SOURCE: Gold Resource Corporation

January 17, 2008 06:00 ET

Gold Resource Corporation Receives Federal Permit to Build New Mine Road at Its El Aguila Project, Oaxaca, Mexico

DENVER, CO--(Marketwire - January 17, 2008) - Gold Resource Corporation (GRC) (OTCBB: GORO) (FRANKFURT: GIH) is pleased to report that it has received the Mexican federal permit to build its new mine road for its El Aguila Project in the southern state of Oaxaca, Mexico. The El Aguila Project is targeting gold production in the second half of 2008 subject to the timely obtaining of the balance of required permits, regulatory approvals and the equipment delivery schedules.

On January 14, 2008, the United States of Mexico's Secretary of the Environment and Natural Resources granted GRC's 100% owned Mexican subsidiary, Golden Trump Resources, S.A. de C.V., federal permission to construct a new mine road for the El Aguila Project.

Gold Resource Corporation's president, William W. Reid, stated, "We are pleased to have obtained this first federal permit for the EL Aguila Project. Receiving this road permit so early in the year helps keep us on target for gold production in 2008. We have been evaluating bids from five construction companies to build this new road in anticipation of receiving this permit and will shortly award the contract. The new mine road is the first phase of the El Aguila Project's construction program."

Mr. Reid continued, "We are pleased to be entering the construction phase of our El Aguila Project. We are also encouraged by the current status of the remaining federal permits for the mill and tailings facilities and for the open pit mine which are expected in the near term. Having obtained this first federal permit, we are very excited to begin the new road construction."

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 33,728,052 shares outstanding and no warrants. For more information, please visit GRC's website, located at www.Goldresourcecorp.com and read the Company's 10-KSB 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-KSB and Form SB-2 filed with the Securities and Exchange Commission.

Contact Information

  • Contact:
    Jason Reid
    VP / Corporate Development
    303-320-7708