Gold Resource Corporation Commences Drilling at Radar, Mineral and Nye Counties, Nevada
-- Published: Wednesday, 18 March 2015 | Print | Disqus
COLORADO SPRINGS – March 18, 2015 – Gold Resource Corporation (NYSE MKT: GORO) (the Company) announced today it has commenced its first drill campaign at its Radar gold property located in Mineral and Nye Counties, Nevada. Gold Resource Corporation is a gold and silver producer with operations in Oaxaca, Mexico and exploration in Nevada, USA. The Company has returned over $102 million to shareholders in monthly dividends since commercial production July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
The Radar project covers an area of approximately 3,550 acres in central Nevada in the Walker Lane Mineral Belt. Radar is immediately adjacent to the formerly producing gold-silver-mercury Paradise Peak Mine, near the Round Mountain and Rawhide Mines, which together have produced over 15 million ounces of gold over a thirty year period. At Radar, a suite of geologic features and physicochemical conditions are present for the formation of both replacement-type and bonanza-grade vein-type gold deposits.
The initial drill program at Radar will consist of approximately 2,000 meters of core drilling in approximately 6 to 8 holes, targeting anomalous gold and mercury–bearing structures along a more than two kilometer trend coinciding with numerous historic mercury mines and prospects.
The Company acquired the Radar property in the form of a lease with an option to buy in September 2014 from Altan Nevada Minerals Limited (TSXV:ANE) (Altan), and has spent significant time mapping and sampling to refine targets for this initial drill campaign. The Radar property is largely unexplored with only four historic holes drilled by Altan on the 3,550 acre property.
Gold Resource Corporation's Vice President of Exploration, Mr. Barry Devlin stated, "We are excited to begin this initial phase of drilling at our Radar property. Our goal at Radar is to discover a new gold and silver deposit similar to Paradise Peak, which is located only four kilometers away."
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 at its producing Oaxaca, Mexico Mining Unit and exploration properties at its Nevada, USA, Mining Unit. The Company has 54,179,369 shares outstanding and no warrants. Gold Resource Corporation 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 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 SEC.
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