Andean American Gold Corp.
TSX VENTURE : AAG
FRANKFURT : AQN

Andean American Gold Corp.

November 29, 2006 18:21 ET

Andean American Announces the Closing of 810,000 Units Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 29, 2006) - The Board of Directors of Andean American Mining Corp. (TSX VENTURE:AAG) is pleased to announce that it has closed the 810,000 unit non-brokered private placement as announced on October 30, 2006 and November 23, 2006. The unit financing consists of one common share in the Company and one half non-transferable share purchase warrant. One half share purchase warrant will entitle the holder to acquire one common share of the Company for C$1.00 issued for 12 months.

The warrants will also carry a forced conversion feature such that should the common shares of the Company trade at or above C$2.00 for twenty consecutive trading days then the warrants must be exercised within 30 days or be cancelled.

There is a finder's fee of 6% payable in cash on this financing. All securities issued have a hold period expiring on March 28, 2007.

The funds will be used for working capital and for ongoing exploration on the Company's resource properties.

On behalf of Andean American Mining Corp.

John Huguet, President and CEO

About Andean American Mining:

Andean American Mining Corp. (TSX VENTURE:AAG) is focused on growth both organically and through acquisitions. The company is actively pursuing new properties with potential for early stage gold and silver targets. Andean American continues to maintain excellent community relations and a commitment to responsible environmental practices. The company has a strong management team with over 60 years experience and an effective board dedicated to excellence in corporate governance. Andean American Mining is committed to continuing to be a low-cost, profitable producer with an objective of producing 200,000 ounces of gold by 2010.

This news release may contain forward-looking statements regarding upcoming work programs and events. Actual results may differ materially from those anticipated in such statements.

Sedar Profile # 00003879


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