Gold Resource Corporation Reports Record Third Quarter Results; Increases Precious Metal Gold Equivalent Production by 88% Over Q2 2011
(firmenpresse) - COLORADO SPRINGS, CO -- (Marketwire) -- 11/09/11 -- Gold Resource Corporation (NYSE Amex: GORO) today announced record results for its third quarter ending September 30, 2011, including record profits and an increase of 88% in production of precious metal gold equivalent over the second quarter of 2011. Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico. The Company has returned over $30 million to shareholders in monthly dividends since declaring commercial production July 1, 2010.
Record production of 25,289 ounces precious metal gold equivalent (AuEq)
Record 88% AuEq production increase over Q2, 2011
Record revenue of $37.8 million
Cash cost of $154 per ounce AuEq
Record mine gross profit generated $31.2 million
Record pretax income of $24.3 million or $0.46 per share
Record net income of $15.2 million or $0.29 per share
Record dividend distributions of $7.4 million, or $0.14 per share for quarter
Physical gold and silver treasury of $1.7 million
Stock repurchase of 51,000 shares
Increased cash in bank to $45 million
Gold Resource Corporation's El Aguila Project produced 25,289 ounces of precious metal gold equivalent (AuEq) at a cash cost of $154 per AuEq ounce and realized average prices of $1,702 per ounce gold and $38 per ounce silver for its sales during the third quarter. The mine generated gross profit of $31.2 million. The Company paid $7.4 million to shareholders in dividends, converted $2 million of its newly generated cash into physical treasury of gold and silver to potentially mint into coins and repurchased 51,000 shares at an average share price of $19.01, after which the Company increased its bank account by $2.9 million over the previous quarter. In addition, the Company had receivables of $14.7 million.
"Our excellent team at the Aguila Project continues to execute and build the Company. We believe that Gold Resource Corporation's trajectory, with record production, record revenues and record dividends, is set on aggressive growth," stated Gold Resource Corporation's President, Mr. Jason Reid. "Optimization of our operations over last quarter includes a 40% increase in the average tonnes mined per day, increases of metal recoveries across the board, a 65% gold grade increase and 27% silver grade increase. In addition, gold production was up 134% and silver production up 82% compared to the second quarter 2011."
Mr. Reid continued, "We are on track to reach our production goal for 2011, targeting a range of 60,000 to 70,000 precious metal gold equivalent ounces."
Below is a table of the key production statistics for our El Aguila Project during the three months ended September 30, 2011.
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 52,947,303 shares outstanding, no warrants and no debt.
For more information, please visit GRC's website, located at 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 Securities and Exchange Commission
The following information summarizes the results of operations for Gold Resource Corporation for the three and nine months ended September 30, 2011 and 2010, its financial condition at September 30, 2011 and December 31, 2010 and its cash flows for the three and nine months ended September 30, 2011 and 2010. The summary data for the three and nine months ended September 30, 2011 and 2010 is unaudited; the summary data for the year ended December 31, 2010 is derived from our audited financial statements contained in our annual report on Form 10-K for the year ended December 31, 2010, but do not include the footnotes and other information that is included in the complete financial statements. Readers are urged to review the Company's Form 10-K in its entirety, which can be found on the SEC's website at .
The calculation of our cash cost per ounce contained in this press release is a non-GAAP financial measure. Please see "Management's Discussion and Analysis and Results of Operation" contained in the Company's most recent Form 10-Q and Form 10-K.
Corporate Development
Greg Patterson
303-320-7708
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Datum: 09.11.2011 - 17:09 Uhr
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