SOURCE: Gold Resource Corporation

September 17, 2007 06:00 ET

Gold Resource Corporation Drills 3 Meters of 1.15 Oz/Tonne Gold Equivalent Including 1 Meter of 3485 Grams / Tonne Silver at Its El Aguila Project in Oaxaca, Mexico

DENVER, CO--(Marketwire - September 17, 2007) - Gold Resource Corporation (GRC) (OTCBB: GORO) (FRANKFURT: GIH) is pleased to announce drilling 3 meters of 35.77 grams/tonne (1.15 oz/tonne) gold equivalent including its highest grade 1 meter silver intercept of 3485 grams/tonne (112 oz/tonne) silver at its newly discovered La Arista area, which is part of GRC's El Aguila Project in the southern state of Oaxaca, Mexico. The El Aguila Project is targeted for production mid-2008 subject to timely obtaining all required permits and regulatory approvals, necessary funding and equipment delivery schedules.

La Arista highlights include:

Hole 7079 (60 deg)

--  1 meter of 0.99 g/t gold, 3485 g/t silver, 1.01% lead, 1.60% zinc (or
    a gold equivalent* value of 2.56 oz/tonne) or
    
--  3 meters of 0.82 g/t gold, 1468.2 g/t silver, 0.82% lead, 1.58% zinc
    (or a gold equivalent* value of 1.15 oz/tonne) or
    
--  5.5 meters of 0.52 g/t gold, 830 g/t silver, 0.60% lead, 1.28% zinc
    (or a gold equivalent* value of 0.68 oz/tonne)
    

Hole 7207 (90 deg)

--  1 meter of  5.12 g/t gold, 1035 g/t silver, 1.59% lead, 4.22% zinc (or
    a gold equivalent* value of 1.14 oz/tonne) or
    
--  2 meters of 3.42 g/t gold, 812.5 g/t silver, 1.39% lead, 3.38% zinc
    (or a gold equivalent* value of 0.89 oz/tonne)
    

La Arista Intercepts include:

                                                                Gold
      Hole                                                     Equiv-
      Angle     Interval  Gold  Gold   Silver Silver  Lead Zinc alent*
Hole   (-)      (meters)    g/   oz/     g/    oz/      %    %   oz/ Copper
#    Degrees  From Length tonne tonne  tonne  tonne             tonne   %
7075    65     11.0  1.0   0.69   0.02  639.0   20.5  0.82 1.61 0.57   0.22

7078    55     99.5  1.0   0.09   0.00  362.5   11.7  0.15 0.47 0.28   0.35
7078    55    201.0  1.0   2.07   0.07    9.7    0.3  0.07 0.73 0.11   0.19
7078    55    208.5  1.0   0.57   0.02   13.6    0.4  0.10 1.48 0.11   0.14

7079    60    117.0  1.0   0.07   0.00   50.9    1.6  0.37 0.81 0.09   0.32
7079    60    118.0  1.0   0.60   0.02  452.5   14.5  0.77 1.83 0.45   0.60
7079    60    119.0  1.0   0.87   0.03  467.0   15.0  0.68 1.32 0.44   0.65
7079    60    120.0  1.0   0.99   0.03 3485.0  112.0  1.01 1.60 2.56   0.85
7079    60    121.0  1.5   0.24   0.01   74.2    2.4  0.32 1.00 0.12   0.20
7079 Average  117.0  5.5   0.52   0.02  830.3   26.7  0.60 1.28 0.68   0.53
7079Including 118.0  3.0   0.82   0.03 1468.2   47.2  0.82 1.58 1.15   0.70
7079Including 120.0  1.0   0.99   0.03 3485.0  112.0  1.01 1.60 2.56   0.85
        And
7079    60    139.0  1.0   0.01   0.00  423.0   13.6  0.00 0.01 0.29   0.05
7079    60    152.0  1.0   0.09   0.00  167.0    5.4  0.03 0.09 0.12   0.23
7079    60    158.0  1.0   0.24   0.01   51.7    1.7  0.18 1.02 0.10   0.17
7079    60    161.0  1.0   0.17   0.01   71.5    2.3  0.64 0.62 0.11   0.32
7079    60    163.0  1.0   0.04   0.00  156.0    5.0  0.01 0.02 0.11   0.04
7079    60    168.0  3.0   0.34   0.01  155.7    5.0  0.21 0.19 0.13   0.20
7079    60    221.5  1.0   0.04   0.00   18.7    0.6  0.14 3.90 0.22   0.23

7207    90     10.4  2.0   3.38   0.11  574.0   18.5  1.31 2.02 0.65   0.23
7207    90     12.2  2.0   0.65   0.02  253.0    8.1  0.58 1.04 0.27   0.18
7207    90     14.3  1.0   0.37   0.01  347.0   11.2  0.28 0.62 0.29   0.10
7207 Average   10.4  5.0   1.69   0.05  400.2   12.9  0.81 1.35 0.43   0.19
        And
7207    90     43.9  1.0   0.63   0.02   99.0    3.2  0.97 2.35 0.24   0.17
        And
7207    90     47.9  1.0   1.71   0.06  590.0   19.0  1.18 2.53 0.63   0.27
        90     48.9  1.0   5.12   0.17 1035.0   33.3  1.59 4.22 1.14   0.34
7207 Average   47.9  2.0   3.42   0.11  812.5   26.1  1.39 3.38 0.89   0.31

7210    90      8.2  2.0   0.21   0.01  366.0   11.8  0.47 1.05 0.33   0.15

7211    45     30.5  1.0   0.05   0.00  211.0    6.8  0.01 0.01 0.15   0.01
7211    45     48.8  2.0   0.86   0.03  157.0    5.0  0.37 1.22 0.21   0.21

7213    45     20.4  2.0   0.20   0.01  175.0    5.6  0.01 0.02 0.13   0.04
7213    45     33.5  1.0   0.27   0.01  362.0   11.6  0.04 0.04 0.26   0.03

7214    90      3.0  1.0   0.40   0.01  213.0    6.8  0.09 0.21 0.17   0.05

*(Gold Equivalent (AuEq) using gold at $650/oz, silver at $14/oz, zinc at $1.50/lb, lead at $0.90/lb)

Gold Resource Corporation's president, William W. Reid, stated, "La Arista continues to return high-grade mineralization, particularly the 3485 grams per tonne silver in Hole 7079. This is the highest 1 meter silver intercept to date at the El Aguila Project. In addition, Hole 7207 appears to be confirming the possible high-grade shallow open pit from earlier drilling. Mineralized intercepts start at 10.4 meters and include 1 kilogram of silver at a depth of only 48 meters. This is congruent with the previously released Hole 7023, located 50 meters west, where we intercepted 1.1 kilograms silver at 10 meters of depth."

"Drilling continues to bolster our belief that the El Aguila Project is a potentially very large, robust and high-grade epithermal system. We are consistently adding ounces and moving forward on all fronts as an emerging gold producer," concluded Mr. Reid.

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 28,249,552 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 "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 production, future expenses and future liquidity and capital resources. 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. The Company's actual results could differ materially from those discussed in this press release. 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

  • Contacts:
    Jason Reid
    Gold Resource Corporation
    303-320-7708