|By Marketwired .||
|August 16, 2013 07:00 AM EDT||
BOCA RATON, FL -- (Marketwired) -- 08/16/13 -- Andes Gold Corporation (PINKSHEETS: AGCZ) a gold mining and milling company with operations in Ecuador and Peru, today released its financial results for the six(6) months ended June 30,2013.
The financial statements for the six(6) months ending June 30,2013 shows gross revenue of $3,006,554 versus $2,793,923 last year an increase of $212,631 over the same period last year. The gross profit was $1,670,335, an increase of $199,148 over last year. Gross profit was increased as a result of reduced operating costs and increased grade and yield during processing.
The net profit for the six(6) months ending June 30, 2013 was $646,446 an increase of 42.4 % or $204,575 over the same period last year. This increase in profit occurred despite the fact that the market price of an oz of gold was an average of $199.00 per oz less than the price of gold per oz for the same period last year. In addition to the increased profits for the first six(6) months in 2013, the company had an inventory of gold and silver with a value of $705,106.
Examination of the balance sheet shows an excellent asset to liability ratio of 5.1 to 1. The value of the plant, machinery, and equipment increased in value by $898,877 over last year. The construction and mining improvements increased by $559,531 over the same period last year as the Company continued to expand operations
The Company continues to increase production as it upgrades its mills and milling capacity. The Company processes its own proven reserves as well as processes ore from other miners that do not have milling operations. The Company is showing excellent growth and expects this to continue though out 2013 and 2014. As its milling capacity increases, the Company expects its revenues and profits to increase.
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