Andean Resources Ltd.
TSX : AND
ASX : AND

Andean Resources Ltd.

July 15, 2009 09:46 ET

Andean Resources Closes Bought Deal Financing for CAD$90 Million

FREMANTLE, WESTERN AUSTRALIA--(Marketwire - July 15, 2009) -

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

Andean Resources Limited (TSX:AND)(ASX:AND) (the "Company") has successfully completed its previously announced bought deal financing of 56,250,000 new shares, details of which were contained in the Company's news release dated June 25, 2009.

The offering raised CAD$ 90,000,000 (approx AUD$ 100,000,000) before underwriting fees and expenses under a short form Canadian prospectus; the offering was co-ordinated by a syndicate of underwriters led by BMO Capital Markets and including CIBC World Markets, Paradigm Capital, Haywood Securities, RBC Capital Markets, Thomas Weisel Partners, UBS Securities, and Dundee Capital Markets.

The capital raised will be used to significantly advance the exploration and development of the Cerro Negro gold project in Argentina over the next two years as the Company moves towards production.

Heber Sheffield, Andean's Chief Financial Officer, commented, "Closing this financing provides the funds that will allow the Company to continue its commitment to expeditiously expand the Cerro Negro project. We plan on increasing the exploration program and advancing development of the project in order to move into the production stage over the next few years."

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.

A.C.N. 064 494 319

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