Gold Resource Corporation Mill Expansion Update: Ball Mill On Site
COLORADO SPRINGS, CO -- (Marketwired) -- 07/02/13 -- Gold Resource Corporation (NYSE MKT: GORO) (the "Company") is pleased to update its shareholders on its Aguila mill expansion, including flotation circuit ball mill delivery. Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico. The Company has returned over $85 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 and take delivery.
The Company's Aguila mill expansion to a nominal 1500 tonnes per day throughput capacity includes delivery of the flotation circuit's second ball mill to the site. With the new ball mill foundation complete, the mill's sole plates are being installed in preparation for final ball mill installation. The new mill feed conveyor is on site as well and preparations for its installation are underway (see images). All the new concrete in the flotation area is complete in preparation for installation of the new floatation cells.
El Aguila Mill Expansion
Other construction includes the Aguila Project's new diesel generated power plant located near the Arista mine portal. This secondary power plant consists of four 2 megawatt each Caterpillar generators. The new power plant will have the ability to provide electricity to the underground Arista mine, the Aguila mill or both when needed. With two independent power plants, the initial power plant being located at the Aguila mill, the project is expected to have not only drastically greater energy capacity but greater energy flexibility. As the Aguila mill expands and the Arista mine development continues on strike and depth, this secondary power plant is expected to help meet the Aguila Project's electricity needs for the foreseeable future.
The Company targets to be fully complete with mill expansion by year end.
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 53,279,369 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.
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Contacts:
Corporate Development
Greg Patterson
303-320-7708
www.Goldresourcecorp.com