COLORADO SPRINGS, Colo., April 9, 2012 /PRNewswire/ -- Gold Resource Corporation (NYSE Amex: GORO) announced its preliminary production results for the first quarter ended March 31, 2012 of approximately 30,500 ounces precious metal gold equivalent (AuEq). Production increased approximately 53% from the previous quarter, and 308% from first quarter of 2011, establishing new record production for the Company. Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico. The Company has returned over $43 million to shareholders in monthly dividends since declaring commercial production July 1, 2010 and now offers shareholders the option to convert their cash dividends into physical gold or silver.
Gold Resource Corporation's first quarter production is in line with its 2012 Outlook, which is targeting annual production of 120,000 to 140,000 ounces AuEq. First quarter production was achieved with an 825 tonnes per day average throughput. Contributing to these record production levels included increased long-hole stoping.
"We are pleased with the record production increase and will release the full financial results for the first quarter at the time we file our quarterly report on Form 10-Q with the Securities and Exchange Commission," stated Gold Resource Corporation's President, Mr. Jason Reid. "The El Aguila Project and the hard work of its team members continue to impress management each month. First quarter record production sets a firm base from which to continue our growth trajectory of producing more low cost ounces."
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 52,902,620 shares outstanding, no warrants and no debt. Gold Resource Corporation is the only Company to offer its shareholders a dividend option to obtain physical gold or silver in addition to cash. 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 Securities and Exchange Commission.
SOURCE Gold Resource Corporation