SOURCE: Gold Resource Corporation

Gold Resource Corporation

August 24, 2009 11:36 ET

Gold Resource Corporation Extends Its Land Position With Additional Claims Along Trend

DENVER, CO--(Marketwire - August 24, 2009) - Gold Resource Corporation (GRC) (OTCBB: GORO) (FRANKFURT: GIH) reports filing additional land concessions over the Alta Gracia mining district extending its important San Jose structural corridor to an impressive 16+ kilometers. GRC's primary focus will continue on its flagship El Aguila Project however these new land claims will add a fifth property to the company's holdings and position GRC with a 100% interest of three consecutive mining districts in the San Jose area. The addition of Alta Gracia will add to the company's pipeline of potential projects and long term operations at GRC's El Aguila mill currently under construction. The Aguila mill is located in the southern state of Oaxaca, Mexico and is targeting gold production in 2009 subject to equipment delivery and construction schedules.

Mr. William W. Reid, President of Gold Resource Corporation, stated, "The opportunity to add an additional property to the Company's land holdings is very exciting on many levels. The Alta Gracia property is adjacent to our Las Margaritas property, extends our total mineralized corridor to over 16 kilometers and adds additional production potential to our El Aguila mill as trucking high-grade ore would not be a problem. This fits the company's long term plan of multiple mines feeding the strategically located El Aguila mill. We believe this approach will add longevity to our operations while keeping capital expenditures to a minimum as we develop these additional properties. "

Mr. Reid continued, "The district was mined historically on a small scale as recently as the 1970s and we recognized many similarities of Alta Gracia to our current focus area of La Arista at our El Aguila Project. One of our surface samples assayed in excess of 1.4 kilos per tonne of silver. The Alta Gracia property joins the Company's property portfolio consisting of its El Aguila Project, Las Margaritas property, El Rey property and the Solaga property. We intend to be a long term gold and silver producer and the addition of Alta Gracia adds tremendous potential to our exciting exploration program in the state of Oaxaca."

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 46,095,489 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