COLORADO SPRINGS, CO, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Gold Resource Corporation (NYSE American: GORO) (the “Company”) today announced preliminary 2017 year-end and fourth quarter mill production results. The Company produced approximately 28,117 gold ounces and 1,773,263 silver ounces for the 2017 year, which met its annual gold and silver production target ranges. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has returned $110 million to shareholders in monthly dividends since commercial production commenced July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
The Company’s 2017 annual production targets were 27,500 gold ounces and 1,850,000 silver ounces, plus or minus a 5% range. Preliminary production results for 2017 of approximately 28,117 gold ounces and 1,773,263 silver ounces achieved the targeted range with gold reaching the upper end of the target. Fourth quarter gold and silver production totaled approximately 9,209 ounces and 555,550 ounces, respectively. Preliminary annual base metal production included approximately 1,141 tonnes of copper, 5,365 tonnes of lead and 16,301 tonnes of zinc.
“Our Oaxaca Mining Unit’s operations team delivered another year of solid production results for 2017,” Gold Resource Corporation CEO and President, Mr. Jason Reid, stated. “In addition to achieving annual precious metal production targets, the team successfully targeted and mined base metal rich areas of the Arista mine to take advantage of multi-year high base metal prices which generated substantial additional revenue for the year. The team also executed on the development of the Arista Mine’s Switchback vein system, delivering on our goal to achieve over one year of Switchback mine development prior to commissioning bulk tonnage mining techniques. With five levels now developed at Switchback, the Company expects to begin first stoping operations during the first quarter of 2018.”
Mr. Reid continued, “2017 was also a successful year for the Company’s Nevada Mining Unit, where the Company acquired the highly prospective 5,500 acre East Camp Douglas exploration property, and added a significant number of additional claims to the Isabella Pearl Project, which now encompasses over 9,000 acres. Our Nevada team continues to work hard pushing the Isabella Pearl Project’s permitting forward, with a goal of pouring first gold by the end of 2018 subject to receiving the requisite permits in the near future.”
Full financial results for the fourth quarter and fiscal year-end 2017 will be available in the Company’s annual report on Form 10-K to be filed with the Securities and Exchange Commission.
The Company is finalizing its 2018 production Outlook and looks forward to its future release.
About GRC:
Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has 56,931,448 shares outstanding, zero warrants and has returned $110 million back to shareholders since commercial production commenced July 1, 2010. Gold Resource Corporation offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery. For more information, please visit GRC’s website, located at www.goldresourcecorp.com and read the Company’s 10-K for an understanding of the risk factors involved.
Cautionary Statements:
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words “plan”, “target”, "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation’s strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that production will continue at any specific rate. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company’s 10-K filed with the SEC.