Additional Listing

Pan Andean Resources PLC
5 February 2001

Pan Andean Resources is pleased to announce that it has raised £1,800,000
through a placing of 7,200,000 new ordinary 1p shares at 25p per share with
institutional investors.  The funds will be used to bed-down the considerable
growth in production and exploration seen in the last year and to aid
strategic expansion.

Application has been made for the new ordinary 1p shares to be admitted to
listing on the Alternative Investment Market of the London Stock Exchange.  It
is expected that the new ordinary shares will be admitted to listing and that
dealings will commence on 8 February 2001.