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Gold Resource shares high-grade drill results from Arista Mine

Last updated: 16:32 10 May 2016 EDT, First published: 11:32 10 May 2016 EDT

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Additional drill results at Arista Mine

GOLD Resource Corporation (NYSE:GORO) on Tuesday reported additional high-grade switchback drill results from its Aguila Project's Arista Mine.

These include 8.03 meters of 6.85 G/T GOLD and 462 G/T Silver as well as 10.36 meters of 4.20 G/T GOLD and 212 G/T Silver.

Gold Resource is a gold and silver producer with operations in Oaxaca, Mexico and exploration in Nevada, USA.

The Company has returned $108mln to shareholders in monthly dividends since commercial production commenced July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.

The high-grade polymetallic Switchback vein system expands the currently producing Arista Mine mineralization. The Company continues to develop a second drift to access Switchback and targets to crosscut and mine this mineral in the second half of 2016, dependent on drift progression, rock competency, potential water courses and CO2 gas that may be encountered during development. Thus far no appreciable amounts of water or gas have been encountered, though the Company does expect water management to be necessary in the future.

These infill and step-out drill results from Switchback confirm continuity of modeled veins and expand previously defined mineralization. The Switchback vein system remains open in all directions, and the Company continues to drill the extensions of this expanding vein system. At December 31, 2015, the Company reported mineralized material at Switchback in excess of 630,000 tonnes.

"Exploration at Switchback continues to deliver impressive results defining high-grade polymetallic mineralization over multiple parallel veins," said Barry Devlin, Vice President of Exploration.

"These latest drill results also include some of the widest intercepts we have seen to date in the Switchback swarm of veins. Our exploration team's goal for Switchback is to continue drilling the extensions of this expanding epithermal system. If we reach the Switchback veins with development in time for the next reserve update, we target a conversion of a portion of Switchback's mineralized material into proven and probable reserves," he added.

Gold Resource shares ended 6.1% higher at $3.33 on Tuesday.

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