http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Mon, 29 May 2017 19:57:15 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Gold Resource Corp declares November dividend ]]> http://www.proactiveinvestors.co.uk/companies/news/119654/gold-resource-corp-declares-november-dividend-119654.html Mining firm Gold Resource Corp (NYSE: GORO) confirmed its monthly dividend of $0.01 per share for November will be paid on December 23 this year.

The company has returned more than US$107 million to shareholders in monthly dividends since commercial production began on July 1, 2010, it noted in the brief regulatory statement.

Investors can also convert cash dividends and take delivery of physical gold and silver.

The firm has 100% interest in six potential high-grade gold and silver properties at its producing unit in Oaxaca, Mexico and exploration properties at its Nevada, USA unit.

In its latest set of quarterlies, the precious metals producer reported production slightly down on the corresponding quarter in 2014, but nonetheless still robust at 14,133 ounces of gold equivalent.

A slightly lower than that amount was actually sold, but it still brought in revenue for the period of US$19.4mln.

Production for the full year to end December is now slated to be around 26,900 ounces of gold and around 2.5mln ounces of silver, slightly down on forecasts issued earlier in the year as lower grades and mining dilution took their toll.

Nonetheless, with total cash costs running at just US$603 per ounce of gold equivalent produced, the Arista mine remains a good earner at a time when other small mines are feeling intense pressure on margins.

Shares added 3.10% to US$2.33.

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Tue, 24 Nov 2015 09:38:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/119654/gold-resource-corp-declares-november-dividend-119654.html
<![CDATA[News - Gold Resource Corp looks ahead to a better second half of 2015 after 2nd quarter challenges ]]> http://www.proactiveinvestors.co.uk/companies/news/109793/gold-resource-corp-looks-ahead-to-a-better-second-half-of-2015-after-2nd-quarter-challenges-109793.html Gold Resource Corporation (NYSE MKT:GORO) had a weaker than anticipated second quarter due to lower metal prices, water management difficulties and an unauthorized work stoppage but the company expects improvements for the rest of the production year.

The Mexico-focused gold and silver miner, operating from its El Aguila mine in Oaxaca, said it produced 6,788 ounces of gold, 580,326 ounces of silver ounces, generating US$23.3 million in net revenue for the quarter ending on June 30.

In the first half of 2015, GORO has fallen slightly below its production target, but it maintains its 2015 annual Outlook of producing approximately 31,500 gold ounces and 2,970,000 silver ounces:

"Halfway through the 2015 production year, the Company has produced 15,135 ounces of gold and 1,370,625 ounces of silver, delivering approximately 96% of expected gold production and 92% of expected silver production of the Company's lower range 2015 annual Outlook”, said Gold Resource Corporation's CEO and President, Mr. Jason Reid.

The Company believes the lower range of its 2015 annual production guidance is achievable:

“Many of the challenges during the second quarter are behind us, such as the ancillary effects of the protest and work stoppage and third quarter mine improvements are underway, including implementing long-term solutions to help remediate the excess water issues," Reid said.

GORO produced 14,858 ounces AuEq at a total cash cost of $533 per ounce, realizing average metal price sales of US$1,201 per ounce gold and $16.70 per ounce silver for the second quarter, respectively 5.9% and 11.9% lower compared to the same period a year ago.

The Company recorded net income of $0.8 million, or $0.01 per share with cash flow from mine site operations totaling US$9.4 million.

Gold Resource predicts many mineral draw points from its six properties, along its 55 kilometer mineralized trend, to feed both circuits of its Aguila mill. The gold and silver producer with operations in Oaxaca, Mexico and exploration in Nevada, USA has returned over $104 million to shareholders in monthly dividends since the start of commercial production in July 1, 2010.

The company says it remains on track to reach its annual production outlook of 80,000 to 90,000 AuEq ounces at a 64.1:1 ratio. The company's preliminary production total of some 15,135 ounces of gold and 1,370,625 ounces of silver, delivered respectively 48.0% and 46.1% of the lower range 2015 outlook.

On an actual realized sales precious metal gold equivalent (AuEq) silver to gold ratio of 72:1, the Company has produced approximately 34,204 ounces for the first half of 2015, compared to 36,551 ounces AuEq when using the original beginning of year budgeted silver to gold ratio of 64.1:1 which reflects the drop in precious metal prices.

GORO, which has operations in Oaxaca, Mexico and exploration in Nevada, USA has returned over $104 million to shareholders in monthly dividends since the start of commercial production in July 1, 2010.

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Fri, 07 Aug 2015 20:45:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/109793/gold-resource-corp-looks-ahead-to-a-better-second-half-of-2015-after-2nd-quarter-challenges-109793.html
<![CDATA[News - Gold resource corporation finds 8.54 g/t gold intercept over 3.87 meters at Alta Gracia property ]]> http://www.proactiveinvestors.co.uk/companies/news/109528/gold-resource-corporation-finds-854-gt-gold-intercept-over-387-meters-at-alta-gracia-property-109528.html Gold Resource Corporation (NYSE MKT:GORO) identified high grade mineralization from its Alta Gracia property where it is progressing towards 2016 mill feed, located just 16km. northwest of its producing Arista mine within its Oaxaca mining unit.

"The recent drill results from Alta Gracia, Las Margaritas and the northerly extension of the open pit on the Aguila Project continue to define high grade gold and silver mineralization along the San Jose structural fault corridor.  With the Company now controlling over 55 kilometers of this largely unexplored prospective corridor, we are very excited with these continued high-grade results underscoring the corridors potential," said Gold Resource Corp’s vice-president of exploration, Barry Devlin.

Hole 4150006 at Alta Gracia's Mirador vein returned 4.01 meters grading 2.52 grams per tonne (g/t) gold and 595 g/t silver.  A second Mirador vein intercept in the hanging wall (''HW'') returned 2.12 meters grading 1.74 g/t gold and 493 g/t silver. Previous high grade Mirador vein drill intercepts from January 2015 included 5.06 meters grading 1.53 g/t gold and 1,383 g/t silver (Hole 4140009), and 8.58 meters grading 1.34 g/t gold and 700 g/t silver (Hole 4140013).  

A lack of base metals within the Mirador vein gold and silver mineralization suggests Gold Resource will be able to truck any precious metal mineralization to the Aguila mill's agitated leach circuit for processing.

At Alta Gracia, where historic mining took place, the company has already started to negotiate mining agreements with the local community and mine permitting is underway. Gold Resource will speed up efforts to access mineralization thanks to the existing mine development.

By 2016, Gold Resource expects to be ready to mine, truck and process Alta Gracia mineralized material when it expects to secure all relevant community agreements and permits. The Company is moving forward towards production at Alta Gracia based on internal analysis and has not established proven and probable reserves at Alta Gracia.

Gold Resource also intercepted high-grade drill results from its Las Margaritas property located approximately 7 kilometers northwest of the Arista Mine. As at Alta Gracia, drilling at Las Margaritas to date has not produced any appreciable base metals, which also lends its potential precious metal mineralization to be trucked and processed at the Aguila mill through the agitated leach circuit.

Hole 315003 intercepted the Tapada vein returning 2.15 meters grading 1.15 g/t gold and 599 g/t silver.  Hole 315004 intercepted 0.68 meters grading 1.65 g/t gold and 1,260 g/t silver.  Hole 315002 returned 0.30 meters grading 7.05 g/t gold and 4,010 g/t silver.

The Company said that the high-grade veins at Las Margaritas may widen at depth, similar to what has been defined at the Arista deposit and the associated Switchback discovery where thin veinlets exposed at the surface widen to multiple meter width veins at depth.

Meanwhile, at the Aguila Project, Gold Resource obtained high-grade drill results from targeted mineralized extensions at the historic Aguila open pit, where the company launched commercial production in July 2010, located less than one kilometer from the Aguila mill. Production from the open pit ceased in March 2011 when the Company shifted to mining and processing higher grade polymetallic ore from the Arista underground mine.

Recent drilling at the open pit has targeted feeder veins at depth as well as an expansion of the original manto (flat lying) vein mined in 2009 and 2010, pointing to the presence of more high-grade gold mineralization north/northwest of the historic open pit.

Intercepts include Hole 1150025 which intercepted 3.87 meters grading 8.54 g/t gold and 80 g/t silver, including 1.35 meters grading 17.65 g/t gold and 110 g/t silver.  Hole 1150019 intercepted 3.60 meters grading 6.01 g/t gold and 97 g/t silver, including 0.92 meters grading 14.00 g/t gold and 261 g/t silver.  Hole 1150010 intercepted 3.12 meters grading 4.59 g/t gold and 224 g/t silver, including 0.79 meters grading 4.94 g/t gold and 502 g/t silver.

Should the company identify additional manto tonnage, it could mine and process this mineralization in either the Aguila mill's flotation or agitated leach circuits. This new intercepts along with the potential mineralized material at the Alta Gracia and/or Las Margaritas properties, the remaining stockpiles of open pit ore and the potential discovery of open pit feeder veins at depth are targeted to provide agitated leach mill feed.

"It is particularly exciting to be working towards near-term production from a second property as we work to permit Alta Gracia.  Since we plan to access the mineralization from existing artisanal portals and drifts and truck the material offsite for processing at our Aguila mill, we expect our Alta Gracia footprint and impact of operations to be less than typically encountered in mining operations.  As a result, we are optimistic that the Alta Gracia permitting process could be far less arduous and perhaps more timely than other permitting scenarios. Assuming the Company successfully secures its agreements and permits, mineralized material feed from Alta Gracia to our mill's agitated leach circuit is targeted to commence in 2016, and any additional gold and silver production would add to the Company's existing production profile," stated Gold Resource Corporation's CEO and President, Jason Reid

Gold Resource predicts many mineral draw points from its six properties, along its 55 kilometer mineralized trend, to feed both circuits of its Aguila mill. The gold and silver producer with operations in Oaxaca, Mexico and exploration in Nevada, USA has returned over $104 million to shareholders in monthly dividends since the start of commercial production in July 1, 2010.

The company says it remains on track to reach its annual production outlook of 80,000 to 90,000 AuEq ounces at a 64.1:1 ratio.

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Thu, 30 Jul 2015 19:03:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/109528/gold-resource-corporation-finds-854-gt-gold-intercept-over-387-meters-at-alta-gracia-property-109528.html
<![CDATA[News - Gold Resource Corp maintains lower range of 2015 annual production outlook ]]> http://www.proactiveinvestors.co.uk/companies/news/109130/gold-resource-corp-maintains-lower-range-of-2015-annual-production-outlook-109130.html Gold Resource Corporation (NYSE MKT:GORO) produced approximately 6,788 ounces of gold, 580,326 ounces of silver as well as base metals of copper, lead and zinc during the second quarter at its Arista mine in Oaxaca, Mexico.

GORO said it faced some challenges in the second quarter. In addition to lower metal prices, mine development slowed due to water inflow management issues and an illegal work stoppage.

The company decided to lower grade ore blocks outside of the original mine plan to deal with these issues. But, said the company in a statement, improvements in water management, mining conditions and labor issues are being addressed and resolved in the current quarter:

“Many of the challenges during the second quarter have passed, such as the ancillary effects of the protest and work stoppage”, said GORO in a statement.

In the first half of 2015, GORO has fallen slightly below its production target, but it maintains its 2015 annual Outlook of producing approximately 31,500 gold ounces and 2,970,000 silver ounces.

The company's preliminary production total of some 15,135 ounces of gold and 1,370,625 ounces of silver, delivered respectively 48.0% and 46.1% of the lower range 2015 outlook.

On an actual realized sales precious metal gold equivalent (AuEq) silver to gold ratio of 72:1, the Company has produced approximately 34,204 ounces for the first half of 2015, compared to 36,551 ounces AuEq when using the original beginning of year budgeted silver to gold ratio of 64.1:1 which reflects the drop in precious metal prices.

GORO, which has operations in Oaxaca, Mexico and exploration in Nevada, USA has returned over $104 million to shareholders in monthly dividends since the start of commercial production in July 1, 2010.

Gold Resource Corp reported a net income of US$5.1 million, or US$0.09/share for the first quarter of 2015 on sales of US$28.4 million, all generated at its Aguila Project in Mexico, based on the production of 19,347 of precious metal gold equivalent (AuEq) ounces.

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Fri, 17 Jul 2015 20:18:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/109130/gold-resource-corp-maintains-lower-range-of-2015-annual-production-outlook-109130.html
<![CDATA[News - Gold Resource Corporation expands switchback mineralization intercepting multiple high grade veins ]]> http://www.proactiveinvestors.co.uk/companies/news/108413/gold-resource-corporation-expands-switchback-mineralization-intercepting-multiple-high-grade-veins-108413.html Gold Resource Corporation (NYSE MKT:GORO) a gold and silver producer with operations in Mexico, continues to define multiple robust, high-grade, polymetallic veins.

The miner has intercepted multiple high grade parallel veins including 15.64 meters of 2.85 grams per tonne gold, 169 grams per tonne silver at Hole 515040, expanding the new polymetallic Switchback vein system’s mineralization at its El Aguila project in Mexico.

"We are excited to commence another round of Switchback drilling this fall from a closer distance and better angle to test above the high-grade just intercepted in Hole 515040.  The goal of the next phases of Switchback drilling is to upgrade current mineralized material to the reserve category, as well as continued step-outs to test the extensions of this growing high-grade epithermal system,” said Gold Resource Corp’s vice-president of exploration, Barry Devlin.

The company first announced the Switchback, located just 500 meters northeast from its producing La Arista gold, silver and base metals underground mine in June 2013. It is a parallel structure to the Arista deposit, which had previously been mapped at surface. The structure is one of several parallel to the Arista deposit that the gold miner is targeting with its ongoing drilling in order to extend the Arista system.

"These recent Switchback drill results, including 15.64 meters of 2.85 grams per tonne gold, 169 grams per tonne silver, 0.52% copper, 1.60% lead and 10.16% zinc, remind me of the exciting evolution of the Arista discovery and its early delineation phase," said Gold Resource Corp's president and CEO, Jason Reid.

Hole 515040, a 50 meter step-out hole, has expanded high-grade mineralization to the northwest and at the highest elevation to date, said the company in a statement. The Hole also returned 0.52% copper, 1.60% lead and 10.16% zinc, including 6.59 meters grading 3.02 g/t gold, 134 g/t silver, 0.67% copper, 2.42% lead and 16.14% zinc.

Four of the five holes included in this latest round of drilling also intercepted polymetallic mineralization containing gold, silver, copper, lead and zinc, delineating the Switchback's mineralized horizon to 450 meter strike by 450 meter depth. It remains open in all directions.

Gold Resource said that almost all reported drill intercepts contain significant percentages of zinc ranging up to 29.20%.  The presence of zinc and other base metal by-products increases the dollar value per tonne net smelter return (NSR) of the ore.

The company said it has started drifting underground from Arista towards Switchback in order to reach the latter’s mineralized veins by the end of this year, planning to extract mineral from Switchback the first half of 2016:

"There is a very good chance we have found the next Arista deposit at Switchback, or perhaps it's an extension of Arista, which speaks to the growing potential of this epithermal system.  Our plan to touch the mineralization by year-end could see us pulling tonnes for mill feed during the first half of 2016," said Reid.

The company has started planning to build a third drill station to secure a more advantageous distance and drill angles to continue exploration, delineating high-grade mineralization at Switchback, where another round of drilling should begin later in 2015.

The gold and silver producer with operations in Oaxaca, Mexico and exploration in Nevada, USA has returned over $103 million to shareholders in monthly dividends since the start of commercial production in July 1, 2010.

Gold Resource Corp reported a net income of US$5.1 million, or US$0.09/share for the first quarter of 2015 on sales of US$28.4 million, all generated at its Aguila Project in Mexico, based on the production of 19,347 of precious metal gold equivalent (AuEq) ounces.

The company says it remains on track to reach its annual production outlook of 80,000 to 90,000 AuEq ounces at a 64.1:1 ratio.

The favorable Q1 2015 results follow a stellar 2014 annual performance for Gold Resource, which last March recorded its highest annual production ever for both gold and silver and 28 percent lower cash costs.

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Thu, 25 Jun 2015 22:42:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/108413/gold-resource-corporation-expands-switchback-mineralization-intercepting-multiple-high-grade-veins-108413.html
<![CDATA[News - Gold Resource Corp announces monthly dividend amid continued robust performance ]]> http://www.proactiveinvestors.co.uk/companies/news/107493/gold-resource-corp-announces-monthly-dividend-amid-continued-robust-performance-107493.html

Gold Resource Corporation (NYSE MKT:GORO) a gold and silver producer with operations in Mexico, has declared its monthly instituted dividend of $0.01 per common share for May 2015 payable on June 23, 2015 to shareholders of record as of June 11, 2015.

Shareholders have the option to convert their cash dividends into physical gold and silver and take delivery.

The gold and silver producer with operations in Oaxaca, Mexico and exploration in Nevada, USA, which returned over $103 million to shareholders in monthly dividends since it became a commercial producer on July 1, 2010, has started to look for a replacement for Joe Rodriguez, who recently resigned as Chief Financial Officer.

Rodriguez is leaving amicably to pursue other career opportunities and John Labate will take over as interim CFO, until Gold Resource finds a successor.  

Labate has over thirty years of financial management and accounting experience and knows the resource sector well, having consulted for Gold Resource.  He has served as the Chief Financial Officer for Golden Star Resources Ltd., Constellation Copper Corporation and Crown Resources Corporation.

On May 8, Gold Resource Corp reported a net income of US$5.1 million, or US$0.09/share for the first quarter of 2015 on sales of US$28.4 million, all generated at its Aguila Project in Mexico, based on the production of 19,347 of precious metal gold equivalent (AuEq) ounces.

The company says it remains on track to reach its annual production outlook of 80,000 to 90,000 AuEq ounces at a 64.1:1 ratio.

The company’s cost cutting measures, which helped to keep production costs at US$416 per AuEq ounce, contributed to the robust performance despite lower market prices for precious metals year over year. Cash flow from operations for the quarter was US$15.8 million.

The favorable Q1 2015 results follow a stellar 2014 annual performance for Gold Resource, which last March recorded its highest annual production ever for both gold and silver and 28 percent lower cash costs.

For the year ending December 31, the Mexico-focused miner said it produced record gold and silver ounces, for a total of 83,903 ounces of gold equivalent. Gold output increased 4.7 percent over 2013, while silver production rose 8.7 percent.

As gold and silver prices remain low, Gold Resource continues to focus on mining tonnes, based on the net smelter return values per tonne of all the metals, to maximize cash flow, paying more attention to margins and less on ounces while looking for opportunities to cut costs and other efficiencies.

Separately, Gold Resource expects to replace all the tonnes mined again this year by testing the extensions of its Arista deposit, which has a total of 1.54 million tonnes of reserves grading 7.21 grams per tonne (g/t) gold equivalent. It is also planning to further explore the new polymetallic Switchback vein system discovery at the project, with a total of three exploration drills currently in operation at its Oaxaca operations.

The exploration budget for 2015 at its Mexico mining unit is $9.7 million, the company said.

 

 

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Thu, 28 May 2015 12:12:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107493/gold-resource-corp-announces-monthly-dividend-amid-continued-robust-performance-107493.html
<![CDATA[News - Gold Resource Corp declares April dividend ]]> http://www.proactiveinvestors.co.uk/companies/news/106441/gold-resource-corp-declares-april-dividend-61192.html Gold Resource Corporation (NYSE MKT:GORO) a gold and silver producer with operations in Mexico, has declared its monthly instituted dividend of $0.01 per common share for May.

The dividend is payable on May 26 to shareholders of record as of May 11, the Colorado Springs based company said in a statement late yesterday.

Gold Resource has returned more than US$103 million in monthly dividends since commercial production started on July 1, 2010, and offers shareholders the option to convert their cash dividends and take delivery in physical gold and silver.

Despite a tough year for precious metals markets, in March, Gold Resource Corp managed to post earlier this month an increased profit in 2014, while recording its highest annual production ever for both gold and silver and 28 percent lower cash costs.

For the year ending December 31, the Mexico-focused miner said it produced record gold and silver ounces, for a total of 83,903 ounces of gold equivalent. Gold output increased 4.7 percent over 2013, while silver production rose 8.7 percent.

The gold and silver producer says its production for the quarter that ended on March 31 (actual 72:1 silver-to-gold ratio) is on target with its 2015 Outlook to produce 80,000 to 90,000 ounces AuEq (64.1:1 silver-to-gold ratio).

As gold and silver prices remain low, Gold Resource Corp is planning to focus this year on mining tonnes, based on the net smelter return values per tonne of all the metals, to maximize cash flow, paying more attention to margins and less on ounces.

The company will also continue to look for cost savings opportunities and efficiencies, it said, with the aim of remaining profitable while positioning Gold Resource Corp to generate larger margins when higher precious metal prices return.

 

 

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Tue, 28 Apr 2015 09:24:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/106441/gold-resource-corp-declares-april-dividend-61192.html
<![CDATA[News - Gold Resource Corp produces over 19,000 of precious metal gold equivalent in first quarter ]]> http://www.proactiveinvestors.co.uk/companies/news/106384/gold-resource-corp-produces-over-19000-of-precious-metal-gold-equivalent-in-first-quarter-61106.html Gold Resource Corporation (NYSE MKT:GORO) was able to produce some 19,300 ounces of precious metal gold equivalent (AuEq) in the first quarter.

The Mexico focused gold and silver producer says its production for the quarter that ended on March 31 (actual 72:1 silver-to-gold ratio) is on target with its 2015 Outlook to produce 80,000 to 90,000 ounces AuEq (64.1:1 silver-to-gold ratio).

Gold Resource Corp has returned over $103 million to shareholders in monthly dividends since commercial production started on July 1, 2010 while offering shareholders the option to convert cash dividends into physical gold and silver and take delivery.

Separately, on Monday, the company said that it has closed in its favor a securities class action and shareholder derivative lawsuits filed against the Company in late 2012.

The U.S. District Court for the District of Colorado has dismissed the securities class action lawsuit against the Company with prejudice on July 15, 2014.

Dismissal with prejudice implies that the plaintiffs are forbidden from filing another lawsuit based on the same grounds.

Last January 16, the Court of Appeals issued a ruling upholding the District Court's dismissal with prejudice and the deadlines for plaintiffs to file for rehearing or further appeal the Tenth Circuit's decision expired in mid-April.

As for the shareholders' derivative lawsuit, the parties have voluntarily dismissed the proceedings, a decision which was granted by the District Court on February 25, 2015.

Gold Resource Corporation is ready to focus its efforts on more constructive tasks and pleased that the proceedings have been resolved and at no cost to itself:

The company "did not fall victim to making a hostage payment and thus the plaintiffs and their attorneys bore their own costs in this process. We have no desire to countersue for damages or waste another cent of shareholder money or another second of management's time on these frivolous lawsuits," said Gold Resource Corporation's CEO and President, Jason Reid.

Gold Resource Corp is aiming to replace all the tonnes mined again this year by testing the extensions of its Arista deposit, which has a total of 1.54 million tonnes of reserves grading 7.21 grams per tonne (g/t) gold equivalent. It is also planning to further explore the new polymetallic Switchback vein system discovery at the project, with a total of three exploration drills currently in operation at its Oaxaca operations.

The exploration budget for 2015 at its Mexico mining unit is $9.7 million, the company said.

Shares of Gold Resource Corp opened 0.29 percent higher on Wednesday at $3.45.

 

 

 

 

 

 

 

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Wed, 22 Apr 2015 09:37:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/106384/gold-resource-corp-produces-over-19000-of-precious-metal-gold-equivalent-in-first-quarter-61106.html
<![CDATA[News - Gold Resource Corp declares March dividend ]]> http://www.proactiveinvestors.co.uk/companies/news/106118/gold-resource-corp-declares-march-dividend-60708.html Gold Resource Corporation (NYSE MKT:GORO), a gold and silver producer with operations in Mexico, has declared its monthly instituted dividend of $0.01 per common share for March.

The dividend is payable on April 23 to shareholders of record as of April 13, the Colorado Springs, Colorado-based company said in a statement late yesterday.

Gold Resource said it has returned over $103 million to shareholders in monthly dividends since commercial production commenced on July 1, 2010, and offers shareholders the option to convert their cash dividends and take delivery in physical gold and silver.

Despite a tough year for precious metals markets, Gold Resource Corp managed to post earlier this month an increased profit in 2014, while recording its highest annual production ever for both gold and silver and 28 percent lower cash costs.

For the year ending December 31, the Mexico-focused miner said it produced record gold and silver ounces, for a total of 83,903 ounces of gold equivalent. Gold output increased 4.7 percent over 2013, while silver production rose 8.7 percent.

Looking ahead, the company is targeting a similar production range to 2014 for this year, of 80,000 to 90,000 ounces of precious metal gold equivalent. In light of the continued bear market and declining gold and silver prices, Gold Resource Corp is planning to focus this year on mining tonnes, based on the net smelter return values per tonne of all the metals, to maximize cash flow, paying more attention to margins and less on ounces.

The company will also continue to look for cost savings opportunities and efficiencies, it said, with the aim of remaining profitable while positioning Gold Resource Corp to generate larger margins when higher precious metal prices return.

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Fri, 27 Mar 2015 12:48:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/106118/gold-resource-corp-declares-march-dividend-60708.html
<![CDATA[News - UPDATE: Gold Resource Corp posts higher profit, production and lower costs in 2014 ]]> http://www.proactiveinvestors.co.uk/companies/news/106002/update-gold-resource-corp-posts-higher-profit-production-and-lower-costs-in-2014-60550.html ***Updated with comments from earnings conference call***

Despite a tough year for precious metals markets, Gold Resource Corp (NYSE MKT:GORO) managed to post an increased profit in 2014, while recording its highest annual production ever for both gold and silver and 28 percent lower cash costs.

For the year ending December 31, the Mexico-focused producer, with operations in Oaxaca, Mexico, said it produced record gold and silver ounces, for a total of 83,903 ounces of gold equivalent. Gold output increased 4.7 percent over 2013, while silver production rose 8.7 percent.

The company also posted record annual base metal production, consisting of 1,254 tonnes of copper, 4,555 tonnes of lead and 13,915 tonnes of zinc. Its base metal production helps offset the costs of producing precious metals.

The precious metals producer milled a total of 375,623 tonnes in 2014, compared to 316,720 tonnes in the previous year.

Net income rose to $16.2 million, or 30 cents per share, compared to $85 million, or nil per share, in 2013, as total cash costs declined 28.3 percent over 2013 to $449 per precious metal gold equivalent ounce sold.

Still, net sales dropped to $115.4 million from $125.8 million, as the average realized price of gold in 2014 declined to US$1,260 an ounce from US$1,388 an ounce in 2013.

"During 2014's tough and volatile metal market, the company posted annual net income of $16.2 million or $0.30 per share, remained a low cost producer, returned $6.5 million back to the owners of the company through dividend distributions, and continued to invest in the company's future growth in Mexico and Nevada while adding $12.5 million to our cash position totaling $27.5 million at year end," said president and CEO Jason Reid in a statement. 

"We accomplished this without diluting shareholders, without raising money and without going into debt. Overall, 2014 was a very tough year but we had our share of success," he added.

On a conference call, Reid was especially proud of the company's investor focus, higlighting the fact that it has paid some US$102 million in monthly dividends since the start of commercial production at its El Aguila mine in July 2010.

He also noted the company's request for an SEC 10k extension for 2014, not because of additional liabilities, but rather on account of requiring more time to provide more accurate income tax provisions. "Tax problems are a good problem to have in that the company must pay them because it has a profit unlike many other juniors," Reid commented.

Looking ahead, the company is targeting a similar production range to 2014 for this year, of 80,000 to 90,000 ounces of precious metal gold equivalent.

In light of the continued bear market and declining gold and silver prices, the gold miner is planning to focus this year on mining tonnes, based on the net smelter return values per tonne of all the metals, to maximize cash flow, paying more attention to margins and less on ounces.

"Although 2014 was a challenging year for the mining industry in general and specifically the gold and silver markets, the company demonstrated that its El Aguila project can generate healthy profits in this difficult metal price environment," said Reid.

The company will continue to look for cost savings opportunities and efficiencies, it said, with the aim of remaining profitable while positioning Gold Resource Corp to generate larger margins when higher precious metal prices return, a fact in which Reid is confident as demand for the yellow metal remains strong.

The miner, which diversified into a second region last year with its Radar gold project in Nevada, also released updated proven and probable reserves, in which it replaced the tonnes mined in 2014 along with a small increase in reserve tonnage, leaving the same 3.5- to 4-year mine life at its underground La Arista deposit.

Gold Resource Corp is aiming to replace all the tonnes mined again this year by testing the extensions of its Arista deposit, which has a total of 1.54 million tonnes of reserves grading 7.21 grams per tonne (g/t) gold equivalent. It is also planning to further explore the new polymetallic Switchback vein system discovery at the project, with a total of three exploration drills currently in operation at its Oaxaca operations.

The exploration budget for 2015 at its Mexico mining unit is $9.7 million, the company said.

Shares of Gold Resource Corp surged on Friday, last up 12.6 percent at $3.12 on Friday afternoon.

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Fri, 20 Mar 2015 13:24:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/106002/update-gold-resource-corp-posts-higher-profit-production-and-lower-costs-in-2014-60550.html
<![CDATA[News - Gold Resource Corp starts drilling at Radar gold project in Nevada with hopes of finding next big precious metals deposit ]]> http://www.proactiveinvestors.co.uk/companies/news/105967/gold-resource-corp-starts-drilling-at-radar-gold-project-in-nevada-with-hopes-of-finding-next-big-precious-metals-deposit-60493.html Gold Resource Corp (NYSE MKT:GORO) said it has started its first drill campaign at its Radar gold property in Nevada, which the gold miner acquired last September. 

The gold and silver producer, with operations in Oaxaca, Mexico, bought the Radar asset in the form of a "lease with an option to buy" agreement from Altan Minerals (CVE:ANE) in September, and has spent time mapping and sampling to refine targets for drilling ever since.

The property, which covers 3,550 acres in the Walker Lake mineral belt, is right next to the formerly producing gold-silver-mercury Paradise Peak mine, and is nearby the Round Mountain and Rawhide mines, which together have produced some 15 million ounces of gold over a 30-year period.

The initial drilling program will be made up of 2,000 metres of core drilling in about six to eight holes, Gold Resource said, targeting anomalous gold and mercury-bearing structures along a 2km trend.

The asset is largely unexplored, with only four historic holes drilled by Altan.

"Our goal at Radar is to discover a new gold and silver deposit similar to Paradise Peak, which is located only four kilometers away," said VP of exploration for Gold Resource Corp, Barry Devlin, in a statement released earlier Wednesday. 

The company's annual gold production rose 4.7 percent last year to 35,552 ounces while silver output climbed 8.7 percent to 3.29 million ounces over 2013 levels. Gold Resource rebounded in the final quarter of 2014 from a difficult third quarter, when it was hit with underground mining challenges that prompted the hiring of new mine management. 

The US-based company, which produces from its operations in Oaxaca, Mexico, is currently finalizing its 2015 production outlook, and said its aim is to conservatively weather challenging markets while positioning itself to succeed when metal prices strengthen.

The company has returned over $102 million to shareholders in monthly dividends since commercial production commenced on July 1, 2010, and offers shareholders the option to convert their cash dividends and take delivery in physical gold and silver.

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Wed, 18 Mar 2015 10:12:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/105967/gold-resource-corp-starts-drilling-at-radar-gold-project-in-nevada-with-hopes-of-finding-next-big-precious-metals-deposit-60493.html
<![CDATA[News - Gold Resource Corp declares February dividend ]]> http://www.proactiveinvestors.co.uk/companies/news/105673/gold-resource-corp-declares-february-dividend-60101.html Gold Resource (NYSE MKT:GORO), a gold and silver producer with operations in Mexico, has declared its monthly instituted dividend of $0.01 per common share for February.

The dividend is payable on March 23 to shareholders of record as of March 11, the Colorado Springs, Colorado-based company said in a statement late yesterday.

Gold Resource said it has returned over $102 million to shareholders in monthly dividends since commercial production commenced on July 1, 2010, and offers shareholders the option to convert their cash dividends and take delivery in physical gold and silver.

Earlier this month, the company said it recorded higher gold and silver production in 2014, and that it believes metal prices will increase this year. Annual gold production rose 4.7 percent last year to 35,552 ounces while silver output climbed 8.7 percent to 3.29 million ounces over 2013 levels, the company said. 

Gold Resource rebounded in the final quarter of 2014 from a difficult third quarter, when it was hit with underground mining challenges that prompted the hiring of new mine management. 

The US-based company, which produces from its operations in Oaxaca, Mexico, is currently finalizing its 2015 production outlook, and said its aim is to conservatively weather challenging markets while positioning itself to succeed when metal prices strengthen.

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Thu, 26 Feb 2015 10:27:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/105673/gold-resource-corp-declares-february-dividend-60101.html
<![CDATA[News - Gold Resource posts higher 2014 gold, silver output; optimistic for 2015 ]]> http://www.proactiveinvestors.co.uk/companies/news/105409/gold-resource-posts-higher-2014-gold-silver-output-optimistic-for-2015-59743.html Gold Resource Corp (NYSE MKT:GORO) said it recorded higher gold and silver production in 2014, and that it believes metal prices will increase this year.

Annual gold production rose 4.7 percent last year to 35,552 ounces while silver output climbed 8.7 percent to 3.29 million ounces over 2013 levels, the company said. 

On a gold equivalent basis, the Mexico-focused precious metals producer generated 19,057 ounces in the fourth quarter and 83,902 ounces for all of 2014 -- just below its guidance for 85,000 ounces, citing metal market volatility. 

Gold Resource Corp said base metals production also increased sharply over 2013, with copper output rising 35 percent, lead producing gaining 66 percent and zinc production increasing 77 percent.

The company does not take into account base metals in its gold equivalent production results as it uses revenues generated from base metals sales as a by-product credit to offset its total cash costs. 

"Overall we are pleased with the company's 2014 production results with increases in both gold and silver production, along with increased base metal production of copper, lead and zinc," said president and chief executive officer, Jason Reid.

"2014 was a challenging year for metal markets, the industry and the company.  Metal market volatility and the dramatic weakening in the silver to gold ratio, particularly during the second half of year, reduced the company's overall annual production, on a precious metal gold equivalent basis, by approximately 4.5%, or 3,821 ounces AuEq."

The CEO said that if the 63.2 silver-to-gold ratio used in the company's budget estimate had held for the year, it would have produced about 87,723 ounces of gold equivalent. Nevertheless, the company rebounded in the final quarter of 2014 from a difficult third quarter, when it was hit with underground mining challenges that prompted the hiring of new mine management. 

The US-based company, which produces from its operations in Oaxaca, Mexico, has returned over $102 million to shareholders in monthly dividends since commercial production started at its El Aguila mine in July 2010. It continues to pay shareholders a monthly dividend while not raising capital or diluting shareholders.

Looking ahead, Reid said he remains optimistic for increased metal prices in 2015.

"Unprecedented and growing global debt, continued fiat money creation and the dramatic movement of physical gold from the West to the East has shown some strength in gold and silver prices thus far in 2015, which we hope will continue through the year."

The gold and silver miner is currently finalizing its 2015 production outlook, and said its aim is to conservatively weather challenging markets while positioning itself to succeed when metal prices strengthen.

Gold Resource Corp's full financial results for 2014 will be released with its annual report, which is to be filed with the SEC, it said.

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Mon, 09 Feb 2015 09:21:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/105409/gold-resource-posts-higher-2014-gold-silver-output-optimistic-for-2015-59743.html
<![CDATA[News - Gold Resource Corp returns high grade Switchback drill results ]]> http://www.proactiveinvestors.co.uk/companies/news/105225/gold-resource-corp-returns-high-grade-switchback-drill-results-59488.html Gold Resource Corp (NYSE MKT:GORO) said it has intersected multiple high grade, parallel veins at the Switchback discovery at its El Aguila project in Mexico.

Of the highlights from the latest infill drill results, the Oaxaca, Mexico-focused precious metals producer said it returned 6.12 metres of 5.53 grams per tonne (g/t) gold and 76 g/t silver as well as 19.34 metres of 2.56 g/t gold and 129 g/t silver, including 1.71 metres grading 13.45 g/t gold and 860 g/t silver. 

The polymetallic intercepts also included significant amounts of copper, lead and zinc. The company said base metals have the potential to offset precious metal production costs by creating by-product credits when sold to Gold Resource's concentrate purchaser. 

The Switchback discovery was made in June 2013, and is located about 500 metres northeast of the company's producing La Arista underground mine. The company decided last year to drift about 250 metres towards the Switchback mineralization to shorten the drill distance to the mineralized area, providing better angles to intercept the veins.

"These multiple high-grade vein intercepts at Switchback are reminiscent of early drill results at the company's currently producing Arista deposit," said president and chief executive officer, Jason Reid. 

"The latest Switchback results confirm multiple en echelon high-grade polymetallic veins similar to those being mined 500 meters away at our Arista deposit.  

"We not only look forward to additional Switchback drill results, but towards a future Switchback production decision. We believe the Switchback discovery, coupled with our Arista deposit, speaks to the growing potential of our high-grade epithermal vein system."

The gold and silver miner said its immediate plan is to continue infill drilling at Switchback to further delineate the vein structures, with the aim of moving to a development decision in the near term. 

Since commercial production started at La Arista in July 2010, Gold Resource Corp has returned more than $102 million to shareholders in monthly dividends. It also holds exploration properties in Nevada, in the US.

The company declared late Monday its monthly dividend of 1 cent per share for January, payable to shareholders on February 23.

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Tue, 27 Jan 2015 09:07:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/105225/gold-resource-corp-returns-high-grade-switchback-drill-results-59488.html
<![CDATA[News - Gold Resource Corp reports encouraging progress with Alta Gracia exploration ]]> http://www.proactiveinvestors.co.uk/companies/news/104998/gold-resource-corp-reports-encouraging-progress-with-alta-gracia-exploration-59196.html Gold Resource Corp (NYSE MKT:GORO) has intercepted high grade mineralization at its Alta Gracia property in Mexico, saying the progress is encouraging as part of its efforts to eventually truck mineralized material to its El Aguila mill. 

In the update, the company said it intersected 5.06 metres of 1.53 grams per tonne (g/t) gold and 1,383 g/t silver at the property, which is located about 16 km northwest of its producing Arista mine at the El Aguila project.

Alta Gracia is situated within a larger 55-km structural corridor along which the Mexico-focused precious metals producer has consolidated six properties.

The company said this particular asset has shown evidence of past small-scale artisanal mining, but has only limited historical exploration.

The 2014 drilling campaign at the property focused initially on the historic El Mirador underground mine, testing the Mirador vein, it added. Other highlights included 8.58 metres of 1.34 g/t gold and 700 g/t silver.

"It is very encouraging to continue to intercept high-grade mineralization at Alta Gracia," said president and chief executive officer, Jason Reid.

"It is our long term objective of drawing multiple sources of mineralization from our 6 properties, located along our 55 kilometer mineralized structural corridor, and trucking mineral to our strategically located El Aguila mill.

"As we test the mineralized ore shoots in these Alta Gracia veins, our goal is to define enough mineralization to justify mining and trucking ore to the Aguila mill."

The company said the Mirador vein mineralization discovered so far at Alta Gracia does not show any appreciable base metals, so the precious metals could potentially be trucked to and processed through the El Aguila mill's agitated leach circuit.

The miner also tested the San Juan vein, which sits about 500 metres southwest of Mirador, and the El Huaje vein, a parallel vein structure roughly 200 metres southeast of the Mirador vein. An intercept at San Juan returned 1.19 metres of 3.16 g/t gold and 2,232 g/t silver, Gold Resource Corp said.

Last September, the US-based precious metals miner returned more than $100 million back to its shareholders in just over four years since beginning production at its El Aguila mine in Mexico. 

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Mon, 12 Jan 2015 09:46:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/104998/gold-resource-corp-reports-encouraging-progress-with-alta-gracia-exploration-59196.html
<![CDATA[News - Gold Resource to pay December monthly dividend of $0.01/share ]]> http://www.proactiveinvestors.co.uk/companies/news/104861/gold-resource-to-pay-december-monthly-dividend-of-001share-59041.html Gold Resource Corporation (NYSEMKT:GORO), a gold and silver producer with operations in Mexico, declared a monthly instituted dividend of $0.01 per common share for December.

The dividend is payable on January 23 to shareholders of record as of January 12, the Colorado Springs, Colorado-based company said in a statement late yesterady.

Gold Resource said it has returned over $101 million to shareholders in monthly dividends since commercial production commenced on July 1, 2010, and offers shareholders the option to convert their cash dividends and take delivery in physical gold and silver.

Shares closed up 0.3 percent at $3.19 yesterday, giving the company a market value of 170 million.

Gold Resource controls 100 percent interest in six potential high-grade gold and silver properties in Mexico’s southern state of Oaxaca. The company also operates a Nevada Mining Unit, focused on exploration in Nevada’s Walker Lane region.

 

 

 

 

 

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Tue, 30 Dec 2014 08:23:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/104861/gold-resource-to-pay-december-monthly-dividend-of-001share-59041.html
<![CDATA[News - Gold Resource leases second Nevada property, bolstering mining unit ]]> http://www.proactiveinvestors.co.uk/companies/news/104760/gold-resource-leases-second-nevada-property-bolstering-mining-unit-58896.html Gold Resource Corporation (NYSE MKT:GORO) has signed a lease agreement with an option to buy the "Goose" gold property in Nevada, the Mexico-focused precious metals producer said Thursday.

The Goose claims, currently held by Nevada Eagle LLC, adjoin Gold Resource's Radar property, which is optioned from Altan Nevada Minerals, to the north. It adds about 100 acres to the company's Nevada mining unit, it said.

These claims, which are located in south central Nevada's Walker Lane Mineral Belt, are right next to the former gold-silver-mercury past producing Paradise Peak mine, near the Round Mountain and Rawhide mines, which together have produced over 15 million ounces of gold over 30 years.

The Goose lease specifically includes five mining claims, with annual lease payments and a 2 percent net smelter return royalty due to Nevada Eagle on future production.

During the lease term, Gold Resource has the right to purchase a 100 percent interest in the property for $175,000. It also has the option to buy down the royalty by 1.5 percent for $1.4 million. 

"The Goose claims provide additional and exciting early stage gold exploration exposure in the Walker Lane gold producing belt," said president and chief executive officer, Jason Reid.  

The Goose lease represents the company's second exploration property acquisition in three months as part of its Nevada mining unit. The company continues to seek additional opportunities to complement its Mexico operations.

Last month, the US-based precious metals producer announced what it called a challenging third quarter with operational results coming in weaker than anticipated, but the company responded by hiring new management to support a fourth quarter rebound, which would put it on track to meet the lower end of its 2014 production guidance. 

In September, it returned more than $100 million back to its shareholders in just over four years since beginning production at its El Aguila mine in Mexico, with $1.6 million distributed in the third quarter. 

The company said that the Goose property covers Newman Ridge, which is a mountain just west of the Paradise Peak mine where previous mapping has revealed alteration is "identical" to that at Paradise Peak.

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Thu, 18 Dec 2014 10:06:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/104760/gold-resource-leases-second-nevada-property-bolstering-mining-unit-58896.html
<![CDATA[News - Gold Resource Corp declares November dividend amid anticipated Q4 rebound ]]> http://www.proactiveinvestors.co.uk/companies/news/104371/gold-resource-corp-declares-november-dividend-amid-anticipated-q4-rebound-58378.html Gold Resource Corp (NYSE MKT:GORO) has declared its November dividend of 1 cent per share, to be paid ot on December 23 to shareholders of record as of December 11.

Earlier this month, the US-based precious metals producer announced what it called a challenging third quarter with operational results coming in weaker than anticipated, but the company responded by hiring new management to support a fourth quarter rebound, which would put it on track to meet the lower end of its 2014 production guidance. 

The Mexico-focused gold and silver producer, which produces from its El Aguila mine in Oaxaca, posted 17,262 ounces of gold equivalent production in the third quarter, down from 21,244 ounces in the same period last year. Production levels were approximately 24 percent lower in the most recent period than the quarterly average for the first half of 2014.

It also only sold 11,923 ounces in the latest quarter, with the discrepancy between ounces produced and sold explained by smelter concentrate processing deductions and an increase in gold equivalent ounces contained in inventory, the company said.

Gold Resource Corp had 5,878 gold equivalent ounces of concentrate produced and stockpiled in ending inventory as it prepares to process these ounces in its new Dore facility, which it began commissioning at the end of the quarter.

But aside from the unsold inventory, the company was hit with underground mining challenges in the latest quarter, including an unexpected increase in water inflows, compounded by shortfalls in mine development.

Chief executive Jason Reid has since implemented new mine management in response to these "unsatisfactory results", saying he believes that fourth quarter production can rebound.

The CEO said that by expanding the company's production methods through the Dore facility, it expects to lower its treatment and royalty costs for the Dore ounces sold. Reid said he expects all-in sustaining costs to decrease once the company no longer has unsold inventory

In October, the company also appointed Oscar Zelaya as the new general manager of the El Aguila project, succeeding Jesus Rivera. Zelaya, a metallurgical engineer, has more than 29 years of industry experience, and was most recently general manager at Endeavour Silver Corp. 

Gold Resource is expecting the new “seasoned GM” will push to get back to the production levels of the first two quarters as soon as possible, with mine development expected to improve.

The gold and silver miner is optimistic it can bounce back and meet its annual production guidance for between 85,000 to 100,000 gold equivalent ounces.

In September, it returned more than $100 million back to its shareholders in just over four years since beginning production at its El Aguila mine in Mexico, with $1.6 million distributed in the third quarter. 

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Tue, 25 Nov 2014 10:58:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/104371/gold-resource-corp-declares-november-dividend-amid-anticipated-q4-rebound-58378.html
<![CDATA[News - UPDATE: Gold Resource pushes back and proactively retools management, rebound expected ]]> http://www.proactiveinvestors.co.uk/companies/news/104085/update-gold-resource-pushes-back-and-proactively-retools-management-rebound-expected-57980.html  --- Updated with CEO comments from conference call ---

Gold Resource Corp (NYSE MKT:GORO) reported Friday what it called a challenging third quarter with operational results coming in weaker than anticipated, but the company has responded by hiring new management to support a fourth quarter rebound, which would put it on track to meet the lower end of its 2014 production guidance. 

The Mexico-focused gold and silver producer, which produces from its El Aguila mine in Oaxaca, posted 17,262 ounces of gold equivalent production in the third quarter, down from 21,244 ounces in the same period last year. Production levels were approximately 24 percent lower in the most recent period than the quarterly average for the first half of 2014.

It also only sold 11,923 ounces in the latest quarter, with the discrepancy between ounces produced and sold explained by smelter concentrate processing deductions and an increase in gold equivalent ounces contained in inventory, the company said.

Gold Resource Corp had 5,878 gold equivalent ounces of concentrate produced and stockpiled in ending inventory as it prepares to process these ounces in its new Dore facility, which it began commissioning at the end of the quarter.

Average realized gold prices increased 4 percent to $1,295 per ounce in the quarter from $1,240 an ounce a year ago. Total cash costs, after by-product credits, improved by 52 percent to $364 per ounce, from $756 an ounce in the third quarter of 2013. 

For the latest quarter, the company recorded a net loss of $1.5 million, or 3 cents per share. It said that had it not stockpiled the 5,878 ounces of unsold gold and silver concentrates in its inventory, it would have recorded a net profit. The inventory is planned to be processed and sold in the fourth quarter as Dore bars at the new facility.

Chief executive officer Jason Reid said on a conference call that it will be targeting timely sales of gold and silver production in the future, once the Dore facility is optimized.  But aside from the unsold inventory, the company was hit with underground mining challenges in the latest quarter, including an unexpected increase in water inflows, compounded by shortfalls in mine development.

Reid said that management took “their eye off the ball” in the third quarter in terms of keeping these challenges in check, which necessitated an immediate change.

"The company has implemented new mine management in response to these unsatisfactory results and believes that fourth quarter production can rebound, which puts the lower range of the company's 2014 outlook within reach," said Reid in a statement.

The CEO said that by expanding the company's production methods through the Dore facility, it expects to lower its treatment and royalty costs for the Dore ounces sold. Reid said he expects all-in sustaining costs to decrease once the company no longer has unsold inventory, adding that all-in costs would have come in at $958 an ounce if it had sold all gold in the third quarter.

Gold Resource Corp also appointed last month Oscar Zelaya as the new general manager of the El Aguila project, succeeding Jesus Rivera. Zelaya, a metallurgical engineer, has more than 29 years of industry experience, the company said, and was most recently general manager at Endeavour Silver Corp. Prior to Endeavour, he worked as Nyrstar's Peruvian country and general manager.

The CEO said the new “seasoned GM” will push to get back to the production levels of the first two quarter as soon as possible, with mine development expected to improve.

Though the company has had a tough few months, it remains optimistic that it can bounce back and meet its annual production guidance for between 85,000 to 100,000 gold equivalent ounces.

"Though the third quarter was a challenging one, it was not without some measures of success as we reached a major company milestone by returning an aggregate of over $100 million dollars back to shareholders in consecutive monthly dividends," Reid added.

Indeed, in September, it returned more than $100 million back to its shareholders in just over four years since beginning production at its El Aguila mine in Mexico, with $1.6 million distributed in the third quarter. The U.S. based gold producer says its continued goal is to position the company to "capitalize and prosper" as it optimistically awaits the return of the precious metal bull trend.

In the meantime, it will resort to making modifications when needed and looking for ways to optimize operations, with the Dore facility anticipated to have a substantial impact on its bottom line. Reid envisions that about 40 percent of its gold will be processed through this facility.

It ended the latest quarter with cash and equivalents of $24.8 million, a 66 percent increase from year-end 2013.

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Fri, 07 Nov 2014 11:53:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/104085/update-gold-resource-pushes-back-and-proactively-retools-management-rebound-expected-57980.html
<![CDATA[News - Gold Resource stands by full year outlook despite weak quarter, hires new GM ]]> http://www.proactiveinvestors.co.uk/companies/news/103750/gold-resource-stands-by-full-year-outlook-despite-weak-quarter-hires-new-gm-57547.html Gold Resource Corp (NYSE MKT:GORO) posted production of 17,200 gold equivalent ounces for the third quarter, down from a year earlier on slower than expected mine development, but the company said it is maintaining its outlook for the full year.

The latest production figures compare to 21,244 precious metal gold equivalent ounces in the third quarter of last year.

The Mexico-focused gold and silver producer, which produces from its El Aguila mine in Oaxaca, Mexico, has produced 65,100 ounces year-to-date, and is standing by its previous 2014 outlook for between 85,000 to 100,000 gold equivalent ounces.

"We faced several challenges during the third quarter," said president and chief executive officer Jason Reid, adding that production issues at the Aguila mill revealed the need for some managerial changes at the mine, which are currently underway.

"Production levels were approximately 28% lower in the quarter compared to the first half quarterly average.  We are pleased to still be within striking distance of the lower end of our annual production goal given the challenges we encountered and are working hard to return to previous production levels." 

To correct the issues at hand, the company separately announced the appointment of Oscar Zelaya as the new general manager of the El Aguila project, succeeding Jesus Rivera, who Gold Resource said will pursue other interests.

Zelaya, a metallurgical engineer, has more than 29 years of industry experience, the company said, and was most recently general manager at Endeavour Silver Corp. Prior to Endeavour, he worked as Nyrstar's Peruvian country and general manager.

"We believe [Zelaya's] extensive industry and managerial experience, having served as a general manager for numerous Latin American projects, is well suited for our Aguila project operations," said CEO Reid in a separate release.

Zelaya is slated to join the company on November 4, until which time COO Rick Irvine will act as interim general manager.

The company also said late Monday that it will be releasing its full third quarter results when it files its quarterly report with the SEC. 

Last month, the gold and silver miner reached a major milestone for a junior precious metals producer, having returned more than $100 million back to its shareholders in just over four years since beginning production at its El Aguila mine in Mexico.

The U.S. based gold producer, which swung to a profit in its second quarter, said its continued goal is to position the company to "capitalize and prosper" when precious metals markets resume their longer term bull trend.

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Tue, 21 Oct 2014 09:12:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/103750/gold-resource-stands-by-full-year-outlook-despite-weak-quarter-hires-new-gm-57547.html
<![CDATA[News - Gold Resource hits big milestone as it returns over $100 mln to shareholders in 4 years ]]> http://www.proactiveinvestors.co.uk/companies/news/103432/gold-resource-hits-big-milestone-as-it-returns-over-100-mln-to-shareholders-in-4-years-57085.html Gold Resource Corp (NYSE MKT:GORO) reached a major milestone for a junior precious metals producer earlier this week, having returned more than $100 million back to its shareholders in just over four years since beginning production at its El Aguila mine in Mexico.

The company on Thursday declared its monthly dividend of 1 cent per share for September, payable on October 23 to shareholders of record as of October 13. 

It surpassed the $100 million mark of total return to shareholders with its August dividend payment on September 23. The company said it has now paid 51 straight monthly dividends to shareholders since declaring commercial production in July 2010.

"This achievement is not only rare for a junior miner, but coupled with our conversion program allowing shareholders to convert cash dividends to physical gold and silver, is unique to this industry," said president and chief executive officer, Jason Reid, in a statement Thursday.

"Both the level of dividends and the cash to physical metal conversion option underscores management's shareholder friendly and focused philosophy. 

"We remain committed to monthly dividends and the physical conversion option not only during these current volatile metal markets, but look forward to the future when hopefully the bull market in the metals space returns."

The U.S. based gold producer, which produces from its El Aguila mine in Mexico, swung to a net profit in its second quarter as revenues increased 26 percent and cash costs improved by 32 percent, making it among the lowest cost gold producers, according to its CEO. 

All-in sustaining costs, an industry-wide metric, came in at just $837 per ounce, well below the $1,000 mark, which the company says it will strive to achieve for as long as possible in the face of continued rising costs in the industry. Its costs per tonne were $159, it said.

The miner said that its continued goal is to position the company to "capitalize and prosper" when precious metals markets resume their longer term bull trend, which Reid says will result from "fuel added to the supply and demand fire that has been burning for years now" due to an anemic junior explorer environment coupled with rising costs and weaker prices.

It is currently focused on identifying additional cost savings opportunities at its operations while increasing future production, with the company optimistic that its new Switchback discovery will be the next economic deposit at El Aguila. The company is targeting the completion of the first drill station at Switchback late in the third quarter.

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Fri, 26 Sep 2014 10:26:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/103432/gold-resource-hits-big-milestone-as-it-returns-over-100-mln-to-shareholders-in-4-years-57085.html
<![CDATA[News - Gold Resource Corp leases Radar gold property in Nevada, with option to buy ]]> http://www.proactiveinvestors.co.uk/companies/news/103176/gold-resource-corp-leases-radar-gold-property-in-nevada-with-option-to-buy-56702.html Gold Resource Corp (NYSE MKT:GORO), which produces precious metals from its mine in Oaxaca, Mexico, has signed a lease agreement with Altan Nevada Minerals (CVE:ANE) with an option to buy the Radar gold property in Nevada. 

"We believe the Radar property provides excellent early stage gold exploration exposure in an historic and prolific gold producing belt," said Gold Resource president and chief executive officer, Jason Reid. 

The company said that with the Radar lease, it will be establishing its new Nevada mining unit, which it believes will complement its producing Oaxaca unit in Mexico since both venues are located in mining-friendly jurisdictions.

"We are pleased to have come to an agreement with Altan Nevada and look forward to exploring previously untested gold potential at Radar," Reid added.

The Radar project covers an area of 3,550 acres in central Nevada in the Walker Lane mineral belt, and is just next to the former gold-silver-mercury past producing Paradise Peak mine near the Round Mountain and Rawhide mines that together produced over 15 million ounces of gold over 30 years.

It is also 17 miles south of the Bruner gold project held by Canamex Resources, in which Gold Resource Corp is an 18 percent shareholder.

The Radar lease includes 178 mining claims, and will require annual lease payments, work commitments and a 3 percent net smelter return royalty to Altan Nevada on future production. 

Gold Resource Corp will also have the right to buy a 100 percent interest in the Radar property's mining claims during the lease term for $1.5 million, and will have the option to buy down the royalty by 1 percent for $1 million with a right of first refusal on the remaining 2 percent royalty.

 "At Radar, a suite of geologic features and physicochemical conditions are present for the formation of both replacement-type and bonanza-grade vein-type gold deposits similar to the Paradise Peak and Goldfield mines," explained Gold Resource Corp's VP of exploration, Barry Devlin.

"The similarity in alteration, geochemistry, and structural fabric to Paradise Peak and Goldfield indicate excellent potential for discovery of a new gold-silver deposit at Radar." 

The U.S. based gold producer, which produces from its El Aguila mine in Mexico, has returned more than $100 million to shareholders in monthly dividends since declaring production in July 2010.   

The company swung to a net profit in its second quarter as revenues increased 26 percent and cash costs improved by 32 percent, making it among the lowest cost gold producers, according to its CEO. 

All-in sustaining costs, an industry-wide metric, came in at just $837 per ounce, well below the $1,000 mark, which the company says it will strive to achieve for as long as possible in the face of continued rising costs in the industry. Its costs per tonne were $159, it said.

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Wed, 10 Sep 2014 10:08:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/103176/gold-resource-corp-leases-radar-gold-property-in-nevada-with-option-to-buy-56702.html
<![CDATA[News - UPDATE: Gold Resource slashes cash costs, positions itself to prosper when precious metals rise, says CEO ]]> http://www.proactiveinvestors.co.uk/companies/news/102707/update-gold-resource-slashes-cash-costs-positions-itself-to-prosper-when-precious-metals-rise-says-ceo-56016.html ***Updated with comments from earnings conference call***

Gold Resource Corp (NYSE MKT:GORO) swung to a net profit in its second quarter as revenues increased 26 percent and cash costs improved by 32 percent, making it among the lowest cost gold producers, according to chief executive Jason Reid. 

The U.S. based gold producer, which produces from its El Aguila mine in Oaxaca, Mexico, posted net income of $7.8 million for the quarter ending June 30, or 14 cents per share, compared to a net loss of $1.37 million, or a loss of 3 cents per share, in the corresponding period of 2013.

Revenues increased to $33.7 million from $26.66 million in the second quarter of 2013.

The gains were on the back of higher production, with 24,172 ounces of gold equivalent, up 17 percent from the year-ago period and 2 percent from the first quarter of 2014.

The gold and silver producer sold a total of 20,647 gold equivalent ounces, compared to 19,992 ounces in the second quarter last year. The average gold price realized declined by nearly 8 percent, however, to $1,276 an ounce from $1,386 an ounce a year earlier.

Faced with a sharp drop in precious metal prices, miners have had to implement extensive cost-cutting initiatives to realize a profit. Gold Resource Corp succeeded in this feat, slashing total cash costs by 32 percent from last year to $438 per gold equivalent ounce sold. These figures were calculated after by-product credits, and include a 5 percent royalty, Gold Resource said in a statement late Thursday.

All-in sustaining costs, an industry-wide metric, came in at just $837 per ounce, well below the $1,000 mark, which the company says it will strive to achieve for as long as possible in the face of continued rising costs in the industry. Its costs per tonne were $159, it said.

"The Aguila project continues to generate profits even in today's lower precious metal price environment, allowing the company to invest in its Oaxaca Mining Unit, build its treasury, and distribute monthly dividends to our shareholders," said Reid in the release.

Indeed, since starting commercial production in July 2010, the company has returned more than $98 million to shareholders in monthly dividends, dishing out 3 cents per share for the latest period. The precious metals miner is closing in on a major milestone for the company, nearing the delivery of $100 million to shareholders in monthly dividends.

The junior producer is comparable to many major producers in terms of the distribution of dividends, according to Reid, with the last month marking its 49th consecutive monthly dividend.

"The second quarter clearly shows another very good quarter operationally. We have increased our treasury while holding down costs of production both on a per tonne and per ounce basis," Reid said on a conference call with analysts and investors Friday morning.

The company, which almost doubled its cash and equivalents from the beginning of the year to $29.6 million at the end of June, said it remains on track to meet its annual production outlook of 85,000 to 100,000 ounces of precious metal gold equivalent. It believes its strong first half performance has put it at the high end of its forecasted range.

During the second quarter, the company milled 1,098 tonnes per day at its mine, a 27 percent increase over the 2013 annual average, leading to $19.4 million of cash flow from mine site operations in the most recent period.

"We are a leaner, more efficient and profitable company, while identifying more areas we can improve upon," the CEO said, highlighting the fact that the strong Q2 results came despite various challenges at El Aguila as its team goes deeper into the mine.

"We expect these challenges to continue in 2014," he added, "but our mining team will work to mitigate these challenges with their approach."

The miner reiterated that its continued goal is to position the company to "capitalize and prosper" when precious metals markets resume their longer term bull trend, which Reid says will result from "fuel added to the supply and demand fire that has been burning for years now" due to an anemic junior explorer environment coupled with rising costs and weaker prices.

It is currently focused on identifying additional cost savings opportunities at its operations while increasing future production, with Reid emphasizing he is optimistic that the Switchback discovery will be the next economic deposit at El Aguila. The company is targeting the completion of the first drill station at Switchback late in the third quarter.

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Fri, 08 Aug 2014 12:08:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/102707/update-gold-resource-slashes-cash-costs-positions-itself-to-prosper-when-precious-metals-rise-says-ceo-56016.html
<![CDATA[News - Gold Resource Corp declares July dividend after strong first half ]]> http://www.proactiveinvestors.co.uk/companies/news/102509/gold-resource-corp-declares-july-dividend-after-strong-first-half--55729.html Gold Resource (NYSE MKT:GORO) has declared its monthly dividend of 1 cent per share for July, payable on August 25 to shareholders of record as of August 11. 

The gold and silver producer, with operations in the southern state of Oaxaca, Mexico, has returned more than $98 million to shareholders in monthly dividends since production began in July 2010.

Last week, the Mexico-focused gold miner posted second quarter production that puts the company at the high end of its full year production outlook. Preliminary production results for the three months to June 30 came in at 24,170 precious metal gold equivalent ounces, up from 20,574 ounces during the same period of 2013 and 23,734 ounces in the first quarter of 2014.

The U.S. based gold producer, which produces from its El Aguila mine in Oaxaca, has produced approximately 47,900 ounces for the first half of this year. 

"Our El Aguila project team delivered a strong first half production performance for 2014 at the high end of our production outlook," said president and CEO Jason Reid in the release last Tuesday.

The company's production outlook for 2014 is between 85,000 and 100,000 ounces of gold equivalent.

Gold Resource Corp emphasized at the time of its first quarter earnings release in mid-May that its continued goal is to emerge a "leaner, stronger, more efficient and profitable company" when precious metals markets resume their longer term bull trend. 

It is currently focused on identifying additional cost savings opportunities at its operations while increasing future production.

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Mon, 28 Jul 2014 09:41:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/102509/gold-resource-corp-declares-july-dividend-after-strong-first-half--55729.html
<![CDATA[News - Gold Resource posts over 17% jump in Q2 production as operations improve ]]> http://www.proactiveinvestors.co.uk/companies/news/102435/gold-resource-posts-over-17-jump-in-q2-production-as-operations-improve-55625.html Gold Resource (NYSE MKT:GORO) has posted second quarter production that puts the company at the high end of its full year production outlook, the Mexico-focused gold producer said in a statement late Tuesday.

Preliminary production results for the three months to June 30 came in at 24,170 precious metal gold equivalent ounces, up from 20,574 ounces during the same period of 2013 and 23,734 ounces in the first quarter of 2014.

The U.S. based gold producer, which produces from its El Aguila mine in Oaxaca, Mexico, has produced approximately 47,900 ounces for the first half of this year. 

"Our El Aguila project team delivered a strong first half production performance for 2014 at the high end of our production outlook," said president and CEO Jason Reid in the release.

The company's production outlook for 2014 is between 85,000 and 100,000 ounces of gold equivalent.

Gold Resource Corp has returned over $98 million to shareholders in monthly dividends since declaring production at its flagship mine in July 2010.

The company emphasized at the time of its first quarter earnings release in mid-May that its continued goal is to emerge a "leaner, stronger, more efficient and profitable company" when precious metals markets resume their longer term bull trend. It is currently focused on identifying additional cost savings opportunities at its operations while increasing future production.

At the end of May, Gold Resource unveiled high grade intercepts from its Arista deposit at the El Aguila mine as part of the company's efforts to continue to add ounces to the asset. Of the highlights, the company hit 2.68 metres of 11.72 grams per tonne (g/t) gold and 748 g/t silver, defining the extension of the recently discovered Santa Lucia vein, a parallel structure just 60 metres northeast of the Arista vein.

The company recently expanded its exploration drill budget, putting it in a prime position to explore more targets aside from the Arista deposit, including the feeder vein of the Aguila open pit and the Chacal Red Zone, both on the El Aguila property.

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Wed, 23 Jul 2014 09:29:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/102435/gold-resource-posts-over-17-jump-in-q2-production-as-operations-improve-55625.html
<![CDATA[News - Gold Resource Corp continues to expand Arista deposit in Mexico ]]> http://www.proactiveinvestors.co.uk/companies/news/101522/gold-resource-corp-continues-to-expand-arista-deposit-in-mexico-54380.html Gold Resource Corp (NYSE MKT: GORO) unveiled Tuesday high grade intercepts from its Arista deposit at the El Aguila mine in Mexico as part of the company's efforts to continue to add ounces to the asset. 

Of the highlights, the company hit 2.68 metres of 11.72 grams per tonne (g/t) gold and 748 g/t silver, defining the extension of the recently discovered Santa Lucia vein, a parallel structure just 60 metres northeast of the Arista vein.

The gold and silver producer, with operations in Oaxaca, Mexico, continues to drill both infill and step out holes testing the mineralized vein extensions at its producing Arista mine, using both underground and surface drills. 

The polymetallic deposit continues to remain open on strike and at depth, according to Gold Resource's statement.

The company said Tuesday that underground drilling has also expanded the Socorro and Splay 5 veins southest of the Arista system, returning gold grades as high as 22.9 g/t and silver as high as 10,340 g/t. 

Meanwhile, surface drilling has extended the Aire vein mineralization southwest of the Arista deposit, with a hole that intercepted 1.41 metres of 3.96 g/t gold and 1,078 g/t silver.

"We continue to intercept high-grade gold and silver with infill and step-out holes in multiple veins at Arista," said president and CEO, Jason Reid.  

"We believe we are in a strong position to continue adding ounces to the Arista high-grade polymetallic deposit."  

Indeed, Gold Resource recently expanded its exploration drill budget, putting it in a prime position to explore more targets aside from the Arista deposit, including the feeder vein of the Aguila open pit and the Chacal Red Zone, both on the El Aguila property.

The gold miner, which has returned more than $97 million to shareholders in monthly dividends since production began in July 2010, declared yesterday its monthly dividend of 1 cent per share for May, payable on June 23 to shareholders of record as of June 11. 

Earlier this month, the Mexico-focused company, in the face of a weak precious metals price environment, still managed to post higher production and an 18% decrease in total cash costs over the year-ago period.

Gold Resource Corp emphasized at the time of its first quarter earnings release in mid-May that its continued goal is to emerge a "leaner, stronger, more efficient and profitable company" when precious metals markets resume their longer term bull trend. It is currently focused on identifying additional cost savings opportunities at its operations while increasing future production.

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Wed, 28 May 2014 09:39:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/101522/gold-resource-corp-continues-to-expand-arista-deposit-in-mexico-54380.html
<![CDATA[News - Gold Resource Corp declares May dividend while focusing on continued improvements ]]> http://www.proactiveinvestors.co.uk/companies/news/101506/gold-resource-corp-declares-may-dividend-while-focusing-on-continued-improvements-54354.html Gold Resource (NYSE MKT:GORO) has declared its monthly dividend of 1 cent per share for May, payable on June 23 to shareholders of record as of June 11. 

The gold and silver producer, with operations in the southern state of Oaxaca, Mexico, has returned more than $97 million to shareholders in monthly dividends since production began in July 2010.

Earlier this month, the Mexico-focused gold miner, in the face of a weak precious metals price environment, still managed to post higher production and an 18% decrease in total cash costs over the year-ago period.

For the three months to March 31, the company produced 23,734 ounces of precious metal gold equivalent, up from 22,300 ounces in the first quarter of 2013. The latest figure was also up 15% on the previous quarter.

Total cash costs improved to $422 per gold equivalent ounce, including a 5% royalty, down from $515 a year earlier and 38% from the fourth quarter of 2013.

Net income, however, fell to $6.7 million, or 12 cents per share, from $7.39  million, or 13 cents per share, in the same period last year as the average realized gold price tumbled more than 21% from $1,648 an ounce to $1,296 an ounce in the latest quarter. Average realized silver prices fell to $20 from $31 an ounce in the first quarter of 2013.

Still, the company's profit crushed Wall Street's lone estimate for earnings of 5 cents a share.

Gold Resource Corp also managed to generate $17.4 million in cash flow from mine site operations, and return $1.6 million to shareholders in dividends during the period. 

The company emphasized at the time of its first quarter earnings release in mid-May that its continued goal is to emerge a "leaner, stronger, more efficient and profitable company" when precious metals markets resume their longer term bull trend. It is currently focused on identifying additional cost savings opportunities at its operations while increasing future production.

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Tue, 27 May 2014 11:45:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/101506/gold-resource-corp-declares-may-dividend-while-focusing-on-continued-improvements-54354.html
<![CDATA[News - UPDATE: Gold Resource Corp decreases Q1 cash costs by 18% as company searches for additional cost saving opportunities ]]> http://www.proactiveinvestors.co.uk/companies/news/101323/update-gold-resource-corp-decreases-q1-cash-costs-by-18-as-company-searches-for-additional-cost-saving-opportunities-54109.html ***Updated with additional comments from conference call***

Gold Resource Corp (NYSE MKT:GORO) said Tuesday that in the face of a weak precious metals price environment, the Mexico-focused gold miner still managed to post higher production and an 18% decrease in total cash costs over the year-ago period.

For the three months to March 31, the company, which has operations in the southern state of Oaxaca, Mexico, produced 23,734 ounces of precious metal gold equivalent, up from 22,300 ounces in the first quarter of 2013. The latest figure is also up 15% on the previous quarter.

Total cash costs improved to $422 per gold equivalent ounce, including a 5% royalty, down from $515 a year earlier and 38% from the fourth quarter of 2013.

Net income, however, fell to $6.7 million, or 12 cents per share, from $7.39  million, or 13 cents per share, in the same period last year as the average realized gold price tumbled more than 21% from $1,648 an ounce to $1,296 an ounce in the latest quarter. Average realized silver prices fell to $20 from $31 an ounce in the first quarter of 2013.

Still, the company's profit crushed Wall Street's lone estimate for earnings of 5 cents a share.

Metal sales dropped to $31.15 million from $42.31 million.

Still, the company managed to generate $17.4 million in cash flow from mine site operations, and return $1.6 million to shareholders in dividends during the period. 

"During the first quarter, the company delivered strong operating results with production increasing 15% over the prior quarter," said president and CEO Jason Reid. 

"Equally important, we substantially drove down our total cash costs by 38% compared to the fourth quarter of 2013.  In addition, we continued to distribute our monthly dividend and increased our treasury by $4.5 million over the prior quarter.  

"With a strong first quarter, the company is on track to meet its annual production outlook goal."

The gold and silver miner is looking to produce in the range of 85,000 to 100,000 gold equivalent ounces this year.

The company said that while gold and silver grades decreased at its operations during the quarter, gold recoveries increased while silver recoveries remained steady. It also milled 1,159 tonnes per day, a 28% increase from the previous quarter.

The U.S. based precious metals producer in December wrapped up its El Aguila mill expansion, boosting its mill capacity to 1,500 tonnes per day. It is expecting a stronger cash position this year as a result, through increased daily tonnage and lower per tonne production costs. 

"In the face of volatile precious metal prices, Gold Resource Corporation has demonstrated it can generate significant profits, build its treasury, and continue to reward shareholders through dividend distributions.  

"We will continue to challenge our team to identify additional cost savings opportunities at our operations while increasing future production," he added, with the CEO saying on a conference call this morning that the company has already identified $3.5 million in potential additional cost savings on energy expenses. 

Reid also emphasized on the call the company's continued goal to emerge a "leaner, stronger, more efficient and profitable company" when precious metals markets resume their longer term bull trend. He said that Gold Resoure Corp is focused on "smart growth for value creation", including potentially securing a second mining unit, and that it will aim to sustain 3-4 years of mine life at any point in time at the "highest grade possible."

Since beginning commercial production at its El Aguila mine in July 2010, the company has returned more than $96 million to shareholders in monthly dividends. 

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Tue, 13 May 2014 11:27:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/101323/update-gold-resource-corp-decreases-q1-cash-costs-by-18-as-company-searches-for-additional-cost-saving-opportunities-54109.html
<![CDATA[News - Gold Resource Corp unveils 1.4 mln tonnes of high grade reserves at La Arista deposit ]]> http://www.proactiveinvestors.co.uk/companies/news/101082/gold-resource-corp-unveils-14-mln-tonnes-of-high-grade-reserves-at-la-arista-deposit-53771.html Gold Resource Corp (NYSE MKT:GORO) has released a reserve study for its La Arista underground mine on its El Aguila project in Mexico, showing proven and probable reserves of 381,400 ounces of gold equivalent at an average grade of 8.76 grams per tonne (g/t). 

"We are pleased to not only announce our maiden reserve report demonstrating proven and probable reserves on a large portion of the Arista deposit, but very satisfied with the outcome as well," said president and CEO Jason Reid.

"The 1,354,400 tonnes at an estimated average grade of 8.76 grams per tonne precious metal gold equivalent containing 381,400 ounces represents over three years mine life, depending on future production levels."  

In addition to the gold equivalent ounces, which are comprised of gold and silver, the mine also includes reserves of 9.32 million pounds of copper, 35.53 million pounds of lead and 93.16 million pounds of zinc, according to the report, whose cut-off date was December 31, 2013. 

Recent high grade drill results from La Arista reported in the past two months are planned to be incorporated in a future update to the reserves report, Gold Resource Corp said Wednesday. The new Switchback discovery, which is 500 metres northeast of the Arista deposit, is also not included in the latest estimate. 

Mineralization at Switchback has been intercepted over 450 metres of strike length, and at a depth of 450 metres, and is either an expansion of the Arista system or a parallel vein system, the company said.

The company, which has been in production at El Aguila since 2010, is expecting to add additional ounces at Arista via infill, step out and exploration drilling this year.

"I see the completion of the reserve study as the evolution and progression of our company," continued Reid.

"In an effort to achieve production at the earliest point in time we ran our own models and estimated in-house resources to justify our production decision.  This allowed the company to bypass the extra time, cost and capital expense in determining proven and probable reserves at that time.  

"By doing so, we reached production far sooner, for less expense and sustained less dilution to our capital structure than had we gone the traditional route of determining reserves prior to production."

Indeed, the company said that as a result, it fast-tracked itself to a precious metal dividend-paying producer with only 54 million shares outstanding, "in an industry where hundreds of millions of shares outstanding is common place for producers."

"I believe the completion of the reserve study moves the company into the mainstream and makes it more comparable with other producers that report reserves," Reid added. 

Since beginning commercial production in July 2010, the company has returned more than $96 million to shareholders in monthly dividends. 

The chief executive said Wednesday that going forward, Gold Resource Corp is targeting a three to four year mine life ahead at any point in time, at the highest average grade possible, choosing not to lower its cut-off grade "to add additional ounces and longevity at this point, as [the company] target[s] quality high-grade ounces that make money as opposed to a larger number of lower-grade ounces that trade dollars." 

The gold and silver miner is forecasting to produce in the range of 85,000 to 100,000 gold equivalent ounces in 2014.

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Wed, 30 Apr 2014 10:18:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/101082/gold-resource-corp-unveils-14-mln-tonnes-of-high-grade-reserves-at-la-arista-deposit-53771.html
<![CDATA[News - Gold Resource Corp says recent drill results show potential for Arista deposit to continually add ounces ]]> http://www.proactiveinvestors.co.uk/companies/news/100924/gold-resource-corp-says-recent-drill-results-show-potential-for-arista-deposit-to-continually-add-ounces-53558.html Gold Resource Corp (NYSE MKT:GORO) announced Tuesday recent drill highlights from its Arista deposit, where it is continuing to drill both infill and step out holes to test the mineralized vein extensions at the producing mine.

Of the highlights, the company intercepted 6.05 metres of 4.38 grams per tonne (g/t) gold and 789 g/t silver. This expands the mineralization in the Aire vein to the south, the gold miner said.

The Arista deposit is a high grade polymetallic epithermal vein deposit that forms part of the company's El Aguila property in Mexico.

Other notable holes include undergound intercept 514006, which returned 1.64 metres of 6.19 g/t gold, 592 g/t silver, 0.6% copper, 0.71% lead and 2.5% zinc. The hole expanded on the recently discovered Santa Lucia vein, Gold Resource Corp said.

"We are very pleased with these recent additional Arista system multiple high-grade intercepts," said president and CEO Jason Reid, adding that the results demonstrate why the company believes it is in a strong position to continue to add ounces to its Arista deposit. 

Its goal is to have three to four years of production drilled out in front of the company at any point in time. The company's VP of exploration, Barry Devlin, said it is moving forward on its maiden proven and probable reserve report on a large portion of the Arista deposit, which will include all drill hole and underground channel sample data through December 31, 2013.

On Monday, the company, with operations in the southern state of Oaxaca, Mexico, told investors that preliminary output for the quarter that ended March 31 was 23,700 ounces of gold equivalent, up from 22,300 ounces in the first quarter of 2013. The gold and silver miner said that the results maintain its outlook for 2014 to produce in the range of 85,000 to 100,000 gold equivalent ounces.

Shares of Gold Resource Corp edged up 0.4% to US$4.61 in New York on Tuesday.

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Tue, 22 Apr 2014 10:23:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/100924/gold-resource-corp-says-recent-drill-results-show-potential-for-arista-deposit-to-continually-add-ounces-53558.html
<![CDATA[News - Gold Resource Corp boosts Q1 output, in line with targets ]]> http://www.proactiveinvestors.co.uk/companies/news/100900/gold-resource-corp-boosts-q1-output-in-line-with-targets-53527.html Gold Resource Corp (NYSE MKT:GORO) said Monday that first quarter production increased year-over-year, with the company delivering ounces on target with its full year guidance. 

The company, which has operations in the southern state of Oaxaca, Mexico, told investors that preliminary output for the quarter that ended March 31 was 23,700 ounces of gold equivalent, up from 22,300 ounces in the first quarter of 2013. 

The gold and silver miner said that the results maintain its outlook for 2014 to produce in the range of 85,000 to 100,000 gold equivalent ounces.

"Our El Aguila Project team continues to deliver on-target results," said president and CEO Jason Reid. 

"We remain focused not only on production but driving down future costs." 

Shares of the company, which returned over $95 million to shareholders in monthly dividends since declaring production in July 2010, rocketed last month after announcing a high grade gold and silver intercept at a new vein on its Arista deposit. Of the drill highlights, the company said it returned 2.67 metres of 13.9 grams per tonne (g/t) gold and 3,228 g/t silver, in one of the Arista deposit's newest vein discoveries, called Santa Lucia. This intercept included an interval of 0.46 metres grading 65.2 g/t gold and 18,232 g/t silver. 

The Santa Lucia vein is a parallel vein structure located approximately 60 metres northeast of the Arista vein, with the new vein discovery remaining open on strike and at depth. Gold Resource Corp said at the time that it is in a strong position to keep adding ounces to the Arista deposit, with the aim of having three to four years of production drilled out in front of it at "any point in time". 

The U.S. based precious metals producer in December wrapped up its El Aguila mill expansion, boosting its mill capacity to 1,500 tonnes per day. It is expecting a stronger cash position this year as a result, through increased daily tonnage and lower per tonne production costs. 

The company said its full first quarter financial results will be available when it files its quarterly report with the SEC. 

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Mon, 21 Apr 2014 09:29:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/100900/gold-resource-corp-boosts-q1-output-in-line-with-targets-53527.html
<![CDATA[News - Gold Resource Corp jumps on high grades at new vein discovery on Arista deposit ]]> http://www.proactiveinvestors.co.uk/companies/news/100304/gold-resource-corp-jumps-on-high-grades-at-new-vein-discovery-on-arista-deposit-52709.html Gold Resource Corp (NYSE MKT:GORO) shares rocketed nearly 11% on Wednesday after the company announced a high grade gold and silver intercept at a new vein on its Arista deposit, which forms part of the company's El Aguila project in Mexico.

Of the drill highlights, the company said it returned 2.67 metres of 13.9 grams per tonne (g/t) gold and 3,228 g/t silver, in one of the Arista deposit's newest vein discoveries, called Santa Lucia. This intercept included an interval of 0.46 metres grading 65.2 g/t gold and 18,232 g/t silver. 

The gold and silver producer, with operations in Oaxaca, Mexico, said it continues to drill both infill and step out holes testing the mineralized vein extensions at its producing Arista mine.

The Santa Lucia vein is a parallel vein structure located approximately 60 metres northeast of the Arista vein, with the new vein discovery remaining open on strike and at depth. 

The company also reported Wednesday drill highlights from its Candelaria and Luz veins, with grades as high as 9.51 g/t gold and 2,702 g/t silver along 3.02 meters at the former vein. 

Meanwhile, new drilling at the Baja vein, one of two original veins in production since 2011, returned results as high as 0.92 metres of 28.10 g/t gold and 116 g/t silver. This vein is still open along strike and at depth, Gold Resource Corp said. 

“The Arista system continues to deliver impressive grades and expansion potential,” said company president and CEO, Jason Reid. 

“Our original deposit model projected two primary veins, the Baja and Arista.  Drilling continues to expand the deposit at depth, along strike as well as parallel to the main structure.  

"With the deposit expanding south towards the Splay 5 and Socorro veins, along with our discovery at Switchback, 500 meters to the northeast of the Arista deposit, we are very impressed with the system’s continued expansion potential."

The chief executive further said that he believes the company is in a strong position to keep adding ounces to the Arista deposit, with the aim of having three to four years of production drilled out in front of it at "any point in time". 

The U.S. based gold and silver producer in December wrapped up its El Aguila mill expansion, boosting its mill capacity to 1,500 tonnes per day. It is expecting a stronger cash position this year as a result, through increased daily tonnage and lower per tonne production costs. 

Based on its preliminary operational results, the company's full year 2013 production came in at 84,835 gold equivalent ounces, in line with its guidance for 80,000 to 100,000 ounces. The gold producer has returned more than $95 million to shareholders in monthly dividends since beginning commercial production in July 2010.

“When we first started production in the Arista underground mine, we were mining the Arista and Baja veins together with just a few minor veins and splays.  Now we have modeled 20 different mineralized primary veins, minor veins and splays," added Gold Resource Corp's VP of exploration, Barry Devlin.

Shares of the junior producer rallied 10.5% in New York, to US$5.87 on Wednesday afternoon, stretching year-to-date gains to over 30%. 

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Wed, 12 Mar 2014 13:29:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/100304/gold-resource-corp-jumps-on-high-grades-at-new-vein-discovery-on-arista-deposit-52709.html
<![CDATA[News - Gold Resource Corp continues to expand Switchback discovery at El Aguila project ]]> http://www.proactiveinvestors.co.uk/companies/news/100182/gold-resource-corp-continues-to-expand-switchback-discovery-at-el-aguila-project-52512.html Gold Resource Corporation (NYSE MKT: GORO) has provided an update on the Switchback discovery at its El Aguila project in Mexico, saying step out drilling continues to expand the high grade mineralization. 

The gold and silver producer, with operations in the southern state of Oaxaca, Mexico, said the Switchback discovery -- which was announced last June -- is now explored 450 metres along strike by 450 metres at depth, containing significant gold, silver, copper, lead and zinc.

The company said late Tuesday that it is continuing to drill step out and infill holes at the site, with the hopes of further expanding the known mineralized zone.

“We are pleased with the continued expansion of the Switchback mineralization,” said president and CEO Jason Reid. 

“We continue to drill this high priority target and are optimistic we may make a development decision for Switchback in the near term.  Preliminary mine planning has begun with conceptual plans to access the Switchback mineralization from the producing underground Arista mine.”

The U.S. based gold and silver producer in December wrapped up its El Aguila mill expansion, boosting its mill capacity to 1,500 tonnes per day. It is expecting a stronger cash position this year following the completion of its mill expansion through increased daily tonnage and lower per tonne production costs. 

"The new gold, silver and base metals discovery at Switchback was the success story of our 2013 drilling program at the El Aguila Project.  Since the first hole, we knew the Switchback zone had excellent potential because of its similarities to our Arista vein system where we are currently producing," said VP of exploration, Barry Devlin. 

Indeed, Devlin said Switchback is a 40- to 100-metre wide alteration zone, containing several mineralized veins associated with rhyolite dikes and hosted in andesite, similar to Arista. The latest discovery is also open in all directions, which increases the potential for additional high grade discoveries, Gold Resource said. 

Based on its preliminary operational results, the company's full year 2013 production came in at 84,835 gold equivalent ounces, in line with its guidance for 80,000 to 100,000 ounces. The gold producer has returned more than $95 million to shareholders in monthly dividends since beginning commercial production in July 2010.

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Wed, 05 Mar 2014 13:31:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/100182/gold-resource-corp-continues-to-expand-switchback-discovery-at-el-aguila-project-52512.html
<![CDATA[News - Gold Resource Corp invests $2 mln into Canamex Resources for 18% stake ]]> http://www.proactiveinvestors.co.uk/companies/news/100060/gold-resource-corp-invests-2-mln-into-canamex-resources-for-18-stake-52338.html Gold Resource (NYSE MKT:GORO) is acquiring an approximate 18% stake in Canada-listed Canamex Resources (CVE:CSQ) (OTCQX:CNMXF), the U.S.-based gold company announced Wednesday, assuming the right to appoint one representative to Canamex's board of directors. 

Canamex is focused on advancing its Bruner gold property in Nevada, announcing earlier this month plans to raise up to $2.16 million through a private placement financing. The company late last month unveiled metallurgical test results it called "encouraging", as they showed high gold extraction rates at both the historic and Penelas East deposit areas at the site, while column leach tests showed rapid gold extractions even from the lower grade portion of the historic resource region. 

The company in December also reported results from three core holes drilled at its Penelas East discovery, saying all the holes intersected long intervals of disseminated gold. Of the highlights, 79.9 metres of 1.5 grams per tonne (g/t) gold was intersected. The Penelas East area has been the focus of exploration for Canamex over the past two years, with the target still remaining open to the north. 

The Bruner project is located about 45 miles northwest of the Round Mountain mine, which has produced over 10 million ounces of gold over a 30-year period.

Gold Resource agreed to acquire 22.22 million common shares of Canamex, at a price of 9 Canadian cents per share, for a total of $2 million. Once the deal is closed, Gold Resource Corp, which produces precious metals from its operations in Oaxaca, Mexico, expects to hold 18.4% of Canamex. 

As long as Gold Resource Corp mantains a 10% holding, the company will have the right to appoint one representative to Canamex's board, with the closing of the placement subject to stock exchange approval. 

Gold Resource Corp said it made the decision to acquire Canamex's shares for investment purposes, and it plans to evaluate the investment on an ongoing basis. 

Separately, the Mexico-focused gold producer also declared its monthly instituted dividend of 1 cent per share for February, payable on March 24 to shareholders of record as of March 11. Gold Resource Corp has returned more than $95 million to shareholders in monthly dividends since beginning commercial production in July 2010. 

Based on its preliminary operational results, the company's full year 2013 production came in at 84,835 gold equivalent ounces, in line with its guidance for 80,000 to 100,000 ounces.  It is expecting a stronger cash position this year following the completion of its mill expansion through increased daily tonnage and lower per tonne production costs. 

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Wed, 26 Feb 2014 08:56:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/100060/gold-resource-corp-invests-2-mln-into-canamex-resources-for-18-stake-52338.html
<![CDATA[News - Gold Resource Corp announces January dividend ]]> http://www.proactiveinvestors.co.uk/companies/news/99634/gold-resource-corp-announces-january-dividend-51644.html Gold Resource Corp (NYSE MKT: GORO) declared Wednesday its monthly dividend of 1 cent per share for January, payable on February 24 to shareholders of record as of February 11. 

The gold and silver producer, with operations in Oaxaca, Mexico, has returned over $93 million to shareholders in monthly dividends since starting production in July 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver.  

Earlier this month, the Mexican-focused gold miner said fourth quarter and full year production was in line with its target range. Based on preliminary operational results, full year 2013 production came in at 84,835 gold equivalent ounces, in line with its guidance for 80,000 to 100,000 ounces. 

In the fourth quarter, the company produced 20,687 ounces, topping third quarter output of 21,244 gold equivalent ounces. Full financial results for the fourth quarter and fiscal year will be released with the company's annual report to be filed with the SEC, according to Gold Resource Corp's statement. 

The U.S. based gold and silver producer last month wrapped up its El Aguila mill expansion, boosting its mill capacity to 1,500 tonnes per day. It is expecting a stronger cash position this year following the completion of its mill expansion through increased daily tonnage and lower per tonne production costs. 

At the very end of 2013, the company also announced that William Reid, the previous chairman, retired from his position, with vice chairman Bill Conrad filling his place. 

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Wed, 29 Jan 2014 14:24:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/99634/gold-resource-corp-announces-january-dividend-51644.html
<![CDATA[News - Gold Resource Corp posts 2013 production in line with estimates; sees stronger year ahead ]]> http://www.proactiveinvestors.co.uk/companies/news/99503/gold-resource-corp-posts-2013-production-in-line-with-estimates-sees-stronger-year-ahead-51439.html Gold Resource Corp (NYSE MKT: GORO) shares rose on Tuesday after the Mexican-focused gold miner said fourth quarter and full year production was in line with its target range. 

Based on preliminary operational results, full year 2013 production came in at 84,835 gold equivalent ounces, in line with its guidance for 80,000 to 100,000 ounces. 

In the fourth quarter, the company produced 20,687 ounces, topping third quarter output of 21,244 gold equivalent ounces. Full financial results for the fourth quarter and fiscal year will be released with the company's annual report to be filed with the SEC, according to Gold Resource Corp's statement. 

 “We are pleased 2013 production was within our targeted annual production range,” said president and CEO Jason Reid in the release Tuesday. 

“We achieved this in spite of a weakening gold to silver ratio working against our precious metal gold equivalent production for the year."

The U.S. based gold and silver producer, with operations in the southern state of Oaxaca, Mexico, last month wrapped up its El Aguila mill expansion, boosting its mill capacity to 1,500 tonnes per day. It is expecting a stronger cash position this year following the completion of its mill expansion through increased daily tonnage and lower per tonne production costs. 

"We also achieved our goal during a significant expansion year for both the Aguila mill and Arista mine, while sustaining various mill shut down days for construction and maintenance during the fourth quarter," said Reid. 

"With nominal mill production capacity increased to 1,500 tonnes per day, our primary focus continues on mine development targeting increased tonnages over the 2013 average processing rate of approximately 866 tonnes per day.  

"We are finalizing the company’s 2014 outlook and targeted production range and remain optimistic our excellent Oaxaca team will continue to achieve our future production goals.”

At the very end of 2013, the company also announced that William Reid, the previous chairman, retired from his position, with vice chairman Bill Conrad filling his place. Gold Resource Corp has returned more than $92 million to shareholders in monthly dividends since starting production in July 2010. 

Its stock climbed 2.6% on Tuesday, to $5.08, extending year-to-date gains to almost 12%. 

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Tue, 21 Jan 2014 12:56:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/99503/gold-resource-corp-posts-2013-production-in-line-with-estimates-sees-stronger-year-ahead-51439.html
<![CDATA[News - Gold Resource Chairman Reid retires; Conrad takes over ]]> http://www.proactiveinvestors.co.uk/companies/news/99226/gold-resource-chairman-reid-retires-conrad-takes-over-51001.html Gold Resource Corp. (NYSEMKT:GORO), a gold and silver producer with operations in Mexico, announced yesterday morning that Chairman William Reid will retire effective today.

The Colorado Springs, Colorado-based company said Vice Chairman Bill Conrad was selected to take over the chairman position.

Conrad is the company's longest tenured independent director, having served since 2006. From 1990 until December 2012, Conrad served as Vice-President of MCM Capital Management, Inc., a privately-held financial and management consulting firm he co-founded. Conrad also serves as a director of Synergy Resources Corp.

In connection with the retirement of Reid, the board decided to cut the number of members to its current number of four, with three of these four seats held by independent directors, for the foreseeable future.

Gold Resource has a 100 percent interest in six potential high-grade gold and silver properties in Mexico's southern state of Oaxaca.

Gold Resource shares dropped 4.4 percent on the news yesterday. The shares were up 0.2 percent to $4.56 at 11:48 a.m. in New York today.

The stock has lost 70 percent so far this year, giving the company a market value of $246 million.

 

 

 

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Tue, 31 Dec 2013 11:52:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/99226/gold-resource-chairman-reid-retires-conrad-takes-over-51001.html
<![CDATA[News - Gold Resource Corp lowers monthly dividend amid "extreme pressure" in metals space ]]> http://www.proactiveinvestors.co.uk/companies/news/99273/gold-resource-corp-lowers-monthly-dividend-amid-extreme-pressure-in-metals-space-51063.html Gold Resource Corp (NYSE MKT:GORO) has lowered its monthly dividend by two pennies beginning with the December dividend, it said Thursday. 

The monthly dividend will now be one cent, compared to the previous payout of three cents per month, starting with the dividend payable on January 24 to shareholders of record as of January 13. 

The company said the change is due to continued weakness and volatility in precious metal prices, as well as the recent 8% tax imposed on precious metal producers in Mexico, where it operates. The move is also a part of its plan to conserve cash and maintain flexibility for future opportunities. 

The gold and silver miner, with operations in Oaxaca, Mexico, has returned more than $92 million to shareholders in monthly dividends since starting production in July 2010. 

The company said that it experienced lower revenues last year, in line with the industry, due to the declining metal prices, while it also chose to invest a significant amount of its cash flow into expanding its El Aguila mill's processing capacity to 1,500 tonnes per day. 

Gold Resource Corp said that the new Mexican tax, which is to take effect this month, is expected to increase its effective tax burden going forward, and as such, its board has decided to improve its cash position to allow for financial flexibility.

“Continued metal market weakness, decreased revenues during this metal price pullback and the new royalty tax were among the major drivers of this decision," said president and chief executiveJason Reid in a statement announcing the decision.

"It is important for shareholders to understand our business philosophy and shareholder friendly approach has not changed. Management has demonstrated its fiscal discipline to distribute substantial dividends to shareholders and is pleased, given the difficult times for the industry, to continue to pay a monthly dividend.

"However, with the metals space under extreme pressure, it is more important management allocate capital to ensure the success of the company and its long-term growth objectives.” 

The company's goal remains to distribute about one third of its cash flow from mine site operations to shareholders through dividends. 

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Thu, 26 Dec 2013 16:24:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/99273/gold-resource-corp-lowers-monthly-dividend-amid-extreme-pressure-in-metals-space-51063.html
<![CDATA[News - Gold Resource Corp may define next economic deposit next year if drilling momentum continues ]]> http://www.proactiveinvestors.co.uk/companies/news/99083/gold-resource-corp-may-define-next-economic-deposit-next-year-if-drilling-momentum-continues-50760.html Gold Resource Corp (NYSE MKT:GORO) shares are rising Tuesday after the company announced it has expanded its Switchback discovery at its El Aguila project in Mexico, saying it could have its next economic deposit defined sometime next year if similar drilling results continue. 

The U.S.-based gold miner, which already produces gold from its flagship project, intercepted several high grade veins over a 68-metre wide interval, according to a statement. 

The Switchback discovery is located about 500 metres northeast of the Arista deposit and underground mine, which the company is currently developing. The new discovery has been Gold Resource Corp's highest priority exploration target since first drilling in June.

Recent step out drilling has yielded intercepts of 5.27 metres of 2.93 grams per tonne (g/t) gold, 0.89 metres of 16.95 g/t gold and 1.6 metres of 575 g/t silver. This follows two intercepts from the area reported in June, including 2.2 metres of 12.91 g/t gold and 410 g/t silver.

In addition, a better drill more suited to reach the Switchback target zone from underground drill stations was recently brought to the site, drilling two more step-out holes that extended high grade mineralization 40 metres to the southeast and 200 metres along strike northwest. The drilling also expanded mineralization 115 metres vertically below previous holes. 

A third step out hole is currently underway, the company said, with several other holes planned in the coming months to test target extensions.

“This mineralization is either an extension of the Arista deposit or a parallel vein system 500 meters to the northeast,” said CEO Jason Reid in the release. 

“It is very positive to continue to see high-grade gold, silver, copper, lead and zinc associated with these latest drill results.  The grades and the drill core at the Switchback look very similar to our veins in the Arista vein system and dramatically speak to the potential size of our high-grade epithermal system on the Aguila Project and our 48 kilometer mineralized structural corridor."

He added: "If step-out drilling at Switchback continues with similar results we may have our next economic deposit defined sometime next year and plan to position our mine development accordingly.”

Late Monday, Gold Resource Corp said it has wrapped up its El Aguila mill expansion plan in Mexico, boosting its mill capacity to 1,500 tonnes per day. At the end of September, the U.S.-based gold miner milled an average of 853 tonnes per day, with plans to ramp up this mill feed to 1,500 tonnes through the continued development of its Arista underground mine at the site. 

The company, which has returned more than $91 million to shareholders in monthly dividends since beginning production at its El Aguila operations in Mexico in 2010, said last month that it is expecting a stronger cash position early next year following the completion of its mill expansion through increased daily tonnage and lower per tonne production costs. 

Shares of the Colorado-headquartered company jumped 2.7% on Tuesday, to $4.92. 

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Tue, 17 Dec 2013 12:50:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/99083/gold-resource-corp-may-define-next-economic-deposit-next-year-if-drilling-momentum-continues-50760.html
<![CDATA[News - Gold Resource Corp to see improved cash flow as El Aguila mill expansion complete ]]> http://www.proactiveinvestors.co.uk/companies/news/99075/gold-resource-corp-to-see-improved-cash-flow-as-el-aguila-mill-expansion-complete-50751.html Gold Resource Corp (NYSE MKT:GORO) says it has wrapped up its El Aguila mill expansion plan in Mexico, boosting its mill capacity to 1,500 tonnes per day. 

Commissioning of the flotation circuits' second ball mill was announced last month, with the commissioning of the new flotation cells effectively concluding the construction for the mill expansion, the company said. 

Optimization of the new equipment will continue into early next year, according to Gold Resource Corp's statement. At the end of September, the U.S.-based gold miner milled an average of 853 tonnes per day, with plans to ramp up this mill feed to 1,500 tonnes through the continued development of its Arista underground mine at the site. 

The company, which has returned more than $91 million to shareholders in monthly dividends since beginning production at its El Aguila operations in Mexico in 2010, said last month that it is expecting a stronger cash position early next year following the completion of its mill expansion through increased daily tonnage and lower per tonne production costs. 

It made the predictions in a statement announcing its third quarter financials, which were lower year-over-year as miners continue to face declining precious metals prices and challenging financial markets. But the company's operating performance remains on track, with Gold Resource standing by its full year production outlook of 80,000 to 100,000 ounces of gold equivalent.

Shares of the Colorado-based company rose over 1% in early deals, to $4.84 on Tuesday. 

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Tue, 17 Dec 2013 09:39:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/99075/gold-resource-corp-to-see-improved-cash-flow-as-el-aguila-mill-expansion-complete-50751.html
<![CDATA[News - Gold Resource Corp declares dividend for November ]]> http://www.proactiveinvestors.co.uk/companies/news/98740/gold-resource-corp-declares-dividend-for-november-50235.html Gold Resource Corp (NYSE MKT:GORO) has declared a monthly dividend of three cents per share for November, it said Wednesday. 

The dividend is payable on December 23 to shareholders of record as of December 11. 

The company, which has returned more than $91 million to shareholders in monthly dividends since beginning production at its El Aguila operations in Mexico in 2010, said earlier this month that it is expecting a stronger cash position early next year as the expansion of its mill nears completion. The U.S.-based gold producer also said it expects increased daily tonnage and lower per tonne production costs. 

The company made the predictions in a statement announcing its third quarter financials, which were lower year-over-year as miners continue to face declining precious metals prices and challenging financial markets. But the company's operating performance remains on track, with Gold Resource standing by its full year production outlook of 80,000 to 100,000 ounces of gold equivalent.

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Wed, 27 Nov 2013 13:57:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/98740/gold-resource-corp-declares-dividend-for-november-50235.html
<![CDATA[News - Gold Resource Corp expects improved results starting early 2014 as expansion nears finish line ]]> http://www.proactiveinvestors.co.uk/companies/news/98370/gold-resource-corp-expects-improved-results-starting-early-2014-as-expansion-nears-finish-line-49701.html Gold Resource Corp (NYSE MKT:GORO) is expecting a stronger cash position early next year as the expansion of its El Aguila mill nears completion, with the U.S.-based gold producer saying it also expects increase daily tonnage and lower per tonne production costs. 

The company made the predictions in a statement announcing its third quarter financials, which were lower year-over-year as miners continue to face declining precious metals prices and challenging financial markets. But the company's operating performance remains on track, with Gold Resource standing by its full year production outlook of 80,000 to 100,000 ounces of gold equivalent.

For the three months to September 30, the company, with operations in Oaxaca, Mexico, reported a net loss of $1.8 million, or 3 cents per share, compared to a net profit of $6.9 million, or 12 cents per share, a year ago. 

Revenues declined to $29.4 million from $36.0 million, as the average realized gold price dropped dramatically to $1,240 an ounce from $1,769 an ounce in the third quarter last year. The silver price, too, slid to $19 an ounce from $32 an ounce.

Gold and silver recoveries remained strong during the quarter, while tonnes milled per day increased to 913 from 835, with plans to eventually move capacity up to a nominal 1,500 tonnes per day. Production during the latest period edged down slightly to 21,244 precious metal ounces from 22,336 ounces a year ago, with the company selling 19,033 ounces.

Total cash costs were $756 per gold equivalent ounce, Gold Resource Corp said, recovering $12.8 million of cash flow from mine site operations during the quarter. 

The company, with cash and equivalents of $17.6 million at quarter-end, continues to develop the Arista underground mine at the site as it is expected to deliver increased daily tonnage to the Aguila mill at year-end and into next year. 

Earlier this week, the gold miner said it commissioned the second ball mill at its El Aguila mill flotation circuit, and that mill testing and preparations for ore feed are underway, to be followed by ramp up in mill tonnage.

“Our project team continues to deliver on target results even in the midst of ongoing mill expansion construction and an increasing silver-to-gold ratio," said president and CEO Jason Reid in a statement late Thursday, adding that it should wrap up construction activities these next several weeks with the commissioning of the new flotation cells.

“Expectations for early 2014 include an increased cash position as mill expansion capital expenditures come to an end, increased daily tonnage through the expanded El Aguila mill and increased production with lower per tonne production costs.” 

The gold and silver producer has returned more than $90 million to shareholders in monthly dividends since starting production in July 2010, delivering distributions of $4.8 million in the latest quarter. 

Shares declined 4.75% to $5.21 in early deals on Friday. 

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Fri, 08 Nov 2013 10:15:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/98370/gold-resource-corp-expects-improved-results-starting-early-2014-as-expansion-nears-finish-line-49701.html
<![CDATA[News - Gold Resource Corp says expansion near complete at El Aguila with second ball mill operational ]]> http://www.proactiveinvestors.co.uk/companies/news/98297/gold-resource-corp-says-expansion-near-complete-at-el-aguila-with-second-ball-mill-operational-49575.html Gold Resource Corporation (NYSE MKT:GORO) says it has commissioned the second ball mill at its El Aguila mill flotation circuit in Mexico, with the expansion now almost complete, eventually moving capacity up to a nominal 1,500 tonnes per day. 

Mill testing and preparations for ore feed are underway, the company said, to be followed by a ramp-up in mill tonnage throughput. Shares climbed 1.5% to US$5.55 in New York. 

“In addition to the new ball mill commissioning, our new ten megawatt diesel generated power plant is operational, providing substantial power to our El Aguila Project for the foreseeable future,” said president and CEO Jason Reid in a release Tuesday.

“We are pleased with these final phases of construction and expect the remainder of the mill expansion to deliver by year-end 2013 and accommodate increased production.”

The U.S.-based gold and silver producer, with operations in the southern state of Oaxaca, Mexico, has returned over $91 million to shareholders in monthly dividends since production began in July 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver.  

Last month, the company said that gold production at its El Aguila mine in Mexico increased in the third quarter from the prior period but fell slightly year-over-year. For the three months that ended September 30, the company produced approximately 21,200 ounces of gold equivalent, up from 20,574 ounces in the second quarter, but down from 22,336 ounces a year ago. 

The company continues to develop the Arista underground mine as it is expected to deliver increased daily tonnage to the Aguila mill at year-end into next year. Gold Resource Corp also stood by its full year production outlook of between 80,000 to 100,000 gold equivalent ounces, producing 64,148 up until the end of the third quarter.

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Tue, 05 Nov 2013 11:11:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/98297/gold-resource-corp-says-expansion-near-complete-at-el-aguila-with-second-ball-mill-operational-49575.html
<![CDATA[News - Gold Resource Corp declares October dividend ]]> http://www.proactiveinvestors.co.uk/companies/news/98187/gold-resource-corp-declares-october-dividend-49378.html Gold Resource Corp (NYSE MKT:GORO) has declared its monthly dividend of 3 cents per share for October, payable on November 25, to shareholders of record as of November 11, the company announced late Tuesday. 

The U.S.-based gold and silver producer, with operations in the southern state of Oaxaca, Mexico, has returned over $91 million to shareholders in monthly dividends since production began in July 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver.  

Earlier this month, the company said that gold production at its El Aguila mine in Mexico increased in the third quarter from the prior period but fell slightly year-over-year. For the three months that ended September 30, the company produced approximately 21,200 ounces of gold equivalent, up from 20,574 ounces in the second quarter, but down from 22,336 ounces a year ago. 

The gold producer said construction remains on track to deliver the complete Aguila mill expansion of 1,500 tonnes per day by the end of this year. The company continues to develop the Arista underground mine as it is expected to deliver increased daily tonnage to the Aguila mill at year-end into next year. 

Gold Resource Corp also stood by its full year production outlook of between 80,000 to 100,000 gold equivalent ounces, producing 64,148 up until the end of the third quarter.

“We are very close to completing our mill expansion and continue to focus on development of our Arista underground mine in preparation for pulling increased tonnes to feed our expanded new mill," said president and CEO Jason Reid in the statement released October 15. 

Full financial results for the third quarter will be available when the company files its quarterly report with the SEC, Gold Resource Corp said. 

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Wed, 30 Oct 2013 10:05:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/98187/gold-resource-corp-declares-october-dividend-49378.html
<![CDATA[News - Gold Resource Corp says Q3 production in line with forecasts as Aguila mill expansion close to completion ]]> http://www.proactiveinvestors.co.uk/companies/news/97894/gold-resource-corp-says-q3-production-in-line-with-forecasts-as-aguila-mill-expansion-close-to-completion-48920.html Gold Resource Corp (NYSE MKT:GORO) says that gold production at its El Aguila mine in Mexico increased in the third quarter from the prior period but fell slightly year-over-year. 

For the three months that ended September 30, the company produced approximately 21,200 ounces of gold equivalent, up from 20,574 ounces in the second quarter, but down from 22,336 ounces a year ago. 

The gold producer said construction remains on track to deliver the complete Aguila mill expansion of 1,500 tonnes per day by the end of this year. The company continues to develop the Arista underground mine as it is expected to deliver increased daily tonnage to the Aguila mill at year-end into next year. 

Gold Resource Corp also stood by its full year production outlook of between 80,000 to 100,000 gold equivalent ounces, producing 64,148 this year so far. 

“We are very close to completing our mill expansion and continue to focus on development of our Arista underground mine in preparation for pulling increased tonnes to feed our expanded new mill," said president and CEO Jason Reid in the statement. 

Since declaring production at the mine in July 2010, the U.S.-based gold producer has returned more than $90 million to shareholders in monthly dividends. Full financial results for the third quarter will be available when the company files its quarterly report with the SEC, Gold Resource Corp said. 

Shares were higher by almost 2 per cent on Tuesday Morning, at $4.74. 

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Tue, 15 Oct 2013 09:59:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/97894/gold-resource-corp-says-q3-production-in-line-with-forecasts-as-aguila-mill-expansion-close-to-completion-48920.html
<![CDATA[News - Gold Resource Corp appoints new CFO ]]> http://www.proactiveinvestors.co.uk/companies/news/97861/gold-resource-corp-appoints-new-cfo-48862.html Gold Resource Corp (NYSE MKT:GORO) says it has appointed Joe Rodriguez as its new CFO to replace Brad Blacketor, who has resigned from his post due to personal reasons. 

Rodriguez is currently the corporate controller for the company, with Blacketor agreeing to remain with Gold Resource to assist with the transition and to ensure the third quarter financials are filed in a timely manner. 

“It has been a pleasure working with Joe the past three years in his capacity of Corporate Controller, and I look forward to working closer with Joe as CFO," said Gold Resource Corp president and CEO Jason Reid in the statement. 

Rodriguez has served as corporate controller of the company since 2010, and prior to this, was the internal audit director for Apex Silver Mines Corp. He previously worked for several professional CPA firms and brings more than 15 years of senior level financial experience, according to the gold miner's statement released late Thursday. 

In August, Gold Resource reported a 42% rise in production in the second quarter. It recorded a net loss of $1.37 million, or three cents per share, compared to a net profit of $4.13 million, or seven cents per share a year ago. The miner said mill expansion was the main reason for the loss and expects costs to drop once the mill runs at full capacity.

The company says it continues to target increased production levels in anticipation of increased milling capacity later this year, expecting a decrease in production costs with higher mill throughput.

The U.S.-based gold producer, with operations in the southern state of Oaxaca, Mexico, has returned over $90 million to shareholders in monthly dividends since production started in July 2010. The company's former CEO, William Reid retired from the company at the beginning of October. 

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Fri, 11 Oct 2013 08:59:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/97861/gold-resource-corp-appoints-new-cfo-48862.html
<![CDATA[News - Gold Resource Corp dishes out September dividend ]]> http://www.proactiveinvestors.co.uk/companies/news/97601/gold-resource-corp-dishes-out-september-dividend-48457.html Gold Resource Corp (NYSE MKT:GORO) declared Thursday its monthly dividend of three cents per share for September, with the gold producer having now returned more than $90 million to shareholders in such payments since beginning production in July of 2010. 

The latest dividend is payable on October 23rd, to shareholders of record as of October 11. 

The U.S.-based gold producer, with operations in the southern state of Oaxaca, Mexico, also offers shareholders the option to convert their cash dividends into physical gold and silver. 

The company's stock was up 0.3 per cent at $6.73 on Thursday. Earlier this month, Gold Resource Corp said that its CEO, William Reid, will retire from the company at the end of the month, with current president Jason Reid to take the helm, effective October 1. 

In August, Gold Resource reported a 42% rise in production in the second quarter. It recorded a net loss of $1.37 million, or three cents per share, compared to a net profit of $4.13 million, or seven cents per share a year ago. The miner said mill expansion was the main reason for the loss and expects costs to drop once the mill runs at full capacity.

The gold miner, with cash and equivalents of $30.4 million at quarter end, realized $12.5 million in cash flow from mine site operations and distributed dividends of $6.4 million or 12 cents per share for the three month period, after cutting its monthly dividend in half earlier this year in response to the precipitous precious metals price drop. 

The company said it continues to target increased production levels in anticipation of increased milling capacity later this year, expecting a decrease in production costs with higher mill throughput.

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Thu, 26 Sep 2013 12:48:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/97601/gold-resource-corp-dishes-out-september-dividend-48457.html
<![CDATA[News - Gold Resource Corp's CEO to retire, president Jason Reid succeeds ]]> http://www.proactiveinvestors.co.uk/companies/news/97273/gold-resource-corps-ceo-to-retire-president-jason-reid-succeeds-47875.html Gold Resource Corp (NYSE MKT:GORO) has said that its CEO, William Reid, will retire frm the company at the end of the month. 

William Reid will continue to serve as chairman to assist with the management transition, with current president Jason Reid to take the helm, effective October 1. 

Jason will also continue to serve as president, and as a director, having been appointed president in July 2010. He also served as VP of corporate development for Gold Resource Corp prior to this, from January 2008, and was named to the board of directors in 2010. He joined the company in 2006. 

"The Board of Directors believes he has been instrumental in managing the company from its evolution as a precious metal explorer to a precious metal producer and dividend payer and will continue to provide a continuity of strategy, culture and vision for the organization," the Gold Resource Corp statement read.

William Reid, in the release Tuesday, commented on his departure: “I come to this retirement decision with appreciation for all of the people I have known and worked with during my career.  I embark on my retirement with the strong belief that the company is in great hands to continue building value for its shareholders."

The board has also appointed Bill Conrad to serve as vice-chairman, the company said, with Conrad being the company's longest tenured independent director, serving on the board since the gold producer went public in 2006. Conrad is also chairman at PetroShare Corp, a privately held oil and gas exploration company, and is a director at Synergy Resources. 

The gold producer, with operations in the southern state of Oaxaca, Mexico, has returned more than $88 million to shareholders in monthly dividends since starting production in July 2010. The stock, which has exploded eight-fold since it began trading publically in 2006, has a yield of about 4%.

In August, Gold Resource reported a 42% rise in production in the second quarter. It recorded a net loss of $1.37 million, or three cents per share, compared to a net profit of $4.13 million, or seven cents per share a year ago. The miner said mill expansion was the main reason for the loss and expects costs to drop once the mill runs at full capacity.

The gold miner, with cash and equivalents of $30.4 million at quarter end, realized $12.5 million in cash flow from mine site operations and distributed dividends of $6.4 million or 12 cents per share for the three month period, after cutting its monthly dividend in half earlier this year in response to the precipitous precious metals price drop. 

The company said it continues to target increased production levels in anticipation of increased milling capacity later this year, expecting a decrease in production costs with higher mill throughput.

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Tue, 10 Sep 2013 11:37:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/97273/gold-resource-corps-ceo-to-retire-president-jason-reid-succeeds-47875.html
<![CDATA[News - Gold Resource Corp declares August dividend ]]> http://www.proactiveinvestors.co.uk/companies/news/97046/gold-resource-corp-declares-august-dividend--47456.html Gold Resource Corp (NYSE MKT:GORO) declared Tuesday its August dividend of three cents per share, payable on September 23 to shareholders of record as of September 11. 

The gold producer, with operations in the southern state of Oaxaca, Mexico, has returned more than $88 million to shareholders in monthly dividends since starting production in July 2010. The stock, which has exploded eight-fold since it began trading publically in 2006, and has a yield of about 4%.

Earlier this month, Gold Resource reported a 42% rise in production in the second quarter. It recorded a net loss of $1.37 million, or three cents per share, compared to a net profit of $4.13 million, or seven cents per share a year ago. The miner said mill expansion was the main reason for the loss and expects costs to drop once the mill runs at full capacity.

The company sold 19,992 ounces of precious metal during the quarter, at realized average prices of $1,386 per ounce of gold and $23 per ounce of silver. Precious metals prices dropped dramatically in the second quarter, with the price of gold tanking 23% during the period, hurting miners everywhere.

Total cash costs were higher, at $645 per ounce of gold equivalent, including a five per cent royalty, compared to $509 per ounce in the same period last year. 

The gold miner, with cash and equivalents of $30.4 million at quarter end, realized $12.5 million in cash flow from mine site operations and distributed dividends of $6.4 million or 12 cents per share for the three month period, after cutting its monthly dividend in half earlier this year in response to the precipitous precious metals price drop. 

The company said it continues to target increased production levels in anticipation of increased milling capacity later this year, expecting a decrease in production costs with higher mill throughput.

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Tue, 27 Aug 2013 14:21:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/97046/gold-resource-corp-declares-august-dividend--47456.html