AndeanGold Signs Amendment to Agreement to Acquire Gitennes' 40% Interest in Urumalqui Ag-Au Project, Peru
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/21/13 -- AndeanGold Ltd. ("the Company" or "AndeanGold") (TSX VENTURE: AAU)(LMA: AAU) is pleased to announce that Gitennes Exploration Inc. ("Gitennes) and the Company have signed an amendment (the "Amendment") to the Share Sale and Mining Agreement dated May 17, 2012 (the "Agreement") which provides the Company with the right to acquire Gitennes' 40% interest in the Urumalqui Ag-Au Project in Peru (see news release of May 22, 2012). The Amendment revises the timing and certain amounts of future payment obligations stipulated in the Agreement. The scheduled May 17, 2013 payment of $350,000 cash and issuance of 250,000 common shares (the "Shares") of the Company to Gitennes has been amended to a payment of $150,000 cash and the issuance of 107,000 Shares, with the remaining payment of $200,000 cash and issuance of 143,000 Shares rescheduled for payment on September 17, 2013. In addition, the due date for the November 17, 2013 payment obligations, as well the due dates for all remaining future payment obligations stipulated in the Agreement, have each been extended by four months. The Company has made the amended payment obligations due on May 17, 2013.
AndeanGold Ltd. has the right to earn a 100% interest in the Urumalqui Project from Gitennes pursuant to an existing Option Agreement (the "60% Option") between the parties dated April 21, 2010 (see news release dated April 22, 2010) and the Share Sale and Mining Agreement (the "40% interest").
About AndeanGold Ltd:
AndeanGold Ltd. is engaged in the acquisition, exploration and potential development of primarily precious metals properties, principally in Peru and Ecuador. The focus of the Company's exploration activities is presently in advancing its Urumalqui Project, as well as pursuing mineral property acquisitions, in Peru. In Ecuador, the Company's activities have been limited to administrative and legal matters due to the Mining Mandate issued by the Ecuador Constituent Assembly on April 18, 2008. In November 2009, President Correa signed the Mining Regulations into law pursuant to the requirements of the new Mines Law, which was passed in January 2009. This was the final legal precursor to the re-initiation of exploration and mining development in Ecuador. The Company has been issued new mining titles under the new Mines law to its three key Ecuadorian projects and has filed the requisite documents with the Ministry of Non-Renewable Natural Resources and Ministry of Environment ("MRNNR") in support of the Company's request to renew exploration programs on its key projects in Ecuador. In September 2012, the Company received authorization from the MRNNR to renew exploration programs on its Curiplaya Project.
Please refer to AndeanGold's website at www.andeangoldltd.com for further information on the Company's projects and activities.
On Behalf of the Board of Directors of ANDEANGOLD LTD.
Anthony F. Ciali, President, CEO and Director
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.
Contacts:
AndeanGold Ltd.
Tony Ciali
732.940.5487
tciali@andeangoldltd.com
www.andeangoldltd.com
Ascenta Capital Partners Inc.
Jamie Mathers
Investor Relations
604.684.4743 ext. 236 or Toll free: 1.866.684.4743 ext. 236
jamie@ascentacapital.com
