Mr. Anthony Ciali of AndeanGold reports

ANDEANGOLD: URUMALQUI AG-AU PROJECT, PERU 40% OPTION AGREEMENT UPDATE

Gitennes Exploration Inc. has provided AndeanGold Ltd. with an extension until Oct. 31, 2014, to cure the company's default on the $350,000 option payment that was payable on July 31, 2014, pursuant to the share sale and mining agreement dated May 17, 2012, as amended. The agreement provides the company with the right to acquire Gitennes's 40-per-cent interest in the Urumalqui Ag-Au project in Peru. During the extension period, the company will have the option to either arrange financing to cure the $350,000 default or provide Gitennes with other acceptable options to enable the company to acquire Gitennes's 40-per-cent interest in the project.

AndeanGold Ltd. has the right to earn a 100-per-cent interest in the Urumalqui project from Gitennes pursuant to an existing option agreement between the parties dated April 21, 2010, and the share sale and mining agreement

The company has been granted an extension by the TSX Venture Exchange to close its previously announced $300,000 non-brokered private placement (see news release dated July 31, 2014) to Oct. 31, 2014.