Jun. 9, 2009 (Filing Services Canada) -- Andean American Mining Corp. (AAG - TSX Venture, AQN - FWB),
Andean American Mining Corp. is pleased to provide an update on the status of the Invicta feasibility report that is scheduled for completion this month. The Lokhorst Group Ventures Inc. was contracted as the lead consultant for an audit of the feasibility study which has been completed by internal geological staff and external consultants as announced in the news release dated April 30, 2009. The Executive Summary, Geology, Mining, Metallurgy and Processing Plant sections are in the final auditing stage. The sections on Infrastructure, Environment and Community Relations are 80% audited, while the remaining sections on Operating Costs and Appendices are currently 50% audited. The Lokhorst Group has confirmed completion on or about the 19th of June, 2009.
In addition, the Board of Directors of Andean American Mining Corp. wishes to announce that the Company has arranged a bridge loan of $250,000 at a zero percentage rate to fund ongoing operating costs and auditor's fees. The company has agreed to issue bonus shares in the amount of 476,190, subject to TSX approval. The Company has agreed to pay a finder's fee of 2.5% in shares on a portion of this funding.
On behalf of Andean American Mining Corp.
"John Huguet"
John Huguet
Chairman & CEO
Andean American Mining Corp. (TSX.V:AAG) (FWB:AQN) is an international mining and exploration company focused on growth. The Company is actively pursuing new targets of potential early stage gold and silver prospects in Peru and currently has two key assets: the 41,500 hectare Invicta gold-silver-copper advanced exploration stage project; 58% of Sinchao Metals Corp., owner of the Sinchao zinc-copper-silver-gold-lead mineralization project.
For further information call (604) 681-6186 or toll free: 1-888-356-4784 or visit www.andeanamerican.com
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.
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.
Source: Andean American Mining Corp. (TSX-V AAG) www.andeanamerican.com
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