ANDINA Minerals Inc.
TSX VENTURE : ADM

ANDINA Minerals Inc.

November 15, 2010 16:50 ET

Andina Minerals Announces Progress on Pampa Buenos Aires Joint Venture Project With Iron Creek Capital Corp.

TORONTO, ONTARIO--(Marketwire - Nov. 15, 2010) - ANDINA Minerals Inc. (TSX VENTURE:ADM) (the "Company" or "Andina") is pleased to report that its joint venture ("JV") partner at the Pampa Buenos Aires ("PBA") project, Iron Creek Capital Corp. ("Iron Creek") (TSX VENTURE:IRN) has released information concerning surface geochemical reconnaissance on the 27,000 Ha property, located approximately 15 km southwest of Yamana's El Peñón silver/gold mine in the Antofagasta Region of Chile. Please find a link to Iron Creek's website where the details of the results of current exploration activities can be found. www.ironcreekcapital.com.

Andina entered into the JV with Iron Creek in January 2008 and has been in a 50:50 JV partner since that date.

Under the terms of the agreement Iron Creek is the project operator and together with Andina, will decide what additional work will be performed.

In July 2010, Iron Creek announced that Tim Beale had joined Iron Creek as President and CEO. Tim brings over 25 years of work experience in the minerals industry with BP Minerals, RTZ Corporation, Rio Tinto and Anglo American including 20 years in Chile, Argentina and Peru exploring for gold and base metals.

George Bee, President and CEO of Andina Minerals said, "We believe that the combination of John Davidson's experience as Exploration Manager under the capable leadership of Tim Beale bodes well for identifying value in our important Pampa Buenos Aires land position". He added, "Andina's attention has been focussed on job #1, the development of its Volcan Gold Project for which a prefeasibility study is due for publication in Q1 2011, and the PBA results represent an important step in realizing value from the other assets in Andina's portfolio.

While the market currently gives Andina little credit for the value of its exploration holdings (PBA and Encrucijada) in the Antofagasta Region, land is extremely hard to come by in Chile. Chile is one of the few stable, mining friendly and mining capable jurisdictions in the world. While still very early staged, Andina sees the potential value locked in these properties and the Company has confidence in its partners' expertise in geological discovery to unlock that value."

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. Andina is progressing with a Conceptual Development Plan and a Preliminary Economic Assessment for Volcan, targeted for completion in early 2011.

Forward Looking Statements:

This press release may contain forward-looking statements within the meaning of applicable 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.

Forward-looking statements included in this press release include, but are not limited to, statements with respect to the completion of the Conceptual Development Plan, Preliminary Economic Assessment and Pre-Feasibility study for the Volcan Gold Project. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "planned", "expects", "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 gold price forecasts remain materially correct, 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.

For further information visit the Company's website at www.andinaminerals.com.

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.
    Investor Relations
    416 203 3488
    www.andinaminerals.com