Andean American Reports Financial Results for the Quarter Ended December 31, 2011
14 Febrero 2012 - 6:30AM
Marketwired Canada
Andean American Gold Corp. ("Andean" or the "Company") (TSX
VENTURE:AAG)(FRANKFURT:AQN) reports that for the three and nine months ended
December 31, 2011, it incurred a net loss of US$46,453 or US$0.00 per share and
US$4,814,560 or US$0.03 per share compared to US$879,971 or US$0.01 per share
and US$2,541,296 or US$0.02 per share for the same period in 2010. Andean ended
the quarter with cash on hand of US$17,425,208 and a working capital surplus of
US$15,396,619.
Andean is an international mining and exploration company focused on gold and
copper projects in Peru and currently has two key assets: the 31,600 hectare
Invicta gold-silver-copper advanced exploration stage project located in the
Huaura Province in Peru, and 64.95% of Sinchao Metals Corp. Sinchao is listed on
the TSX-V trading under the symbol 'SMZ' and is the owner of a
gold-silver-copper-zinc-lead exploration project.
Results of Operations
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Nine months ended Nine months ended
December 31, 2011 December 31, 2010
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Income/(loss) before
income tax ($4,814,560) ($2,541,296)
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Income/ (loss) per share ($0.03) ($0.02)
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Total assets $61,719,660 $62,334,275
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Working capital surplus/
(deficit) $15,396,619 $10,350,437
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Mineral properties $42,273,886 $45,476,315
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Share Capital:
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Outstanding 144,543,476 122,016,287
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Warrants 2,500,000 5,614,368
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Options 7,770,088 8,520,588
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Cash Flow and Liquidity
As at December 31, 2011, Andean had working capital of US$15,396,619, compared
to a working capital surplus of US$22,894,392 at March 31, 2011. For the nine
months ended December 31, 2011, Andean used cash of US$8,775,733, which included
cash used in operations of US$4,522,743, expenditures on plant and equipment and
mineral properties and deferred costs of US$5,028,726. This was offset by
financing activities of $775,736.
International Financial Reporting Standards ("IFRS")
The Company adopted IFRS on April 1, 2011, with a transition date of April 1,
2010. Under IFRS 1 First-time Adoption of IFRS, the IFRS are applied
retrospectively at the transition date of April 1, 2010. The effect of the
transition from Canadian generally Accepted Accounting Principles ("Canadian
GAAP") to IFRS is not material and the explanation of how the transition from
Canadian GAAP to IFRS has affected Andean's financial position, financial
performance and cash flows are set out in the financial statements.
The information above should be reviewed in conjunction with the Company's
unaudited consolidated financial statements, management discussion and analysis,
for the three and six months ended September 30, 2011 that will be available
shortly on www.sedar.com. For further information call (416) 368-9500 or toll
free: 1-888-356-4784 or visit our website at www.AAGgold.com.
On behalf of Andean American Gold Corp.,
Bruce Ramsden
This news release may contain forward-looking information within the meaning of
the Securities Act (Ontario) ("forward-looking statements"). Such
forward-looking statements may include the Company's plans for its mineral
projects, the overall economic potential of its properties, the availability of
adequate financing and involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements
expressed or implied by such forward-looking statements to be materially
different. Such factors include, among others, risks and uncertainties relating
to potential political risks involving the Company's operations in a foreign
jurisdiction, uncertainty of production and costs estimates and the potential
for unexpected costs and expenses, physical risks inherent in mining operations,
currency fluctuations, fluctuations in the price of gold and other metals,
completion of economic evaluations, changes in project parameters as plans
continue to be refined, the inability or failure to obtain adequate financing on
a timely basis, and other risks and uncertainties, including those described in
the Company's Financial Statements, Management Discussion and Analysis and
Material Change Reports filed with the Canadian Securities Administrators and
available at www.sedar.com.
This press release is not an offer to sell or the solicitation of an offer to
buy the securities, nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to qualification or registration under the securities laws of such jurisdiction.
The securities being offered have not been, nor will they be, registered under
the United States Securities Act of 1933, as amended and such securities may not
be offered or sold within the United States absent an applicable exemption from
U.S. registration requirements.
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