Andes Gold Corporation Continues to Show Financial Growth Through Increased Mining Operations
(firmenpresse) - BOCA RATON, FL -- (Marketwired) -- 05/08/13 -- Andes Gold Corporation (PINKSHEETS: AGCZ) a gold and silver mining company with existing operations in Ecuador, today released its financial results for the first quarter ended March 31, 2013. The financial report was filed and is available on the Pink Sheets.
The financial statements for the first quarter ended March 31, 2013 show revenue of $1,391,923 versus $1,269,965 for the same period last year. This represents an increase in revenue of $121,958 in the first quarter. The net profit for the first quarter ended March 31, 2013 was $308,236 versus $202,176. This represents an increase in profit of 52.5%. The financial results obtained in the first quarter were achieved despite a downtime of 28 days while the company upgraded its milling operations by installing flotation cells. Installation of flotation cells increases the yield of the mill.
Revenue for the year end December 31, 2012 was $6,732,311. Based on expanded mining operations and the upgrading of the mill, the company is projecting revenue for the year ending December 31, 2013 of $9,350,000 with profits of $1,963,500 or an increase of 40%. The company is showing excellent growth.
The company processes its own proven reserves as well as processing ore for other miners that do not have milling operations. Contract milling has become very profitable for the company and it is expected that contract milling will increase in 2013.
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 or investors can find real time quotes and market information for the Company on .
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 revisions to any forward-looking statement, to reflect events or circumstances afterward or to disclose unanticipated occurrences, except as required under applicable law.
Andes Gold Corporation
(561) 210 8496
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Datum: 08.05.2013 - 11:00 Uhr
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News-ID 257495
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