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.
At the moment, they are processing 50t/day of ore from two different shafts. One is at 1250 level and the other at 1450 level, which gives us the great advantage to develop six more mine levels right now. The company is currently extracting ore from three different veins, and with new acquisitions currently on the way, the company will soon double production after raising more capital to improve the capacity of the processing plant.
March 30 - Andes Gold Corp. Releases Financial Statements, Reports Increased Revenues for 2011
Andes Gold Corp. (Pinksheets: AGCZ.PK - News), 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%.
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