Andean Resources Ltd.
TSX : AND
ASX : AND

Andean Resources Ltd.

June 24, 2009 15:43 ET

Andean Resources Limited-Announces Bought Deal Financing

FREMANTLE, WESTERN AUSTRALIA--(Marketwire - June 24, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Andean Resources Limited ("Andean") (TSX:AND)(ASX:AND) has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy on bought deal basis by way of a short form prospectus, 56,250,000 Common Shares (the "Common Shares"), at a price of C$1.60 per Common Share for gross proceeds of C$90,000,000. The net proceeds will be used to advance the exploration and development of the Cerro Negro project in Argentina and for general working capital purposes. The offering is expected to close on or about July 15, 2009 and is subject to Andean receiving all necessary regulatory approvals.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

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