SOURCE: Gold Resource Corporation

Gold Resource Corporation

December 14, 2009 08:00 ET

Gold Resource Corporation Approved for Arista Underground Mine; Development Underway

DENVER, CO--(Marketwire - December 14, 2009) - Gold Resource Corporation (GRC) (OTCBB: GORO) (FRANKFURT: GIH) is pleased to announce that its El Aguila Project, in Oaxaca, Mexico, has been granted approval to develop the underground, high-grade Arista deposit. Surface work at the portal area is underway. GRC targets production from the Arista high-grade polymetallic ore deposit during the second year of operations. Gold Resource Corporation's first year of production comes from its El Aguila open pit deposit.

This change of land use approval allows GRC to develop its Arista vein deposit. GRC has completed mine design and engineering and initial preparations for surface facilities are underway. The first 80 meters of the decline ramp have been prepared as an open cut down to the portal entrance from which the decline ramp will then go underground. The Arista mine's surface facilities are under construction as well (see photos). Independent mine contractor bids are under final review and GRC expects to sign with an underground contractor shortly.

Gold Resource Corporations president, Mr. William W. Reid, stated, "Though we remain focused on near term gold production from our El Aguila open pit deposit, which is currently being mined, and we are pleased that the Project's initial flotation section of the mill is currently being commissioned, there is the necessity to accelerate the development of the Arista vein deposit. Currently the Arista deposit is our largest, high-grade deposit. It is very important we prepare for a seamless transition from open pit production after year one to underground production in years two through nine."

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 46,095,489 shares outstanding and no warrants. For more information, please visit GRC's website, located at 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