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Market: NYSE AMEX
Sector: Gold Mining
Epic: GORO
News: Latest news
Web Site: Gold Resource Corp
Other Articles: 26-08-201020-08-201029-07-2010

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Thursday September 02, 11:00Baobab Resources identifies distinct ore domain at Tete’s South Zone

Baobab MD Ben James said the latest drilling results from the Tete project's South Zone characterise a distinct, higher mass recovery, ore domain.

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Thursday September 02, 08:15Indonesia edges closer toward uranium mining and nuclear power

After nearly five decades of national debate on the issue, Indonesia's central government may finally be ready to develop a national nuclear policy, which may lead to domestic uranium mining.

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Wednesday September 01, 01:25Green Dragon Gas reports significant growth as China’s thirst for energy continues

China's thirst for energy resources has continued with an increased focus on domestic supplies of gas, Green Dragon Gas chairman Randeep Grewal said today. In the company's interim results, [...]

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Gold Resource Corp

Gold Resource Corp

Gold Resource Corporation is a mining company focused on production and pursuing development of select, high-grade gold and silver projects that feature low operation costs and produce high returns on capital. The Company has 100% interest in four high-grade gold and silver properties in Mexico's southern state of Oaxaca.

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Wednesday, July 01, 2009

Hochschild Mining increases interest in Gold Resource Corp to 23.9%

by Ian Mclelland company news image

Underground mining specialist, Hochschild Mining (LSE: HOC) confirmed that it had exercised its option to invest a further US$20 million in US listed mining junior, Gold Resource Corp (OTCBB:GORO).  The option allowed Hochschild to purchase 5 million shares in Gold Resource Crop at US$4.00 per share – a 20% discount to the 30 day average closing price.  Following the share purchase, Hochschild’s interest increased from 14.6% to 23.9%.


Hochschild stated that the investment provided additional exposure to high grade, low cost ounces in a mining friendly country (Mexico) and was in line with its strategy of a “cluster consolidation strategy”.


Miguel Aramburú, Chief Executive Officer of Hochschild Mining, commented, “We are delighted to announce this transaction which provides Hochschild further exposure to low cost, high grade ounces in the Southern Mexico, in line with our cluster consolidation strategy. We have been extremely impressed with the quality of GRC's assets and the speed at which the El Aguila property is being developed. This investment will enable GRC to complete the construction of the mine and plant as well as to further their exploration efforts.”


Gold Resource Corp’s El Aguila Project in Mexico is expected to enter into production this year at a rate of 70,000 ounces of gold per annum, and will be a very low cost precious metals producer thanks to significant copper, lead and zinc credits in the ore.


In a separate announcement, Gold Resource Corp said it would use 80% of the proceeds for project completion, startup and working capital needs. The remaining $4 million raised is earmarked for accelerated exploration at the Aguila Project and accelerated development for the underground Arista deposit once the permit for the surface disturbance for the underground decline is granted.  Some of the proceeds will also be used for accelerated exploration at two other properties, Las Margaritas and El Rey. Gold Resource Corporation further added that it was in discussions with Hochschild about the accelerated exploration of these other two properties.


Gold Resource Corporation’s president, William W. Reid stated, “We are very pleased with the construction progress of our Aguila Project.  Mill construction continues with the final contractor, the mechanical/electrical contract, and with equipment arrival and installation.  The tailings facility is nearing completion with over three quarters of the double lined facility finished.  Overburden removal of the open pit continues at such a rapid pace that we have chosen to start the second phase of the tailings dam much sooner than originally planned.  Our project manager and employees, as well as Lyntek Engineering and the construction contractors, are all doing an excellent job.”


Mr. Reid continued, “We remain committed and focused on putting the El Aguila Project into production in the shortest amount of time possible with the fewest number of shares outstanding.  We are doing just that.  Though the federal permit timing is one aspect that remains outside of our control, and dictates our ultimate project timeframes, we are optimistic the final federal open pit permit will be granted soon as we have been given no indication to the contrary.”

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