COLORADO SPRINGS, CO--(Marketwired - Jun 30, 2016) - Gold Resource Corporation (NYSE MKT: GORO) (the "Company") announced today as required by Canadian securities regulations that it has disposed of certain common shares it previously indirectly held of Canamex Resources Corp. ("Canamex") (TSX VENTURE: CSQ). The Company initially reported the acquisition of 22,222,222 common shares in the capital of Canamex in February 2014 which, at the time, represented approximately 18.4% of the issued and outstanding common shares of Canamex. Since the initial report, the Company has periodically reviewed its holding and, based on its stated investment objectives, has periodically sold common shares of Canamex.
On June 28, 2016, the Company sold an aggregate of 400,000 common shares at a price of $0.0427 per common share for total consideration of $17,080. As a result of these sales, together with all previous sales by the Company of common shares of Canamex, the Company now holds 13,262,222 common shares of Canamex being approximately 9.96% of the issued and outstanding common shares of Canamex.
The shares of Canamex are held by the Company for investment purposes. It remains the Company's intention to evaluate its investment in Canamex on a continuing basis, and such holdings may be increased or decreased in the future as it may determine appropriate for investment purposes. The Company does not have any plans or future intentions with respect to completing a corporate transaction with Canamex or any of its subsidiaries or with respect to a solicitation of proxies from securityholders of Canamex or completing any similar transaction.
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 six potential high-grade gold and silver properties at its producing Oaxaca, Mexico Mining Unit and exploration properties at its Nevada, USA, Mining Unit. The Company has 54,266,706 shares outstanding, no warrants, no long term debt and has returned $108 million back to shareholders since commercial production commenced July 1, 2010. Gold Resource Corporation offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery. 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 production will continue at any specific rate. 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 SEC.