AndeanGold Ltd. (TSX VENTURE:AAU)(LMA:AAU) ("the Company" or "AndeanGold") is
pleased to announce that it has closed (the "Closing") the first tranche of its
previously announced $600,000 non-brokered private placement (the "Placement")
(news release of February 24, 2014). Pursuant to Closing, the Company has issued
an aggregate 11,796,000 units ("Units") at a price of $0.05 per Unit to raise
aggregate gross proceeds $589,800. Each Unit consists of one common share of the
Company (a "Share") and one common share purchase warrant, each such warrant (a
"Warrant") entitling the holder to acquire one additional common share (a
"Warrant Share") of the Company at a price of $0.07 for a period of eighteen
months from the Closing. The Company anticipates that additional tranche
closings of the Placement will take place during March 2014.


In accordance with securities legislation currently in effect in Canada, the
Shares, the Warrants and the Warrant Shares will be subject to a "hold period"
of four months plus one day from the date of closing of the private placement.


The Company will pay finders' fees on portions of the first tranche in the
aggregate amount of $39,186 and issue 783,720 warrants, each such warrant
entitling the holder to acquire one additional common share of the Company at a
price of $0.07 for a period of eighteen months from the Closing.


The proceeds of the private placement will be used principally to fund option
payments and to initiate work on the Company's plan to develop a small-scale
mine on the Urumalqui Project in Peru, and for general working capital purposes.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
AndeanGold Ltd. - Corporate Office
Tony Ciali
President, CEO and Director
732.940.5487
tciali@andeangoldltd.com
www.andeangoldltd.com


AndeanGold Ltd. - Investor Relations
Jamie Mathers
778.879.5084
jsmathers6@gmail.com
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