TORONTO, ONTARIO--(Marketwire - May 21, 2009) - ANDINA Minerals Inc. (TSX VENTURE:ADM) ("Andina") today announced that Andina and Barrick Gold Corporation ("Barrick") have agreed that Andina, through its Chilean subsidiary, will acquire the exploration rights to certain Barrick properties as well as a number of exploration applications surrounding Andina's Volcan Gold Project ("Acquired Barrick Concessions") in return for 2.0 million shares of Andina (2.5% of the basic outstanding common shares), a second instalment of Andina common shares worth US$1.5 million payable one year from closing and a Net Smelter Return (NSR) royalty of 1.5% on any metals produced from the Acquired Barrick Concessions should they be developed. Completion of the formalities needed for the transfer of the mineral rights is expected to be completed by early June 2009.

"Significantly increasing our land position in this highly prospective area, where we have already identified a substantial gold resource, has been a key strategic goal since joining Andina," said George Bee, Andina's President & CEO. "As we move Volcan toward production, this larger land package enhances our ability to discover more ounces, particularly in the Ojo de Agua zone, and gives us greater flexibility for Volcan development."

The Acquired Barrick Concessions (Volcan Copiapo Sector Properties) lie to the north, west, east and northeast of Andina's concessions surrounding its Volcan Gold Project. Prior to the agreement, Andina's concessions in the Maricunga Gold Belt totalled 9,800 hectares; with the addition of the Acquired Barrick Concessions, Andina's Maricunga land package will total 24,840 hectares. To view a map showing the existing and acquired concessions click here.

Terms of the agreement include:

- Andina to issue 2.0 million Andina common shares to Barrick in return for transference of ownership of the Acquired Barrick Concessions to Andina Chile Ltda.

- One year after closing, a second payment of Andina common shares with a value of US$1.5 million will be issued to Barrick. The value of the Andina shares will be determined using the weighted average trading price of Andina common shares in the 20 trading days leading up to and ending on the trading day immediately prior to the one-year anniversary from closing.

- In addition, Barrick will receive a 1.5% NSR royalty on all metals from the acquired lands should they be developed.

About Andina Minerals Inc.

Andina is an Americas-focused exploration and development company, with a portfolio of precious metals exploration projects in Chile, including its flagship Volcan Gold Project, strategically located in the Maricunga Gold Belt. In July 2008, Andina provided an updated resource estimate for Volcan, resulting in a 126% increase to measured and indicated resources to 6.62 million contained ounces of gold (241.7 million tonnes grading 0.85 grams per tonne gold ("g/t Au")) and inferred resources of 3.28 million ounces of gold (114.0 million tonnes grading 0.90 g/t Au) at a 0.5 g/t Au cut-off. Andina has accelerated the development process by assembling a development team, which is progressing with a Conceptual Development Plan and a Preliminary Economic Assessment, scheduled for completion in Q4 2009.