Gold Resource Corporation Produces First Isabella Pearl Gold
COLORADO SPRINGS, CO, April 29, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Gold Resource Corporation (NYSE American: GORO) (the “Company”) reports first gold production from Isabella Pearl in its Nevada Mining Unit ahead of schedule. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has returned $111 million to its shareholders in consecutive monthly dividends since July 2010 and offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
The Company broke ground on the Isabella Pearl project in June 2018 with the goal of first gold production by twelve months in June 2019. After ten months of construction progress, the Company announced on March 25, 2019 that it had begun the initial stages of gold processing by applying and circulating leach solution to ore loaded on the heap leach pad. With the focus on reaching cash flow at the earliest possible time, two panels under leach, and final construction of the project’s ADR processing facility ongoing, management decided to utilize a third-party to process gold loaded carbon accumulating in the ADR plant and pour gold dore ahead of schedule. The dore will be shipped and sold to a refinery in the coming days. The spent carbon was regenerated and will be returned to the process cycle at the Isabella Pearl project. Additional gold loaded carbon shipments are planned in the next few days.
“It is a tremendous milestone to have produced our first gold dore from Isabella Pearl in just over ten months from breaking ground on the project,” stated Gold Resource Corporation’s CEO and President, Mr. Jason Reid. “Building a project like this is so exciting. An incredible amount of planning, work and problem solving goes into bringing a project like this online. Our team is still working hard to complete the final portions of the ADR process facility, from which we expect to pour dore bars on site in the future; however, after evaluating the ease of delivery and reasonable cost to utilize a third-party to process our gold infused carbon, it was an easy decision to achieve cash flow sooner than anticipated. These initial first several hundred ounces of gold are the beginning of what we believe will be a great gold project for Gold Resource Corporation shareholders. We remain focused on ADR construction completion over the next several months and now look towards the project production ramp up phase at Isabella Pearl. We are placing more ore on the pad, more panels under leach and increasing leach circulation flows.”
Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company targets low capital expenditure projects with potential for generating high returns on capital. The Company has returned $111 million back to its shareholders in consecutive monthly dividends since July 2010 and offers its 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.