Gold Resource Corporation (NYSE MKT: GORO) (the “Company”) today provided an update on the Switchback discovery drill highlights at its ElAguila Project in Mexico. Gold Resource Corporation is a gold and silver producer with operations in the southern state of Oaxaca, Mexico.The Company has returned over $95 million to shareholders in monthly dividends since declaring production July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
The new “Switchback” discovery, announced in June 2013, is located on the Company’s El Aguila Project approximately 500 meters northeast of the Company’s producing La Arista polymetallic (gold, silver, and base metals) underground mine (see maps).Step-out drilling continues to expand the high-grade mineralization, which is now explored 450 meters along strike by 450 at depth, containing significant gold, silver, copper, lead and zinc.The Company continues to drill step-out and infill holes at Switchback with hopes of further expanding the known mineralized area.
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“We are pleased with the continued expansion of the Switchback mineralization,” stated Gold Resource Corporation’s CEO and President, Mr. Jason Reid.“We continue to drill this high priority target and are optimistic we may make a development decision for Switchback in the near term.Preliminary mine planning has begun with conceptual plans to access the Switchback mineralization from the producing underground Arista mine.”
Barry Devlin, Vice President of Exploration for Gold Resource Corporation commented, “The new gold, silver and base metals discovery at Switchback was the success story of our 2013 drilling program at the El Aguila Project.Since the first hole, we knew the Switchback zone had excellent potential because of its similarities to our Arista vein system where we are currently producing.Switchback is a 40 to 100 meter wide alteration zone containing numerous mineralized veins associated with rhyolite dikes and hosted in andesite, similar to what we see at Arista.Switchback is also open in all directions, which increases the potential for additional high-grade discoveries.”
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 53,779,369 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 atwww.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.
SOURCE: Gold Resource Corporation