VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 17, 2014) - AndeanGold Ltd. ("the Company" or "AndeanGold") (TSX VENTURE:AAU)(LMA:AAU) is pleased to announce that Gitennes Exploration Inc. ("Gitennes") and the Company have signed a further amendment to the Share Sale and Mining Agreement dated May 17, 2012, as previously amended on May 10, 2013, September 16, 2013 and February 27, 2014 (collectively, the "Agreement"), which revises the timing of future payment obligations stipulated in the Agreement. The Agreement provides the Company with the right to acquire Gitennes' 40% interest in the Urumalqui Ag-Au Project in Peru (see news releases of May 22, 2012, May 21, 2013, September 19, 2013 and February 28, 2014).
The scheduled June 17, 2014 cash payment of $350,000 has been rescheduled for payment on July 31, 2014. In addition, the due dates for the remaining future payment obligations stipulated in the Agreement have been extended from December 17, 2014 to January 31, 2015 and from June 17, 2015 to July 31, 2015. In consideration for Gitennes agreeing to the amendment, the Company has agreed to pay Gitennes 250,000 common shares of the Company, which are payable on or before June 30, 2014.
AndeanGold Ltd. has the right to earn a 100% interest in the Urumalqui Project from Gitennes pursuant to an existing Option Agreement (the "60% Option") between the parties dated April 21, 2010 (see news release dated April 22, 2010) and the Share Sale and Mining Agreement (the "40% interest").
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 and Ministry of Environment ("MRNNR") in support of the Company's request to renew exploration programs on its key projects in Ecuador. In September 2012, the Company received authorization from the MRNNR to renew exploration programs on its Curiplaya Project.
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.