Andes Gold Corporation Continues Growth With Third Quarter Profits
14 October 2013 - 10:00PM
Marketwired
Andes Gold Corporation Continues Growth With Third Quarter Profits
BOCA RATON, FL--(Marketwired - Oct 14, 2013) - Andes Gold
Corporation (PINKSHEETS: AGCZ) a gold mining and milling company
with operations in Ecuador and Peru, today released its financial
results for the nine(9) month period ended September 30, 2013. The
Company increased profits despite the decline in the average market
price of gold by $199 per oz compared to last year. The increase in
profit is a direct result of increased production, upgrading its
production facilities and increased contract processing of ore from
other miners without processing facilities. With the start up of
the new mill announced on October 7,2013, the Company expects that
the fourth quarter will show even greater revenues and profits for
the year ending December 31, 2013.
Revenue for the nine(9) month period ended September 30, 2013
was $4,863,380 versus $$4,622,674 last year, an increase of
$240,706. The net profit for the nine(9) month period was
$1,196,094 versus $932,644 last year, an increase of $263,450
(28%). The net profit for the first six(6) months of the fiscal
period ending December 31, 2013 was $646,446 versus the net profit
of the third quarter alone of $549,648. This represents a
significant increase in production in the third quarter which is
expected to continue into the fourth quarter.
This increase in profit over last year occurred despite the fact
that the average market price of an oz of gold was less by $199.00
per oz for the same period last year.
Examination of the balance sheet shows the value of the plant,
machinery and equipment increased from $2,982,773 to $3,669,761.
The value of construction and mining improvements increased by
$1,051,783. The company continues to increase and improve
operations by investing profits back into the company.
The Company is expecting significant growth in the fourth
quarter as its new mill comes on production and the production
capacity of the company's existing facilities increase and become
more efficient.
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's ability to meet current and future plans.
Investor 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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