Volcan Resource Summary 2007

Resource Disclosure
Under NI 43-101 of the Canadian Securities Administrators, the qualified person for the Volcan Gold Project is Micheal Easdon, a resident of Santiago, Chile.  Mr. Easdon is a Professional Geologist registered with the State of Oregon, USA.  The July 2008 resource estimate was prepared by Maptek Sudamérica, Viña del Mar, Chile in conjunction with Andina staff and Eduardo Magri, Ph.D. in mining engineering (Witwatersrand) and a Fellow of the SAIMM with over 30 years of industry experience.  Mr. Easdon is an independent qualified person as defined by NI 43-101.  A NI 43-101 compliant technical report is being prepared and will be filed with SEDAR (www.sedar.com).
 
Resource Estimation Methodology 
The resource was estimated using the ordinary kriging geostatistical analysis.  The Dorado West Deposit model was estimated using 31,097 samples.  There were no changes to the Dorado East deposit and Dorado Central deposit models. Since commencing exploration in 2005, Andina has completed over 95,022 metres of drilling on the Volcan Gold Project with 80,046 metres targeting the Dorado area.
 
Geologically constrained wire frame envelopes were constructed to confine each block model.  Kriging search parameters, reduced to 85% of the variogram established figures, were calculated for each of the deposits.  A density value, based upon 367 measurements, of 2.47 tonnes/m3 was used to estimate the tonnages.  The parent cell dimension for all deposits is 10 metres in all three axis directions.
 
Two geological envelopes were employed in the estimation of the Dorado West deposit resource: one envelope enclosing the central quartz vein-related mineralization surrounded by a second envelope enclosing the mineralization above approximately 0.1 g/t gold.  Variograms were very well behaved with effective ranges for the quartz vein-related envelope of 150 metres, 100 metres and 50 metres along the vertical, strike and perpendicular to strike directions (strike direction being N 25°E) respectively.  Kriging was done in 4 passes with increasing search ellipsoids oriented according to the main continuity directions revealed by the variography.  Samples associated with the quartz vein-related mineralization assaying greater than 6.5 g/t Au were given a limited 5 metre range of influence. Samples located outside the quartz vein-related mineralization assaying greater than 1.0 g/t Au were given a limited 5 metre influence.
 
Three different methods were used to validate the block model: comparison of block and sample statistics, plans and sections showing block and sample grades and drift analyses along the three main directions.  All validations returned satisfactory results.  Geological resources were classified according to the following criteria:  blocks located within a 50 metre by 50 metre grid of inclined drill holes were placed in the measured category, blocks located within a 50 metre by 100 metre grid of inclined drill holes were classed as indicated (sections 50 metres apart with drill holes every 100 metres), the rest of the blocks within the mineralized envelope were classed as inferred.  Resource categories were smoothed in order to avoid, as much as possible, anomalies such as having small groups of inferred blocks within large areas of indicated blocks.  Results show that the vast majority, 99%, of the Dorado West deposit geological resources, at a 0.5 g/t Au cut off, are associated with the quartz-vein related mineralization.
 
The resource parameters for the Dorado Central deposit and Dorado East deposit may be found in the NI 43-101 compliant technical report titled “Phase III – Volcan Gold Project, Dorado West, Central and East Zones, Region III, Chile” filed December 5, 2007 on the Canadian Securities Administrators’ “System for Electronic Document Analysis and Retrieval” at www.sedar.com.
It cannot be assumed that the inferred mineral resources will be upgraded to an indicated mineral resource as a result of continued exploration.  Furthermore, it cannot be assured that measured and indicated or inferred mineral resources will be converted to a “reserve” category at such time as feasibility studies are initiated.
 
Quality Assurance / Quality Control Program 
Reverse circulation (“RC”) chips and diamond drill core from Andina’s Volcan Gold Project drilling campaign were collected at the drill under the direct supervision of Andina staff.  Both the RC samples and drill core are appropriately tagged, secured and transported to the Andina exploration camp and then to Andina’s secure sample logging and preparation site at Copiapo, Chile.  RC chip samples were riffle split to obtain a 15 kilogram sample for assay purposes.  Representative chips were collected from each sample for logging purposes.  Drill core was logged, marked at two metre intervals for sampling and split longitudinally with a diamond drill saw.  One half of the core was bagged and sample tags attached and the second half of the core was returned to the core boxes and stored in a secure storage facility.  All samples were appropriately tagged and securely stored prior to shipping to Asesoria Minera Geoanalitica Ltda.’s (“Geoanalitica”) laboratory in La Serena, Chile.  Samples were processed and analyzed for gold using fire assay techniques with atomic absorption finish.  Samples which returned gold values greater than 1.00 g/t Au were re-analyzed by Geoanalitica using fire assay techniques with a gravimetric finish.  Duplicate samples were inserted at a rate of approximately 5% and standard samples inserted at a rate of approximately 5% within each sample batch to ensure laboratory quality control procedures.  Duplicates, standards, and blanks amount to nearly 15% of the samples assayed.  In addition, the laboratory re-analyzes approximately 10% of all samples.