The event was major part of the Chess Festival Buenos Aires organised by Argentinian Chess Federation, along with three open tournaments, the school chess congress and local municipal teams championship. The teams untypically comprised of 4 men, 2 women and 2 reserves (man+woman). Three of four Mercosur free trade zone members took part in the premier Mercosur Olympiad, as Paraguay did not arrive. The remaining teams were associate members at the moment. The invited guests Mexico and Cuba did not arrive either. Peru were missing women and lost 12 games by forfeit.

The event was won by Brazil (30/36) who beat Argentina 4-2 in the top clash to score six match wins. Both Argentinian teams put ther feet on the podium as well. GM Fier of Brazil was the only player to score perfect 6/6. GM Darcy Lima, captain of the victorious team stated: "We have promising junior and many experienced players; besides our women presented very good play against higher rated opposition. I think this made our triumph possible."