Gold Resource Corp (AMEX:GORO) announced Tuesday its monthly dividend of 5 cents per common share for March.
The dividend is payable on April 23, to shareholders of record as of April 10.
March dividend marks the first opportunity for shareholders to
participate in the company’s gold and silver dividend program announced
earlier this month.
Shareholders who opt-in to the program can
take their dividend, after a cash to physical conversion, in gold and/or
silver on the April 23 pay date, the company said.
gold producer, which started production from its El Aguila project in
Oaxaca, Mexico in July 2010, has paid 20 straight monthly dividends
since declaring commercial production, totaling more than $41 million
returned to shareholders.
Under the new gold and silver dividend
program, shareholders can establish an “individual bullion account”,
whereby cash dividends are converted into Gold Resource Corp “Double Eagle” one ounce .999 fine gold and/or one ounce .999 fine silver rounds.
Bullion International (GBI), a provider of institutional precious
metals to individual investors and the wealth management industry, is
facilitating the conversion of the company's cash dividend to physical
Shareholders must direct their individual bullion
account for desired gold and silver allocation by midnight EST the day
before the record date. Once the cash to physical conversion takes
place, distribution of the gold and silver occurs on the dividend pay
Earlier this month, Gold Resource Corp reported record annual results, with 2011 marking its first full year of production from its El Aguila operations in Mexico.
gold company posted net income of $58.37 million, or $1.10 per share in
the year to December 31, 2011, versus a loss of $23.07 million, or 46
cents per share in 2010.
El Aguila is located 120 kilometres
southeast of the state capital city of Oaxaca, Mexico and has yielded
several strong metal samples, including 36.0 grams per tonne (g/t) gold,
and 3,100 g/t silver.
Last March, the company announced that it
had begun the transition from processing lower grade, open pit ore, to
processing underground ore from the high grade La Arista deposit at El
Combined open pit and underground operations in 2011
yielded 66,159 ounces of gold equivalent production. This compares to
the 10,493 gold equivalent ounces produced from the six months of open
pit El Aguila operations in 2010.
As underground development
continues, Gold Resource management said on a conference call early this
month that it expects to mine more efficiently with greater tonnages
and less dilution.
Cash costs in 2011 were $136 per ounce of gold
equivalent, excluding royalty expense, 37 percent lower than $217 per
ounce in the six month period in 2010.
This led to record annual
revenue of more than $105 million in 2011 as the company realized much
higher gold and silver prices for its combined operations of $1,596 per
gold ounce, and $35 per silver ounce. Revenues in 2010 stood at $14.75
The company's gross profit from the mine came in at $87.2 million, way up from $9.8 million the prior year.
For additional details on Gold Resource Corp’s
gold and silver dividend program and specifics on how to open a
self-directed “bullion” account, please visit the company’s website at www.goldresourcecorp.comor the program specific page at:www.grc.bullioninternational.com/.