Andean American Gold Corp.

Andean American Gold Corp.

November 25, 2010 09:00 ET

Andean American Announces Appointment of New CEO

David Rae to Succeed John Huguet as CEO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 25, 2010) - The Board of Directors of Andean American Gold Corp. ("Andean American" or the "Company") (TSX VENTURE:AAG)(FRANKFURT:AQN) announces that Mr. John F. Huguet will step down as Chairman and Chief Executive Officer of the Company, effective December 31, 2010. The Board has appointed the Company's current President, Mr. David Rae, to the position of President and Chief Executive Officer, effective January 1, 2011. Mr. Paulo Bilezikjian, currently the Company's lead independent director, will assume the role of Chairman of the Board. Mr. Bilezikjian is an asset manager with extensive experience in emerging markets and an excellent track record in investment management. Mr. Huguet will remain available to Andean American as a consultant to facilitate managerial continuity and provide the Company with ongoing access to his experience.

Mr. Huguet served as the Chairman of the Board of Andean American from April 1997 and was appointed as CEO in September 1998. Since then he has successfully managed the Company through significant growth, with the acquisition of the Invicta Gold Project in Peru in 2005 and the spin-off of Sinchao Metals Corp. in 2006, in which Andean holds a 60% interest. Sinchao, listed on the TSX Venture Exchange (TSX VENTURE:SMZ), is developing the polymetallic Sinchao Project, also located in Peru.

In recent months Mr. Huguet has implemented a succession plan and built a strong management team with the appointment of Mr. David Rae as President in June this year, and the appointments in May of Mr. Bruce Ramsden as Chief Financial Officer, Mr. Mark Zabel as VP Corporate Development and Mr. Miguel Huaman as VP Operations in March.

"Andean American is positioned for success as our lead Invicta Gold Project is well advanced through the feasibility stage. Preparations for construction of the 160,000 gold equivalent ounce per year mine are underway and construction is anticipated to begin in the first half of 2011. We have a talented team and are strengthening relationships both within the equity markets and with the communities in Peru. Together we look forward to realizing the potential of Invicta as we transition from exploration to operation," said Mr. Rae. 

The Board believes that the Company will continue to add value under the leadership of Mr. Rae who has held senior positions in the mining industry, including VP of Strategy and Commercial for Falconbridge, Senior VP for Europe and Africa with Xstrata Nickel and in advisory capacities for Kinross, Vale Inco and Iamgold. 

The Board of Directors would like to thank Mr. Huguet for his dedicated service to the Company over the past thirteen years and wishes him well in his future endeavours. 

For further information, please visit the Company's website at or call (604) 681-6186 or toll free: 1-888-356-4784.

About Andean American

Andean American is an international mining and exploration company focused on value growth through the development of gold and copper projects in Peru and currently has two key assets: the 28,200 hectare Invicta gold-silver-copper advanced exploration stage project and 60% of Sinchao Metals Corp., owner of the Sinchao gold-silver-copper exploration project. In addition, the Company is actively targeting early stage gold and silver prospects in Peru.

On behalf of Andean American Gold Corp.,

David Rae, President

This news release may contain forward-looking information within the meaning of the Securities Act (Ontario) ("forward-looking statements"). Such forward-looking statements may include the Company's plans for its mineral projects, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations in a foreign jurisdiction, uncertainty of production and costs estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of gold and other metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Financial Statements, Management Discussion and Analysis and Material Change Reports filed with the Canadian Securities Administrators and available at

Neither 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.

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