NEWS RELEASE                                                                                                                                                                                         July 30, 2008
ANDEAN AMERICAN MINING ANNOUNCES 2008 FINANCIAL AND OPERATIONAL 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. today announced that its audited financial results for the
fiscal year ended March 31, 2008 have been filed with SEDAR at
www.sedar.com
.
Highlights:
Financial-
  • •
    • Recorded a net loss of $19,242,387 or $0.30 per share for year, compared to a net loss of $21,433,578 or
    $0.41 per share in 2007.
  • •
    • The net loss is mainly attributable to increases in operating expenses as well as in stock-based
    compensation and the write-downs relating to the Santa Rosa property.
  • •
    • Produced 7,834 ounces of gold and gold equivalents in 2008 compared with 8,397 ounces in 2007.
  • •
    • Revenues were $5,829,730 compared with $5,901,665 in 2007.
  • •
    • Capital expenditures in 2008 amounted to $12,153,971 compared with $3,100,823 in 2007, mainly for
    exploration activities, equipment purchases and property acquisitions.
    Operational-
  • •
    • The Invicta Project successfully completed a 14,000 metre drill program and a 1,170 metre exploration adit
    was drifted.
  • •
    • Wardrop Engineering was contracted for an updated NI 43-101 Technical Report on Invicta.
  • •
    • A feasibility report is being completed, where Stanford Group is addressing mining methods and financial
    analysis and Wardrop Engineering is conducting the final audit.
  • •
    • At Sinchao, a 4,652 metre drill program was completed and mineralization has been identified over an area
    of approximately 750 metres by 300 metres, and to a depth of approximately 400 metres. To date, a total of
    12,339 metres has been drilled.
    “We are extremely encouraged by the advance of our 2008 programs at both Invicta and Sinchao." states Chairman
    and CEO John H uguet. “We look forward to continuing our progress."
    2008 Results
    Andean recorded a net loss of $19,242,387 or $0.30 per share for the year compared to a net loss of $21,4 33,578 or
    $0.41 per share in 2007. During the same period in 2007, the Company incurred a loss of $6,086,167 on the sale of
    shares of Corporacion Minera Sinchao. The net loss in this period was impacted by increases in operating expenses
    and in stock-based compensation and the recognition of write-downs relating to the Santa Rosa property and dilution
    loss on sale of shares by its subsidiary. There was also an increase in foreign exchange gains, which resulted from
    fluctuations in the foreign exchange rates. Production of gold equivalents was 7,834 ounces compared with 8,397
    ounces in fiscal 2007.