SOURCE: Gold Resource Corporation

Gold Resource Corporation

March 11, 2013 06:00 ET

Gold Resource Corporation Step-Out Drilling Intercepts High-Grade Gold and Silver Near Arista Deposit, Including 2.93m of 9.23 G/T Gold and 1,039 G/T Silver

COLORADO SPRINGS, CO--(Marketwire - Mar 11, 2013) - Gold Resource Corporation (NYSE MKT: GORO) (the "Company") is pleased to announce a new high-grade gold and silver zone at its Arista vein system with intercepts including 9.23 grams (0.27 ounces) per tonne gold and 1,039 grams (33.34 ounces) per tonne silver over 2.9 meters. Gold Resource Corporation is a low-cost gold and silver producer with operations in the southern state of Oaxaca, Mexico. The Company has returned over $75 million to shareholders in monthly dividends since declaring commercial production July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver. 

Recent drill highlights include:

Hole # 112741 (meters down hole, not true width)

  • 2.93 meters of 9.23 g/t gold, 1,039 g/t silver, 0.27% copper, 5.48% lead, 5.05% zinc
Hole   Angle   From   Length   Au   Ag   Cu   Pb   Zn
#   (deg)   Meters   Meters   g/t   g/t   %   %   %
112722   -67   200.53   2.82   1.84   814   0.36   0.29   0.61
                                 
112723   -73   215.42   4.37   3.83   985   0.36   1.87   1.97
                                 
112726   -57   285.18   1.42   1.82   642   0.46   0.26   0.57
                                 
112741   -70   377.80   2.93   9.23   1,039   0.27   5.48   5.05
                                 
Assays by ALS Chemex, Vancouver, BC Canada
 

This new mineralized zone, currently referred to as "Splay 5," is approximately 200 meters south of the Baja vein of the Arista Deposit. Splay 5 is one of several epithermal "en echelon," or parallel and offset, veins that have been discovered around the Arista deposit with step-out drilling (see illustration).

Mr. Barry Devlin, Gold Resource Corporation's Vice President of Exploration, commented, "We are thrilled to receive such positive drill results from the Aguila Project drilling program. This discovery of the Splay 5 mineralized zone clearly demonstrates the excellent exploration potential of the Company's properties." 

"The step-out drilling that discovered and continues to define Splay 5 speaks to the growth potential of the Arista deposit and epithermal vein system," stated Gold Resource Corporation's President, Mr. Jason Reid. "Continued drilling is defining more vein swarms and as we connect the intercepts we are optimistic many of these splays, like splay 5, will grow and become viable ore shoots from which to mine from. Splay 5 is one of several new splays discovered at the Arista deposit which are expected to add substantial ounces to our El Aguila Project's production and mine life. We have always felt there were significant additional ounces yet to be discovered at Arista and we believe these splays move us in that direction."

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 six potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The Company has 52,679,369 shares outstanding, no warrants and no debt. 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.

Cautionary Statements:
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.

Contact Information