AndeanGold Announces $600,000 Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 24, 2014) - AndeanGold Ltd. ("the Company" or "AndeanGold") (TSX VENTURE:AAU)(LMA:AAU) announces a non-brokered private placement for the issuance of up to 12,000,000 units at a price of $0.05 per unit to raise gross proceeds of up to $600,000. Each unit will be comprised of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Company for eighteen months at a price of $0.07 per share.

All securities issued in the private placement will be subject to a four-month hold period from the closing of the private placement. Completion of the private placement is subject to regulatory approval.

The Company will pay finders' fees with respect to the private placement, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

The proceeds of the private placement will be used principally to fund option payments and to initiate work on the Company's plan to develop a small-scale mine on the Urumalqui Project in Peru, and for general working capital purposes.

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 ("MRNNR") and Ministry of Environment in support of the Company's request to renew exploration programs on its key projects in Ecuador. In September 2012, MRNNR approved the Company's application to restart exploration programs on its Curiplaya Au-Cu property.

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.