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.