BOCA RATON, FL--(Marketwired - Jan 22, 2014) - Andes Gold Corporation (PINKSHEETS: AGCZ), a gold mining and milling company with operations in Ecuador and Peru, today released its year end financial results for December 31, 2013. The Company increased profits as a direct result of increased production, more efficient and expanded operations. The increased profit occurred even considering the fact that the average price for an ounce of gold was $250 lower in 2013 than in 2012 (based on the average price of an ounce of gold according to the London Exchange daily price tables).
The increase in revenue and profits is primarily due to increased yield and efficiency in the operations. Revenue increased from $6,732,311 to $6,775,910. Net profit increased from $1,400,180 last year to $1,690,041 this year. This represents an increase of $289,861 or 20.7% even with the decrease of $250 in the average price of an ounce of gold for 2013.
During the year, the company increased the value of the plant and equipment from $3,053,773 to $3,739,261, an increase of 22.4%. Construction and mining capital costs were $2,194,758 in 2013 versus $194,414 in 2012. The increased spending improved the efficiency of the company's operation, reduced costs and expanded the scope of the company's operations. The company has total assets of $7,076,739 versus total liabilities of $1,097,841.
The company projects that revenue and profits will continue to grow in 2014. The company will actively move ahead with the acquisition of additional reserves as well as contract milling.
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.