Andes Gold Corp. Releases First Quarter Results, Reports Increased Profits
16 Mai 2012 - 1:59AM
Marketwired
Andes Gold Corp. (PINKSHEETS: AGCZ), a gold mining company with
existing operations in Ecuador, today released its financial
statements for the first quarter ended March 31, 2012. The report
was filed and is available on Pink Sheets.
The report for the first quarter ended March 31, 2012 shows
total revenues of $1,269,965 compared to revenues of $705,915 for
the first quarter last year. This is an increase of $564,050 or 80%
over the prior year. Net profits for the period ended March 31,
2012 were $202,176 compared to $105,250 last year, an increase of
$96,926 or 92%. This increase in profits was obtained despite
increases in wages and salaries from $82,276 to $148,756 and an
increase in materials and mining supplies from $80,317 to $193,976.
The increases in expenses for the first quarter are a result of
increased production that will be reflected in the second quarter
of 2012.
Based on the results obtained in the first quarter, the Company
is projecting revenues in excess of $5,000,000 and net profits in
excess of $800,000 for the year ended December 31, 2012. These
projections are a significant increase over the previous year. As
we increase production and our milling operations, we anticipate
that the revenues will continue growing at an accelerated rate.
Andes Gold Corp trades in the United States on the Pink Sheets
under the symbol "AGCZ".
The complete financial report is available online at:
http://www.otcmarkets.com/stock/AGCZ/financials
About Andes Gold Corporation
Andes Gold engages in mining and milling gold and silver in
Ecuador. The company is currently producing on concessions located
in the cantons of Zaruma and Portovelo, province of El Oro,
southern Ecuador. These concessions are producing gold and silver
ore which is being processed in a company-owned mill. For
additional information, visit www.andesgoldmine.com or contact the
Company at (561) 210 8496.
Safe Harbor Statement
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 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 is not obliged 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.
For additional information Andes Gold Corp. (561) 210 8496
www.andesgoldmine.com
Andes Gold (CE) (USOTC:AGCZ)
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