TORONTO, ONTARIO, Jun. 1, 2010 (Marketwire) -- ANDINA Minerals Inc. (TSX VENTURE:ADM) (the "Company") is pleased to announce that it has completed the 2009 Land Acquisition from Barrick Gold Corporation (Barrick). On May 21, 2009 Andina announced that it had agreed to acquire the exploration rights to certain properties in Chile previously owned by Barrick, as well as a number of exploration applications surrounding Andina's Volcan Gold Project ("Acquired Barrick Concessions"). The transaction required that Andina issue an initial tranche of 2.0 million shares followed by a second instalment of Andina common shares worth US$1.5 million payable one year from closing. This second instalment of Andina common shares issued at a value of US$1,500,000 has now been completed in accordance with the agreement and resulted in the issuance of 1,408,980 Andina common shares. The properties are also subject to a Net Smelter Return (NSR) royalty of 1.5% on any metals produced from the Acquired Barrick Concessions.
George Bee, President and CEO of Andina said, "This transaction ensures that we hold the mineral concessions for land that will be important to our development activities for the Volcan Project. Furthermore, we look forward to sharing our initial exploration results from our Strategic Drilling Program on the Ojo de Agua East as we seek to add to the high grade zones within Volcan."
About Andina Minerals Inc.
Andina's primary focus is mining exploration and development in Chile. The Company's flagship property is the 100%-owned Volcan Gold Project, strategically located in the prolific Maricunga Gold Belt. In September 2009, Andina provided an updated resource estimate for Volcan including measured and indicated mineral resources of 492.5 million tonnes at an average grade of 0.62 g/t Au for 9.8 million ounces of contained gold and inferred mineral resources of 36.8 million tonnes at an average grade of 0.65 g/t Au for 768,000 ounces of gold.
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.