COLORADO SPRINGS, Jan. 21, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Gold Resource Corporation (NYSE American: GORO) (the “Company”) today announced preliminary 2018 year-end and fourth quarter mill production results. The Company produced approximately 26,838 gold ounces and 1,672,034 silver ounces for the 2018 year, which met its annual gold and silver production target ranges. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, U.S.A. The Company has returned $111 million to its shareholders in monthly dividends since commercial production commenced July 1, 2010 and offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
The Company’s 2018 annual production targets were 27,000 gold ounces and 1,700,000 silver ounces, plus or minus a 10% range. Preliminary production results for 2018 of approximately 26,838 gold ounces and 1,672,034 silver ounces achieved the targeted range. Fourth quarter gold and silver production totaled approximately 7,974 ounces and 330,605 ounces, respectively. Preliminary annual base metal production included approximately 1,652 tonnes of copper, 7,280 tonnes of lead and 19,808 tonnes of zinc.
“Our Oaxaca Mining Unit’s operations team delivered another year of solid production results for 2018,” Gold Resource Corporation CEO and President, Mr. Jason Reid, stated. “In addition to achieving annual precious metal production targets, the team successfully delivered significant increased base metal production directly related to the development and mining of the lower levels of the Switchback vein system. As mine operations move to the higher elevation levels of the Switchback vein system, we believe precious metal grades will increase while base metal grades will decrease. We also look forward to the commissioning of the Isabella Pearl mine, targeted by June 2019, which is expected to significantly add to the Company’s gold production profile in 2019.”
Full financial results for the fourth quarter and fiscal year-end 2018 will be available in the Company’s annual report on Form 10-K to be filed with the Securities and Exchange Commission.
The Company is finalizing its 2019 production Outlook and looks forward to its future release.
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 since commercial production commenced July 1, 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.