Tuesday, 24 July 2012

Gold Resource Corp reports final resource of 1.4 mln gold equivalent ounces for La Arista

Gold Resource Corp. (AMEX:GORO) disclosed Monday its final resource report from drilling data at the company’s La Arista vein system, part of the El Aguila project in the southern state of Oaxaca, Mexico.
The El Aguila project is located 120 kilometres southeast of the capital city of Oaxaca, and is a newly discovered high-grade gold and silver system.
Indicated and inferred resources stood at 1.4 million gold equivalent ounces at a one gram per tonne gold cut-off, confirming the previously announced preliminary results in April.
"We are pleased with the final results of this independent study of our drilling as the analysis confirms the high-grade nature of our deposit at La Arista," chief executive William Reid said in a statement.
"This independent analysis required application of certain constraints and restrictions that we believe make it a more conservative estimate than our original internal estimates."
The El Aguila project declared commercial production in July 2010, and has been in continuous production since that time.
The property consists of 23 contiguous mining concessions in the El Aguila to El Rey project area as well as two adjacent concessions in the Solaga project area covering 60,912-hectares.
Gold Resource said a significant exploration budget for 2012 has been allocated to continue drilling and investigate other targets where high grade precious metal concentrations have been found.
For the quarter that ended March 31, the gold producer made around 30,500 ounces of precious metal gold equivalent from El Aguila, an increase of 308 percent from the first quarter of 2011.
Gold Resource also said earlier in April that its first quarter output was in line with its 2012 outlook for annual production of between 120,000 to 140,000 ounces of gold equivalent.
The resource estimate for La Arista was prepared by the Denver engineering firm of Pincock, Allen & Holt in compliance with NI 43-101, and can be found at: http://www.goldresourcecorp.com

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