CORRECTED PRESS RELEASE - Gold Resource Reports Preliminary Q3 Production Results Including Record Gold Production and 51% Ne...
October 15 2020 - 2:15PM
via NewMediaWire -- This press release corrects the first
sentence on the prior version published on October 14, 2020.
The term “record” gold production is now correctly applied to the
Nevada Mining Unit’s record quarterly gold production, and the word
“consolidated” is now positioned correctly in front of total
production results. All information, production numbers and
statistics remain the same. The full text of the revised
press release is below:
Gold Resource Corporation (NYSE American: GORO)
(the “Company”) reports preliminary record Nevada gold
production results for the third quarter ended September 30, 2020,
which contributed to consolidated production of 12,575 gold ounces,
333,761 silver ounces and significant base metals. Nevada
gold production increased by 51% as the production ramp up phase
continues. Gold Resource Corporation is a gold and silver
producer, developer and explorer with operations in Oaxaca, Mexico
and Nevada, USA. The Company has returned $115 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 record third quarter production from
the Company’s Nevada Mining Unit totaled 7,847 gold ounces, a gold
production increase of 51% over the prior quarter. Through
the first three quarters of 2020, the Company’s Nevada Mining
Unit’s preliminary production numbers total 16,747 gold
ounces. The third quarter was the first full quarter that the
Company was able to regularly access portions of the deposit’s
high-grade “Pearl” zone, while also mining the deposit’s lower
grade “Isabella” zone. The Pearl zone is estimated to contain
80% of the gold ounces at the Isabella Pearl deposit with an
estimated average gold grade of 4.0 grams per tonne. Gold
Resource Corporation remains on track with ramp up into the fourth
quarter, positioning the Company to achieve its annual production
target of 40,000 gold ounces in 2021.
Preliminary third quarter production from the
Company’s Oaxaca Mining Unit totaled 4,728 gold ounces, 324,592
silver ounces, 428 copper tonnes, 2,157 lead tonnes and 5,538 zinc
tonnes, which represents increases of 94%, 75%, 74%, 89% and 84%,
respectively, for each metal over the prior quarter. Through
the first three quarters of 2020, the Company’s Oaxaca Mining
Unit’s preliminary production numbers total 13,619 gold ounces,
912,464 silver ounces, 1,162 copper tonnes, 5,811 lead tonnes and
14,386 zinc tonnes.
The Company previously withdrew its 2020
production outlook for both its Oaxaca and Nevada Mining Units
following the impacts and uncertainties of the global pandemic, the
two-month mandatory governmental suspension of Mexican operations
in April 2020, and uncertainty of potential future outbreaks or
governmental responses to the pandemic. Both mining units
operated continuously during the third quarter along with continued
health screening protocols for COVID-19 prevention and
mitigation. During the third quarter Nevada identified one
positive case of COVID while Mexico identified 29 positive
cases. 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 reached milestones including a
decade of production, generated over $1 billion in revenue and has
returned $115 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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