SOURCE: Gold Resource Corporation

Gold Resource Corporation

August 17, 2009 07:13 ET

Gold Resource Corporation's Large Grinding Ball Mill Arrives at Its El Aguila Project

Ore Stockpiling Underway

DENVER, CO--(Marketwire - August 17, 2009) - Gold Resource Corporation (GRC) (OTCBB: GORO) (FRANKFURT: GIH) is pleased to report its large grinding ball mill has arrived on site and open pit mining and stockpiling of ore have begun in preparation for operations at its El Aguila Project in the southern state of Oaxaca, Mexico. GRC targets production at its El Aguila Project in 2009, subject to remaining equipment delivery and construction schedules.

The El Aguila Project's largest ball mill arrived Sunday, August 16, 2009. Lyntek Incorporated, the project's engineering, procurement and construction manager (EPCM), has their grinding mill expert on site for the installation. GRC's second, smaller ball mill, which was fabricated in Peru, has arrived in Mexico and will be shipped to the site shortly. Gold Resource Corporation is in the final phase of mill construction with the mechanical / electrical contract underway. Most of the equipment has arrived on site and is being installed. The Company is pushing for production as soon as possible in 2009.

Having now received the Federal open pit permit, mining of the ore has begun and is being stockpiled at the mill in preparation for operations. The Company targets stockpiling as much gold ore as possible prior to mill start-up.

Gold Resource Corporation's president, William W. Reid, stated, "Having recently obtained the permits necessary to mine our El Aguila open pit deposit we are pleased to now have only to finish construction for production to begin."

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 46,095,489 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 filed with the Securities and Exchange Commission.

Contact Information

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