These results allow the Invicta project to now finalize the flowsheet and minimize the flotation system while improving overall recoveries in lowering operating costs.

In the Executive Summary, Knelson Gravity Solutions reports the following:

- CVD amenability testing of the sample using a Knelson MD3 low-yield cone in multi-pass mode indicated that grinding to nominal 500um was adequate to achieve good gravity recovery of gold, silver and lead, but that further grinding to 250um was required to enhance recovery of copper and zinc.

- Bulk CVD testing was thus undertaken using a 500um grind for the rougher concentration stage, followed by grinding to 250um prior to CVD scavenger concentration.

- CVD concentration in this flowsheet yielded recoveries of 88% Au, 81% Ag, 61% Cu, 63% Zn and 84% Pb to 37% mass yield, to a concentrate assaying 14.3 g/t Au, 147 g/t Ag, 2.4% Cu, 3.2% Zn and 3.1% Pb.

- Cleaner concentration of CVD concentrate via various methods indicated final recoveries to cleaner concentrate of +/-50-60% Au, 30-40% Ag, +/-75% Pb and +/-25% Cu & Zn to 10% mass yield. Concentrate grades were of the order of 40g/t Au, greater than 200 g/t Ag, 11% Pb, 2.7% Cu and 3.4% Zn. Beyond this mass pull (i.e. greater than 10% mass) gravity recovery of all metals was essentially proportional to mass yield (i.e. unit slope).

- It seems therefore that scavenger flotation may be required subsequent to CVD processing in order to maximise recovery; testing of this flowsheet yielded overall recoveries in excess of 94% for all metals. Overall mass yield was +/-47% (37% via CVD gravity, 10% via flotation). Flotation was rapid and froth was barren within 7 minutes. Regrinding beyond the grind suitable for CVD (250um) was not beneficial to flotation performance.

- Leach tests were undertaken on most products and by-products, and a summary of overall gold recovery via various permutations of flowsheet is shown below.

Also shown below is a table of base metal recoveries and grades at increasing gravity mass yield and with addition of floatation to gravity tails.

(i)SANAS, the South African National Accreditation System, is recognized by the South African Government as the single national accreditation body that gives formal recognition that Laboratories, Certification Bodies, Proficiency Testing Scheme Providers and Good Laboratory Practice (GLP) test facilities are competent to carry out specific tasks.

Table i: Gold Recovery via various process options

--------------------------------------------------------------------------
                                                        Au Recovery   NaCN
Process                                                          (%) (kg/t)
--------------------------------------------------------------------------
Whole ore leach, 24hrs, 1kg/t NaCN                             46.5    2.1
--------------------------------------------------------------------------
Whole ore leach, 72 hrs, 3kg/t NaCN                            83.5    5.7
--------------------------------------------------------------------------
CVD concentration                                              87.6    N/A
--------------------------------------------------------------------------
CVD concentration, flotation of CVD tails(1)                   96.9    N/A
--------------------------------------------------------------------------
CVD concentration, regrind and flotation of CVD tails(1)       97.8    N/A
--------------------------------------------------------------------------
CVD concentrate leach, 24 hrs, 1kg/t NaCN                      47.6    0.7
--------------------------------------------------------------------------
CVD concentrate leach, 72 hrs, 3kg/t NaCN                      74.6    1.3
--------------------------------------------------------------------------
CVD concentrate leach, regrind, 24 hrs, 1kg/t NaCN             43.5    0.8
--------------------------------------------------------------------------
CVD/flotation concentrate leach, 24 hrs, 1kg/t NaCN(2)         52.6    0.9
--------------------------------------------------------------------------
CVD/flotation concentrate leach, 72 hrs, 3kg/t NaCN(2)         82.5    1.6
--------------------------------------------------------------------------
CVD tails leach, 24 hrs, 1kg/t NaCN                             7.9    0.7
--------------------------------------------------------------------------
CVD/flotation tails leach, 24 hrs, 1kg/t NaCN                   2.0    0.4
--------------------------------------------------------------------------
CVD/regrind - flotation tails leach, 24 hrs, 1kg/t NaCN        1.0    0.5
--------------------------------------------------------------------------

Note 1: Recoveries shown here are those of CVD concentrate and cleaned
flotation concentrate. Flotation cleaner tails is assumed to report to
process tails. Mass yield for proportionate NaCN consumption calculation is
taken as CVD concentrate and cleaned flotation concentrate.

Note 2: It is assumed here that cleaned flotation concentrate would perform
similarly to CVD concentrate when leached.

Note: Overall recovery and sodium cyanide consumption for any chosen
process route can be calculated by summing the individual stage recoveries,
e.g. the recovery via CVD, flotation of CVD tail, equals 72-hour leach of
combined CVD and flotation concentrates and leach of floatation tails would
be 84.5% (82.5%+2.0%) for NaCN consumption of 2.0kg/t.


Table ii: Base metal recoveries and grades via various process options

---------------------------------------------------------------------------
Process                          Copper (%)      Zinc (%)        Lead (%)
---------------------------------------------------------------------------
                               Rec'y   Grade   Rec'y   Grade   Rec'y  Grade
---------------------------------------------------------------------------
CVD Ro/Sc/CI to 10% mass       +/-18  +/-2.7   +/-18  +/-3.4   +/-75  +/-11
---------------------------------------------------------------------------
CVD Ro/Sc/CI to 20% mass       +/-35  +/-3.0  +/-3.0  +/-3.5   +/-80   +/-6
---------------------------------------------------------------------------
CVD Ro/Sc to 37% mass             63     2.5      62     3.0      84    3.0
---------------------------------------------------------------------------
CVD Ro/Sc, float tails 44% mass   98     3.1      98     4.2      94    2.9
---------------------------------------------------------------------------
CVD Ro/Sc, float tails 47% mass   98     3.0      98     4.0      94    2.8
---------------------------------------------------------------------------

Note: Recoveries and grades at 10 and 20% mass yield have been interpolated
from charts. Note that copper and zinc grades from gravity processing
increase with mass yield as lead is depleted (thus no longer displacing Cu
& Zn downstream).

For the full report, please go to www.andeanamerican.com.

Mr. Andrew Gourlay, P. Geol., President of Andean American Mining Corp. is a Qualified Person as defined in the Canadian Securities Administrators National Instrument 43-101 with the ability and authority to verify the authenticity and validity of technical and scientific data. This news release has been prepared under Mr. Gourlay's supervision.

On behalf of Andean American Mining Corp.,

John Huguet, Chairman & CEO

Andean American Mining Corp. (TSX VENTURE:AAG)(FRANKFURT:AQN)(BVL:AAG) 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; 61% of Sinchao Metals Corp., owner of the Sinchao zinc-copper-silver-gold-lead mineralization project.

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.

SEDAR Profile # 00003879

SOURCE: Andean American Mining Corp.

Andean American Mining Corp.
John Huguet
Chairman & CEO
(604) 681-6186 or Toll Free: 1-888-356-4784
(604) 681-3652 (FAX)
Email: investors@andeanamerican.com
Website: www.andeanamerican.com

The updated resource estimate reported the following:

                                      Gold  Silver  Copper    Lead    Zinc
Category                     Tonnes    g/t     g/t       %       %       %

Measured                    850,000   2.20   29.48    0.69    0.67    0.54

Indicated                 7,053,000   2.10   17.95    0.50    0.34    0.33

Measured and Indicated    7,903,000   2.11   19.19    0.52    0.38    0.35

Inferred                 11,695,000   1.22   10.14    0.27    0.24    0.23

The new resource estimate, comprised of sulphide mineralization only, is
based on 12,400 metres of diamond drilling completed by Pangea Peru SA
during 1997 and 1998 as well as 14,200 metres of diamond drilling and
approximately 1,200 metres of underground development completed by Andean
American during 2007 and 2008.

Notes to table:
1. All mineral resources have been calculated in accordance with the
   standards of the CIM Definition Standards on Mineral Resources and
   Mineral Reserves, as required by NI 43-101.

2. Mineral resources that are not mineral reserves do not have demonstrated
   economic viability. The estimate of mineral resources may be materially
   affected by the inability to obtain required environmental and other
   regulatory approval, environmental or operating permits. The estimate
   may also be materially affected by global economic conditions such as
   the price of gold and silver, the price of oil and other commodities
   utilized in the production of gold and silver. Unknown geologic or
   hydrologic conditions or other unknown factors may materially affect
   the resource estimates.

3. The quantity and grade of reported Inferred Resources in this estimation
   are conceptual in nature and there has been insufficient exploration to
   define these Inferred Resources as an Indicated or Measured mineral
   resource and it is uncertain if further exploration will result in
   upgrading them to an Indicated or Measured mineral resource category.

The report recommends another 16,700 metres of diamond drilling with the objective of upgrading the inferred resources into the indicated resource category and testing some of the additional geological potential of the property.

Mr. Andrew Gourlay, P. Geol., President of Andean American Mining Corp. is a Qualified Person as defined in the Canadian Securities Administrators National Instrument 43-101 with the ability and authority to verify the authenticity and validity of technical and scientific data. This news release has been prepared under Mr. Gourlay's supervision. All samples were prepared and analyzed by CIMM Labs in Lima, Peru, an ISO-accredited laboratory. Standard reference materials, blanks and field duplicates were inserted prior to shipment from site to monitor the quality control of the analytical data.

On behalf of Andean American Mining Corp.,

John Huguet, Chairman & CEO

Andean American Mining Corp. (TSX VENTURE:AAG)(FRANKFURT:AQN)(BVL:AAG) 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; 61% of Sinchao Metals Corp., owner of the Sinchao zinc-copper-silver-gold-lead mineralization project.

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 document uses the terms "measured resources", 'indicated resources' and 'inferred resources'. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, 'inferred resources' have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

SOURCE: Andean American Mining Corp.

Andean American Mining Corp.
John Huguet
Chairman & CEO
(604) 681-6186 or Toll Free: 1-888-356-4784
(604) 681-3652 (FAX)
Email: investors@andeanamerican.com
Website: www.andeanamerican.com

Highlights:

Financial -

- Recorded a net loss of $19,242,387 or $0.30 per share for year, compared to a net loss of $21,433,578 or $0.41 per share in 2007.

- The net loss is mainly attributable to increases in operating expenses as well as in stock-based compensation and the write-downs relating to the Santa Rosa property.

- Produced 7,834 ounces of gold and gold equivalents in 2008 compared with 8,397 ounces in 2007.

- Revenues were $5,829,730 compared with $5,901,665 in 2007.

- Capital expenditures in 2008 amounted to $12,153,971 compared with $3,100,823 in 2007, mainly for exploration activities, equipment purchases and property acquisitions.

Operational -

- The Invicta Project successfully completed a 14,000 metre drill program and a 1,170 metre exploration adit was drifted.

- Wardrop Engineering was contracted for an updated NI 43-101 Technical Report on Invicta.

- A feasibility report is being completed, where Stanford Group is addressing mining methods and financial analysis and Wardrop Engineering is conducting the final audit.

- At Sinchao, a 4,652 metre drill program was completed and mineralization has been identified over an area of approximately 750 metres by 300 metres, and to a depth of approximately 400 metres. To date, a total of 12,339 metres has been drilled.

"We are extremely encouraged by the advance of our 2008 programs at both Invicta and Sinchao," states Chairman and CEO John Huguet. "We look forward to continuing our progress."

2008 Results

Andean recorded a net loss of $19,242,387 or $0.30 per share for the year compared to a net loss of $21,433,578 or $0.41 per share in 2007. During the same period in 2007, the Company incurred a loss of $6,086,167 on the sale of shares of Corporacion Minera Sinchao. The net loss in this period was impacted by increases in operating expenses and in stock-based compensation and the recognition of write-downs relating to the Santa Rosa property and dilution loss on sale of shares by its subsidiary. There was also an increase in foreign exchange gains, which resulted from fluctuations in the foreign exchange rates. Production of gold equivalents was 7,834 ounces compared with 8,397 ounces in fiscal 2007.

Revenues were $5,829,730 compared with $5,901,665 in 2007. The revenue decrease in 2008 was due to lower sales volumes partially offset by higher prices for gold and silver.

Cash flow in 2008 was a deficit of $3,750,890 versus $2,099,870 in 2007. The decrease was primarily due to lower revenues and increases in direct operating costs and general and administrative expenses.

At March 31, 2008, the Company had working capital of $2,313,524 and no long term debt. At March 31, 2007 the Company had a working capital deficit of $907,570 and long-term debt of $101,217.

Investors are cautioned that the company has not yet completed a feasibility study and there is no certainty that the proposed operations will be economically viable. The Invicta property is not currently in production.

The complete Management Discussion and Analysis and Financial Statements have been filed at www.Sedar.com.

On behalf of Andean American Mining Corp.,

John Huguet, Chairman & CEO

Andean American Mining Corp. (TSX VENTURE:AAG)(FRANKFURT:AQN)(BVL:AAG) 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.

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.

ANDEAN AMERICAN MINING CORP.
CONSOLIDATED BALANCE SHEETS
As at March 31

                                                   2008               2007
                                                          Restated Note 17
                                             ----------   ----------------
                                                      $                  $

ASSETS
Current
 Cash and cash equivalents                    5,973,166            174,484
 Accounts receivable (Note 3)                   843,756            714,350
 Prepaid expenses                               239,732            207,053
 Mineral on pads and inventories (Note 4)       752,228          2,546,590
                                             ----------   ----------------
                                              7,808,882          3,642,477

Mineral on pads (Note 4)                              -          3,454,861
Mineral properties and deferred costs
 (Note 5)                                    33,799,108         30,453,207
Property, plant and equipment (Note 6)        1,648,965          1,188,152
                                             ----------   ----------------
                                             43,256,955         38,738,697
                                             ----------   ----------------
                                             ----------   ----------------

LIABILITIES
Current
 Bank indebtedness                               92,048            218,715
 Accounts payable and accrued liabilities     4,982,436          3,440,276
 Deferred income                                      -            303,054
 Loans payable (Note 7)                          39,574             44,387
 Current portion of long term debt (Note 8)     381,300            543,615
                                             ----------   ----------------
                                              5,495,358          4,550,047

Long term debt (Note 8)                               -            101,217
Future income tax liabilities (Note 13)       6,080,372          5,723,679
Provision for reclamation and closure
 costs (Note 9)                                 127,085            130,159
                                             ----------   ----------------
                                              6,207,457          5,955,055
Minority interest                             9,752,047          4,437,698
                                             ----------   ----------------
                                             21,454,862         14,942,800
                                             ----------   ----------------

SHAREHOLDERS' EQUITY
Share capital (Note 10)                      69,653,248         59,127,821
Contributed surplus (Note 11)                 9,182,035          2,458,879
Deficit                                     (57,033,190)       (37,790,803)
                                             ----------   ----------------
                                             21,802,093         23,795,897
                                             ----------   ----------------
                                             43,256,955         38,738,697
                                             ----------   ----------------
                                             ----------   ----------------

Going concern (Note 1)
Contingency (Note 16)
Subsequent Events (Note 18)

APPROVED BY THE DIRECTORS

"JOHN HUGUET"                                               "BRYAN MORRIS"
-------------                                               --------------
DIRECTOR                                                     DIRECTOR


The accompanying notes are an integral part of these consolidated financial
statements.


ANDEAN AMERICAN MINING CORP.
CONSOLIDATED STATEMENTS OF LOSS, COMPREHENSIVE LOSS AND DEFICIT
FOR THE YEARS ENDED MARCH 31

                                                   2008               2007
                                                          Restated Note 17
                                             ----------   ----------------
                                                      $                  $

REVENUE
 Sales of metals                              5,829,730          5,901,665
                                             ----------   ----------------
OPERATING EXPENSES                                    -                  -
 Direct operating costs                       6,981,507          6,215,261
 Royalty expense                                 99,194            104,644
 Amortization and depletion                     860,175            864,670
 Selling expenses                               205,868            159,252
 Stock based compensation                     1,785,307            615,767
 Provision for reclamation                        3,495             22,486
                                             ----------   ----------------
                                              9,935,546          7,982,080
                                             ----------   ----------------

OPERATING LOSS                               (4,105,816)        (2,080,415)

OTHER (INCOME) EXPENSE
 General and administrative expenses          2,466,739          1,679,082
 Interest expense                               (62,481)           107,103
 Other (income) expense                        (307,411)           (74,054)
 Foreign exchange (gain) loss                    (7,489)           440,519
 Dilution (gain) loss on sale of shares
  by subsidiary                               3,490,008          1,886,296
 Loss on sale of mineral property                     -          6,086,167
 Write-down of mineral on leach pads          3,859,867                  -
 Write-down of mineral properties (Note 5)    5,132,844          7,715,233
 Write-down of property, plant and
   equipment (Note 6)                           589,888          1,286,674
 Write-off of exploration properties
  (Note 5)                                            -            592,299
 Current income tax provision (Note 16)         754,951                  -
 Minority interest                             (780,345)          (366,156)
                                             ----------   ----------------
                                             15,136,571         19,353,163
                                             ----------   ----------------
NET LOSS AND COMPREHENSIVE LOSS FOR
 THE YEAR                                   (19,242,387)       (21,433,578)
DEFICIT, BEGINNING OF YEAR                  (37,790,803)       (16,357,225)
                                             ----------   ----------------
DEFICIT, END OF YEAR                        (57,033,190)       (37,790,803)
                                             ----------   ----------------
                                             ----------   ----------------

WEIGHTED AVERAGE NUMBER OF COMMON
 SHARES OUTSTANDING
 BASIC AND DILUTED                           64,695,729         51,832,039

NET LOSS PER COMMON SHARE
 BASIC AND DILUTED                                (0.30)             (0.41)

The accompanying notes are an integral part of these consolidated financial
statements.


ANDEAN AMERICAN MINING CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED MARCH 31

                                                   2008               2007
                                                          Restated Note 17
                                             ----------   ----------------
                                                      $                  $
CASH PROVIDED FROM (USED FOR):
OPERATING ACTIVITIES
 Net income (loss) for the period           (19,242,387)       (21,433,578)
 Adjustments for items not affecting cash:                               -
  Amortization and depletion                  1,425,694            878,890
  Stock based compensation                    1,785,307            615,767
  Minority interest                            (780,345)                 -
  Provision for reclamation                       3,495             22,486
  Unrealized foreign exchange gain on
   long-term monetary assets and
   liabilities                                  (15,261)           249,896
  Write-down of mineral properties            5,132,844          8,307,532
  Write-down of mineral on leach pads         3,859,867                  -
  Write-down of property plant and
   equipment                                    589,888          1,286,674
  Loss on sale of mineral property                    -          6,086,167
  Dilution loss on sale of shares by
   subsidiary                                 3,490,008          1,886,296
                                             ----------   ----------------
                                             (3,750,890)        (2,099,870)
 Net changes in non-cash working capital
  items:
  Accounts receivable                          (129,406)           106,073
  Mineral on pads and inventories             1,389,356            979,172
  Prepaid expenses                              (32,679)          (137,352)
  Accounts payable and accrued liabilities    1,542,160           (245,540)
  Deferred income                              (303,054)           116,639
                                             ----------   ----------------
                                             (1,284,513)        (1,280,878)
                                             ----------   ----------------
INVESTING ACTIVITIES
 Mineral properties and deferred costs       (8,537,752)        (2,966,625)
 Shares of subsidiary acquired by
  private placement                          (2,000,000)                 -
 Property, plant and equipment               (1,616,219)          (134,198)
                                             ----------   ----------------
                                            (12,153,971)        (3,100,823)
                                             ----------   ----------------
FINANCING ACTIVITIES
 Private placement of units, net of
 issue costs                                 12,709,393            835,155
 Shares issued by subsidiary to
  minority interest, net of issue costs       6,922,785          3,006,862
 Payment of long term debt                     (263,532)          (314,492)
 Payment of loans payable                        (4,813)              (555)
                                             ----------   ----------------
                                             19,363,833          3,526,970
                                             ----------   ----------------
INCREASE (DECREASE) IN CASH AND CASH
 EQUIVALENTS DURING THE YEAR                  5,925,349           (854,731)
CASH AND CASH EQUIVALENTS, BEGINNING
 OF YEAR                                        (44,231)           810,500
                                             ----------   ----------------
CASH AND CASH EQUIVALENTS, END OF YEAR        5,881,118            (44,231)
                                             ----------   ----------------
CASH AND CASH EQUIVALENTS IS COMPRISED OF:
 Cash                                         5,973,166            174,484
 Bank indebtedness                              (92,048)          (218,715)
                                             ----------   ----------------
                                              5,881,118            (44,231)
                                             ----------   ----------------
                                             ----------   ----------------

The accompanying notes are an integral part of these consolidated financial
statements.

SOURCE: Andean American Mining Corp.

Andean American Mining Corp.
John Huguet
Chairman & CEO
(604) 681-6186 or Toll Free: 1-888-356-4784
(604) 681-3652 (FAX)
Email: investors@andeanamerican.com
Website: www.andeanamerican.com

The new mineral resource estimate by classification is:

                                       Gold   Silver  Copper    Lead   Zinc
Category                     Tonnes     g/t      g/t       %       %      %

Measured                    850,000    2.20    29.48    0.69    0.67   0.54

Indicated                 7,053,000    2.10    17.95    0.50    0.34   0.33

Measured and Indicated    7,903,000    2.11    19.19    0.52    0.38   0.35

Inferred                 11,695,000    1.22    10.14    0.27    0.24   0.23

The new resource estimate, comprised of sulphide mineralization only, is based on 12,400 metres of diamond drilling completed by Pangea Peru SA during 1997 and 1998 as well as 14,200 metres of diamond drilling and approximately 1,200 metres of underground development completed by Andean American during 2007 and 2008.

Notes to table:

1. All mineral resources have been calculated in accordance with the standards of the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by NI 43-101.

2. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by the inability to obtain required environmental and other regulatory approval, environmental or operating permits. The estimate may also be materially affected by global economic conditions such as the price of gold and silver, the price of oil and other commodities utilized in the production of gold and silver. Unknown geologic or hydrologic conditions or other unknown factors may materially affect the resource estimates.

3. The quantity and grade of reported Inferred Resources in this estimation are conceptual in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.

The 41,500 hectare Invicta Property hosts massive to semi-massive style gold-silver-copper mineralization. The Property is located in west central Peru approximately 250 kilometres by road northeast of Lima, at an elevation of 3,400 metres. The Atenea Structure consists of quartz-cemented hydrothermal breccia with variable amounts of pyrite, chalcopyrite, galena, sphalerite and traces of bornite. The sulphides within the quartz vary from semi-massive to massive.

The author's previous resource estimate used the polygonal method. This report includes an updated resource estimate using geostatistical methodologies and DATAMINE software. The previous NI 43-101 Technical Report by this author, dated July 24, 2007, reported the following mineral resources at a 1.0 g/t Au cut off:

- Measured Resources: 1,103,984 tonnes averaging 3.88 g/t Au, 15.77 g/t Ag and 0.26% Cu.

- Indicated Resources: 3,635,540 tonnes averaging 2.39 g/t Au, 19.14 g/t Ag and 0.51% Cu.

- Inferred Resources: 6,088,700 tonnes averaging 1.44 g/t Au, 15.70 g/t Ag and 0.53% Cu.

Victor Jarmillo, P. Geo., of Discover Geological Consultants Inc. is an Independent Qualified Person as defined by National Instrument 43-101 and is responsible for the resource estimates. Mr. Jarmillo has visited the Invicta property and has reviewed the results within this release. The updated technical report containing the details of the resource estimate will be provided in accordance with National Instrument 43-101 ("NI 43-101") and filed on SEDAR within 45 days of this news release.

Mr. Andrew Gourlay, P. Geol., President of Andean American Mining Corp. is a Qualified Person as defined in the Canadian Securities Administrators National Instrument 43-101 with the ability and authority to verify the authenticity and validity of technical and scientific data. This news release has been prepared under Mr. Gourlay's supervision. All samples were prepared and analyzed by CIMM Labs in Lima, Peru, an ISO-accredited laboratory. Standard reference materials, blanks and field duplicates were inserted prior to shipment from site to monitor the quality control of the analytical data.

On behalf of Andean American Mining Corp.,

John Huguet, Chairman & CEO

Andean American Mining Corp. (TSX VENTURE:AAG)(FRANKFURT:AQN)(BVL:AAG) 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; 61% of Sinchao Metals Corp., owner of the Sinchao zinc-copper-silver-gold-lead mineralization project.

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 document uses the terms 'measured resources', 'indicated resources' and 'inferred resources'. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, 'inferred resources' have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

SOURCE: Andean American Mining Corp.

Andean American Mining Corp.
John Huguet
Chairman & CEO
(604) 681-6186 or Toll Free: 1-888-356-4784
(604) 681-3652 (FAX)
Email: investors@andeanamerican.com
Website: www.andeanamerican.com