BOCA RATON, FL, Oct 31, 2012 (MARKETWIRE via COMTEX) — Andes Gold Corporation (PINKSHEETS: AGCZ), a gold mining company with existing operations in Ecuador and Peru today released its financial results for the nine (9) months ended September 30, 2012. The report was filed and is available on the Pink Sheets.
The financial report for the nine (9) months ended September 30, 2012 shows increased revenues and record profits. The total revenue was $4,622,674 for September 30, 2012 compared to revenue of $3,303,408 for the 9 months ended September 30, 2011. This represents an increase in revenue of $1,319,266 over last year. Net profits for the 9 months ended September 30, 2012 was $932,644 versus $364,882 last year, an increase of $567,762 or 156%. The results for 9 months ended September 30, 2012 exceeded the results for the entire 2011 year. The total revenues for all of 2011 was $4,447,521 versus $4,622,674 for 9 months in 2012. Net profits for the 9 months in 2012 was $932,644 versus $621,294 for all of 2011. The Company expects to increase production in the last quarter which will increase revenue and profits
On the balance sheet, The Company reported assets of $4,592,541 and liabilities including amounts due to related parties of $1,097,106, yielding a 4.2 to 1 asset to debt rate.
The Company is currently having its gold reserves independently assessed and it is expected that the report will show an increase in proven reserves. It has been previously reported that Andes had proven gold reserves of 400,000 ozs of gold. It is also expected that the report will also indicate that the company has significant silver and copper reserves. The Companies mills have been upgraded to be able to process both copper and silver.
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 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 revision 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