SOURCE: Gold Resource Corporation

July 10, 2008 13:19 ET

Gold Resource Corporation Intercepts Additional High-Grade With 3M of 31.72 g/t (1.02 oz/t) Gold Equivalent at Its El Aguila Project

DENVER, CO--(Marketwire - July 10, 2008) - Gold Resource Corporation (GRC) (OTCBB: GORO) (FRANKFURT: GIH) reports continued high-grade intercepts with 31.72 g/t (1.02 oz/tonne) gold equivalent (AuEq) or greater at its 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.

La Arista drill Hole # 108015 highlights include:

--  1.0 meter  of 10.35 g/t gold, 1795 g/t silver, 0.30% copper, 0.63%
    lead, 1.35% zinc, (or a gold equivalent* value of 52.62 g/t (1.69
--  3.0 meters of 5.50 g/t gold, 1058 g/t silver, 0.27% copper, 0.61%
    lead, 1.24% zinc, (or a gold equivalent* value of 31.72 g/t (1.02

Mr. William W. Reid, President of Gold Resource Corporation, stated, "We continue to be impressed that the delineation drilling of the Arista deposit yields consistent high-grade values of mostly 1 ounce or better gold equivalent per tonne. And, true to form the Baja vein values, given below, are 90% gold and silver compared to the Arista vein which has approximately 60% precious metal and 40% base metal values. This continuity of high-grade mineralization speaks to the exciting potential of what we believe is a very large, robust and high-grade epithermal system."

Recent drill results for the Arista deposit include:

Hole    Angle From   Interval Au     Ag    Cu    Pb    Zn    AuEq* AuEq*
#       (deg) Meters Meters   g/t    g/t   %     %     %     g/t   oz/tonne
        ----- ------ -------- -----  ----  ----  ----  ----  ----- --------
Baja Vein
108015  -60   212    1        10.35  1795  0.30  0.63  1.35  52.62 1.69

108015  -60   216    1        4.64   200   0.25  0.23  0.58  10.85 0.35
108015  -60   217    1        5.33   1330  0.24  0.56  1.36  37.32 1.20
108015  -60   218    1        6.70   1645  0.33  1.04  1.78  46.99 1.51
Average              3        5.50   1058  0.27  0.61  1.24  31.72 1.02
        ----- ------ -------- -----  ----  ----  ----  ----  ----- --------
* (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

Delineation drilling of the La Arista deposit is focusing on two parallel veins, the Baja vein and the Arista vein, with infill and step out holes on approximately 50 meter grid spacing's along 300 meters of strike and 250 meters of vertical extent. This current drill focus is to define initial mineralization to facilitate design of an underground mine whose construction is targeted to begin and to be paid for with cash flow from production of the El Aguila Project's high-grade open pit deposit. Once this delineation drilling is complete GRC will drill test the additional lateral and vertical extent of these veins as well as the many additional vein targets in the immediate area.

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 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