Gold Resource Corporation Approved for Trading on OTC-BB.
GRC is a production-oriented mining company exploring three potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The company's management team, which previously initiated six producing mines under a prior company they founded and ran for 28 years, is positioning GRC to become a low-cost producer of gold and silver.
"We are very pleased with the caliber of investors that have helped fund our company," said William W. Reid, GRC's president. "Worldwide investors include Gold 2000, one of the largest gold funds in Europe; Heemskirk Consolidated Ltd, a global mining investment firm headquartered in Australia, and several London-based gold funds. These investments are testaments to GRC's exciting high-grade gold and silver properties in Oaxaca, as well as our long-range plans for the company."
GRC's flagship El Aguila gold and silver property is distinguished by many high-grade surface samples collected over an 8-kilometer long structural zone in which gold samples were as high as 35 grams per ton (g/t) (1.0 ounce/ton) and silver samples were as high as 3,170 g/t (92 ounces/ton). Test drilling has resulted in numerous high-grade intercepts, including the highest valued intercept of 2 meters of 101 g/t (2.95 ounces/ton) of gold and 1,040 g/t (30 ounces/ton) of silver. An early independent Scoping Study estimated cash costs at approximately $100/ounce gold from a potential high-grade open pit mine with an estimated grade of 7.45 g/t (0.21 ounces/ton) gold and 63 g/t (1.84 ounces/ton) silver.
GRC's El Aguila Project is on an accelerated exploration program aimed at making a positive production decision in the first quarter of 2007.
For more information, please visit GRC's website, located at http://www.goldresourcecorp.com/.
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 "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 GRC's strategy, future production, future expenses and future liquidity and capital resources. All forward-looking statements in this press release are based upon information available to GRC on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. The Company's actual results could differ materially from those discussed in this press release. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's Form SB-2 filed with the Securities and Exchange Commission.
CONTACT: William W. Reid, President, Gold Resource Corporation, +1-303-320-7708; or Geoff High, Pfeiffer High Investor Relations, +1-303-393-7044
Web site: http://www.goldresourcecorp.com/
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|Date:||Sep 14, 2006|
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