Gold Resource Corporation Reports Record Third Quarter Gold Production and Increases 2019 Annual Gold Production Outlook by 4...
October 17 2019 - 7:45AM
via NEWMEDIAWIRE -- Gold Resource Corporation (NYSE American:
GORO) (the “Company”)
reports record preliminary
gold production results for the third quarter ended September 30,
2019 of 11,165 ounces, reflecting the growing gold production
impact from its Isabella Pearl mine, located in Mineral County,
Nevada. In addition, the Company reports preliminary third
quarter production of 477,297 ounces of silver and significant
copper, lead and zinc. With the Isabella Pearl project now in
commercial production, Gold Resource Corporation has increased its
2019 global annual gold production outlook by 42% to 38,400 gold
ounces, plus or minus 10 percent. Gold Resource Corporation
is a gold and silver producer, developer and explorer with
operations in Oaxaca, Mexico and Nevada, USA. The Company has
returned $112 million to its shareholders in monthly dividends
since commercial production commenced July 1, 2010 and offers its
shareholders the option to convert their cash dividends into
physical gold and silver and take delivery.
Preliminary third quarter production from the
Company’s Oaxaca Mining Unit totaled 7,462 ounces of gold, 473,810
ounces of silver, 492 tonnes of copper, 2,459 tonnes of lead and
6,057 tonnes of zinc. Through the first three quarters of
2019, the Company’s Oaxaca Mining Unit’s preliminary production
numbers total 21,881 ounces of gold, 1,304,975 ounces of silver,
1,407 tonnes of copper, 6,916 tonnes of lead and 17,949 tonnes of
zinc.
Preliminary third quarter production from the
Company’s Nevada Mining Unit totaled 3,703 ounces of gold.
The Company announced on October 7, 2019 that the Isabella Pearl
mine has reached commercial production levels. Since
producing first gold in April 2019, the Isabella Pearl mine has
produced approximately 5,381 ounces of gold through September 30,
2019. Fourth quarter 2019 gold production estimate for the
Isabella Pearl mine targets 6,000 ounces, plus or minus 10 percent.
The production ramp up at the Isabella Pearl mine is expected
to continue over the next year. While quarterly production
fluctuations are likely, production over the next several quarters
is expected to increase to an approximate 40,000 gold ounce annual
production rate estimated in late 2020.
The Company maintains its 2019 Oaxaca Mining Unit
Annual Production Outlook of 27,000 gold ounces and 1,700,000
silver ounces, plus or minus 10 percent. In addition, the
Company’s Nevada Mining Unit targets 6,000 ounces of gold
production, plus or minus 10 percent, for the fourth quarter of
2019. This fourth quarter production target coupled with
5,381 gold ounces produced year-to-date, increases the Company’s
global 2019 annual gold production outlook to 38,400 ounces, plus
or minus 10 percent. Full financial results for the third
quarter will be available at the time the Company files its
quarterly report on Form 10-Q with the Securities and Exchange
Commission.
About GRC:
Gold Resource Corporation is a gold and silver
producer, developer and explorer with operations in Oaxaca, Mexico
and Nevada, USA. The Company targets low capital expenditure
projects with potential for generating high returns on
capital. The Company has returned $112 million back to its
shareholders in consecutive monthly dividends since July 2010 and
offers its 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.
Contacts:
Corporate Development
Greg Patterson
303-320-7708
www.goldresourcecorp.com
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