October 20, 2010 / 1:38 PM / in 8 years

CORRECTED - CORRECTED-UPDATE 1-Q3 gold, silver sales at San Jose down - Mine

(Corrects paragraph six to show that Minera shares have risen 74 percent in value, not more than doubled)

* Gold sales down 19 pct at 19,932 ounces

* Silver sales down 21 pct at 1.2 mln ounces

* Marginal change in silver production at 1.4 mln ounces

* Gold production down 2 pct at 22,025 ounces

Oct 20 (Reuters) - Canada’s Minera Andes MAI.TO posted a quarterly decline in silver and gold sales at its flagship San Jose mine in Argentina, as a result of increase in products inventory.

For the third quarter, while there was marginal change in production, sales of silver and gold were down 21 percent and 19 percent, respectively, as there was a decrease in products inventory in the same period last year.

The company said it will give details on production costs with the third-quarter results.

Earlier in the month, Minera said the discovery of nine veins of gold and silver would “significantly” extend the life of San Jose mine. [ID:nSGE6960KT]

The controversial San Jose mine is operated by Minera Santa Cruz SA, also a joint venture between Hochschild Mining Plc (HOCM.L) and Minera Andes.

Minera shares have risen 74 percent in value since the company resolved a dispute with Hochschild over the repayment of loans for financing the San Jose project in September. [ID:nSGE68J0KA]

They closed down 8 percent at C$1.93 Tuesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Jarshad Kakkrakandy)

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