SOURCE: Andes Gold Corporation

Andes Gold Corporation

March 30, 2012 16:00 ET

Andes Gold Corp. Releases Financial Statements, Reports Increased Revenues for 2011

BOCA RATON, FL--(Marketwire - Mar 30, 2012) - Andes Gold Corp. (PINKSHEETS: AGCZ), a gold mining company with existing operations in Ecuador, today released its financial statements for the year ended December 31, 2011. The report was filed and is available on Pink Sheets.

The report shows total revenues of $4,447,521, compared to revenues of $2,926,000 for the year ended December 31, 2010, an increase of $1,521,521, or 52% over the prior year. Gross profits for the 2011 year were $2,074,388, compared to $1,307,109 for fiscal 2010, an increase of $767,279. Net profits for December 31, 2011 were $521,294 compared to $257,289 last year. This represents an increase of $264,005, an increase of 103%.

Robert Talbot, Chairman and Chief Executive Officer of Andes Gold Corp., commented, "We are generally pleased with the increase in revenues from the prior year. While the 14% jump last year in gold prices accounts for some of this growth, we also began increasing our daily production efforts. Our short term goal is to extract and process 100 ounces of gold per day, which, once we reach that goal, will translate into revenues ten times that generated in 2011."

On the balance sheet, the company reported assets of $2,984,538 and liabilities, including amounts due to related parties, of only $939,315, creating a healthy 3:1 asset to debt ratio.

Mr. Talbot added, "Andes Gold has a healthy balance sheet with close to $800,000 in current assets, and liabilities that mostly consist of deferred officer compensation and debts to our parent company, New World Gold. Excluding the value of our proven reserves of over 300,000 ounces of gold, we have net assets of over $2,000,000. Not reflected in the financial statements are revenues being generated from processing third party ore, which did not commence until the current quarter. As we continue to expand our extraction and milling operations, we anticipate that net assets and revenues will continue growing at an accelerated rate."

The complete financial report is available online at:

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 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.

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