AAU Angold Resources Ltd

AndeanGold Ltd. (TSX VENTURE:AAU) ("the Company" or "AndeanGold") announces a
non-brokered private placement for the issuance of up to 13,636,364 units at a
price of $0.22 per unit to raise gross proceeds of up to $3.0 million. Each unit
will be comprised of one common share and one purchase warrant. Each warrant
will entitle the holder to purchase one additional common share of the Company
for two years at a price of $0.33 per share.


All securities issued in the private placement will be subject to a four-month
hold period from the closing of the private placement. Completion of the private
placement is subject to regulatory approval.


The Company will pay finders' fees with respect to the private placement, in
accordance with applicable securities laws and the policies of the TSX Venture
Exchange.


The proceeds of the private placement will be used principally to fund a Phase I
infill drill program and future exploration programs on the Company's Urumalqui
Project in Peru and for general working capital purposes.


About AndeanGold Ltd:

AndeanGold Ltd. is engaged in the acquisition, exploration and potential
development of primarily precious metals properties, principally in Peru and
Ecuador. The focus of the Company's exploration activities is presently in
advancing its Urumalqui Project, as well as pursuing mineral property
acquisitions, in Peru. In Ecuador, the Company's activities have been limited to
administrative and legal matters due to the Mining Mandate issued by the Ecuador
Constituent Assembly on April 18, 2008. In November 2009, President Correa
signed the Mining Regulations into law pursuant to the requirements of the new
Mines Law, which was passed in January 2009. This was the final legal precursor
to the re-initiation of exploration and mining development in Ecuador. The
Company has been issued new mining titles under the new Mines law to its three
key Ecuadorian projects and has filed the requisite documents with the Ministry
of Non-Renewable Natural Resources and Ministry of Environment in support of the
Company's request to renew exploration programs on its key projects in Ecuador.
The Company is actively working with government officials to achieve this end.


Please refer to AndeanGold's website at www.andeangoldltd.com for further
information on the Company's projects and activities.


On Behalf of the Board of Directors of ANDEANGOLD LTD.

Anthony F. Ciali, President, CEO and Director

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