Gold Resource Corporation (GRC) (OTCBB: GORO) (FRANKFURT: GIH) is pleased to report 1.4 meters of 55.30 g/t gold within 7.8 meters of 20.34 g/t gold at El Rey. El Rey is one of 4 properties in the state of Oaxaca, Mexico in which GRC has 100% interest. El Rey is being evaluated for development where high-grade gold ore could potentially be trucked 95 kilometers to GRC's El Aguila mill, currently under construction. GRC targets production at its El Aguila Project Q1, 2009, subject to obtaining remaining permits, regulatory approvals, equipment delivery and construction schedules.
El Rey recent drill highlights include:
Hole # 208018
-- 1.4 meters of 55.30 g/t gold, 70.7 g/t silver and
-- 1.0 meter of 23.70 g/t gold, 164.0 g/t silver and
-- 1.4 meters of 14.30 g/t gold, 56.2 g/t silver within
-- 7.8 meters of 20.34 g/t gold, 78.3 g/t silver
Hole # 208036
-- 1.0 meter of 29.10 g/t gold, 27.0 g/t silver and
-- 1.0 meter of 23.70 g/t gold, 35.8 g/t silver
El Rey previous and recent drill highlights include:
Hole Deg From Length Au Ag AuEq* AgEq*
Number Meters Meters g/t g/t g/t oz/tonne
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2007 Highlights
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7802 -40 72.0 1.0 20.30 13.6 20.57 0.66
7802 -40 73.0 1.0 66.40 86.2 68.12 2.19
7802 -40 74.0 1.0 3.94 60.2 5.14 0.17
7802 -40 75.0 1.0 3.97 83.1 5.63 0.18
7802 -40 76.0 1.0 31.80 118.0 34.16 1.10
7802 -40 77.0 1.0 3.81 100.0 5.81 0.19
7802 -40 78.0 2.0 6.90 84.4 8.59 0.28
7802 -40 80.0 1.0 30.30 43.6 31.17 1.00
------------ -------- -------- -------- -------- -------- -------- --------
Average 72.0 9.0 19.37 74.8 20.87 0.67
------------ -------- -------- -------- -------- -------- -------- --------
Including 72.0 2.0 43.35 49.9 44.35 1.43
------------ -------- -------- -------- -------- -------- -------- --------
Including 73.0 1.0 66.40 86.2 68.12 2.19
------------ -------- -------- -------- -------- -------- -------- --------
7808 -45 56.0 0.5 3.84 101.0 5.86 0.19
7808 -45 56.5 0.5 5.78 44.6 6.67 0.21
7808 -45 57.0 0.5 13.85 134.0 16.53 0.53
7808 -45 57.5 0.5 16.25 1585.0 47.95 1.54
7808 -45 58.0 0.5 3.55 1240.0 28.35 0.91
------------ -------- -------- -------- -------- -------- -------- --------
Average 56.0 2.5 8.65 620.9 21.07 0.68
------------ -------- -------- -------- -------- -------- -------- --------
Including 57.5 1.0 9.90 1412.5 38.15 1.23
------------ -------- -------- -------- -------- -------- -------- --------
7810 -40 27.0 1.0 132.50 88.0 134.26 4.32
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2008 Highlights
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208001 -45 33.0 1.5 3.22 74.0 4.70 0.15
208001 -45 34.5 1.5 18.65 272.0 24.09 0.77
------------ -------- -------- -------- -------- -------- -------- --------
Average 33.0 3.0 10.94 173.0 14.40 0.46
------------ -------- -------- -------- -------- -------- -------- --------
208002 -60 38.0 1.0 5.66 120.0 8.06 0.26
208008 -60 39.0 1.0 12.70 14.5 12.99 0.42
208010 -60 114.0 1.0 2.66 19.5 3.05 0.10
208010 -60 115.0 1.0 13.50 55.0 14.60 0.47
------------ -------- -------- -------- -------- -------- -------- --------
Average 114.0 2.0 8.08 37.3 8.83 0.28
------------ -------- -------- -------- -------- -------- -------- --------
208011 -45 50.0 1.0 8.96 9.1 9.14 0.29
208011 -45 51.0 1.0 23.30 19.7 23.69 0.76
208011 -45 52.0 3.0 31.50 48.5 32.47 1.04
------------ -------- -------- -------- -------- -------- -------- --------
Average 50.0 5.0 25.35 34.9 26.05 0.84
------------ -------- -------- -------- -------- -------- -------- --------
Including 52.0 3.0 31.50 48.5 32.47 1.04
------------ -------- -------- -------- -------- -------- -------- --------
208011 -45 59.0 1.0 6.75 83.6 8.42 0.27
208012 -60 58.0 1.0 4.26 13.3 4.53 0.15
208012 -60 59.0 1.0 3.07 12.4 3.32 0.11
208012 -60 60.0 1.0 21.80 57.0 22.94 0.74
208012 -60 61.0 1.0 3.98 52.7 5.03 0.16
208012 -60 62.0 1.0 5.64 95.0 7.54 0.24
208012 -60 63.0 1.0 0.98 19.7 1.37 0.04
208012 -60 64.0 1.0 4.63 83.3 6.30 0.20
208012 -60 65.0 1.0 6.15 22.0 6.59 0.21
------------ -------- -------- -------- -------- -------- -------- --------
Average 58.0 8.0 6.31 44.4 7.20 0.23
------------ -------- -------- -------- -------- -------- -------- --------
208013 -45 73.0 1.0 23.90 204.0 27.98 0.90
208013 -45 74.0 1.0 2.03 43.2 2.89 0.09
208013 -45 75.0 1.5 6.04 42.8 6.90 0.22
208013 -45 76.5 1.5 0.74 57.2 1.88 0.06
208013 -45 78.0 1.5 13.95 191.0 17.77 0.57
------------ -------- -------- -------- -------- -------- -------- --------
Average 73.0 6.5 8.77 105.2 10.88 0.35
------------ -------- -------- -------- -------- -------- -------- --------
208018 -45 96.2 1.4 55.30 70.7 56.71 1.82
208018 -45 97.6 1.4 14.30 56.2 15.42 0.50
208018 -45 99.0 3.0 9.25 72.1 10.69 0.34
208018 -45 102.0 1.0 23.70 164.0 26.98 0.87
208018 -45 103.0 1.0 9.80 52.5 10.85 0.35
------------ -------- -------- -------- -------- -------- -------- --------
Average 96.2 7.8 20.34 78.3 21.91 0.70
------------ -------- -------- -------- -------- -------- -------- --------
Including 96.2 2.8 34.80 63.5 36.07 1.16
------------ -------- -------- -------- -------- -------- -------- --------
Including 96.2 1.4 55.30 70.7 56.71 1.82
------------ -------- -------- -------- -------- -------- -------- --------
208023 -45 27.2 1.0 5.98 9.9 6.18 0.20
208023 -45 28.2 1.0 9.32 18.5 9.69 0.31
------------ -------- -------- -------- -------- -------- -------- --------
Average 27.2 2.0 7.65 14.2 7.93 0.26
------------ -------- -------- -------- -------- -------- -------- --------
208023 -45 55.7 0.8 3.86 251.0 8.88 0.29
208024 -60 59.0 1.0 63.20 44.0 64.08 2.06
208024 -60 60.0 2.0 65.70 156.0 68.82 2.21
208024 -60 62.0 1.0 19.75 94.0 21.63 0.70
208024 -60 63.0 1.0 11.85 164.0 15.13 0.49
------------ -------- -------- -------- -------- -------- -------- --------
Average 59.0 5.0 45.24 122.8 47.70 1.53
------------ -------- -------- -------- -------- -------- -------- --------
Including 59.0 3.0 64.87 118.7 67.24 2.16
------------ -------- -------- -------- -------- -------- -------- --------
208036 -60 87.0 1.0 29.10 27.0 29.64 0.95
208036 -60 91.0 1.0 23.70 35.8 24.42 0.78
------------ -------- -------- -------- -------- -------- -------- --------
*AuEq = Au @ $650, Ag @ $13. Assays by ALS Chemex, Vancouver, BC Canada
Mr. William W. Reid, President of Gold Resource Corporation, stated, "El Rey's high-grade gold intercepts are impressive with 1.4 meters of 55.30 grams, (or 1.78 ounces) gold per tonne within 7.8 meters of 20.34 grams gold per tonne and with previously drilled high grade intercepts included 1 meter of 132.50 grams, (or 4.26 ounces) gold per tonne and 3 meters of 64.87 grams, (or 2.08 ounces) of gold per tonne."
Mr. Reid continued, "With multiple high-grade intercepts of one ounce gold or greater we are optimistic about the potential of El Rey becoming a mine. Mineralization is relatively shallow and could facilitate an easy startup. We are currently analyzing this vein system for possible development."
"Though our main focus has been and will continue to be bringing the Company's flagship El Aguila Project into production, we are evaluating the possibility of blending El Rey's high-grade gold mineralization into the second half of our first 12 month production schedule. The permitting process for El Rey is underway and initial metallurgical tests recovered 94% of the gold and 75% of the silver," stated Mr. Reid
Mr. Reid stated, "The ability to truck ore from multiple properties to feed the strategically located Aguila mill could potentially add to longevity of operations, maintain the highest head grade through the mill and hold capital costs of developing additional projects to a minimum."
About GRC
Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in four potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The company has 34,324,619 shares outstanding and no warrants. For more information, please visit GRC's website, located at www.Goldresourcecorp.com and read the Company's 10-K for an understanding of the risk factors involved.
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words "plan," "target," "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that commercial production at the El Aguila Project will be achieved in the time frames estimated, at the rates and costs estimated, or even at all. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's 10-K and Form S-1 filed with the Securities and Exchange Commission.
Contact:
Jason Reid
VP / Corporate Development
303-320-7708
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