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Colorado Springs, CO – 
Resource Corporation (NYSE American: GORO) (the
“Company”) reports
preliminary consolidated record gold production results for the third quarter
ended September 30, 2020 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 ounce 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
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