AAU Angold Resources Ltd

AndeanGold Ltd. (TSX VENTURE:AAU) ("the Company" or "AndeanGold")  is pleased to
announce that the Company has increased its previously announced non-brokered
private placement (the "Placement") (news release of February 10, 2011) from
$3,000,000 to $3,856,810. The Placement has closed, and the Company has issued
an aggregate of 17,530,955 Units at a price of $0.22 per Unit. Each Unit
consists of one common share and one share purchase warrant. Each warrant will
entitle the holder to purchase one additional common share of the Company for a
period of two years at a price of $0.33 per share.


In accordance with applicable securities laws and the policies of the TSX
Venture Exchange, the Company paid finders' fees and expenses on portions of the
Placement in the aggregate amount of $210,494 cash and issued 955,427 warrants,
each such warrant entitling the holder to acquire one additional common share of
the Company at a price of $0.33 for a period of two years from the Closing. 


All securities issued in the Placement will be subject to a four-month hold
period from the Closing of the Placement.


The proceeds of the 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; potential acquisitions 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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