GOLD RESOURCE CORPORATION REPORTS SECOND QUARTER NET INCOME OF $1.8 MILLION, OR $0.03 PER SHARE, AND POSITIONED TO INCREASE 2019 PRODUCTION OUTLOOK.
(C)2019 ENPublishing - http://www.enpublishing.co.uk
Release date- 06082019 - COLORADO SPRINGS - Gold Resource Corporation (NYSE American: GORO) (the 'Company' or 'GRC') reported production results for the second quarter ended June 30, 2019 of 9,559 ounces of gold and 467,484 ounces of silver, which along with base metal revenue generated $29.4 million in net revenue and $1.8 million, or $0.03 per share, in net income for the quarter.
The Company maintains its 2019 Oaxaca Mining Unit ('OMU') production outlook and plans to increase its global production outlook once commercial production levels are reached at its Nevada Mining Unit ('NMU') Isabella Pearl mine. The Company produced first gold at Isabella Pearl in just over ten months of breaking ground on the project, with the project now in the gold production ramp-up phase. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has returned $112 million to its shareholders in consecutive monthly dividends since July 2010 and offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
Overview of Q2 2019 Results
Second quarter production from the Company's Oaxaca Mining Unit totaled 7,881 ounces of gold, 466,512 ounces of silver, 482 tonnes of copper, 2,304 tonnes of lead and 6,054 tonnes of zinc. Through the first half of 2019, the Company's OMU production numbers total 14,419 ounces of gold, 831,165 ounces of silver, 915 tonnes of copper, 4,457 tonnes of lead and 11,892 tonnes of zinc. Second quarter production from the Company's Nevada Mining Unit, which produced first project gold during the quarter, totaled 1,678 ounces of gold and 972 ounces of silver.
The Company maintains its 2019 OMU annual outlook, targeting a plus or minus ten percent production range of 27,000 gold ounces and 1,700,000 silver ounces. In addition, with its Isabella Pearl mine in the ramp-up phase, the Company is positioned to increase its 2019 annual production outlook in the near future once the project has reached commercial production levels.
The Company sold 12,060 precious metal gold equivalent ounces at a total cash cost of $291 per ounce (after by-product credits) at its OMU, benefiting from strong base metal production and sales. OMU average realized metal prices during the quarter included $1,338 per ounce gold and $14.94 per ounce silver. The Company sold 1,131 gold ounces from its Isabella Pearl mine at an average realized price of $1,363 per gold ounce. The Company recorded net income of $1.8 million, or $0.03 per share, and paid $0.3 million to its shareholders in dividends, or $0.005 per share during the quarter. Cash and cash equivalents at quarter end totaled $7.9 million.
'Gold Resource Corporation has now achieved dual-jurisdictional precious metal producer status in two mining friendly jurisdictions in North America.' stated Mr. Jason Reid, President and CEO of Gold Resource Corporation. 'We now approach important near-term catalysts to increase shareholder value, including our targeted 100% increase to the Company's gold production profile once the Nevada mine is fully operational, and possible future monthly dividend increases.'
Average realized metal prices include final settlement adjustments for previously unsettled provisional sales. Provisional sales may remain unsettled from one quarter into the next. Realized prices will therefore vary from average spot metal market prices upon final settlement.
Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company targets low capital expenditure projects with potential for generating high returns on capital. The Company has returned $112 million back to its shareholders in consecutive monthly dividends since July 2010 and offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
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 production will continue at any specific rate. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company's 10-K filed with the SEC.
[Editorial queries for this story should be sent to email@example.com]
((Distributed via M2 Communications - http://www.m2.com))
|Printer friendly Cite/link Email Feedback|
|Date:||Aug 7, 2019|
|Previous Article:||Hecla Reports New High-Grade at Casa Berardi and Expanding Near-Surface Oxide Resource at San Sebastian.|
|Next Article:||Gabriel Resources Ltd. - US$20 Million Private Placement.|