      all
      other ISOs granted by the Corporation or its subsidiaries) entitle the Optionee
      to purchase, in any calendar year during which such options first become
      exercisable, stock of the Corporation, any subsidiary having a fair market
      value
      (determined as of the time of such options are granted) in excess of $100,000,
      such options in excess of the $100,000 threshold shall not be treated as ISOs,
      but shall be considered to be nonqualified stock options (“NSOs”). No limitation
      shall apply to NSOs.

    

    (f) Grants
      to Ten Percent Shareholders.
      Subject
      to the terms of this Plan, ISOs may be granted to a person who, at the time
      the
      option is granted, owns more than ten percent (10%) of the total combined voting
      power of all classes of stock of the Corporation and any subsidiary only if:
      (i)
      the exercise price is at least 110 percent of the fair market value of the
      Shares at the time of grant, and (ii) the option is not exercisable more than
      five (5) years from the date of grant.

    

    (g) Shareholder
      Approval of Plan.
      Subject
      to the requirements of Code Section 422 with respect to ISOs, the terms,
      conditions and limitations of the Plan must be approved by the Corporation’s
      shareholders within 12 months before or after the adoption of the Plan or any
      amendment or modification thereto. Any such amendment or modification of the
      Plan, however, shall not alter, impair or diminish the rights of any option
      previously granted under the Plan without the written consent of the option
      holder. Nor shall the board of directors modify or amend any outstanding ISO
      so
      as to specify a lower exercise price for the ISO.

    

    (h) Notice
      of Disposition
      Any
      option which is issued as an ISO under this Plan, shall, notwithstanding any
      other provisions of this Plan or the option terms to the contrary, contain
      all
      of the terms, conditions, restrictions, rights and limitations required to
      be an
      Incentive Stock Option, and any provision to the contrary shall be disregarded.
      In order to obtain certain tax benefits afforded to incentive stock options
      under Section 422 of the Code, the Optionee must hold the Shares issued upon
      the
      exercise of an ISO for a minimum of two (2) years after the date of grant of
      the
      ISO and one (1) year from the date of exercise. The board of directors may
      require an Optionee to give the Corporation prompt notice of any subsequent
      disposition of shares acquired on exercise of such ISO prior to the expiration
      of the above holding periods.

    

    

    
      	18.  	
              Amendment
                and Termination of
                Plan

            

    

    
      
        
        

      

      
        -
          6
          -

        
          

        

      

      
        
        

      

    

    

    The
      Committee may, at any time, suspend or terminate the Plan. The board may also
      at
      any time amend or revise the terms of the Plan, PROVIDED that no such amendment
      or revision shall alter the terms of any Options theretofore granted under
      the
      Plan.

    

    
      	19.  	
              Necessary
                Approvals

            

    

    

    The
      ability of the Options to be exercised and the obligation of the Corporation
      to
      issue and deliver shares in accordance with the Plan is subject to any approvals
      which may be required from the shareholders of the Corporation, any regulatory
      authority or stock exchange having jurisdiction over the securities of the
      Corporation. If any shares cannot be issued to any Participant for whatever
      reason, the obligation of the Corporation to issue such shares shall terminate
      and any Option exercise price paid to the Corporation will be returned to the
      Participant.

    

    Options
      issued to residents of the United States may only be issued and subsequently
      exercised in conformity with the registration provisions of the Securities
      Act of 1933,
      as
      amended the rules and regulations thereto and the applicable state securities
      laws.

    

    
      	20.  	
              Prior
                Plans

            

    

    

    The
      Plan
      shall entirely replace and supersede prior share options plans, if any, enacted
      by the Board of Directors of the Corporation or its predecessor
      corporations.

    

    
      	21.  	
              Stock
                Exchange Rules

            

    

    

    The
      rules
      of any stock exchange upon which the Corporation's Shares are listed shall
      be
      applicable relative to options granted to Participants.

    

    
      	22.  	
              Effective
                Date of Plan

            

    

    

    The
      Plan
      has been adopted by the Committee subject to the approval of any stock exchange
      on which the shares of the Corporation are to be listed or other regulatory
      body
      having jurisdiction and, if so approved, the Plan shall become effective upon
      such approvals being obtained.

    

    IN
      WITNESS WHEREOF
      the
      Corporation has caused its corporate seal to be affixed hereto in the presence
      of its officer duly authorized in that behalf as of the 30th day of May,
      2006.

    

    
      	 	 	
               

              MINERA
                ANDES INC.

               

            
	 	 	 
	 	 	
               

              Per:
                ___________________________(c/s)

              Bonnie
                L. Kuhn, Secretary

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