COLORADO SPRINGS, CO — (Marketwired) — 05/08/13 — Gold Resource Corporation (NYSE MKT: GORO) (the „Company“) reported its production results for the first quarter ended March 31, 2013 of 22,330 ounces precious metal gold equivalent („AuEq“, calculated at actual sales price ratio of 54:1). Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico. The Company has returned over $81 million to shareholders in monthly dividends since declaring commercial production July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
22,330 ounces mill production, precious metal gold equivalent (AuEq)
24,972 precious metal AuEq ounces sold
$25.9 million Cash Flow from Mine Site Operations
Accumulated deficit reduced to zero
Total cash cost of $515 per ounce AuEq (including 5% royalty)
Net income of $7.4 million or $0.14 per share
Dividend distributions of $9.5 million, or $0.18 per share for quarter
Gold Resource Corporation-s El Aguila Project produced 22,330 ounces of precious metal gold equivalent (AuEq) at a total cash cost of $515 per AuEq ounce and realized average prices of $1,648 per ounce gold and $31 per ounce silver for its sales during the first quarter. Gold and silver prices decreased 3.3% and 6.1%, respectively, from the first quarter of 2012. Cash Flow from Mine Site Operations was $25.9 million. The Company paid $9.5 million to shareholders in dividends.
„First quarter 2013 was on track with our annual production targets,“ stated Gold Resource Corporation-s President, Mr. Jason Reid. „At this point, we are maintaining our 2013 production goal, targeting a range of 80,000 to 100,000 precious metal gold equivalent ounces.“
Mr. Reid continued, „The first quarter of 2013 marked a milestone for the Company as our accumulated deficit was reduced to zero. We achieved this milestone while distributing over $81 million to our shareholders. Both speak to our efficiency of capital deployed on behalf of our shareholders.“
Below is a table of the key production statistics for our El Aguila Project during the three months ended March 31, 2013.
Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in six potential high-grade gold and silver properties in Mexico-s southern state of Oaxaca. The Company has 53,279,369 shares outstanding, no warrants and no debt. Gold Resource Corporation offers shareholders the option to convert their cash dividends into physical gold and silver. For more information, please visit GRC-s website, located at and read the Company-s 10-K for an understanding of the risk factors involved.
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words „plan,“ „target,“ „anticipate,“ „believe,“ „estimate,“ „intend“ and „expect“ and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation-s strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company-s actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that production will continue at any specific rate. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company-s 10-K filed with the SEC.
The following information summarizes the results of operations for Gold Resource Corporation for the three months ended March 31, 2013 and 2012, its financial condition at March 31, 2013 and December 31, 2012 and its cash flows for the three months ended March 31, 2013 and 2012. The summary data for the three months ended March 31, 2013 and 2012 is unaudited; the summary data for the year ended December 31, 2012 is derived from our audited financial statements contained in our annual report on Form 10-K for the year ended December 31, 2012, but do not include the footnotes and other information that is included in the complete financial statements. Readers are urged to review the Company-s Form 10-K in its entirety, which can be found on the SEC-s website at .
The calculation of our cash cost per ounce contained in this press release is a non-GAAP financial measure. Please see „Management-s Discussion and Analysis and Results of Operation“ contained in the Company-s most recent Form 10-Q and Form 10-K.
Corporate Development Greg Patterson 303-320-7708
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