Andean Resources Ltd.

Andean Resources Ltd.

October 22, 2007 11:46 ET

Andean Elects to Accelerate Options Expiry to Raise A$7.4 Million

PERTH, AUSTRALIA--(Marketwire - Oct. 22, 2007) - Andean Resources Limited (TSX:AND)(ASX:AND) ("Andean" or the "Company") is pleased to announce it has exercised its right to call for the early expiry of options granted by the Company as part of its A$9.8 million fundraising completed in February 2007 to North American investors.

The expiry provisions attaching to the options issued at that time (collectively, the "Options") provided for an acceleration of the expiry date, if the closing price of the Company's ordinary shares traded over A$0.60 for a period of 30 consecutive trading days subsequent to June 27, 2007. The strong performance of the Company's shares since that date has triggered Andean's right to call for the early exercise and accordingly the Company has elected to accelerate the expiry of the Options to the date indicated below.

The revised expiry date will now be November 21, 2007. Notice of the acceleration of the expiry date of the Options is being mailed to the various Option holders.

The holders may exercise the Options before 5:00 p.m. (Western Standard Time) November 21, 2007 by providing the Company, (a) a written exercise notice addressed to the Company specifying the name of the Option holder, the number of Options being exercised and the number of Option Shares to be issued (the "Exercise Notice"); and (b) the proposed date for completion of the issue of the Option Shares comprised in the exercise notice, together with a certified cheque, bank draft or money order payable to "Andean Resources Limited" in an amount equal to the purchase price of the number of Option Shares subscribed for.

There are currently 16.4 million Options outstanding related to the North American financing with an exercise price of A$0.45. If all the Options are exercised, the Company will receive A$7.38 million. Andean will utilize these proceeds to fund its current Phase 4 exploration programs at its 100% owned Cerro Negro gold project and for general working capital.

Andean Resources Ltd, is an Australian based company, exploring for gold and silver resources in the Andes. Andean is listed on the Australian Stock Exchange under the ticker symbol AND, and more recently has been listed on the Toronto Stock Exchange under the ticker symbol AND.

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