10.692 Million Ounces Silver and 86,200 Ounces Gold
1.945 Million Tonnes at 171.01 g/t Ag and 1.378 g/t Au
In August 2012, the Company announced very positive results from a preliminary metallurgical test program on the Project, which was conducted by G&T Metallurgical Services Ltd. ("G&T") of Kamloops B.C., Canada. G&T reported up to 97% silver recovery and 96% gold recovery based on gravity and cyanidation tests (see news release of August 15, 2012). The silver and gold recoveries overall from this test work significantly exceeded the projected recovery rates in the Estimate - silver 65% and gold 85%.
The Company intends to update the Estimate based on the assay results for the Phase II drill program, as well as incorporating the results from the 2012 surface channel sampling and metallurgical test programs.
AndeanGold Ltd. has the right to earn a 100% interest in the Urumalqui Project from Gitennes pursuant to the Agreement and a definitive Share Sale and Mining Agreement between the parties dated May 17, 2012, giving AndeanGold the right to acquire Gitennes' remaining 40% interest in the Project (see news release dated May 23, 2012).
The Company is committed to advancing the Urumalqui Project to the development stage as soon as practicable, as well as actively working with the local communities related to the Project. AndeanGold has had excellent community relationships and is working on several agreed to social projects for the benefit of the communities.
Mr. John E. Bolanos, Vice President Exploration of the Company, is a Qualified Person for all technical information in this news release, excluding the mineral resources, in compliance with National Instrument 43-101 and has reviewed and approved the content of this release.
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 ("MRNNR") and Ministry of Environment in support of the Company's request to renew exploration programs on its key projects in Ecuador. In September 2012, MRNNR approved the Company's application to restart exploration programs on its Curiplaya Au-Cu property.
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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Ascenta Capital Partners Inc
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