SOURCE: Gold Resource Corporation

June 18, 2008 06:00 ET

Gold Resource Corporation Continues Intercepting High-Grade at Its El Aguila Project

Four Drill Holes Intercept 1 oz/t Gold Equivalent or Greater

DENVER, CO--(Marketwire - June 18, 2008) - Gold Resource Corporation (GRC) (OTCBB: GORO) (FRANKFURT: GIH) reports continued high-grade intercepts with 1 oz/tonne gold equivalent (AuEq) or greater in four new holes at the La Arista deposit. La Arista is part of GRC's El Aguila Project in the southern state of Oaxaca, Mexico, which is targeting gold production by the end of 2008 subject to timely obtaining the remaining required permits, regulatory approvals and equipment delivery schedules.

Recent La Arista deposit drill highlights include:

  Hole # 108010

  --  4.0 meters of 12.35g/t gold, 847.9g/t silver, 1.43% copper,
      4.08% lead, 6.97% zinc, (or a gold equivalent* value of
      50.13 g/t (1.61 oz/tonne))

  Hole # 108011

  --  3.3 meters of 8.88 g/t gold, 104.2 g/t silver, 0.40% copper,
      4.87% lead, 10.09% zinc, (or a gold equivalent* value of
      32.34 g/t (1.04 oz/tonne))

  Hole # 108012

  --  4.1 meters of 3.01 g/t gold, 194.6 g/t silver, 0.52% copper,
      3.41% lead, 13.48% zinc, (or a gold equivalent* value of
      31.04 g/t (1.00 oz/tonne))

  Hole # 108013

  --  5.6 meters of 1.41 g/t gold, 193.7 g/t silver, 0.75% copper,
      2.07% lead, 16.37% zinc, (or a gold equivalent* value of
      31.50 g/t (1.02 oz/tonne))

Mr. William W. Reid, President of Gold Resource Corporation, stated, "We are pleased that these four infill holes intercepted the Arista vein and yielded high-grade values of 1 ounce or better gold equivalent per tonne over very good mineable widths. Two of these high-grade zones are part of additional mineralization over considerably wider intercepts. Of note is Hole 108013 which has mineralization of 0.61 ounce/tonne AuEq over 24.2 meters and in Hole 108012 is 0.43 ounce/tonne AuEq over 16.6 meters. Though the average grade of this deposit is yet to be determined these multiple 1 ounce gold equivalent intercepts are very exciting and speak to the very high-grade nature of this deposit. Our grid drilling is showing excellent continuity of mineralization which is important for ultimately calculating a resource and for designing an underground mine."

Recent drill results for the Arista deposit include:
                                                                      AuEq*
Hole   Angle  From  Interval  Au    Ag     Cu    Pb     Zn     AuEq*   oz/
 #     (deg) Meters  Meters   g/t   g/t     %     %      %      g/t   tonne
        ---  ------  ------  ----- ------  ---- -----  -----   -----  -----
La Arista
 Vein
108008  -49  199.75    0.80   0.64  131.0  0.45  0.82   0.11    6.28   0.20
108008  -49  200.50    0.85  34.10 1480.0  0.78  0.13   0.18   68.95   2.22
108008  -49  201.35    1.25   1.85   93.0  0.04  0.01   0.03    4.03   0.13
Average      199.75    2.90  10.97  510.0  0.37  0.27   0.09   23.68   0.76
        ---  ------  ------  ----- ------  ---- -----  -----   -----  -----

108010  -57  277.00    1.00   7.81  906.0  0.70  4.64   2.46   39.54   1.27
108010  -57  278.00    0.80  21.40 1685.0  2.55  1.64   3.24   72.52   2.33
108010  -57  278.80    0.35   4.35  185.0  2.46 17.20  16.15   62.12   2.00
108010  -57  279.15    0.75   2.59   44.0  0.46  1.92   8.51   18.62   0.60
108010  -57  279.90    0.70  27.20 1450.0  2.31  4.00  14.40   90.06   2.90
108010  -57  280.60    0.40   4.92   62.4  0.45  0.31   1.83   10.51   0.34
Average      277.00    4.00  12.35  847.9  1.43  4.08   6.97   50.13   1.61
        ---  ------  ------  ----- ------  ---- -----  -----   -----  -----

108011  -65  297.20    1.40   1.23  114.0  0.32  6.09  10.75   27.29   0.88
108011  -65  298.60    1.40   8.64  108.0  0.53  5.34  12.55   36.42   1.17
108011  -65  300.00    0.50  31.00   65.5  0.23  0.12   1.33   35.03   1.13
Average      297.20    3.30   8.88  104.1  0.40  4.87  10.09   32.34   1.04
        ---  ------  ------  ----- ------  ---- -----  -----   -----  -----
108012  -55  259.80    0.70   0.09   20.0  0.17  1.11   1.11    4.12   0.13
108012  -55  260.50    0.50   0.33   30.5  0.16  2.40   9.18   16.65   0.54
108012  -55  261.00    1.00   1.63  174.0  0.38  2.62   3.86   15.36   0.49
108012  -55  262.00    0.80   0.21   19.1  0.17  0.05   0.49    1.86   0.06
108012  -55  262.80    1.10   1.51   90.6  0.17  0.14   0.72    5.13   0.16
108012  -55  263.90    0.70   0.25   39.0  0.14  0.30   1.02    3.28   0.11
108012  -55  264.60    1.20   0.61  148.0  0.21  0.40   0.99    6.31   0.20
108012  -55  265.80    1.60   0.08   11.4  0.11  0.06   0.19    1.02   0.03
108012  -55  267.40    1.00   0.07   18.6  0.45  0.54   1.92    5.16   0.17
108012  -55  268.40    0.90   0.02    9.3  0.08  0.05   0.08    0.64   0.02
108012  -55  269.30    0.90  12.00   35.4  0.31  1.42   3.82   20.68   0.66
108012  -55  270.20    0.70   3.72   74.4  0.68  1.09   2.88   12.79   0.41
108012  -55  270.90    1.00   0.37   58.4  0.35  1.10  10.65   17.83   0.57
108012  -55  271.90    1.60   2.31  111.0  0.45  4.06  16.95   33.55   1.08
108012  -55  273.50    0.80   7.57  637.0  0.76  7.03  19.30   58.52   1.88
108012  -55  274.30    1.00   1.42   18.9  0.16  0.14   1.92    4.99   0.16
108012  -55  275.30    1.10   2.80  457.0  0.30  1.01   1.80   17.38   0.56
Average      259.80   16.60   1.98  115.6  0.29  1.37   4.65   13.31   0.43
Includ-
 ing         270.20    4.10   3.01  194.6  0.52  3.41  13.48   31.04   1.00
        ---  ------  ------  ----- ------  ---- -----  -----   -----  -----

108013  -65   339.0     1.5   0.54  116.0  0.63  2.66  24.70   40.22   1.29
108013  -65   340.5     1.0   0.11  164.0  2.06  1.02  13.30   28.67   0.92
108013  -65   341.5     0.7   2.50  195.0  0.44  2.99  30.00** 50.44   1.62
108013  -65   342.2     1.0   0.88  295.0  0.34  2.87  15.65   32.35   1.04
108013  -65   343.2     0.8   0.04   16.8  0.03  0.43   1.34    2.82   0.09
108013  -65   344.0     0.6   7.19  503.0  0.90  2.17   5.99   31.73   1.02
108013  -65   344.6     0.6   0.19   18.2  0.08  0.06   0.20    1.18   0.04
108013  -65   345.2     1.0   0.90   45.6  0.22  0.13   0.29    3.16   0.10
108013  -65   346.2     1.0   0.42   20.5  0.14  0.02   0.26    1.68   0.05
108013  -65   347.2     0.6   1.50   19.7  0.47  0.10   1.81    5.88   0.19
108013  -65   347.8     1.0   0.46   23.3  0.18  0.16   8.08   11.98   0.39
108013  -65   348.8     1.0   0.30  283.0  0.09  1.67  15.55   28.78   0.93
108013  -65   349.8     1.2   0.21  105.0  0.26  2.94  11.60   22.29   0.72
108013  -65   351.0     1.0   0.08   82.6  0.22  2.96   8.81   18.08   0.58
108013  -65   352.0     1.0   0.03  133.0  0.22  0.82  25.20   36.66   1.18
108013  -65   353.0     1.0   0.07   48.5  0.15  0.61  12.00   17.67   0.57
108013  -65   354.0     0.9   0.04   20.7  0.09  0.54  13.45   18.56   0.60
108013  -65   354.9     0.8   0.02  184.0  5.32  0.37   4.05   27.01   0.87
108013  -65   355.7     0.8   0.13   26.2  0.18  0.20   1.27    3.18   0.10
108013  -65   356.5     1.2   0.52   33.0  0.12  1.68   9.31   15.85   0.51
108013  -65   357.7     1.0   3.02   85.3  0.31  1.00  16.60   28.31   0.91
108013  -65   358.7     1.3   0.18   58.9  0.27  4.18   2.18   11.25   0.36
108013  -65   360.0     1.0   0.28   13.1  0.16  1.06   1.06    3.97   0.13
108013  -65   361.0     1.0   0.58   15.7  0.29  0.70   1.69    5.03   0.16
108013  -65   362.0     1.2   5.12   24.6  0.49  0.97   6.76   17.21   0.55
Average       339.0    24.2   0.93   95.7  0.51  1.40   9.70   18.98   0.61
Includ-
 ing          339.0     5.6   1.41  193.7  0.75  2.07  16.37   31.77   1.02
 And          348.8     6.9   0.11  121.6  0.77  1.50   1.32   24.10   0.77
        ---  ------  ------  ----- ------  ---- -----  -----   -----  -----

*  (Gold Equivalent (AuEq*) in chart using gold at $650/oz, silver at
   $14/oz, copper at $3.10/lb, lead at $1.40/lb, zinc at $1.20/lb) Assays
   by ALS Chemex, Vancouver, BC Canada
** 30% is upper limit of initial Zn analysis, reassay for final results
   pending.

Mr. Reid added, "We are also very pleased that GRC was granted the Federal mill permit (previously announced June 12th, 2008) and we are aggressively moving forward with mill 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 34,206,952 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 and Form SB-2 filed with the Securities and Exchange Commission.

Contact Information

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