Andes Gold Corporation Shows Continued Growth in 2013
January 22 2014 - 6:00AM
Marketwired
Andes Gold Corporation Shows Continued Growth in 2013
BOCA RATON, FL--(Marketwired - Jan 22, 2014) - Andes Gold
Corporation (PINKSHEETS: AGCZ), a gold mining and milling company
with operations in Ecuador and Peru, today released its year end
financial results for December 31, 2013. The Company increased
profits as a direct result of increased production, more
efficient and expanded operations. The increased profit
occurred even considering the fact that the average price for an
ounce of gold was $250 lower in 2013 than in 2012 (based on the
average price of an ounce of gold according to the London Exchange
daily price tables).
The increase in revenue and profits is primarily due to
increased yield and efficiency in the operations. Revenue increased
from $6,732,311 to $6,775,910. Net profit increased from $1,400,180
last year to $1,690,041 this year. This represents an increase of
$289,861 or 20.7% even with the decrease of $250 in the average
price of an ounce of gold for 2013.
During the year, the company increased the value of the plant
and equipment from $3,053,773 to $3,739,261, an increase of 22.4%.
Construction and mining capital costs were $2,194,758 in 2013
versus $194,414 in 2012. The increased spending improved the
efficiency of the company's operation, reduced costs and expanded
the scope of the company's operations. The company has total assets
of $7,076,739 versus total liabilities of $1,097,841.
The company projects that revenue and profits will continue to
grow in 2014. The company will actively move ahead with the
acquisition of additional reserves as well as contract milling.
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.otcmarkets.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's ability to meet current and 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 laws.
Andes Gold Corporation (561) 210 8496 www.andesgoldmine.com
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