Gold Resource Corporation's Annual General Meeting
COLORADO SPRINGS, CO, Jun 21, 2011 -- Gold Resource Corporation (NYSE Amex: GORO) held its annual general meeting of shareholders today in Denver, Colorado. All Directors were reelected and all proposals by management were approved. Mr. Jason Reid, President of Gold Resource Corporation, reported second quarter 2011 is expected to set new production, revenue and earnings records as the Aguila Project is progressing well. Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico.
Impacts of the severe and anomalous storm which occurred at the Aguila Project April 20, 2011 that affected the underground Arista mine have now been mitigated and cleaned up. Mine development continues driving the spiral decline to the seventh level and the mine's first stope is operational between level 4 and level 5. Development work on the second stope is underway. The mine is shipping a nominal 450 and 650 tonnes of ore per day to the mill.
The Company added a sixth property of over 100 square miles to its Oaxaca Mining Unit effectively consolidating approximately 29 miles (48 kilometers) along strike of the important north 70 west regional structural corridor.
Mr. Reid stated, "I am pleased to report the Company has not only overcome adversity in the second quarter but continues to optimize operations and foresees record quarter production. We are very proud of our Oaxaca team as they continue to produce excellent results at our El Aguila Project."
About GRC: Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in six potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The Company has 52,998,303 shares outstanding, no warrants and no debt. 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.
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, 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 Securities and Exchange Commission.
SOURCE: Gold Resource Corporation