Gold Resource Corporation Announces 2016 Preliminary Annual Production Results Exceeding Gold and Achieving Silver Targets
COLORADO SPRINGS, CO--(Marketwired - Jan 12, 2017) - Gold Resource Corp. (NYSE MKT: GORO) (the "Company") today announced preliminary 2016 year-end and fourth quarter mill production. The Company produced approximately 27,629 gold ounces and 1,857,777 silver ounces for the 2016 year, which exceeded its annual gold production target and achieved its annual silver production target. Gold Resource Corp. is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has returned $109 million to shareholders in monthly dividends since commercial production commenced July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
The Company set its 2016 annual production target ranges of 26,000 gold ounces and 1,900,000 silver ounces, plus or minus 5%. Preliminary production for 2016 of approximately 27,629 gold ounces exceeded the upper targeted range for gold and 1,857,777 silver ounces achieved the silver production targeted range for the year. Fourth quarter gold and silver production totaled approximately 5,089 ounces and 419,800 ounces respectively. Preliminary annual base metal production included approximately 1,035 tonnes of copper, 4,049 tonnes of lead and 14,302 tonnes of zinc.
Full financial results for the fourth quarter and fiscal year-end 2016 will be available in the Company's annual report on Form 10-K to be filed with the Securities and Exchange Commission.
"Our Oaxaca Mining Unit's operations team once again delivered solid annual production results for 2016," Gold Resource Corp. CEO and President, Mr. Jason Reid, stated. "In addition to achieving production, the team executed on mine development goals reaching the Arista Mine's Switchback Vein system on time and in a safe and efficient manner. Executing on this important aspect for our long-term mine development plan puts us in position to develop this new and exciting high-grade area of the mine during the 2017 year. Looking beyond 2017 into 2018, our approach of developing Switchback for a year before commencing bulk tonnage mining in 2018 requires a disciplined approach of only processing development ore at Switchback before commencing long hole open stoping and cut and fill mining targeted at Switchback in 2018. This approach aims to set the Company in a position with the largest amount of advanced mine development in its history. Adding to our mine team's success of reaching Switchback and solid annual production is the successful opening of our second operating mine at our Alta Gracia Project called the Mirador Mine during the fourth quarter of 2016, as well as the acquisition and advancement of the Nevada Mining Unit's Isabella Pearl gold project which targets first production in late 2017 or early 2018. Our mine team deserves the credit for executing on a number of fronts and I thank them for all their professional hard work."
The Company is finalizing its 2017 production Outlook and looks forward to its future release.
Gold Resource Corp. 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. Gold Resource Corp. is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has 56,626,516 shares outstanding, zero warrants, zero debt and has returned over $109 million back to shareholders since commercial production commenced July 1, 2010. Gold Resource Corp. offers 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.
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 Corp.'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 Corp. 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 SEC.