Oroandes Provides Update on Brokered Private Placement

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910 - 510 Burrard Street, Vancouver, British Columbia, V6C 3A8

FOR IMMEDIATE RELEASE TSX-V:OAR

OROANDES PROVIDES UPDATE ON BROKERED PRIVATE PLACEMENT

Vancouver, British Columbia – March 23, 2011 – OroAndes Resource Corp. announces that, further to its news releases of February 28, 2011 and January 25, 2011, it will not be proceeding with a second tranche of its brokered private placement.

For further information, please contact:

Head Office: Tel. 604-662-8186 Sandy MacDougall Fax 604-662-8170 President and Chief Executive Officer www.oroandes.com

This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although OroAndes believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of OroAndes’ management on the date the statements are made. OroAndes Resource Corp. undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change, except as required by law.

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