via NewMediaWire -- Gold Resource Corporation (NYSE American: GORO)
(the “Company”) announces new leadership in conjunction with the
spin-off of its Nevada Mining Unit to shareholders as Fortitude
Gold Corporation (“Fortitude Gold”).
Gold Resource Corporation’s Board of Directors announced
leadership changes include:
· Gold
Resource Corporation Chairman Mr. Bill Conrad has stepped down as
Chairman and will continue to serve as an independent director on
the Company’s board.
· Current Gold
Resource Corporation director Mr. Alex Morrison has been appointed
to serve as Chairman.
· Outgoing
Gold Resource Corporation CEO, President and director Mr. Jason
Reid has stepped down from all Company positions to lead Fortitude
Gold.
· Mr. Allen
Palmiere has been appointed CEO and a director of Gold Resource
Corporation.
· Ms. Lila A.
Manassa Murphy and Mr. Joseph Driscoll have been appointed as
independent directors to Gold Resource Corporation’s
Board.
Gold Resource Corporation has completed the
spin-off of the Company’s Nevada Mining Unit into a separate,
stand-alone public company, Fortitude Gold Corporation on December
31, 2020. Mr. Bill Conrad serves as Fortitude Gold’s Board
Chairman, while Mr. Jason Reid serves as Fortitude Gold’s CEO,
President and director.
Mr. Alex Morrison (new Gold Resource
Corporation Board Chairman)
“With the completion of the Nevada spin-off, we
are excited to now focus our strategy in Mexico on redeploying more
cashflow back into the ground for accelerated growth,” stated Mr.
Alex Morrison, newly appointed Chairman of Gold Resource
Corporation. “We thank Mr. Jason Reid for his years of
service to the Company as he now leads Fortitude Gold forward for
the benefit of all Company shareholders. We also thank Mr.
Bill Conrad for his years of service as Chairman and look forward
to continuing to work with him as a member of the Company’s board.”
Mr. Morrison continued, “I would like to welcome
Mr. Allen Palmiere as Gold Resource Corporation’s CEO and
director. Mr. Palmiere brings a strong track record of mining
industry experience and success over his thirty-five year
career. Having previously served as CEO of several mining
companies, we look forward to working with Mr. Palmiere to continue
to build on Gold Resource Corporation’s success.”
“I would also like to welcome Ms. Lila A. Manassa
Murphy and Mr. Joseph Driscoll to Gold Resource Corporation’s board
of directors. Their collective expertise will assist in the
development of the Company’s objectives of best in class Governance
and operational excellence,” stated Mr. Morrison.
Mr. Allen Palmiere (new Gold Resource
Corporation CEO, President & Board Member)
Mr. Palmiere, a CA-CPA by training, has more than
35 years of experience in the mining industry both from a financial
and operational perspective. His international experience
includes South Africa, Central America, Guyana and Brazil and 10
years of experience in China. Mr. Palmiere’s expertise
includes operations, executive management and financing, both debt
and equity. Additionally, Mr. Palmiere has extensive
experience in mergers and acquisitions. Mr. Palmiere’s former
executive positions include CEO and Chairman of the Board, HudBay
Minerals Inc., Executive Chairman, Barplats Investments Ltd., Vice
President, CFO, Zemex Corporation, and President and CEO,
Breakwater Resources Ltd. Mr. Palmiere has also served as a
director of numerous public companies. Mr. Palmiere will be
responsible for the development and execution of a new strategic
plan and direction for the Company.
CEO Comment
“I am very excited to join the Gold Resource
Corporation team,” stated Mr. Allen Palmiere. “My immediate
priorities will be to continue building on cost and operating
efficiencies in preparation for future growth. I see
tremendous potential in the Company’s large, unexplored land
position and am looking forward to leading the Company through this
period of operational improvement and a new focus on
exploration."
Ms. Lila A. Manassa Murphy (new independent
Director)
Ms. Lila A. Manassa Murphy CFA joins the Company
as an independent director. Ms. Murphy founded Intrinsic
Value Partners, LLC in 2018, a provider of consulting services to
asset management firms and family offices. She is an
Independent Director and member of the Audit Committee of Dundee
Corporation. Previously she was Vice President and Portfolio
Manager at Federated Hermes, Inc., a Fortune 500, ESG focused
investment firm. Previously, Ms. Murphy worked as an Analyst
at David W. Tice & Associates Inc. with a dedicated focus on
natural resources investing. Prior to that, she was an Equity
Research Analyst at Lee Financial Corporation. She has more
than 25 years of diverse investment management experience.
She sits on the board and finance committee of Sustainable
Development Strategies Group, a US based independent non-profit
research institute advancing best practices for sustainable
management of natural resources.
Mr. Joseph Driscoll (new independent
Director)
Mr. Joseph Driscoll joins the Company as an
independent director. Mr. Driscoll is a qualified Mining
Engineer and alumnus of Montana Tech from which he holds a Bachelor
of Science degree. Mr. Driscoll has held numerous operational
roles over his thirty-three year mining career with Forte Dynamics,
Environmental Resources Management, Amec Engineering and
Consulting, Great Basin Gold Limited, Newmont, Barrick, Queenstake
Resources, Stillwater Mining, Independence Mining, New Butte Mining
and Pegasus Gold. Mr. Driscoll brings a wealth of operational
experience with both underground and open-pit mining operations
expertise.
About GRC:
Gold Resource Corporation is a gold and silver
producer, developer and explorer with operations in Oaxaca, Mexico.
The Company’s focus is on unlocking the value of the mine and
large property position. Operational efficiency and
exploration will be the short to medium term priorities. 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.
About Fortitude Gold Corporation:
Fortitude Gold is a U.S. based gold producer
targeting projects with low operating costs, strong returns on
capital and high margins. The Company strategy is to grow
organically, remain debt-free and distribute substantial future
dividends. The Company’s Nevada Mining Unit consists of five
high-grade gold properties located in the Walker Lane Mineral Belt,
with the Isabella Pearl gold mine in current production. Nevada,
U.S.A. is among the world’s premier mining friendly
jurisdictions.
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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