SOURCE: Gold Resource Corporation

December 15, 2008 06:00 ET

Gold Resource Corporation Intercepts High Grade Mineralization in Deepest Hole Drilled to Date and Extends Arista Mineralization Southeast; Intercepts Include 1.4M of 47.40 g/t Gold and 1030 g/t Silver Within 8.6 Meters of 48.54 g/t (1.56 oz/t) Gold Equivalent at El Aguila Project

DENVER, CO--(Marketwire - December 15, 2008) - Gold Resource Corporation (GRC) (OTCBB: GORO) (FRANKFURT: GIH) is pleased to announce it has intercepted high-grade mineralization in the deepest hole drilled to date at the Aguila Project which extends mineralization to 500 meters below the surface. In addition, high-grade mineralization was intercepted in a 35 meter step-out hole becoming the most southeasterly intercept in the Arista area. High-grade intercepts include 1.4 meters of 47.40 g/t gold and 1030 g/t silver within 8.6 meters of 48.54 g/t (1.56 oz/t) gold equivalent (AuEq). La Arista is part of GRC's Aguila Project in Oaxaca, Mexico. GRC targets production at its El Aguila Project mid-2009, subject to obtaining remaining permits, regulatory approvals, equipment deliveries and construction schedules.


La Arista Deposit drill highlights include:

Hole # 108042

  --  1.4 meters of 47.40 g/t gold, 1030 g/t silver, 2.35% copper,
      9.86% lead, 23.0% zinc, (or a gold equivalent* value of 86.23 g/t
      (2.77oz/tonne)) and
  --  0.6 meters of 31.90 g/t gold, 2160g/t silver, 2.31% copper,
      28.92% lead, 23.2% zinc, (or a gold equivalent* value of 99.20 g/t
      (3.19oz/tonne)) and
  --  1.0 meters of 12.15 g/t gold, 1180 g/t silver, 1.47% copper,
      2.83% lead, 17.10% zinc, (or a gold equivalent* value of 44.32 g/t
      (1.42oz/tonne)) and
  --  0.8 meters of 9.90 g/t gold, 2260 g/t silver, 3.39% copper,
      20.00% lead, 21.90% zinc, (or a gold equivalent* value of 74.64 g/t
      (2.40oz/tonne)) within
  --  8.6 meters of 13.40 g/t gold, 882 g/t silver, 1.53% copper,
      9.77% lead, 23.01% zinc, (or a gold equivalent* value of 48.54 g/t
      (1.56oz/tonne))
  --  1.1 meters of 10.50 g/t gold, 117 g/t silver, 0.10% copper,
      0.14% lead, 0.19% zinc, (or a gold equivalent* value of 12.66 g/t
      (0.41oz/tonne))

Hole # 108040

  --  0.7 meters of 16.60 g/t gold, 169 g/t silver, 0.94% copper,
      8.09% lead, 18.95% zinc, (or a gold equivalent* value of 36.45 g/t
      (1.17oz/tonne)) within
  --  6.4 meters of 2.03 g/t gold, 345.7 g/t silver, 0.57% copper,
      3.02% lead, 10.76% zinc, (or a gold equivalent* value of 16.28 g/t
      (0.52oz/tonne))

Hole # 108037

  --  1.1 meters of 5.57 g/t gold, 101 g/t silver, 0.07% copper,
      0.22% lead, 0.22% zinc, (or a gold equivalent* value of 7.68 g/t
      (0.25 oz/tonne))

Recent drill highlights include:

Hole  Angle  From  Length  Au     Ag      Cu    Pb     Zn    AuEq* AuEq_Oz*
 #    (deg) Meters Meters  g/t    g/t      %     %      %     g/t  oz/tonne
      ----- ------ ------ -----  ------  ----  -----  -----  ----- --------

108037  -45  252.6    1.1  5.75   101.0  0.07   0.22   0.22   7.68     0.25

108037  -45  335.2    0.8  0.62   460.0  0.72   0.23   0.36   9.25     0.30
108037  -45  336.0    0.5  0.60   451.0  0.60   0.23   0.21   8.81     0.28
       ---- ------ ------ -----  ------  ----  -----  -----  ----- --------
 Avg.        335.2    1.3  0.61   456.5  0.68   0.23   0.30   9.08     0.29
       ---- ------ ------ -----  ------  ----  -----  -----  ----- --------

108040  -60  572.0    1.3  0.09   348.0  0.35   1.35   3.75   8.99     0.29
108040  -60  573.3    0.5  0.10   438.0  0.07   0.74   4.14   9.78     0.31
108040  -60  573.8    1.0  0.02   142.0  0.03   0.99   2.85   4.49     0.14
108040  -60  574.8    1.6  0.11   727.0  0.14   3.75  18.15  24.21     0.78
108040  -60  576.4    0.4  0.11    56.0  1.35   3.11   4.70   7.77     0.25
108040  -60  576.8    0.9  1.04   106.0  1.88   3.68  16.55  17.55     0.56
108040  -60  577.7    0.7 16.60   169.0  0.94   8.09  18.95  36.45     1.17
       ---- ------ ------ -----  ------  ----  -----  -----  ----- --------
 Avg.        572.0    6.4  2.03   345.7  0.57   3.02  10.76  16.28     0.52
       ---- ------ ------ -----  ------  ----  -----  -----  ----- --------

108042  -58  376.7    1.1  0.28    52.0  0.07   5.15  17.55  14.33     0.46
108042  -58  377.8    0.9  0.19    33.1  0.10   2.40  18.05  12.70     0.41
108042  -58  378.7    0.8  0.16    41.7  0.06   2.84  18.80  13.44     0.43
108042  -58  379.5    1.1  0.02     1.8  0.04   0.02   0.15   0.21     0.01
108042  -58  380.6    1.0  0.40    20.3  0.11   0.62   0.67   1.63     0.05
108042  -58  381.6    0.9  0.02     5.1  0.12   0.01   0.03   0.32     0.01
108042  -58  382.5    1.1  0.14   292.0  0.44   0.12   0.21   5.55     0.18
108042  -58  383.6    1.3  1.78  1100.0  0.93   0.77   6.73  24.61     0.79
108042  -58  384.9    1.0  0.25    12.5  0.10   0.04   1.98   1.78     0.06
108042  -58  385.9    1.1  0.32    39.8  0.29   0.06   0.12   1.53     0.05
108042  -58  387.0    1.1  3.01   690.0  2.11   3.76  10.25  25.29     0.81
108042  -58  388.1    0.6 31.90  2160.0  2.31  28.92  23.20  99.20     3.19
108042  -58  388.7    1.5  0.36   213.0  0.18   6.92  25.20  22.53     0.72
108042  -58  390.2    1.0  4.40   280.0  1.29   4.26  35.41  33.85     1.09
108042  -58  391.2    1.0 12.15  1180.0  1.47   2.83  17.10  44.32     1.42
108042  -58  392.2    0.8  9.90  2260.0  3.39  20.00  21.90  74.64     2.40
108042  -58  393.0    0.7  0.49   576.0  0.44  15.70  32.80  38.17     1.23
108042  -58  393.7    0.5  2.13   199.0  0.30   8.54  19.45  21.90     0.70
108042  -58  394.2    1.4 47.40  1030.0  2.35   9.86  23.00  86.23     2.77
       ---- ------ ------ -----  ------  ----  -----  -----  ----- --------
 Avg.        376.7   18.9  6.32   504.9  0.83   5.08  13.78  26.41     0.85
       ---- ------ ------ -----  ------  ----  -----  -----  ----- --------
 Avg.        387.0    8.6 13.40   882.2  1.53   9.77  23.01  48.54     1.56
       ---- ------ ------ -----  ------  ----  -----  -----  ----- --------

108042  -58  429.3    0.4  7.74   247.0  1.63   3.87   7.83  21.06     0.68
       ---- ------ ------ -----  ------  ----  -----  -----  ----- --------

Gold Equivalent (AuEq*) calculated at: Au $650.00/oz, Ag $10.00/oz,
Cu $1.60/lb, Pb $0.55/lb, Zn $0.55/lb. Assays by ALS Chemex, Vancouver,
BC Canada

William W. Reid, President of Gold Resource Corporation, stated, "Our exploration continues to return high-grade mineralization, including 0.7 meters of 16.60 grams per tonne gold, in our deepest hole drilled to date at the Arista area effectively increasing the mineralized horizon to more than 450 meters of vertical extent. Based on epithermal models and other epithermal mines in Mexico, potential exists for the depth extent of mineralization to go even further."

Mr. Reid continued, "The previously drilled and announced Hole #108034 yielded our best hole to date including 4.5 meters of 33.27 grams per tonne gold and 1105 grams per tonne silver. This recent step out Hole #108042 is equally impressive with increased gold values of 1.4 meters of 47.4 grams per tonne gold and 1030 grams per tonne silver within 8.6 meters averaging 13.40 grams per tonne gold and 882.2 grams per tonne silver which extended mineralization 35 meters southeast of high-grade previously returned in Hole #108034. These high-grade step-out holes represent significant increases to the Arista area's extent of mineralization."

"It is also interesting to note that while completing their due diligence before participating in the recent $5 million private placement, Hochschild Mining PLC ran independent confirmation assays on remaining core of some of our previously drilled high-grade intercepts. Returned among their check samples from Hole #108034 is a gold value of 1.2 meters of 270 grams per tonne gold (or 8.68 ounces per tonne gold) from the same 1.2 meter intercept of earlier core where we had assayed the gold to be 83.10 grams per tonne," stated Mr. Reid.

"We are fortunate to have the Arista polymetallic deposit where high-grade gold and silver represent approximately 75% of the values and where the remaining 25% in base metal (copper, lead and zinc) values could potentially pay for all operating costs of the project depending on the actual base metal prices at the time of production. As we continue to intercept high-grade mineralization, especially such high-grade gold and silver values which expand the Arista area, it underscores our belief that this epithermal system could be larger than previously thought," said 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 36,087,556 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 S-1 filed with the Securities and Exchange Commission.

Contact Information

  • Contact:
    Jason Reid
    VP / Corporate Development
    303-320-7708

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