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Gold Resource Corp expands Arista system with new drilling

Last updated: 14:00 10 Apr 2018 EDT, First published: 03:11 10 Apr 2018 EDT

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The Arista mine project is in Mexico

Gold Resource Corp (NYSE: GORO) announced the northwest expansion of the Arista mine’s vein system in Mexico with 12 additional holes.

The gold and silver producer and explorer, has two North American mining units in Mexico and Nevada.

On Monday, the company said it had extended the Arista Vein System with high grade intercepts including 2 meters of 6.68 g/t (grams per ton) gold and 864 g/t (grams per ton) silver.

Other highlights included 8.92m (meters) of 1.68 g/t gold, 51 g/t silver, 0.34% copper, 3.06% lead, and 8.91% zinc.

“It is great to see the Arista vein system’s mineralization expand again to the northwest and both up and down-dip within this swarm of veins, said Barry Devlin, the firm's vice president of exploration.

"The known veins in this area had previously pinched down in width and to see them begin to swell again to form a new ore-shoot, along with adding new additional veins, is exciting.  We look forward to testing the extensions of both these known and yet to be named veins as the Arista Mine continues to grow."

Gold Resource holds an interest in six properties in Oaxaca, Mexico, including the producing Arista mine and Aguila Mill at the El Aguila project.

The company has returned $110 million 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.

Gold Resource hit its annual production targets last year, producing 28,117 gold ounces and 1,773,263 silver ounces in the 12 months ended December 31, 2017.

According to analysts, the miner presents a rare opportunity with an excellent balance sheet and high-octane growth anticipated with the new project in Nevada called the Isabella Pearl.

Shares advanced 3.82% to US$4.66 each.

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