ANDINA Minerals Inc.
TSX VENTURE : ADM

ANDINA Minerals Inc.

July 08, 2009 08:50 ET

Andina Announces CFO Transition; Provides Annual Meeting Update

TORONTO, ONTARIO--(Marketwire - July 8, 2009) - ANDINA Minerals Inc. (TSX VENTURE:ADM) ("Andina") today announced that Thomas J. Pladsen is stepping down from the position of Chief Financial Officer and is being replaced by Keith D. McKay, who was previously Executive Vice President with Andina. Both changes became effective June 30, 2009.

George Bee, President & CEO, said, "Since joining in 2005, Tom has made a significant contribution to Andina as the Company progressed from junior exploration to early stage development. We wish him all the best as he continues management roles with several other resource companies." Mr. Bee commented, "I anticipate a seamless transition for Keith since he has been working closely with our team for several months."

Mr. McKay, Chief Financial Officer, joined Andina in March of this year as Executive Vice President. His considerable finance and management experience at development and operating stage mining companies will assist Andina in making a successful transition from exploration to development and then on to production. Most recently Mr. McKay came to Andina from Aurelian Resources Inc., where he was Vice President and Chief Financial Officer. For more details on Mr. McKay, including other management and board experience visit http://www.andinaminerals.com/corporate/management.html.

Andina also announced that at its annual and special meeting held on June 18, all of the resolutions were passed, including approval of the shareholder rights plan and stock option plans. All of the nominated directors were elected at the annual meeting and new committees were formed after the annual meeting, as follows:

- Audit Committee: Melvyn Williams (Committee Chairman), R. Gregory Laing and T. Sean Harvey

- Human Resources and Corporate Governance Committee: R. Gregory Laing (Committee Chairman), T. Sean Harvey and J. Eduardo Rosselot

About Andina Minerals Inc.

Andina's primary focus is mining exploration and development in Chile. The Company's flagship development project is the 100%-owned Volcan Gold Project, strategically located in the prolific Maricunga Gold Belt. In July 2008, Andina provided an updated resource estimate for Volcan, resulting in a 126% increase to measured and indicated resources to 6.62 million contained ounces of gold (241.7 million tonnes grading 0.85 grams per tonne gold ("g/t Au")) and inferred resources of 3.26 million ounces of gold (114.0 million tonnes grading 0.89 g/t Au) at a 0.5 g/t Au cut-off. Andina is progressing with a Conceptual Development Plan and a Preliminary Economic Assessment for Volcan, targeted for completion in Q4 2009.

Forward Looking Statements

This press release may contain statements within the meaning of safe harbour provisions as defined under Securities Laws and Regulations. The above statements are based on the current expectations and beliefs of Andina's management and are subject to a number of risks and uncertainties that may cause the actual results to differ materially from those described above.

This release contains forward-looking statements, including, projections and forecasts. Forward-looking statements included in this press release are, but are not limited to, statements with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, the use of financing proceeds, timing and results of future resource estimates or future economic studies and in particular include statements with respect to the commencement and completion of the Conceptual Development Plan and Preliminary Economic Assessment for the Volcan Project. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipate", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements are based on a number of material factors and assumptions, including the result of drilling and exploration activities, results of studies, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration and development work is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although Andina has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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.

Contact Information

  • Andina Minerals Inc.
    George M. Bee
    President & CEO
    416-203-3488
    or
    Andina Minerals Inc.
    Marla Gale
    Director of Investor Relations
    416-203-3488
    www.andinaminerals.com