Andean Resources Ltd. reported earnings results for first quarter ended September 30, 2009. For the quarter, the company reported net loss of AUD 6,789,000 or AUD 0.0150 loss per share on interest and other income of AUD 4,776,000. Net loss before taxes was AUD 6,788,000. Net operating cash flows was AUD 4,742,000. Purchase of fixed assets was AUD 1,544,000. The Loss was lower primarily due to reduced share based payments resulting from the number of options granted and the revaluation of unexercised options and share entitlements; offset by a higher foreign currency exchange loss.

Andean Resources Ltd. reported further encouraging results from its ongoing drilling program at its 100% owned Cerro Negro project in Southern Argentina. Results include the results from the next 16 drill-holes from the Bajo Negro vein for which assays have been received. Four of these holes are classified as step-out holes along strike, four as step-outs to depth, seven as delineation holes, and one hole tested the updip extension of the Bajo Negro vein. The widths reported above are intersected widths. The estimated horizontal width of each intersection normal to the strike of the vein is shown in Table 1. The horizontal widths depend on the attitude of the vein and the angle of the drill-hole. They are generally but not always less than the intersected widths. Andean has assumed an underground cut-off grade of 2.5 g/t gold at Bajo Negro for all the interval summaries reported in this release. With these results, the Bajo Negro vein has now been drill tested with over 70 drill holes for more than 1.1 km in strike length and remains open along strike. The majority of these holes intersected the vein with widths and grades which could permit underground mining and are all shown in Figure 1, the Longitudinal Section for the Bajo Negro vein.

Andean Resources Ltd. reported earnings results for the year ended June 30, 2009. For the period, the company reported pre tax loss and loss after tax of AUD 7,236,600 or AUD 0.018 loss per share on total revenue of AUD 520,600 as compared to pre tax loss and loss after tax of AUD 10,981,500 or AUD 0.0301 loss per share on total revenue of AUD 650,900 for the same period last year. Negative operating cash flow was AUD 9,229,900, return on equity was negative at 10.6% and return on assets negative at 9.8% as compared to negative operating cash flow of AUD 5,678,900, return on equity negative of 16.9% and return on assets negative of 15.4% for the same period last year.