-- Posted Tuesday, 13 January 2009 | Digg This Article
| Source: GoldSeek.com
DENVER, CO--(MARKET WIRE)--Jan 13, 2009 -- Gold Resource Corporation (GRC) (OTC BB:GORO.OB - News) (Frankfurt:GIH.F - News) is pleased to announce it has been granted permission to begin the open pit pre-stripping at its El Aguila Project in Oaxaca, Mexico. GRC targets production at its El Aguila Project mid-2009, subject to obtaining remaining permits, regulatory approvals, equipment deliveries and construction schedules.
The United States of Mexico's Secretary of the Environment and Natural Resources (SEMARNAT) granted GRC's 100% owned Mexican subsidiary, Golden Trump Resources, S.A. de C.V., an amendment to its existing tailings permit. The amendment provides permission to remove the overburden from the El Aguila open pit deposit and to use that material in the continuing construction of the tailings dam. Overburden removal at the open pit is currently underway (see construction photos).
William W. Reid, President of Gold Resource Corporation, stated, "The amendment allowing removal of the overburden from the open pit deposit to be used for tailings dam construction has the added benefit of preparing the deposit for mining. We are optimistic the final federal open pit mining permit should be granted soon."
The same federal agency that has granted permits for the road, mill, tailings impoundment facility and now the amendment to allow for open pit overburden removal is currently evaluating GRC's remaining permit application for the open pit mine.
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 four potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The company has 36,087,556 shares outstanding and no warrants. For more information, please visit GRC's website, located at http://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 commercial production at the El Aguila Project will be achieved in the time frames estimated, at the rates and costs estimated, or even at all. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's 10-K and Form S-1 filed with the Securities and Exchange Commission.
Contact:
Jason Reid
VP / Corporate Development
303-320-7708
About GRC
For more Information:
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 four potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The company has 36,087,556 shares outstanding and no warrants. For more information, please visit GRC's website, located at www.Goldresourcecorp.com
