From the Wires
Andes Gold Corporation Obtains Record Profits for the Year Ending December 2012
By: Marketwired .
Jan. 31, 2013 07:00 AM
BOCA RATON, FL -- (Marketwire) -- 01/31/13 -- Andes Gold Corporation (PINKSHEETS: AGCZ), a gold and silver mining company with existing operations in Ecuador and Peru, today released its financial results for the year ended December 31, 2012. The financial report was filed and is available on the Pink Sheets.
The financial statements for the year ending December 31, 2012 show revenue of $6,732,311 versus $4,447,521 for the same period last year. This represents an increase of $2,284,790 or 51.3%. The net profit for the year ending December 31, 2012 was $1,400,180 versus $521,294 last year. This is an increase of $878,886 or 168.5% over last year. The Company had an inventory at December 31, 2012 of $1,092,397 versus $466,769 last year. The Company expects to increase revenues and profits in the new year as it increases its daily production and milling capacity.
On the balance sheet, the Company reports assets of $4,821,148 and liabilities including amounts due to related parties of $793,178, yielding a 6.0 to 1 asset to debt rate.
The Company expects to increase its proven reserves as a result of development work that is being completed on its mining concessions. This work consists of additional mining shafts, sampling and detailed analytical work and extensions of existing seams. The company has also discovered significant amounts of silver and copper and is currently evaluating these reserves. The Company has modified its mills to be able to process the silver and copper.
Andes Gold Corporation trades in the United States on the OTC Pink under the symbol "AGCZ." For further information, please contact the Company at (561) 210 8496 or www.andesgoldmine.com or investors can find real time quotes and market information for the Company on www.otcmarket.com.
NOTE: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving risks and uncertainties. Results, events and performances could vary from those contemplated. These statements involve risks and uncertainties which may cause actual results, expressed or implied, to differ from predicted outcomes. Risks and uncertainties include but are not limited to product demand, market competition and Andes Gold's ability to meet current or future plans. Investors should study and understand all risks before making an investment decision. Readers are recommended not to place undue reliance on forward-looking statements or information. Andes Gold is not obligated to publicly release revision to any forward-looking statement, to reflect events or circumstances afterward or to disclose unanticipated occurrences, except as required under applicable laws.
Andes Gold Corporation
Andes Gold Corporation
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