| June 02, 2010 AndeanGold Proposes Share Consolidation | |||||||||||
| Vancouver, B.C. -- June 2, 2010 -- AndeanGold Ltd. ("the Company" or "AndeanGold") (TSX Venture Exchange: AAU) ) announces a proposed consolidation of the issued and outstanding common shares in the capital of the Company (each, a "Common Share") on the basis of one post-consolidation Common Share for every 10 pre-consolidation Common Shares issued and outstanding (the "Share Consolidation"). The Company will seek approval for the Share Consolidation at its special general meeting of shareholders scheduled for June 29, 2010. Details of the proposed Share Consolidation are set forth in AndeanGold's Management Information Circular which will be mailed to shareholders on or about June 2, 2010 and filed under the Company's profile on SEDAR at http://www.sedar.com. The Company currently has 54,923,320 common shares outstanding. The proposed Share Consolidation is also subject to TSX Venture Exchange acceptance. Management believes that the Share Consolidation will provide greater financial flexibility and will better position the Company to raise the funds it requires to finance its ongoing business. 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 Au-Ag Project and Rio Seco Au 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 filed the requisite documents with the Ministry of Non-Renewable Natural Resources and Ministry of Environment in support of the Company's request to renew exploration programs on its key projects in Ecuador. The Company is actively working with government officials to this end. Please refer to AndeanGold's website at www.andeangoldltd.com for further information on the Company's projects and activities. FOR FURTHER INFORMATION PLEASE CONTACT:
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. | |||||||||||
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