Andean American Acquires 100% of Sundust's Interests in the Invicta Project
TORONTO, ONTARIO -- (Marketwire) -- 02/21/12 -- Andean American Gold Corp. ('Andean' or the 'Company') (TSX VENTURE: AAG)(FRANKFURT: AQN) is pleased to report that following the announcement on November 16, 2011 of the signing of a letter of intent between the Company and Sundust Resources Inc. ('Sundust'), the two parties have completed the transaction whereby Andean has acquired 100% of Sundust's claimed interest in the Invicta Project.
Pursuant to the terms of the definitive agreement Andean has paid to Sundust CAD$400,000 and issued to Sundust 5,600,000 common shares in exchange for Sundust's interest in the Invicta Project. In addition, Sundust has provided the Company with a release with respect to any further claims in respect of the Invicta Project or otherwise. The shares are subject to a four-month hold period and will be distributed by Sundust to its shareholders by way of a dividend.
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 31,600 hectare Invicta gold-silver-copper advanced exploration stage project and 64.95% of Sinchao Metals Corp., owner of the Sinchao gold-silver-copper exploration project.
On behalf of Andean American Gold Corp.,
David Rae, President and CEO
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 www.sedar.com.
This press release is not an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended and such securities may not be offered or sold within the United States absent an applicable exemption from U.S. registration requirements.
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.
Contacts:
Andean American Gold Corp.
David Rae
President and CEO
416-368-9500
drae@aaggold.com
Andean American Gold Corp.
Linda Dorrington
Investor Relations
905-491-6852
ldorrington@aaggold.com
www.AAGgold.com
