Gold Resource Corporation (NYSEAMERICAN:GORO) announced Wednesday preliminary 2019 consolidated year-end and fourth-quarter production results, noting it achieved record gold production.
In a statement, the miner said it produced a record 40,318 gold ounces and produced 1,732,604 silver ounces in 2019, which met annual gold and silver production target ranges.
With the Isabella Pearl mine in Nevada reaching commercial production, Gold Resource said it increased its annual gold production by 50% over the prior year. The company also has operations in Oaxaca, Mexico.
Gold Resource’s 2019 annual production targets for its Oaxaca Mining Unit were 27,000 gold ounces and 1,700,000 silver ounces, plus or minus a 10% range. Production results for 2019 of 29,435 gold ounces and 1,722,852 silver ounces achieved the targeted range.
Fourth-quarter gold and silver production totaled 7,554 ounces and 417,877 ounces, respectively. Annual base metal production included 1,859 tonnes of copper, 9,202 tonnes of lead and 23,683 tonnes of zinc.
The Nevada Mining Unit produced 5,502 gold ounces during the fourth quarter, which met the 6,000-ounce target for the quarter, plus or minus a 10% range. Its 2019 total annual gold production totaled 10,883 ounces.
“2019 was not only a record gold production year for Gold Resource Corporation, but the company is well-positioned to substantially increase our gold production profile further in 2020,” said CEO Jason Reid.
“Our Nevada Mining Unit’s Isabella Pearl mine reached commercial production in October 2019, meeting its first production target by producing 5,502 gold ounces during the fourth quarter. Also during the quarter we successfully commissioned the hot side of the ADR process plant and began pouring dore bars on site. We continue to ramp up Nevada Mining Unit production and plan to update shareholders regarding our 2020 consolidated production targets in the near future.”
Reid continued: “Our Oaxaca Mining Unit’s operations team again delivered another year of solid production for 2019. In addition to achieving annual precious metal targets, the team delivered significant base metal production as well.”
Gold Resources, based in Colorado Springs, Colorado, has returned $113 million to its shareholders in monthly dividends since commercial production commenced July 1, 2010 and offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
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