SOURCE: Gold Resource Corporation

July 01, 2008 10:42 ET

Gold Resource Corporation Intercepts 5m of 45.24 g/t (1.45 oz/t) Gold at El Rey

DENVER, CO--(Marketwire - July 1, 2008) - Gold Resource Corporation (GRC) (OTCBB: GORO) (FRANKFURT: GIH) is pleased to report 5 meters of 45.24 g/t (1.45 oz/t) gold at El Rey. El Rey is one of 4 properties in the state of Oaxaca, Mexico in which GRC has 100% interest. El Rey is being evaluated for accelerated development where high-grade gold ore could potentially be trucked 95 kilometers to GRC's El Aguila mill, currently under construction. The Aguila mill is targeting gold production at the company's flagship project, its El Aguila Project, by the end of 2008 subject to timely obtaining the remaining required permits, regulatory approvals and equipment delivery schedules.

El Rey drill highlights include:

Hole # 208024
-- 3.0 meters of 64.87 g/t gold, 118.67 g/t silver within,
-- 5.0 meters of 45.24 g/t gold, 122.80 g/t silver

Drill Hole # 208024 highlights include:

Hole          Angle     From   Interval    Au       Ag      AuEq     AuEq
#             (deg)    Meters   Meters     g/t      g/t     g/t    oz/tonne
208024            -60       59        1    63.20       44    64.15     2.06
                  -60       60        2    65.70      156    69.09     2.22
                  -60       62        1    19.75       94    21.79     0.70
                  -60       63        1    11.85      164    15.42     0.50
Average                               5    45.24      123    47.91     1.54
             -------- -------- -------- -------- -------- -------- --------
 *Gold Equivalent=Au@$650, Ag@$14. Assays by ALS Chemex, Vancouver, BC
 Canada

Mr. William W. Reid, President of Gold Resource Corporation, stated, "El Rey continues to impress us with 5 meters of 1.45 ounces of gold. Though our main focus has been and will continue to be bringing the Company's flagship El Aguila Project into production, we are evaluating the possibility of blending El Rey's high-grade gold mineralization into our first year's production schedule."

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