El Rey

The El Rey property is located approximately 64.4 kilometers (40 miles) from the El Aguila Project at the northwest end of the Company's land position along the "San Jose structural fault corridor". The El Rey property consists of 2,773 hectares. Limited drilling at El Rey has encountered gold and silver mineralization up to 1 meter of 132.5 grams per tonne gold (4.25 ounces per tonne) and 1.5 meters of 958 grams per tonne silver. The mineralized material has been located within 100 meters from the surface.

To date, Gold Resource Corporation has drilled 48 core holes at El Rey for a total of 5,278 meters (17,316 feet). The Company has completed a small amount of work to finish refurbishing and extending an existing shaft on the property to permit future underground exploratory drilling. Work ceased at El Rey during 2012 following a request to obtain additional approvals from local community agencies. Gold Resource Corporation continues to work with these local agencies and hopes to find a resolution to this matter. If the matter is resolved, the Company plans to conduct follow-up drilling and exploration based on the drilling done in 2008. El Rey was included in the Company's 2013 airborne regional geophysical survey.

Vein drill intercepts include (5 holes):

    1 m of 132.5 g/t Au
    1.4 m of 55.3 g/t Au
    9 m of 19.4 g/t Au
    1 m of 66.4 g/t Au
    1 m of 31.8 g/t Au
    1 m of 30.3 g/t Au
    1 m of 29.1 g/t Au
    1 m of 23.7 g/t Au