Gold Resource Corporation Celebrates Milestones of 10 Year Production, Over $1 Billion in Revenue and $114 Million in Dividen...
July 01 2020 - 8:00AM
via NEWMEDIAWIRE -- Gold Resource Corporation (NYSE American: GORO)
(the “Company”)
today announced the milestones of a
decade of production, generating over $1 billion in revenue and
distributing over $114 million in shareholder dividends from its
Oaxaca Mining Unit in Mexico. Gold Resource Corporation is a
gold and silver producer, developer and explorer with operations in
Oaxaca, Mexico and Nevada, USA. The Company has returned
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.
The Company announced commercial production from its Oaxaca
Mining Unit (OMU) on July 1, 2010 estimating the Arista Mine’s life
of mine at a minimum of nine years while only having three to four
years of internally delineated resource at that time. Today,
July 1, 2020, marks the milestone of one full decade of production
from the OMU exceeding the Company’s then nine-year 2010 mine life
estimate. With approximately four years of current proven and
probable reserves, there is a strong possibility of a second decade
of production ahead for the OMU. The Arista mine has grown
extensively over the past decade with the discovery of numerous
vein systems and a geologic structural setting conducive for
possible new vein system discoveries. Discoveries to date
represent approximately only 2% of the Company’s 560 square
kilometer land package along a 55-kilometer mineralized trend with
potential to not only expand existing deposits but discover new
ones as well.
The Company’s philosophy of dividend distributions has remained
intact over the last decade with 120 consecutive monthly dividend
distributions since July 1, 2010. Shareholders have received
over $114 million in dividends since July of 2010, which represents
approximately 10% of revenues generated.
“A decade of production success marks a milestone from our
Oaxaca Mining Unit and is the ultimate triumph over the numerous
mining industry challenges and metal market volatility over that
time frame,” stated Gold Resource Corporation’s CEO and President,
Mr. Jason Reid. “To return ten percent of total gross
revenues back to shareholders in dividends is a second milestone
few other mining companies will ever pursue or achieve. In
addition, our Oaxaca Mining Unit’s success lead to the formation
and building of our Nevada Mining Unit. We are proud to say
2019 marked our ninth consecutive full year of profitability since
announcing commercial production, and as we look to the future, we
optimistically see another decade of production ahead in
Oaxaca. The Oaxaca Mining Unit has grown into the keystone
asset of the Company and shareholders are very fortunate this large
and powerful high-grade epithermal system has delivered its first
billion dollars of production and may ultimately deliver several
more.”
Mr. Reid continued, “I would like to thank the dedicated and
hardworking team of professionals at Gold Resource Corporation who
have delivered these ten years of successful production. In
addition, I would also like to thank the Company’s Board of
Directors who not only believed in the project, but also supported
and shaped our unique approach to the business of mining.
Finally, I would like to thank our shareholders who have supported
us over the last decade. The Company eyes a similar milestone
announcement in July of 2030.”
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 $114 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, the scope,
duration, and impact of the COVID-19 pandemic on mining operations,
Company employees, and supply chains as well as the scope, duration
and impact of government action aimed at mitigating the pandemic
may cause the actual results and future events to differ materially
from those expressed or implied by such forward-looking
information. Also, 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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