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Tuesday, 2 July 2013
Gold Resource Corp aims to wrap up Aguila mill expansion by year-end
Gold Resource Corp (NYSE MKT:GORO) is aiming to complete the mill expansion at its Aguila site by the end of this year.
The company updated shareholders Tuesday on the process, which includes a flotation circuit ball mill delivery.
With the new ball mill foundation complete, the mill's sole plates are being installed, the company said, in preparation for the final ball mill installation.
The new mill feed conveyor is on site as well, with preparations for its installation underway.
The expansion will take capacity to a nominal 1,500 tonnes per day.
Other construction includes the Aguila project's new diesel generated power plant, which will be able to provide electricity to the underground Arista mine and the Aguila mill, giving the project greater energy capacity.
The second power plant is expected to helo meet the Aguila project's future needs as the Aguila mill expands and the Arista mine continues to be developed on strike and at depth.
The U.S.-based gold producer, with operations in the southern state of Oaxaca, Mexico, has returned more than $85 million to shareholders in monthly dividends since declaring commercial production in July 2010. It also offers investors the option to convert their cash dividends into physical gold and silver.
Last month, the company said it drilled new mineralization around 500 metres northeast of the Arista vein system in Mexico. The step-out hole cut 2.2 metres of 12.91 grams per tonne (g/t) gold and 410 g/t silver. This was within an intercept measuring 15.5 metres wide and averaging 2.95 g/t gold. The structure is one of several parallel to the Arista deposit that the gold miner is targeting with its ongoing drilling.