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Andina Reports Increased Resource Estimate for Volcan Gold Project

Tuesday, October 23rd, 2007

Andina Minerals Inc. is pleased to report an updated National Instrument 43-101 compliant resource estimate for its wholly-owned Volcan Gold Project, located in Chile’s prolific Maricunga Gold Belt. Compared to Andina’s February 2007 resource estimate, measured and indicated resources increased 48% to 2.93 million contained ounces of gold (115.1 million tonnes grading 0.79 grams per tonne gold (“g/t Au”)) while the inferred resource increased 188% to 4.20 million ounces of gold (170.3 million tonnes grading 0.77 g/t Au) at a 0.5 g/t Au cut-off.
Central to the Volcan deposits are higher grade core zones which, at a 0.7 g/t Au cut-off grade, host measured and indicated resources of 61.7 million tonnes grading 0.98 g/t Au containing 1.92 million ounces of gold with a further 83.1 million tonnes grading 0.96 g/t Au giving 2.55 million ounces of gold in the inferred resource category.
The updated resource incorporates the results from 14,640 metres of drilling completed subsequent to the February 2007 resource update. Since commencing exploration in 2005, Andina has completed over 45,000 metres of drilling in Dorado area of the Volcan Gold Project.
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