DENVER – November 23, 2010 – Gold Resource Corporation (GORO) (NYSE Amex: GORO) is pleased to announce the commencement of underground mining and stockpiling of its La Arista deposit ore at the Company’s El Aguila Project.. The Company is also pleased to announce the hiring of Mr. Juan Manuel Flores as Mexico Country Manager. Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico.
Gold Resource Corporation’s polymetallic Arista vein deposit contains high-grade gold and silver mineralization with by-product credits of copper, lead and zinc. The Arista Vein system is made up of multiple en echelon veins with the two predominant veins being the Baja and the Arista veins. Both veins have been intercepted and as mine development continues high-grade ore is being stockpiled.
Mr. Juan Manuel Flores joins Gold Resource Corporation as Mexico Country Manager. Mr. Flores has over 30+ years of experience in the mining, metallurgy and construction industries. His experience includes country manager, general manager, operations manager, project manager, mine superintendent of different mines and processing operations, in some of the most productive underground and open pit mines in Mexico.
Mr. Flores’ mining company associations include Minera Rio Tinto SA De CV, Constellation Copper, Pan American Gold Fields, Harrison Western, Mine Finders, Minera Frisco, Industrial Minera Mexico (ex-Asarco), Minas de Bacis, Cozamin, Grupo Mexbel and Groupo Summa. Mr. Flores graduated as a Mining and Metallurgist Engineer from the Universidad Autonoma de Chihuahua and in 1973 and 1974 attended the courses of the Master of Science Program, Mineral Economics, at the Colorado School of Mines.
Gold Resource Corporation’s President, Mr. Jason Reid, stated, "We welcome Mr. Flores as he will complement our excellent team of professionals. We are building a first class underground mine under the expert direction of our Project Manager, Mr. Jorge Sanchez Del Toro, and with the addition of Mr. Flores, in concert with our dedicated staff of professionals, the Company is executing its plan for aggressive growth."
Mr. Jason Reid continued, "Commencement of stockpiling underground Arista ore, in the fourth quarter as planned, is a significant milestone for the El Aquila Project. We are presently mining the Baja vein and developing the Arista vein on the 4th level. Our spiral decline (see photo) will be to level 5 shortly where we will add additional working faces to the mining of the Baja and Arista veins."
"We have asked our team to evaluate an accelerated schedule to process the Arista deposit high-grade polymetallic ore as soon as practicable. We want to process our highest grade ore during this time of historically high metal prices." stated Mr. Jason Reid.
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 five potential high-grade gold and silver properties in Mexico’s southern state of Oaxaca. The company has 52,998,303 shares outstanding, zero warrants and zero 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
Contact: Greg Patterson – Corporate Development 303-320-7708
