TORONTO, November 3, 2009 - ANDINA Minerals Inc. (TSX VENTURE:ADM) (the
"Company") announced today that it has entered into an agreement with a syndicate of
underwriters led by BMO Capital Markets under which the underwriters have agreed to buy
on a bought deal basis by way of a short form prospectus, 12,500,000 units (the "Units")
each Unit consisting of one common share and one-half of one common share purchase
warrant, at a price of $2.00 per Unit for aggregate gross proceeds to the Company of
$25,000,000. Each whole common share purchase warrant will entitle the holder to purchase
one common share of the Company at a price of $2.25 prior to the date which is 24 months
following the closing of the offering. The Company has granted the underwriters an option,
for a period of 30 days following the closing of the offering, to purchase up to an additional
15% of the number of Units purchased to cover over-allotments, if any. The net proceeds of
the offering will be used to further progress the Volcan Project and for general corporate
purposes. The offering is expected to close on or about November 24, 2009 and is subject to
the Company receiving all necessary regulatory approvals, including the approval of the TSX
Venture Exchange.