Gold Resource Corporation Commences Drilling at El Aguila Project; Announces Positive Geochemical Survey Results
Posted on: Tuesday, 14 November 2006, 09:00 CST
DENVER, Nov. 14 /PRNewswire-FirstCall/ -- Gold Resource Corporation (GRC) (BULLETIN BOARD: GORO) today announced it has commenced drilling at its high-grade gold and silver El Aguila project in Oaxaca, Mexico. The objective of the 10,000-meter core drilling program is to delineate and expand the Company's previously discovered shallow, high-grade mineralization, as well as test numerous other high-grade targets. Drilling will continue for approximately six months.
William W. Reid, GRC's president, said, "We are pleased to have commenced our next phase of exploration, which will hopefully lead us to a production decision by early next year. Our recently completed geochemical survey, which was conducted over a limited portion of the property, has returned significant anomalies in several areas, including over a possible high-grade vein discovery found in our previous drilling. This impressive geochemical anomaly extends over a 2km structure that connects the previously intercepted four meters of 54.71 grams per ton (g/t) (1.6 ounces/ton) gold and 701 g/t (20.45 ounces/ton) silver at one end, and the four meters of 1.9 g/t (0.06 ounces/ton) gold and 755 g/t (22 ounces/ton) silver at the other end. We are eager to test this significant target."
About GRC
GRC is a production-oriented mining company pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company is specifically focused on three potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. For more information, please visit GRC's website, located at http://www.goldresourcecorp.com/.
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 "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 GRC's strategy, future production, future expenses and future liquidity and capital resources. All forward-looking statements in this press release are based upon information available to GRC on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. The Company's actual results could differ materially from those discussed in this press release. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's Form SB-2 filed with the Securities and Exchange Commission.
Gold Resource Corporation
CONTACT: William W. Reid, President of Gold Resource Corporation,+1-303-320-7708; or Geoff High of Pfeiffer High Investor Relations, Inc.,+1-303-393-7044, for Gold Resource Corporation
Web site: http://www.goldresourcecorp.com/
Source: PRNewswire-FirstCall
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