re: Ann: 2010 BMO Global Metals and Mining Co... Page 32 Strong...

re: Ann: 2010 BMO Global Metals and Mining Co... Page 32 Strong Supporters:-

The successful results come on the heels of the Q4/FY09 discovery at San Marcos, and the pace of discoveries continues to accelerate. Andean remains one of our Top Picks for 2010. Paradigm Capital, Don Maclean, January 20, 2010.

We maintain our view that Andean is an undervalued, high-quality emerging gold name and reiterate our Outperform, Speculative Risk rating. RBC Capital Markets, Stephen Walker, November 23, 2009.

Andean continues to deliver exceptional exploration results: the deposit is high grade and continues to grow. All existing targets remain open and additional discoveries are likely to continue providing additional upside to the economics of the project Haywood Securities, Kerry Smith, January 20, 2010.

Andean is repeatedly displaying the quality of its 100% owned Cerro Negro gold-silver project Dundee Capital Markets, Ron Stewart, November 23, 2009.

We continue to believe that Andean offers good alpha movements in terms of value creation in addition to strong exposure to gold and silver price movements. CIBC, Barry Cooper, November 23, 2009

The early success of this campaign appears to reflect the companys growing knowledge of mineralization systems the
success at San Marcos points to the opportunity to expand property wide surface exploration. BMO Capital Markets, John Hayes, November 23, 2009.

While AND sustains a generous premium to its peer group, in our view Cerro Negro is undeniably one of the highest tenor, and most prospective exploration properties globally.. Patersons, Josh Welch, January 19, 2010.

Additionally, we believe the company will delineate significantly more ounces within the Cerro Negro tenement package before year end. UBS, Jo Battershill, June 10, 2009.

We believe the new discovery has the potential to mirror the recent rinds at Bajo Negro and San Marcos, reinforcing in our view, the significant exploration potential associated with the project. TD Securities, Dan Earle, January 20, 2010

We see potential for the current 2.6Moz resource to double in size in the longer term, and the high grade nature of the epithermal field is expected to support a bottom quartile cash cost operation. CSFB, Michael Slifirski, January 19, 2010
------------------------

Cheers