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Originally Posted by vicente
It means "beloved" as in mi querida amiga...my beloved friend...and in my experience is used as an affectionate term such as sweetheart, sugar, baby or honey, maybe dear, etc.....
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Right Vicente! That's exactly the way it's used in Argentina, as "beloved". It's not common as mistress, maybe it used to be in the past in the 1900 but not anymore.
Hope it helps!