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LOS ANDES ANNOUNCES RESTATEMENT OF 2007 FINANCIAL STATEMENTS


January 27, 2009

Vancouver, BC – Los Andes Copper Ltd. ("Los Andes", or the "Company", TSX Venture Exchange: LA) announced today that the Company has restated its financial statements for the year ended September 30, 2007.  Its external auditors, DeVisser Gray, LLP, reviewed the 2007 financial statements and concluded that the following changes should be made to those statements:

  1. the $634,442 gain from the sale of a subsidiary corporation was reclassified from Other Items to Loss from Discontinued Operations.  This reclassification had no effect on Net Loss or Net Cash Flow in the year ended September 30, 2007, nor on the Company’s Balance Sheet as at September 30, 2007; and
  2. the tax rate used for the calculation of the future income tax provision was revised, resulting in a $3,478,369 reduction in future income tax liability to $2,181,101, a reduction in Comprehensive Loss from $4,345,243 to $744,559, a change in Deficit from $10,150,315 to $6,671,946 and a reduction in Loss per Share for the year from $0.10 per share to $0.02 per share.  These changes had no effect on the Company’s net cash flow for the year ended September 30, 2007.

Dr. Roger Moss, President and CEO, said, “These changes are of an accounting nature only. In particular the changes to the future income tax liability rely significantly on estimates and do not have an economic impact on Los Andes, our cash flows or our tax loss carry forwards.”

About the Company's Vizcachitas Project

The Vizcachitas Project offers potential for a low strip, open pit operation in an area of low elevation with excellent infrastructure, including water and power in central Chile. The Vizcachitas deposit occurs in the same metallogenic belt as the giant copper-molybdenum porphyries Rio Blanco-Los Bronces, Los Pelambres and El Teniente. Based on 35,255 metres of drilling in 130 diamond drill holes, the project contains an indicated resource of 515 million tonnes grading 0.39% copper and 0.011% molybdenum and an inferred resource of 572 million tonnes grading 0.34% copper and 0.012% molybdenum at a 0.30% copper equivalent cutoff. Additional information about the Vizcachitas Project is available in the National Instrument 43-101 Technical Report prepared by AMEC and filed by the Company on SEDAR on August 29 2008, and on our website at www.losandescopper.com.

For more information please contact:              

Michael Kuta,
Corporate Secretary        
Tel: 604-697-6201

or

Roger Moss,
President                           
Tel: 416-516-6050

E-Mail: info@losandescopper.com  or visit our website at: www.losandescopper.com

This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.

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