SOURCE: Gold Resource Corporation

Gold Resource Corporation

February 23, 2010 13:33 ET

Gold Resource Corporation Accelerates Exploration Adding Second Core Drill at Its Aguila Project

DENVER, CO--(Marketwire - February 23, 2010) - Gold Resource Corporation (GRC) (OTCBB: GORO) (FRANKFURT: GIH) is pleased to announce an additional drill rig to accelerate exploration at its El Aguila Project, located in Oaxaca, Mexico.

Gold Resource Corporation expands its exploration program at its El Aguila project signing a new 6000 meter drill contract. GRC's drill contractor, GeoDrill S.A. de C.V., has delivered the second drill rig to the Aguila Project.

William W. Reid, President of Gold Resource Corporation, stated, "We are excited to test numerous new drill targets we have developed on our El Aguila Project with the goal of adding a fourth deposit. Though all three of our deposits discovered to date, the Aguila open pit, El Aire vein system and Arista vein system, have potential to expand with additional drilling we are very excited to test new areas of interest on the project."

Mr. Reid stated, "During the capital intensive period of building the mill we chose to go with one drill rig. We are now comfortable bringing in the second rig to accelerate our exploration. We will focus drilling on our new Aguila Project targets and are considering El Rey and Las Margaritas Projects this year for potential drill programs as well."

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 48,050,284 shares outstanding and no warrants. 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 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 filed with the Securities and Exchange Commission

Contact Information

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