NEWS RELEASE                                                                                                        TSX-V:AAG 
December 2, 2008                                                                                                        SEDAR Profile # 00003879

ANDEAN AMERICAN MINING REPORTS SECOND QUARTER FINANCIAL RESULTS

VANCOUVER, BRITISH COLUMBIA-Andean American Mining Corp. (TSX.V-AAG) (FWB-AQN) (BVL-AAG) - (all figures in Canadian dollars, unless otherwise noted)

The Board of Directors of Andean American Mining Corp. reports on its Consolidated Interim Financial Statements and Management Discussion and Analysis for the quarter ended September 30, 2008. During the quarter, the Company continued with the development of the Invicta Project and the progressive exploration at the Sinchao property.

Highlights:

Financial:

- The net loss for the period was $1,261,464 or $0.02 per share compared with a net loss of $1,446,908 or $0.02 per share in the comparable period last year. Stock based compensation expense, general and administrative expenses and direct operating costs increased over the same period in the prior year. This increase was offset by decreases in amortization and depletion.

- The loss from operations in this quarter amounting to $449,355, compared with a loss of $960,527 in the comparable period last year, was due to low recoveries from recycled materials and increased operating costs. The increased operating costs were mainly due to much the poor recoveries from recycled minerals and lower volumes of minerals processed which increased the unit cost of production.

- Cash used in operations in the quarter before changes to non-cash working capital items was a deficit of $601,244 compared to a deficit with $993,692 in last year’s quarter.

- Revenues for the three month period ending September 30, 2008 were $1,030,128 compared with $1,509,389 in the comparative period in fiscal 2007. Sales of gold and gold equivalents in the quarter were 877 ounces compared to 1,891 ounces in the comparable period last year.

- The Company has instituted severe cost cutting measures to conserve its cash resources. However, should the Company be obliged to seek additional funding under current market conditions then it is likely that existing shareholders would suffer significant dilution.

Operational:

- At Invicta, the Company received a NI 43-101 Technical Report from Discover Geological Consultants with mineral resources of 7.9 million tonnes of measured and indicated resources and over 11.6 million tonnes of inferred resources. Based on this resource estimate, the feasibility study should be completed in the first quarter of 2009. To date, Cesel engineering has completed the Environmental Impact Assessment, process engineering has been completed by GOLDEX Engineering and the metallurgical work has been accomplished by a variety of companies including Lakefield in Canada, SGS Lakefield in South Africa and Act Labs in Lima and Vancouver.

- At Sinchao, mineralization has been identified over an area of approximately 750 metres by 600 metres, and to a depth of approximately 450 metres remaining open in all directions. Subsequent to the end of the quarter, a NI 43-101 estimate of inferred resources was received from Discover Geological Consultants. The inferred resource estimate utilized various cut offs ranging from 0.13 % copper and 0.07 g/t gold with 416 million tonnes grading 0.36% Cu, 0.33 g/t Au and 9.2 g/t Ag up to a cut off grade of 0.48% Copper and 0.64 g/t gold with 64 million tonnes grading 0.85% Cu, 0.90 g/t Au and 110.3 g/t Ag. The example of the 237 million tonne inferred resource showed contained metals estimated at 2.45 billion pounds of copper, 3.73 million ounces of gold and 92 million ounces of silver. For the 416 million tonne inferred resource, the contained metals are estimated at greater than 3.3 billion pounds of copper, 4.4 million ounces of gold and 123 million ounces of silver. Contained metal equivalents are based on US$600/oz gold, US$1.50/lb copper and US$8/oz silver.

Victor Jaramillo, P. Geo., of Discover Geological Consultants Inc. is an Independent Qualified Person as defined by National Instrument 43-101 and is responsible for the resource estimates. Andrew Gourlay, P. Geol., President of Andean American Mining Corp. is the Qualified Person for the technical disclosure in this news release.

The complete Management Discussion and Analysis and Financial Statements have been filed with SEDAR at www.sedar.com. For further information call (604) 681-6186 or toll free: 1-888-356-4784 or visit our website at www.andeanamerican.com.

On behalf of Andean American Mining Corp.,

“John Huguet”
John Huguet
President & CEO

Please note that all mineral resources have been calculated in accordance with the standards of the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by NI 43-101. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by the inability to obtain required environmental and other regulatory approval, environmental or operating permits. The estimate may also be materially affected by global economic conditions such as the price of gold and silver, the price of oil and other commodities utilized in the production of gold and silver. Unknown geologic or hydrologic conditions or other unknown factors may materially affect the resource estimates. The quantity and grade of reported Inferred Resources in this estimation are conceptual in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category. Metallurgical recoveries and net smelter returns have not yet been determined.

This news release may contain forward-looking information within the meaning of the Securities Act (Ontario) ("forward-looking statements"). Such forward-looking statements may include the Company's plans for its mineral projects, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations in a foreign jurisdiction, uncertainty of production and costs estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of gold and other metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Financial Statements, Management Discussion and Analysis and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Andean American Mining Corp. (TSX.V:AAG) (FWB:AQN) (BVL:AAG) is an international mining and exploration company focused on growth. The Company is actively pursuing new targets of potential early stage gold and silver prospects in Peru and currently has two key assets: the 41,500 hectare Invicta gold-silver-copper advanced exploration stage project; 61% of Sinchao Metals Corp., owner of the Sinchao zinc-copper-silver-gold-lead mineralization project.

For further information call (604) 681-6186 or toll free: 1-888-356-4784 or visit www.andeanamerican.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this                                                                                news release.