SOURCE: Gold Resource Corporation

May 13, 2008 09:49 ET

Gold Resource Corporation Hires Project Manager for Its El Aguila Project, Oaxaca, Mexico

DENVER, CO--(Marketwire - May 13, 2008) - Gold Resource Corporation (GRC) (OTCBB: GORO) (FRANKFURT: GIH) is pleased to report Mr. Reynaldo Jimenez Salazar has accepted the position of Project Manager for GRC's El Aguila Project in the southern state of Oaxaca, Mexico. The El Aguila Project is targeting gold production in 2008 subject to timely obtaining the balance of the required permits, regulatory approvals and equipment delivery schedules.

Mr. Salazar is a Mining Engineer with over 23 years of industry experience including positions of Superintendent of Engineering, Planning and Construction and Manager of Mining for both open pit and underground operations. Mr. Salazar joins GRC from Goldcorp, and he has previous experience with Industrias Penoles, one of Mexico's largest mining companies. He graduated in 1985 from the University of Guanajuato with a degree in Mining Engineering.

Gold Resource Corporation's president, William W. Reid, stated, "We are very pleased to welcome Mr. Reynaldo Jimenez Salazar as Project Manager for our El Aguila Project. His years of industry experience working for some of the best Mexican mining companies are well suited to assist GRC as an emerging gold producer. The mining industry's workforce is a competitive environment and we are pleased to have such an experienced professional join Gold Resource Corporation. We believe Mr. Salazar's joining Gold Resource as a key member of our management team speaks well of the potential of GRC's flagship El Aguila Project."

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