Andes Gold Corporation Continues Growth With Third Quarter Profits
October 14, 2013 - BOCA RATON, FL
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