TSX.
V:AAG
ANDEAN AMERICAN GOLD CORP.
MINE DEVELOPMENT
WITH CONFIDENCE
Andean American is developing one of the lowest
cost gold mines in Peru—The Invicta Project.
Invicta is an advanced stage gold and copper
project located in the mineral rich Western Pre-
Cordillera of the Peruvian Andes, approximately
250 km north of Lima.
INVICTA PROJECT
HIGHLIGHTS
• Near term low cost gold production in Peru
• 160,000 AuEq Oz per year at US$275/Oz
projected LOM
• Excellent access to infrastructure in well
established mining region
• 20,000 m drilling program planned to expand
resource and extend life of mine to 12 years
• Construction financing secured
www.AAGgold.com
MARCH 2011
ABOUT ANDEAN
AMERICAN
Andean American is an international
mining and exploration company focused
on value growth through the development
of gold and copper projects in Peru. The
Company currently has two key assets: the
28,200 hectare Invicta gold-silver-copper
advanced exploration stage project and
60% of Sinchao Metals Corp., owner of the
Sinchao gold-silver-copper exploration
project. In addition, the Company is
actively targeting early stage gold and
silver prospects in Peru.
Andean American Gold is an international
mining & exploration company focused
on advanced stage gold & copper
opportunities in Peru
www.AAGgold.com

INVICTA PROJECT PROGRESS TOWARDS

OPTIMIZED FEASIBILITY PRODUCTION
STUDY—SUMMARY Andean American has made significant progress
on all fronts in preparing the Invicta Project for
An optimized feasibility study, filed in July 2010,
construction.
demonstrates robust project economics over an
initial 5-year mine life. COMMUNITY AGREEMENTS:
First of three agreements with primary communities
Production
signed. Completion of second one expected in
• 97,931 oz Au per year and 160,000 oz
March 2011 and third by mid-2011.
AuEq 2 per year over an initial 5-year LOM
• 5,000 tpd at full production from an MINING AND BENEFICIATION PERMITS:
underground mine Applications will be submitted following signed
LOM cash cost per oz Au 2 community agreements, environmental studies
• On a co-product basis: US$451.38 in progress and EIA being prepared, permit
• On a gold equivalent basis: US$274.80 anticipated late Q4 2011.
• On a by-product basis: US($126.91) FINANCING:
Operating costs of US$28.31 per tonne Well funded for pre-construction activities.
Capital Expenditure of US$68 million Project Debt Finance Facility of US$68 million to
allocated as follows: fund project construction is in place with Barclays
• US$49 million project costs Capital and West LB.
• US$9 million in refundable IGV taxes MINE PLANNING:
• US$7 million contingency funds Improvements have been made to the mine plan.
• US$3 million start-up facility Longhole stoping will be the primary method with
5 year average annual free cash flow of cut and fill extraction being used in areas where
US$65,273,398 3 ground faulting or low stopes make it necessary.
Net Present Value of US$265,057,808, using Current plans envisage a production rate of
an 8% discount rate3 between 4,000 and 4,500 tonnes per day. The
Mine life is based on mineral reserves of 7.8 plant design remains at 5,000 tonnes per day to
million tonnes grading: accommodate upside potential.
• 2.14 g/t gold METALLURGY:
• 18.76 g/t silver Following studies conducted on the two principal
• 0.52% copper ore types to be mined at Invicta, the mineral
• 0.38% lead processing flow sheet has been simplified with the
• 0.30% zinc4 removal of the gravimetric separation and zinc
Indicated resources not included in mine life recovery equipment. Space will be left in the design
total 2.3 million tonnes grading: for the installation of the zinc recovery equipment
• 1.99 g/t gold should it become economically favourable in the
• 14.74 g/t silver future. The processing plant will extract gold
• 0.4% copper contained in a copper concentrate and silver which
• 0.28% lead is principally contained in the lead concentrates.
• 0.27% zinc4 The Company has signed an offtake agreement with
Inferred resources not included in mine life Trafigfura Beheer B.V. for the bulk concentrates.
total 14.2 million tonnes grading: MINE DESIGN AND ENGINEERING:
• 0.67 g/t gold An independent technical engineering report has
• 11.20 g/t silver been commissioned and is expected in Q3 2011.
• 0.36% copper CONSTRUCTION PREPARATION:
• 0.24% lead Long lead items such as the rod mill, overhead
• 0.15% zinc4 crane and filtration equipment have already been
The optimized feasibility study is currently purchased. Construction on the roads, power and
being upgraded by SRK Consulting and this is water provision will begin once the remaining
expected in June 2011. community agreements have been signed.
GOOD GOVERNANCE—
A PRE-REQUISITE FOR LONG-TERM SUCCESS
Andean American is committed to coopera- COMMUNITY RELATIONS AND ENVIRON-
tive and mutually beneficial mine development. MENTAL STEWARDSHIP
We aim to create economic prosperity for our
shareholders and the communities in which The Company is contributing actively to en-
we operate and in a safe, environmentally and vironmental programs and socio-economic
socially responsible manner. development in the surrounding communities.
In the Santo Domingo de Apache community,
Andean American Gold and its Board of Direc- Andean American and, a big group of commu-
tors take a proactive approach to corporate nity members, recently planted 30,000 pine
governance requiring the highest standards of trees on 38 hectares of land. The trees bring
ethical behaviour and practice throughout the multiple benefits to the community includ-
company’s business. Please visit our website at ing providing wood, acting as windbreaks and
www.AAGgold.com to learn providing a good
more about our commit- substrate for the
ments to good governance, cultivation of
environmental and social mushrooms as an
responsibility. additional source
of revenue. Fur-
In accordance with the com- thermore, in this
pany’s commitment to good community, two
governance, the Invicta Proj- pilot programs
ect has adopted the “Equator will be launched
Principles”, a financial indus- in March for irri-
try benchmark for determin- gation to support
ing, assessing and managing the cultivation
social and environmental risk of peaches and
in project financing. These blueberries. An-
principles are aimed at ensur- dean American
ing that projects which are has upgraded,
financed by the institutions and is maintain-
which subscribe to them, are ing, 12 km of
developed in a manner that canals provid-
is socially responsible and ing water to the
environmentally sound. In local communi-
this way, negative impacts ties. In addition,
on project-affected ecosys- the Company is
tems and communities should currently con-
be avoided where possible, ducting a tech-
and where unavoidable, they nical study for
should be reduced, mitigated and/or compen- the irrigation of 220 hectares of agricultural
sated for appropriately. For more information on land in the community of Sayán. The Company
this, please see the Invicta Project Feasibility study has hosted numerous educational visits to the
which is filed on SEDAR and can be downloaded project site for the local communities and is
from the Andean American Gold website. engaged in ongoing consultation.
www.AAGgold.com

STRONG SENIOR MANAGEMENT

DAVID RAE—PRESIDENT AND CEO MARK ZABEL—VP CORPORATE DEVELOPMENT
Ten years in senior operating and executive positions From 2005–2010 Mr. Zabel worked in equity investments
with Falconbridge/Xstrata, including Senior Vice at Praetorian Capital Management LLC, a highly successful
President Europe & Africa, and worldwide head of sales small cap long/short equity hedge fund based in Miami,
for all Nickel Group products. Previously he managed the Florida. Mr. Zabel has development experience as an active
Sudbury Smelter and the Timmins Copper Operations. shareholder across an array of industries, having worked
Prior to joining Andean American, Mr. Rae provided closely with senior management teams to help implement
consulting services to companies such as Kinross, Vale business expansion plans, restructure management, and
Inco and Iamgold on operational, productivity and define new corporate and operational strategy.
strategic challenges.
MIGUEL HUAMAN—VP OPERATIONS
BRUCE RAMSDEN—VICE PRESIDENT AND CFO From 2004 to 2009, Mr. Huaman was the President
Vice President and CFO with noted resource companies of Minera Huallanca, where he managed the 1000tpd
since 1996 and has received the 2006 Mining Journal Pucarrajo Zn-Pb-Ag mine and the 850tpd Contonga
Development Funding Award for his work with Tiomin Zn-Pb-Ag-Cu mine, both underground operations. From
Resources Inc. He has a Bachelor of Commerce as well 2002 to 2004, he was General Manager of Cedimin SAC,
as a degree from the Institute of Chartered Secretaries a subsidiary of the BRGM–France and Buenaventura
and Administrators. Mr. Ramsden is a member of the Mining Company Peru. Mr. Huaman is an Engineering
Institute of Commercial and Financial Accountants of Graduate of the Universidad Nacional Mayor de San
Southern Africa; the Institute of Chartered Secretaries Marcos and a Geologist Engineer with a Postgraduate
and Administrators in both South Africa and Canada; and degree in Exploration and Valuation of Mineral Resources
Financial Executives International Canada. from the University of Nancy, France. Mr. Huaman is a
former President of the Geological Society of Peru.

CORPORATE INFO INVESTOR ENQUIRIES

Updated as at February 28, 2010 Telephone.................................................................... 604-681-6186
Market Cap at . . ................................................................... CDN$118,412,690 Toll Free. . .................................................................. 1-888-356-4784
Basic Shares Outstanding.......................................................... 142,665,892 Email...........................................................investors@AAGgold.com
Options. . ...................................................................................... 7,770,588
Warrants .. .................................................................................... 5,589,368 Head Office Toronto Office
Attributable M&I Resources (gold only, as at May 15, 2009)
Andean American Gold Corp. 55 University Avenue
Invicta............................................................................... 709,000 ounces 1 Suite 1340, 1090 West Georgia Street 11th Floor, Suite 1105
Sinchao . . ........................................................................ 2,237,000 ounces 1,5 Vancouver, BC V6E 3V7 Toronto, ON M5J 2H7

TSX.V: AAG
1. Invicta resource numbers taken from the NI 43-101 Invicta Technical Report dated Nov 20, 2009. Sinchao attributable resource is 60.16%
of global resource of 237 million tonnes containing 3.73 million oz Au, 2.45 lb Cu and 92 million oz Ag with average grades of 47% Cu,
0.49g/t Au and 12.1 g/t Ag. Resource was calculated using cut-off grade. 2.4g/t Au and 27% Cu, using prices of $1.50/lb Cu, $600/oz
Au and $8/oz Ag from NI 43-101 Sinchao Technical Report, October 30, 2008. Metallurgical recoveries and net smelter returns are not
considered.
2. Price deck: Gold $900/oz, Silver $12.50/oz , Copper $2.50/lb, Lead $0.70/lb, Zinc $0.75/lb.
3. Price deck: Gold $900/oz, Silver $12.50/oz , Copper $2.50/lb, Lead $0.70/lb, Zinc $0.75/lb.
4. Victor Jaramillo, P. Geo., of Discover Geological Consultants Inc. is an Independent Qualified Person as defined by National Instrument
43-101 and is responsible for the resource estimates. Guy Lokhorst, P. Eng., of The Lokhorst Group, is an Independent Qualified Person
as defined by NI 43-101 and is responsible for the review of the mining methodology, including the probable reserves and life of mine,
for the Invicta Feasibility Study. Deepak Malhotra, PhD., MS in Metallurgical Engineering and PhD. in Mineral Economics, Independent
Qualified Person as defined by NI 43-101, of Resource Development Inc., reviewed the metallurgy for the Invicta project and developed
the finalized process flow diagram for the Invicta Feasibility Study. Leslie F. Tarnai, P. Eng., General Manager of Engineering for Invicta
Mining Corp., is a Qualified Person as defined by NI 43-101 and is responsible for the Invicta Feasibility Study.
5. The Sinchao properties are subject to an ownership review as reported in the press release dated February 7, 2011, and the outcome of my
affect the resources attributed to Sinchao.