ANDINA Announces CAD$15 million Non-brokered Private Placement Financing

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES. 


ANDINA Minerals Inc. (TSX VENTURE:ADM) ("Andina" or the "Company") announced
today that after having reached agreement on pricing and terms on October 21,
2011 it has completed a non-brokered private placement financing totalling
18,750,000 units (the "Units") at a price of CAD$0.80 per Unit for gross
proceeds of CAD$15 million. 


Each Unit consists of one common share and one-half of one common share purchase
warrant. Each whole warrant entitles the holder to purchase one common share of
Andina at a price of CAD$1.00 for a period of 12 months from closing. No
finder's fee will be paid in respect of this private placement.


The Company intends to use the net proceeds of the offering for continued
advancement of the Company's Volcan Gold Project ("Volcan"), including
completion of the feasibility study and obtaining operating permits, and for
general corporate purposes.


The offering was placed with existing shareholders who have been longstanding
supporters of Andina.


The securities offered have not been registered under the U.S. Securities Act of
1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements. This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the securities in any State in which
such offer, solicitation or sale would be unlawful.


About Andina Minerals Inc.

Andina's primary focus is mining exploration and development in Chile. The
Company's flagship development project is the 100%-owned Volcan project,
strategically located in the prolific Maricunga Gold Belt. 


In February 2011, Andina announced the results of a positive pre-feasibility
study for Volcan. Initial Proven and Probable Mineral Reserves are 6.6 million
ounces of gold at an average grade of 0.73 g/t contained in 283 million tonnes
of ore. In addition, there remain 2.4 million ounces of Measured and Indicated
gold resources at an average grade of 0.68 g/t contained in 110 million tonnes
of ore plus 1.35 million gold ounces in the Inferred category contained in 64
million tonnes of ore at an average grade of 0.66 g/t Au. 


Andina is progressing with a feasibility study and EIA application for Volcan,
targeted for completion in the first half of 2012. 


In addition to Andina's extensive underexplored land position surrounding
Volcan, the Company holds two other mineral properties located within Chile's
primary mining regions.


Forward-Looking Statements

This press release contains forward-looking information within the meaning of
applicable Canadian securities laws and regulations. Such information is based
on the current expectations and beliefs of Andina's management and is subject to
a number of risks and uncertainties that may cause the actual results to differ
materially from those described above. Forward-looking information in this press
release includes, but is not limited to, statements with respect to the
completion of the feasibility study and construction permits, the timing and
success of permitting activities generally. Often, but not always,
forward-looking information can be identified by the use of words such as
"plans", "planning", "planned", "expects", "looking forward", "does not expect",
"continues", "scheduled", "estimates", "forecasts", "intends", "potential",
"anticipate", "does not anticipate", or "belief", or describes a "goal", or
variations of such words and phrases or state that certain actions, events or
results "may", "could", "would", "might" or "will" be taken, occur or be
achieved.


The forward-looking information contained in this press release is based on a
number of material factors and assumptions, including, but not limited to, that
estimates and studies are accurate, that Andina's mining operations continue in
the ordinary course and as expected, that contracted parties provide goods
and/or services on the agreed time frames, that the equipment necessary for
exploration and development work is available as scheduled, availability of
water for milling and mining, that no labour shortages or delays are incurred,
that plant and equipment function as specified, Andina's ability to obtain
adequate financing when and as needed, the continued favourable market for gold
at prices at or above estimated levels, that no unusual geological or technical
problems occur, that no unusual or unexpected events have a material adverse
effect on Andina's operations or financial condition, and such other assumptions
and factors as set out herein.


Forward-looking information involves known and unknown risks, future events,
conditions, uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any future results,
projection, forecast, performance or achievements expressed or implied by the
forward-looking information. Such factors include, among others, the
interpretation and actual results of current exploration activities; changes in
project parameters as plans continue to be refined; future prices of gold;
possible variations in grade or recovery rates; failure of equipment or
processes to operate as anticipated; the failure of contracted parties to
perform; labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion of
exploration, as well as those factors disclosed in the company's publicly filed
documents. Although Andina has attempted to identify important factors that
could cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking information. Andina does not undertake any
obligation to update or revise publicly any forward-looking information whether
as a result of new information, future events or otherwise, unless required to
do so by applicable laws.