Mr. Anthony Ciali reports

ANDEANGOLD ANNOUNCES FINAL SETTLEMENT OF INDEBTEDNESS BY ISSUANCE OF SHARES

Further to AndeanGold Ltd.'s news release, dated March 31, 2014, the company has settled in full, indebtedness in the aggregate amount of $398,225.55 with creditors by the conversion thereof into 7,964,511 common shares of the company at a price of five cents per share in accordance with the policies of the TSX Venture Exchange and effective as of April 17, 2014, such indebtedness has been extinguished.

In accordance with securities legislation currently in effect, the shares will be subject to a hold period of four months plus one day from the date of issuance.

The company further announces that the exchange has extended the deadline for completion of the previously announced non-brokered private placement of $1-million (news release of March 25, 2014) from April 10, 2014, to May 10, 2014. The placement consists of up to 20 million units at five cents per unit, and two initial tranches for an aggregate of $690,382.15 have closed.

Each unit consists of one common share of the company and one share purchase warrant which is exercisable by the holder to purchase one common share of the company at a price of seven cents within 18 months from closing.