Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Gold Resource Corp maintains lower range of 2015 annual production 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
Gold Resource Corp maintains lower range of 2015 annual production outlook
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 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.

View full GORO profile View Profile

Gold Resource Corporation Timeline

Newswire
October 30 2017

Related Articles

picture of gold
November 20 2017
The oxide mineralisation is open to the northeast with potential continuity for at least three kilometres
picture of gold pour
September 05 2017
Sener wants to do more work itself at Salinbas to see what’s there
logan_=_brik_prperty.png
June 20 2017
Last year, it struck an option deal with Pilot Gold Inc, whereby it can evaluate nine exploration projects

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use