Gold Resource Corporation Announces 2015 Preliminary Annual Production Results Achieving Production Targets

Gold Resource Corporation (NYSE:GORO) announced preliminary 2015 fourth quarter and year-end mill production.
As quoted in the press release:

The Company produced approximately 29,644 gold ounces and 2,506,000 silver ounces for the 2015 year, which achieved its revised annual production targets. Gold Resource Corporation is a gold and silver producer with operations in Oaxaca, Mexico and exploration in Nevada, USA. The Company has returned over $108 million to shareholders in monthly dividends since commercial production commenced July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.

Preliminary production for the 2015 year was approximately 29,644 gold ounces and 2,506,000 silver ounces, meeting its revised annual production targets of 29,600 gold ounces and 2,500,000 silver ounces. Fourth quarter gold and silver production totaled approximately 7,684 ounces and 573,726 ounces respectively. Production on a precious metal gold equivalent (AuEq) basis was approximately 15,548 AuEq ounces for the fourth quarter at an actual 73.0 silver to gold ratio and 63,963 AuEq ounces for the year ended December 31, 2015 at an actual 73.1 silver to gold ratio. Annual base metal production included approximately 1,310 tonnes of copper, 4,174 tonnes of lead and 13,900 tonnes of zinc. Base metal production is not reported in the Company’s precious metal AuEq production results, as the Company uses revenues generated from base metal sales as a by-product credit to offset against its total cash cost measure. Only precious metals are considered in the Company’s AuEq production calculations.

Gold Resource Corporation CEO and President, Jason Reid, stated:

We are pleased with the Company’s fourth quarter production results, ending 2015 on a positive note with production increases in gold, silver, copper and zinc over the third quarter. 2015 was another challenging year for metal markets, the industry and the Company. Although management and the Board recently made the decision to reduce the dividend as average metal prices continue to fall year-over-year, we are proud to continue paying our shareholders a monthly dividend throughout this tumultuous metals market all the while not raising capital or diluting shareholders. The Company is currently finalizing its 2016 production Outlook again with the goal to conservatively weather what could be another difficult year for metals. It has been positive to see gold and silver prices move up the first few weeks of 2016 and we are optimistically positioning the Company to prosper when metal prices strengthen.

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