Denver, Colorado – (NewMediaWire) – December 31, 2020 – 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
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
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.
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
“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.
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.
“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
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.
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.
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.
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.
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.