Company Web Site: www.andean.com.au

(NI) 43-101 reports from projects located in: Argentina (AR)

This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-02-22. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-03-10.

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GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-03-10

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver
Cerro Negro	AR	$6.09	0	71%	29%	2.29 M oz	23.67 M oz
GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-10
Metric / Metal						Gold	Silver
Metal Totals						2.29 M oz	23.67 M oz
Metal Prices in US$ (from 2010-03-10)						$1,107.10 per oz	$16.99 per oz
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)						$5.26	$0.84
Percentage of Total Metal Value						86.29%	13.71%
PP% | MI% | I%						0 | 69% | 31%	0 | 79% | 21%
GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-10
Metal Value per Share (MVpSh)						US$6.09
Average Ore Value per Tonne						US$237.08
Metal Value Leverage (MVL)						2.43
Market Capitalization as % of Metal Value						41.1%
Recent Stock Price						C$2.57   (TSX/TSXV close on 2010-03-10.)   Conversion rate used: 1 Cnd$ = 0.974756 US$ )
Fully Diluted Share Count						481.27 M    ( Fully diluted share count estimated based on the September 28, 2009 count of shares and options outstanding provided in the Annual Information Form for the year ended June 30, 2009 (document available at Sedar). )
PP% | MI% | I%						0 | 71% | 29%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade						5.748 g/t
Market Capitalization     per oz of Gold In Ground						$527.35   US$  |   541.01   C$
Gold Eq Oz Estimate						2.65 M oz   ( 2.29 M oz are in ground)
Market Capitalization     per oz of Gold Equilavent						$455.05   US$  |   466.84   C$
See terms for more about GoldMinerPulse metrics.

GoldMinerPulse Coverage Status:

• GoldMinerPulse coverage of Andean Resources Limited is complete pending a final internal review.

(NI) 43-101 Report:

Title: TECHNICAL REPORT ON THE PRE-FEASIBILITY STUDY, CERRO NEGRO PROPERTY SANTA CRUZ PROVINCE, ARGENTINA
Date: 2008-12 (228 pages)

Updates: Andean Resources Limited, Cerro Negro Gold project quick facts viewed August 2009.

Project Location: Santa Cruz, Argentina

Map View: View Cerro Negro gold property on a Google Map.

Most Optimistic Resource Estimates (MORE):

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.38	1.03 M oz	12.900 g/t	2.49 M t
Silver	$0.66	18.81 M oz	235.000 g/t	2.49 M t
Estimate notes: Andean Resources Limited, Cerro Negro Gold project quick Eureka zone viewed August 2009. 3.0 g Au Eq/t cutoff

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.76	330.94 K oz	10.700 g/t	962.00 K t
Silver	$0.17	4.86 M oz	157.000 g/t	962.00 K t
Estimate notes: See Indicated note for Eureka zone.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.26	548.40 K oz	3.700 g/t	4.61 M t
Estimate notes: Andean Resources Limited, Cerro Negro Gold project quick Vein zone viewed August 2009. 1.0 g/t AuEq cutoff

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.86	374.14 K oz	2.700 g/t	4.31 M t
Estimate notes: See Vein zone Indicated notes. 1.0 g/t AuEq cutoff