Mr. Alexander Bottcher reports

ANDEANGOLD ANNOUNCES APPOINTMENT OF PRESIDENT AND CEO AND THE CLOSING OF A PRIVATE PLACEMENT

Further to its news release of Nov. 12, 2014, Alexander Pena Bottcher has agreed to act as AndeanGold Ltd.'s president and chief executive officer, effective immediately. Tom Yarmon, chairman of the board of the company, added, "The board is grateful to Mr. Pena Bottcher for having filled the post on an interim basis, and acknowledges the important contributions he has made in directing the company since that time, particularly in advancing plans for the promising Urumalqui project in Peru."

The company also is pleased to announce that it has closed its previously announced $137,014 non-brokered private placement (see news releases of Dec. 4, 2014, and Jan. 22, 2015). Pursuant to closing, the company has issued an aggregate 4,567,133 shares at a price of three cents per share. In accordance with securities legislation currently in effect in Canada, the shares will be subject to a hold period of four months plus one day from the date of closing of the private placement. Of the proceeds, $125,000 were used to complete the acquisition of a 40-per-cent interest in the Urumalqui project, Peru (see the company's news release dated Dec. 23, 2014). The balance of the proceeds will be used for general working capital purposes. An additional private placement for $135,000 was announced on Feb. 26, 2015.