Andes Gold Corporation is a gold producing and exploration company. Trading on the Pink Sheets, they have their operations in Ecuador, South America. The Company is currently operating a gold mining and exploration corporation through their wholly owned subsidiary Compania Minera PLS.A. in Ecuador. This subsidiary controls a gold mining and exploration concession called the Miranda Alto. Andes Gold Corporation has their corporate headquarters in New York City, New York.
The Miranda Alto mine is active and processing 50 tonnes per day of ore, producing 8g per tones of Gold and 15g per tones of Silver on average from shafts within the Miranda property. The Company plans to increase production from the mine up to 100 tonnes per day. On the Miranda vein, Andes Gold Corporation has 20,000 oz. of proven reserves and 50,000 oz. of probable reserves. Inferred resources from the 700 level on Miranda, Azul, Estrella, Sul, and Viscaya veins are 500,000 oz.
On January 7, 2010, Andes Gold Corporation reported that they would begin Phase I preliminary assessment of their tailing operations. The Company is going ahead with their Phase I preliminary assessment of their tailing operations after accumulating 5,000 tonnes of tailings from several months production on their own properties as well as several neighboring operations. They anticipate that there will be an approximate return of 3.5 grams of Gold per tonne of tailings. This is with an approximate gross value of $700,000 at current bullion prices. This is in addition to their regular production.
Last Friday, Andes Gold Corporation announced that they have opened final discussions to acquire the “Roman Mine,” a neighboring property. Discussions started in July of 2009. The Company expects to conclude this acquisition on or before February. However, several milestones, including a feasibility study and long-range production goals, must undergo completion as part of the due diligence process.
“The acquisition of the Roman Mine will add two new virgin gold veins of ore production,” stated Alex Diaz, President of Andes Gold.
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