Monday, 12 November 2012

Gold Resources hires new VP of exploration

Mexico-focused gold producer Gold Resource Corp (NYSEAMEX:GORO) Monday announced it has hired Barry Devlin as its new VP of exploration.  
Devlin will assume the role on or before January 5, as David Reid - co-founder of the company and current VP of exploration - will be taking a less active role in day-to-day operations.  
The company noted that Devlin has 31 years of professional experience in managerial phases of exploration and mine geology, with responsibilities including reserve calculations, mine development planning and grade control.
Devlin has also participated in the discovery, acquisition and development of “numerous mineral deposits”, and has worked in a variety of geologic environments, namely in the U.S., Canada, Mexico, Argentina, Bolivia, Chile, Guyana, Peru and Venezuela.    
“We are very excited to welcome Mr. Devlin to our team as I believe his skill sets are ideally suited for not only the expansion of our Arista gold and silver epithermal deposit, but the discoveries of additional deposits along our forty eight kilometer mineralized trend as well,” said president Jason Reid.  
“David Reid’s discovery of the Arista deposit has been one of the key drivers of the company’s success, not to mention he was integral with the formation, vision and execution of the company’s business plan to date.  
“We appreciate David’s support during this transition and though he desires to take a less active role in the company day to day, we still plan to rely on his input.”
Devlin joins the company from Endeavour Silver Corp. (NYSE:EXK), where he has been VP of exploration since 2007.  
“I believe we have chosen my replacement wisely as Mr. Devlin has the qualities I was looking for in a VP candidate to lead the company’s exploration programs going forward,” said David Reid in a release Monday.
Gold Resource Corp. has 100-per-cent interest in four high-grade gold and silver properties in Mexico's southern state of Oaxaca.
Last week, the company reached a settlement in a dispute with its concentrate buyer. In October, it said that a dispute arose during the third quarter with the buyer of its metal concentrates, regarding the resulting assays the buyer obtained from samples of concentrates.
The settlement requires the buyer to accept the company’s provisional assays taken prior to shipment of its metal concentrates for April, May and June for final invoice and payment, but not the provisional assays relating to February and March, for which gold equivalent ounces of around 1,800 will not be paid.  
To mitigate any potential future issues concerning the sampling and assaying process of its shipments, Gold Resource has instituted additional security, including using its own representatives to accompany and remain with all shipments until samples of the concentrates have been obtained at the buyer’s concentrate yard to ensure chain of custody and proper sampling.  
Gold Resource also said it will make a decision in the near future whether to retain a new concentrate buyer.  
Last month, the company reported its preliminary production results for the third quarter, of around 22,300 ounces of precious metal gold equivalent. That is 64-per-cent higher than the production of 14,488 gold equivalent ounces in the previous quarter, when the company saw some production challenges. 
The gold producer has a 2012 production outlook of a range of 85,000 to 100,000 gold equivalent ounces. 
Gold Resource has returned more than $63 million to shareholders in monthly dividends since declaring commercial production at its El Aguila mine in July 2010. It is also the first company, it noted, to offer shareholders the option to convert their cash dividends into physical gold or silver. 

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