Gold Resource Corporation Reports Second Quarter Preliminary Production Including 41% Increase in Nevada Gold Production
July 15 2020 - 8:00AM
via NEWMEDIAWIRE -- Gold Resource Corporation (NYSE American:
GORO) (the “Company”)
reports preliminary
consolidated production results for the second quarter ended June
30, 2020 of 7,649 ounces of gold, 191,232 ounces of silver and
significant base metals. Gold Resource Corporation is a gold
and silver producer, developer and explorer with operations in
Oaxaca, Mexico and Nevada, USA. The Company has returned $114
million 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.
Preliminary second quarter production from the Company’s Nevada
Mining Unit totaled 5,208 ounces of gold, a gold production
increase of 41% over the prior quarter during the Isabella Pearl
Mine’s ongoing production ramp up phase. Through the first
half of 2020, the Company’s Nevada Mining Unit’s preliminary
production numbers total 8,900 ounces of gold. The first
mining levels reached the top of the deposit’s high-grade “Pearl”
zone mid-way through the second quarter having removed overburden
above this area for more than one year. The Pearl zone is
estimated to contain 80% of the gold ounces at the Isabella Pearl
deposit with an estimated average gold grade of 4 grams per
tonne. While there remains significant overburden removal at
Pearl before accessing larger tonnages of this high-grade zone,
Gold Resource Corporation remains on track for its targeted gold
production ramp up into the fourth quarter, positioning the Company
for its 40,000 gold ounce production target in 2021.
Preliminary second quarter production from the Company’s Oaxaca
Mining Unit totaled 2,441 ounces of gold, 185,330 ounces of silver,
246 tonnes of copper, 1,140 tonnes of lead and 3,004 tonnes of
zinc. Through the first half of 2020, the Company’s Oaxaca
Mining Unit’s preliminary production numbers total 8,891 ounces of
gold, 587,872 ounces of silver, 734 tonnes of copper, 3,654 tonnes
of lead and 8,848 tonnes of zinc. Second quarter production
was impacted by the nearly two-month shutdown mandated by the
Mexican government. At the start of the quarter, on April 1,
2020, the Company announced the suspension of its Oaxaca Mining
Unit operations following orders from the Mexican Ministry of
Health due to the COVID-19 pandemic. All non-essential
businesses, including mining, were ordered closed. The
Company was granted approval to restart operations on May 27, 2020
after nearly eight weeks of being shut down during the second
quarter. Operations were reinstated, along with a stringent
employee illness protocol and screening process, and have gradually
ramped up during the months of June and July.
The Company withdrew its 2020 production outlook for both its
Oaxaca and Nevada Mining Units following the impacts of the global
pandemic, temporary suspension of Mexican operations in April 2020,
and uncertainty of potential future outbreaks or governmental
responses to the pandemic. Due to these ongoing
uncertainties, the Company’s management has made the decision not
to update its 2020 production outlook at this time. Full
financial results for the second 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 reached milestones including a
decade of production, generated over $1 billion in revenue and has
returned $114 million back to its shareholders in consecutive
monthly dividends since July 2010. In addition, the Company
also 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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