Gold Resource Corporation Reports Third Quarter Results; Maintains 2013 Production Outlook
(firmenpresse) - COLORADO SPRINGS, CO -- (Marketwired) -- 11/07/13 -- Gold Resource Corporation (NYSE MKT: GORO) (the "Company") reported its production results for the third quarter ended September 30, 2013 of 21,244 ounces precious metal gold equivalent ("AuEq", calculated at actual sales price ratio of 65:1). Gold Resource Corporation is a gold and silver producer with operations in the southern state of Oaxaca, Mexico. The Company has returned over $90 million to shareholders in monthly dividends since production July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
21,244 ounces mill production, precious metal gold equivalent (AuEq)
19,033 precious metal AuEq ounces sold
$12.8 million Cash Flow from Mine Site Operations
On track for year-end 2013 production target
Dividend distributions of $4.8 million, or $0.09 per share for quarter
Mill expansion on schedule for year-end delivery
Gold Resource Corporation's El Aguila Project produced 21,244 ounces of precious metal gold equivalent (AuEq) at a total cash cost of $756 per AuEq ounce and realized average prices of $1,240 per ounce gold and $19 per ounce silver for its sales during the third quarter. Gold and silver prices decreased 29.9% and 40.6%, respectively, from the third quarter of 2012. Cash Flow from Mine Site Operations totaled $12.8 million. The Company paid $4.8 million to shareholders in dividends. Mill expansion is expected to be delivered by year-end.
"Three quarters of the way through the 2013 production year, the Company remains on track with its annual production goal, targeting a range of 80,000 to 100,000 precious metal gold equivalent ounces," stated Gold Resource Corporation's CEO and President, Mr. Jason Reid. "Our project team continues to deliver on target results even in the midst of ongoing mill expansion construction and an increasing silver-to-gold ratio. We announced earlier this week the commissioning of the flotation circuit's second ball mill, the commissioning of our new 10 megawatt diesel generated power plant, and we are excited to wrap up construction activities these next several weeks with the commissioning of the new flotation cells."
Mr. Reid continued, "Expectations for early 2014 include an increased cash position as mill expansion capital expenditures come to an end, increased daily tonnage through the expanded El Aguila mill and increased production with lower per tonne production costs."
Below is a table of the key production statistics for our El Aguila Project during the three and nine months ended September 30, 2013 and 2012.
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 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 SEC.
The following information summarizes the results of operations for Gold Resource Corporation for the three and nine months ended September 30, 2013 and 2012, its financial condition at September 30, 2013 and December 31, 2012 and its cash flows for the nine months ended September 30, 2013 and 2012. The summary data for the three and nine months ended September 30, 2013 and 2012 is unaudited; the summary data for the year ended December 31, 2012 is derived from our audited financial statements contained in our annual report on Form 10-K for the year ended December 31, 2012, 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: 07.11.2013 - 18:42 Uhr
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