Company Update – January 2013

CAUTIONARY STATEMENT

This presentation contains forward-looking statements. All statements, other than of historical fact,
that address activities, events or developments that the Company believes, expects or anticipates will
or may occur in the future (including, without limitation, statements regarding the estimation of mineral
resources, exploration results, potential mineralization, potential mineral resources and mineral
reserves) are forward-looking statements. Forward-looking statements are frequently characterized by
words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate” and other similar words, or
statements that certain events or conditions “may” or “will” occur. Forward-looking statements are
based on the opinions and estimates of management at the date the statements are made, and are
subject to a variety of risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking statements. Factors that could
cause actual results or events to differ materially from current expectations include, among other
things, failure to establish estimated mineral resources, the possibility that future exploration results
will not be consistent with the Company's expectations, changes in world gold markets and other risks
disclosed in AndeanGold’s most recent filings with the Canadian provincial securities regulatory
authorities. Any forward-looking statement speaks only as of the date on which it is made and, except
as may be required by applicable securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement.
Overview

• AndeanGold Ltd. was incorporated in British Columbia, Canada in February 2006 and
commenced trading on TSX Venture Exchange in January 2007.
• The Company is engaged in the acquisition, exploration and, if warranted, the potential
development of precious minerals properties principally in Peru and Ecuador.
• Principal projects - Peru:
- Urumalqui Project (Right to earn 100% Interest) – Advanced-stage Ag-Au
Exploration Project - Low sulphidation, epithermal silver-gold vein system.
• Principal projects - Ecuador:
- Molleturo Project (100%) - High-grade polymetallic vein system. (NI 43-101 +
EIS)
- San Bartolomé Project (100%) - High-grade polymetallic vein system. (EIS)
- Curiplaya Project (100%) - Gold-copper porphyry system. (NI 43-101 + EIS)

3
TSX-V: AAU
Issued & Outstanding Shares 63,300,080

Stock Options (Exercise price - $0..25 ) 2,600,000

Share Purchase Warrants (Exercise price - $0.33 - March 3, 2013) 18,486,382

Share Purchase Warrants (Exercise price - $0.10 - January 12,

2014) 4,020,000

Share Purchase Warrants (Exercise price - $0.10 - March 2, 2014) 3,144,000

Share Purchase Warrants (exercise price - $0.10 - May 14, 2014) 5,603,500

Share Purchase Warrants (exercise price - $0.15 - May 29, 2014) 1,425,000

Share Purchase Warrants (exercise price - $0.15 - June 2, 2014) 120,000

Fully Diluted Shares - December 31, 2012 98,698,962

5
 URUMALQUI PROJECT

DEPARTMENT OF LA LIBERTAD, PERU

6
7
URUMALQUI PROJECT:
Location, Access and Climate:
• Project located in the Department of Libertad, Peru, 70 kilometres east of the city of
Trujillo.
• Access by paved and hard-packed road and then by unimproved roads to the property (2-3
hours driving time in total).
• Trujillo is located 480 kilometres north of Lima, with direct daily flights (45 minutes)
between the two cities.
• Electric power is available nearby. The Project area is located at altitudes of between
3,400m to 3,700m, and the climate is typical of the western portion of the Andes – rainy
season from November – March and dry otherwise. The property can be worked all year
long.
Project History:
• First mining activities in the area date back to 1980, principally only limited, artisanal
exploration and exploitation activities.
• SIMSA Group and Cambior each explored the Project in the 1990s, with Cambior
completing 5 widely-spaced holes on 4 different targets.
• Project acquired by Gitennes Exploration and Meridian Gold in 2002 who formed a JV
company. The JV was terminated in 2005, and Gitennes assumed a 100% ownership
interest and is the current titleholder.
8
Urumalqui Project Concessions
Mineral and Land Title:
• The Urumalqui Project consists of four (4) contiguous concessions, totaling 2,700
hectares.

• An indirect Peruvian subsidiary of AndeanGold owns 100% title to the concessions,

subject to option agreements with Gitennes Exploration Inc.

• Title to the land encompassing the Project is owned by various individuals. AndeanGold
signed agreements with the key landowners whose surface rights cover the Urumalqui Vein
and other key veins on the Project. The agreements provide access to the land and
permission to establish drill pads in exchange for modest fees. An agreement was also
signed with a surface owner for the construction of a core storage facility.

• The Company is committed to actively working with the local communities related to the
Project. AndeanGold has had excellent community relationships and is working on several
agreed to social projects for the benefit of the communities

9
Urumalqui Project Geology

• Mineralization at the Project is volcanic hosted and comprised of several gold-silver quartz
veins. The principal vein is the Urumalqui Vein which is a near-vertical zone, up to 20m
wide, comprising a core of one or two banded quartz veins ranging from 0.5 to 11m
aggregate thickness.
• The Urumalqui Vein outcrops at surface over a 1,700m strike.
• Vein mineralogy and textures and associated alteration are characteristics of
Low sulphidation, vein-style, epithermal, gold-silver mineralization
• This style of mineralization can potentially reach depths of 400 – 600m. To date, the
drilling at the Project has been to the 200m level with indications that that the deepest
holes were still in the “boiling zone” of the epithermal system. Thus, the potential for good
mineralization at deeper levels is considered favorable.
• The mineralization remains open along strike and at depth.

• Examples of this type mineralization: Peru (Arcata, Immaculada, Pallancata), Chile (El
Penon), Mexico (Fresnillo, Guanajuato), and US (Cripple Creek, McLaughlin, Sleeper)

10
Urumalqui Vein outcrops on surface over 1,700m 11
URUMALQUI – AU SOIL ANOMALIES

12
Urumalqui Project Drilling Results – Gitennes Exploration
• Gitennes carried out three diamond core drilling programs on the Urumalqui
Project between 2003 – 2008.
• Of the 47 core holes (7,336m) drilled on the Project, 35 holes (5,835m) have
been drilled in the Urumalqui Vein, the principal target.
• The majority of the holes have been concentrated on the central and southeastern
portions of the Urumalqui Vein over 1,000m of the total 1,700m total strike.
• The deepest holes have been down to about 200m below surface.
• Drilling has been done on relatively wide-spaced centres, from 45m to over
100m.
• The Urumalqui Vein remained strong and mineralized in the deepest holes, and
these holes were still in the “boiling zone” of the epithermal system, indicating
good potential for the mineralization to continue at depth, below 200m. This
style of mineralization (low-sulphidation, vein-style, epithermal) can potentially
extend to depths of 400m to 600m.

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Urumalqui Project 2010 – 2011 Exploration Programs - AndeanGold
• Topographic surveys, geological mapping and re-logging Urumalqui Vein data – completed by
December 31, 2010.

• Commenced a Phase I diamond core infill drilling program (“Program”) on March 28, 2011,
which was completed on July 6, 2011: 31 diamond core holes, up to 5,100 metres, to a depth of
200 metres

• Program concentrated on the Central and Southeastern segments of the Urumalqui Vein, which
cover 1.0 kilometre of the 1.7 kilometre long Urumalqui Vein outcrop. Program designed to
achieve 50 metre spacing between all historic and AndeanGold Phase I drill holes.

• All 31 holes intersected the Urumalqui Vein as predicted in cross sections prepared by the
Company. Including the Project's historic holes, the Program confirmed good continuity of
mineralization for the subject 1,000 metre Urumalqui Vein strike, down to 200 metres below
surface.

• MQes (San Mateo, CA) engaged in July 2011 to prepare an initial NI 43-101 mineral resource
estimate, which was announced in November 2011.
• Future exploration / development programs will focus on advancing the Urumalqui Vein
mineral resource to production as soon as practicable, as well as further exploration on both
the Urumalqui Vein and the other identified veins on the Project to develop additional future
resources.
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Some noteworthy drill hole intersections from AndeanGold’s 2011 Phase I Drilling Program were:
D EPT H
B ELOW TRUE
D R ILL SU R F A C E F R OM TO IN T ER V A L W ID T H AU AG A G EQU IV A LEN T
HOLE ( met r es) ( met r es) ( met r es) ( met r es) ( met r es) (g/ t) (g/ t) (g/ t) ( oz/ t )

PGU R # 1 8 6 .77 10 3 .9 0 10 8 .8 0 4 .9 0 3 .9 2 3 .4 2 18 4 .4 5 3 55.4 5 11.4

PGU R # 2 14 6 .74 16 1.3 0 16 8 .12 6 .8 2 3 .78 3 .0 3 18 9 .2 1 3 4 0 .9 3 11.0

PGU R # 4 12 9 .9 1 14 2 .50 155.10 12 .6 0 7.4 8 0 .3 5 3 2 1.2 3 3 3 8 .8 8 10 .9

PGU R # 8 13 8 .8 0 155.70 16 0 .8 1 5.11 3 .0 9 2 .3 8 2 2 8 .0 9 3 4 7.0 0 11.2

PGU R # 12 53 .2 0 6 4 .2 0 6 8 .2 0 4 .0 0 2 .79 1.3 2 3 77.11 4 4 3 .15 14 .2

PGU R # 13 112 .9 2 115.0 0 12 1.4 7 6 .4 7 2 .73 2 .56 2 0 5.15 3 3 3 .0 3 10 .7

PGU R # 16 8 2 .0 1 10 0 .6 1 10 5.9 7 5.3 6 3 .6 3 1.3 7 3 2 9 .2 3 3 9 7.51 12 .8

PGU R # 18 12 2 .79 12 8 .9 5 13 8 .4 0 9 .4 5 4 .57 1.6 8 3 2 5.13 4 0 9 .0 2 13 .2

PGU R # 2 4 8 8 .3 2 12 1.2 8 12 4 .0 0 2 .72 2 .14 3 .8 4 2 8 7.8 8 4 79 .73 15.4

PGU R # 2 5 8 2 .4 1 12 7.0 0 13 0 .70 3 .70 3 .0 4 0 .4 9 3 10 .6 2 3 3 5.0 3 10 .8

PGU R # 3 1 3 9 .6 7 6 3 .9 0 77.70 13 .8 0 11.71 2 .3 5 2 18 .8 6 3 3 6 .2 7 10 .8

A G Eq uivalent - B ased o n a silver t o g o ld r at io o f 50 :1 and assuming 10 0 % r eco ver y.

o z / t - T r o y o unces p er met r ic t o nne.

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URUMALQUI INFERRED MINERAL RESOURCE ESTIMATE
• On November 15, 2011, the Company announced the results of the MQes NI 43-
101 inferred mineral resource estimate for the Urumalqui Project.

10,692,000 Ounces Silver and 86,200 Ounces Gold

1,945,000 Tonnes at 171.01 g/t Silver and 1.378 g/t Gold

• Estimate was predicated principally on 66 diamond core drill holes (10,906

metres), a specific gravity of 2.37 tonnes per cubic metre, a mining cut-off grade
of 90 g/t silver and an assumed 65% silver recovery rate.

• Estimate considered conservative by Company due principally to low recovery

rate assumption. Follow up programs in 2012 included an independent detailed
metallurgical study and a surface channel sampling program over the 1.7 km
Urumalqui Vein, leading to the commissioning of an updated Resource Estimate.

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Urumalqui Vein - Surface Channel Sampling Program
• In early 2012, AndeanGold completed a detailed surface channel program over the 1.7 km Urumalqui
Vein, with trenches cut at 25 metre intervals and channel sampled under geologic supervision.
• Assay results from the program were very encouraging – good correlation between trench assays and
underlying infill drill hole assays and trench assays for 500 metre NW Section (not drilled by Company)
were higher than infill drill zone and contained some of the highest reported gold grades for the Project.
500 metre NW Section to be infill drilled in 2013.
` AVERAGE
OUTCROP WIDTH AG AU AGE AGE
(metres) FROM - TO (A) (metres) (g/t) (g/t) (g/t) (oz/t)

URUMALQUI VEIN 1650 950S - 700N 2.35 77.79 2.24 190.04 6.11

- SE SECTION 1000 950S - 050N 1.86 99.98 1.6 180.17 5.79

- NW SECTION 650 050 N - 700N 3.23 58.03 2.82 198.82 6.39

- NW SECTION - INCLUDING 500 050N - 550N 2.66 82.46 4.21 292.94 9.42

(A) Refer to Urumalqui Vein Longitudinal Section.

AGE- Silver Equivalent based on a silver to gold ratio of 50:1 and assuming 100% metallurgical recoveries.
oz/t - Troy ounces per metric tonne.

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Preliminary Urumalqui Project Metallurgical Results
• The Urumalqui NI 43-101 Mineral Resource Estimate was based, in part, on an assumed silver recovery
rate of 65% and a gold recovery rate of 85% based on historical preliminary metallurgical test results.
• G&T Metallurgical Services Ltd. of Kamloops B.C was engaged by AndeanGold in April 2012 to
conduct an independent detailed met testing program of the Urumalqui mineralization. The test results
were extremely encouraging, as noted below, with: Up to 97% Silver Recovery and 96% Gold
Recovery. Results will have a significant favorable impact on planned updated resource estimate.

SILVER GOLD
HEAD TOTAL HEAD TOTAL
GRADE RECOVERY GRADE RECOVERY LEACH TIME NaCN

TEST g/t % g/t % hours ppm

GRAVITY + FLOTATION

Primary Composite 158 86 1.56 82

GRAVITY + CYANIDATION

Primary Composite 158 80 1.56 96 48 667

158 83 1.56 96 48 1000
158 97 1.56 96 96 2500

High Grade Composite 202 99 2.09 97 96 2500

Low Grade Composite 98 96 0.39 90 96 2500

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Urumalqui Project - Option Agreements to Acquire a 100% Interest
Option and Mining Assignment Agreement (“Agreement”) signed April 2010:
• AndeanGold right to earn 60% shareholder’s interest in JV company to hold title to and
operate Urumalqui Project should AndeanGold exercise its Option.
• To earn its 60% JV interest, AndeanGold must:
- Incur CDN $3 million in qualifying expenditures by end of 4 year earn-in Term.
- Complete 3,000m of drilling by end of Year 2 and 7,000m of cumulative drilling by
end of Year 3 of the Term.
- Issue Gitennes 20,000 shares of the Company on registration of the Agreement in
Peru and 20,000 shares, each, at the end of Year 1, 2 and 3 of the registration
anniversary date. Except for the first issue, Gitennes has the option to be paid cash
in-lieu of shares, with the cash component not to exceed $25,000, $50,000 and
$100,000 in Year 1, 2 and 3, respectively. Any excess share market value will be
satisfied by issuance of equivalent shares.
• AndeanGold will be the Operator of the JV.
• Upon formation of JV company, the parties shall have the right to participate in future
annual Project budgets or have their JV interest diluted. Once a party’s JV interest has
been diluted to 10%, the interest will be automatically converted to a 2% NSR royalty.

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Urumalqui Project - Option Agreements to Acquire a 100% Interest (Cont’d)
Share Sale & Mining Agreement signed May 17, 2012:
• AndeanGold right to acquire Gitennes’ remaining 40% interest in Urumalqui Project.
• To earn the additional 40% interest, AndeanGold must make payments to Gitennes of:
` CASH SHARE
PAYMENTS PAYMENTS

ON SIGNING MOU $ 125,000 -

ON SIGNING AGREEMENT 125,000 200,000

6 MONTHS POST SIGNING AGREEMENT 250,000 200,000

12 MONTHS POST SIGNING AGREEMENT 350,000 250,000
18 MONTHS POST SIGNING AGREEMENT 400,000 250,000
24 MONTHS POST SIGNING AGREEMENT 500,000 500,000
30 MONTHS POST SIGNING AGREEMENT 1,000,000 600,000

TOTAL PAYMENTS $ 2,750,000 2,000,000

• Gitennes will also be entitled to receive a 1% NSR Royalty, with a $1.25 million cap.

AndeanGold will acquire a 100% interest in the Urumalqui Project by fulfilling its
obligation under both Option Agreements. At its election, AndeanGold can acquire the
60% interest and drop the 40% Option, but if the obligations under the 60% Option are
not fulfilled, 100% interest in the Urumalqui Project will revert to Gitennes.
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Projects
Ecuador

22
ECUADOR MINES LAW
• All exploration activities in Ecuador were halted in April 2008 due to Ecuador’s
Constitutional Assembly’s passage of a Mining Mandate that, among other
provisions, precluded any mining activities for a period of 180 days or until a new
Mines Law was passed.
• Ecuador passed a new Mines Law in January 2009, and the President signed the
related Mining Regulations into law in November 2009.
• Mining companies must regularize their existing concessions pursuant to the new
Mines law and Regulations and must update any existing Environmental Impact
Studies. In April 2010, the Company was issued new mining titles to its 3 key
Ecuadorian Projects under the new Mines Law.
• The Company has filed the requisite documents with the Ministries of Non-
Renewable Natural Resources (“MRNNR”) and Environment in support of the
Company’s request to renew exploration programs on its key projects in Ecuador.
• In September 2012, the Company received MRNNR authorization to
recommence exploration activities on the Curiplaya Project.
23
24
Molleturo Project
• Three (3) contiguous concessions covering 3,594 hectares.
• High-grade polymetallic mineralization (Ag, Pb, Zn, Au).
• NI 43-101 report by ACA Howe International (September 2006).
• Rock chip sampling of past exploration / mining activities returned
average assays:
392 g/t Ag, 3.4 g/t Au, 0.69% Cu, 2.3% Pb and 4.24% Zn

(Approx. $500 per in-situ tonne, assuming 100% recovery)

• Past mining – 700metres on five levels.

• Potential high-grade underground mine.

25
Average Grades: 3.4 g/t Au, 392 g/t Ag, 0.69% Cu, 2.3% Pb, 4.24% Zn
MOLLETURO PROJECT 27
San Bartolomé Project

• Concession covers approximately 3,108 hectares.

• High-grade polymetallic vein (Ag, Pb, Zn).

• Past small-scale mining (1989 – peak 1993) – largest historical silver

mining operation in Ecuador.

• Historic grades of +20 OPT Ag.

• Potential high-grade underground mine.

SAN BARTOLOMÉ PROJECT 29
The selective grab sampling of mineralized vein material from the waste dumps supported the Project’s
reported historic high-grades, with the assays returning 40.9 to 71.7 oz/t Ag; 2.87 to 5.15 g/t Au, 0.84 to
4.36% Pb and 2.66 to 10.84% Zn, as detailed below:

SAMPLE WIDTH AG AG AU PB ZN
TYPE (metres) (g/t) (oz/t) (g/t) % %

Grab – Waste Dump 1539 49.5 2.87 1.74 3.16

Grab – Waste Dump 1670 53.7 3.40 1.50 10.84
Grab – Waste Dump 2230 71.7 2.87 2.13 7.90
Grab – Waste Dump 1273 40.9 3.93 2.27 3.20
Grab – Waste Dump 1636 52.6 3.75 3.24 3.72
Grab – Waste Dump 1425 45.8 3.73 2.84 2.66
Grab – Waste Dump 2108 67.8 4.66 2.87 6.15
Grab – Waste Dump 1348 43.3 3.01 0.84 8.72
Grab – Waste Dump 2125 68.3 5.15 4.36 2.89
Grab – Waste Dump 1878 60.3 3.18 2.95 3.86

Tailings 85.1 2.7 0.41 0.10 1.53

Tailings 99.4 3.2 0.50 0.11 1.37
Tailings 112.9 3.6 0.34 0.13 1.66
Tailings 76.0 2.4 0.32 0.09 1.59
Tailings 88.9 2.9 0.24 0.10 1.15

Rock Chip – Vein Outcrop 1.2 63.5 2.0 0.59 1.45 0.08
Rock Chip - Vein Outcrop 0.15 290.1 9.3 2.68 0.96 0.22
Rock Chip - Vein Outcrop 2.0 1747 56.2 2.29 0.62 0.19
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Curiplaya Project

• Two (2) concessions covering approximately 3,964 hectares.

• Project located within the “Dynasty - Copper Gold Belt”.

• Porphyry (AU, CU) & epithermal / stockwork zone targets.

• NI- 43-101 report by ACA Howe International (August 2006).

• Main porphyry targets drilled in 2007 (+7,000 metres) confirmed a

large area of strong porphyry-style alteration carrying widespread
anomalous copper, gold and silver values.
32
 TOTAL MINERALS RESOURCES AT DYNASTY GOLDFIELD

Resource Aueq* Gold Gold Silver Silver

Category Tonnes g/t** g/t** Ounces g/t** Ounces
MEASURED 1,461,271 4.73 3.91 183,763 41 1,913,735
INDICATED 1,867,112 4.95 4.01 240,659 47 2,849,200
INFERRED 3,019,396 5.54 4.40 427,017 57 5,521,474
* Aueq = Gold Equivalent = 50:1 Silver:Gold
** grams per tonne

CURIPLAYA PROJECT 33
Curiplaya Project West Zone

• Soil grid (500x600metres) discovered epithermal gold mineralization: a newly

defined soil gold anomaly, covering - 150 x 200 metres - partially overlaying a
body of gold-bearing intrusive/hydrothermal breccia some 150 meters long and
125 meters wide.

• Three high soil values (3.50 g/t, 2.74 g/t and 2.75 g/t) suggested a more highly
mineralized area in the northeast quadrant of the anomaly, which is underlain by
breccia.

• Trench average assays from continuous channel sampling, included:

- Trench #5 – 22.0 metres grading 4.74 g/t Au and 1.31 g/t Ag
- Trench #2 – 41.7 metres grading 3.70 g/t Au and 1.71 g/t Ag
(Includes high-grade sample - 55.1 g/t Au and 0.80 g/t Ag. )
(Excluding high-grade sample - 39.7 metres @1.10 g/t Au and 1.76 g/t Ag)

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Curiplaya Project Limon Zone

• Three soil geochemical anomalies discovered based on results of an

exploration program entailing geological, structural and hydrothermal alterations
mapping; rock chip and channel sampling; and a soil geochemical survey. Soil
grid covered an area of 2,200 x 3,500 metres, with a total of 417 soil samples
taken along 12 grid lines at 100-metre spacings.

• Two of the anomalies were related to Cu-Au porphyry mineralization and

were located in the central and southern portions of the soil grid. Anomalies are
aligned in a north-south direction with a separation of approximately 1.8 km.

• Third anomaly is related to structurally controlled skarn polymetallic

mineralization and is located approximately 700 metres east of the centrally
located porphyry anomaly.

35
EXPERIENCED MANAGEMENT TEAM
DIRECTORS
MANAGEMENT
Dr. William F. Lindqvist
Anthony F. Ciali, President & CEO, Director
Independent consulting geologist
Over 29 years international mining experience. Over 36 years senior international exploration experience
Director of Evolving Gold Corp, Luna Gold Corp and Canada
Involved with the development of 4 gold mines in North
Coal Inc.
and South America.
Arranged over $250 million of equity / debt financing for Thomas Kelly
International mine development and exploration
B.Sc. Mechanical Engineering / MBA Senior Mining Engineer, based in Lima, Peru
Over 36 years of world-wide mineral industry experience
Recognized expert in project management and development
David Cross, CFO Director of Fortuna Silver Mines

CGA, partner Cross Davis and Company Fernando Pickmann

CFO for several other TSX-V listed companies
Senior mining attorney, based in Lima, Peru, Director of
Estrella Gold Corporation and Director & CEO of Southern
Graham Scott, Corporate Secretary Legacy Minerals

Senior Canadian mining attorney Dana T. Jurika

Principal of Vectot Corporate Finance Lawyers
VP Business Development Redstone Resources
Co-founder of the Company
36
 CONTACT INFO
Head Office:
AndeanGold Ltd.
1500 – 701 West Georgia Street Investor Relations:
Vancouver, BC, V7Y 1C6 Canada
Tel: (604) 601-5610 Jim Glass
Fax: (604) 801-5911 Ascenta Capital Partners Inc.
1610 - 1066 West Hastings Street
Lima Office: Vancouver, BC V6E 3X1 Canada
PeruGold Resources S.A.C.
Tel: (604) 684-4743 ext 225
Calle Ignacio Merino – No. 165
Toll Free: (866) 684-4743
San Isidro, Peru
Tel: (51) 1-440-2798 E-mail: [email protected]

Contact (in the US):

Anthony F. Ciali
President & CEO
Tel: (732) 940-5487
E-mail: [email protected]

37