Gold Resource Corporation (NYSEAMERICAN:GORO) is celebrating ten years of production from its Arista mine in Mexico, over which time the firm has generated more than $1 billion in revenue.
The group's Oaxaca Mining Unit (OMU) kicked off output on July 1, 2010 with an estimated mine life of a minimum of nine years, but only having three to four years of delineated resource at the time, the firm noted.
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"With approximately four years of current proven and probable reserves, there is a strong possibility of a second decade of production ahead for the OMU," GORO added in a statement.
"The Arista mine has grown extensively over the past decade with the discovery of numerous vein systems and a geologic structural setting conducive for possible new vein system discoveries. Discoveries to date represent approximately only 2% of the company’s 560 square kilometer land package along a 55-kilometer mineralized trend with potential to not only expand existing deposits but discover new ones as well."
Shareholders have also received more than $114 million in dividends since July, 2010, which represents around 10% of the revenues generated.
"To return ten percent of total gross revenues back to shareholders in dividends is a second milestone few other mining companies will ever pursue or achieve," noted GORO's chief executive Jason Reid
Reid said the success of the Mexico operation had led to the formation and building of the group's Nevada Mining Unit.
"We are proud to say 2019 marked our ninth consecutive full year of profitability since announcing commercial production, and as we look to the future, we optimistically see another decade of production ahead in Oaxaca.
"The Oaxaca Mining Unit has grown into the keystone asset of the company and shareholders are very fortunate this large and powerful high-grade epithermal system has delivered its first billion dollars of production and may ultimately deliver several more," he added.
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