1. Silver, Gold & Copper in Argentina TSX: MAI OTC: MNEAF July 2011 1

2. 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. This includes descriptions and summaries of certain proposals received from significant shareholders, which the Company and its directors are currently evaluating. 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, the completion of a proposed business combination between Minera Andes and US Gold (including the numerous approvals required in connection with such a business combination), risks related to business integration as a result of a successful business combination, 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 labour; 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.

3. MAI: TSX MNEAF: US OTC NILS ENGELSTAD VICE PRESIDENT,CORPORATE AFFAIRS

4. MAI: TSX MNEAF: US OTC Formal Proceedings

5. MAI: TSX MNEAF: US OTC PERRY ING CFO

6. Balance Sheet USD Millions

7. Statement of Operations USD Millions

8. Share Capital In millions

9. Minera Santa Cruz In millions of USD

10. MAI: TSX MNEAF: US OTC JIM DUFF COO

11. Minera Andes’ AssetsSilver, Gold & Copper

12. SAN JOSÉ MINESilver + GoldProduction

14. Inferred resources nearly doubled – 12 year resource life

15. Exploration continuing in 2011

16. 16 day strike in April-May 2011* Cash operating costs on a co-product basis

17. Dec 2010 Resource and Reserves* Resources (Significant Increase) 2009 - Cutoff grade of 149 eqAg g/t using $925/oz Au and $15/oz Ag prices, Ag:Au ratio 60:1 2010 - Cutoff grade of 198 eqAg g/t using $900/oz Au and $15/oz Ag prices, Ag:Au ratio 60:1 Reserves 2009 – Breakeven cutoff value of $125.60/t using $810/oz Au and $13.50/oz Ag prices, Ag:Au ratio 60:1 2010 – Breakeven cutoff valueof $191.30/t using $900/oz Au and $15.00/oz Ag Prices, Ag:Au ratio 60:1 *Reported March 28, 2011 in the company’s annual information form

18. San José Mine Production

19. Prospective Exploration Properties

20. Santa Cruz Exploration Targets

21. Los Azules 3,500 m Above Sea Level

22. Los AzulesAmongst Copper Giants 18% ofWorld’s Copper Resources

23. Exploration and Infill Drilling

24. Exploration and Infill Drilling

25. Los Azules – Longitudinal Section

27. Advanced Preliminary Feasibility Study

28. Preliminary hydrologic model

29. Geotechnical evaluations

30. Access road evaluation

31. Environmental assessments and base line monitoring

33. Advance Preliminary Feasibility Study

34. Metallurgical test work

36. Updated Preliminary Economic Assessment Highlights 100,000 TPD ore production LOM average 375 million lbs Cu/year CAPEX $2.9 Billion Cash Operating Cost $0.96/lb Payback in 3 years @ $3/lb 25 year Mine Life

37. MAI: TSX MNEAF: US OTC ROBERT R. MCEWEN CHAIRMAN, PRESIDENT & CEO

38. 28

40. Dow vs Gold Ratio

41. Silver / Gold Exchange Ratio# of ozs Silver = 1 oz Gold 1980 – Present Range14 - 100

42. LIFE IS FULL OF DISTRACTIONS. NO MATTER HOW TEMPTING IT MAY BE TO VEER OFF YOUR PATH, KEEP YOUR GOALS IN FOCUS AND KEEP MOVING FORWARD. - Gabriel Cid

44. Quality

47. Greater Trading Liquidity

48. Increased Research

50. Production & DevelopmentPipeline

51. Significant Growth Pipeline

52. Rob McEwen Big Ownership – No Salary!Compared to Other CEO’s and No Salary $345 MM 27x Avg. $39 MM $31 MM $5 MM $3 MM $1 MM $0 MM McEwen Mining First Majestic Silvercorp Hecla Coeur D’Alene Pan American Silver Standard * As of Jun 13, 2011

53. High Growth + Low CostPro-forma Estimates 7.5 MM oz Growing Production Lowering Costs Cash Cost / Silver oz* (Gold by-product) 2.5 MM oz -$0.40 -$1.50 2011E 2014E 2011E 2014E *Cash cost reported on a by-product basis

54. Creating a Low Cost, High Margin ProducerCash Cost (By-Product Basis): McEwen Mining vs Peers Silver Standard $10.95 First Majestic $8.25 Pan American $7.85 Coeur $6.50 Hecla $1.05 McEwen Mining Silvercorp -$7.60 2011 -$0.40 2014 -$1.50 *Cash cost reported on a by-product basis ** As of March 31, 2011

55. McEwen Mining Market Cap vs Peers $3.3 B $2.2 B $2.2 B $2.1 B $2.1 B 24.3 MMoz $1.8 B $1.6 B* 7.0 MMoz 8.5 MMoz 10.6 MMoz 16.8 MMoz Est.7.5 MMoz 5.6 MMoz McEwen Mining Silvercorp First Majestic Silver Standard Hecla Coeur Pan American *Pro-forma market cap** As of July 11, 2011

56. Strong Treasury - No Bank DebtCash + Silver / Gold Bullion $111 MM $90 MM $21 MM Pro-forma US Gold Minera Andes * As of June 30, 2011

57. Pro-forma Resource Estimates 81.2 MM oz 10.3 B lbs 3.8 MM oz 51.1 MM oz 2.2 B lbs 0.9 MM oz M&I Inferred M&I Inferred Indicated Inferred Silver Gold Copper * As of Dec 31, 2010

58. Past SuccessGoldcorp + Wheaton Combination Premium Paid: 7% Goldcorp Performance Day of Announcement Goldcorp Performance 12 Months Upon Closing $0.01 170%

59. 52 Week Trading $ Volume Cdn US $0.7 MM 5% $13 MM 95% US Gold $3 MM 80% $0.8 MM 20% Minera $3.7 MM 20% $13.8 MM 80% Pro-forma *US Gold – NYSE & TSX Minera – OTC.BB & TSX In US $

60. 52 Week Hi/Lo Share Price Hi Lo US Gold Minera Ratio@ 0.40 $9.58 $3.47 0.36$3.83 $4.35 $0.70 0.16 Hi & LowOccurredon thesame day *USD

61. Share Price Exchange Ratio MNEAF/ UXG July 2009 - 2011

62. Share Exchange RatioJune 1 - Present AnnouncementJune 14

63. Share Exchange RatioStarting 1 Day Before Announcement Positive

64. LIFE HAS TAUGHT ME THAT WE ARE CAPABLE OF FAR GREATER THINGS THAN ONE CAN POSSIBLY IMAGINE!