Gold Resource, the gold and silver mining company focused on delivering an aggressive growth profile for shareholders consisting of low cost, high margin production via their substantial (over 200 square miles) 100% interest position in six key properties in Oaxaca, Mexico, which collectively represent a dominant footprint in the region's primary mineralized (30-mile) structural corridor, announced the appointment of a new General Manager for their Oaxaca Mining Unit.
Jesus Rivera will bring his extensive knowledge and experience in underground mining operations directly to bear on production at the company's flagship El Aguila Project. The underground Arista Deposit at El Aguila cried out for precisely such a veteran digger, and Rivera will no doubt produce fruitful insights for the company's implementation methodology moving forward as he comes to the site fresh from Yamana Gold's Mercedes Project in Sonora, where he was Operations Manager.
Mr. Rivera was also Operations Manager for some of the other top names in Mexican minerals today, like Farallon Mining and Genco Resources, holding a broad skill set that stretches across every aspect of the business from open pit and milling, to maintenance, community relations, and even human resources. This kind of broad spectrum experience will go a very long way as GM for GORO's Oaxaca Unit and Rivera has picked up a great deal of front line traction with other regional players like Frisco Corp. and Gold Corp., serving in a variety of roles and learning the kinds of things one can only learn in such a manner.
A mining and metallurgy engineer like Rivera will contribute mightily to the mine site management team led by Gold Resource COO Rick Irvine, an extremely accomplished mining veteran in his own right. GORO will not waste this momentum either and plans are already in motion to further expand the El Aguila professional team as the company advances towards significant production target increases from the underground Arista operation.
President of GORO, Jason Reid, detailed the appointments of other key personnel, like new managers for the mill, maintenance crew, underground mine, and safety department, asserting that the increased production totals from last quarter were in part due to these appointments, which have really helped get things moving in their respective areas. Reid hailed the choice of Rivera for GM as a true hallmark of the company's dedication to aggressive production growth and asserted that the results from these appointments would be clearly expressed by further optimization in coming quarters.
To date GORO has returned some $63M to shareholders in dividends since the start of commercial production back in July of 2010 and is noteworthy for being the only company around serious enough to offer shareholders an option to take those dividends as physical gold and silver. The company is as serious about its portfolio of high-grade, high-margin gold and silver production as they are about pleasing the investors. With no debt and no warrants against a base of some 52.8M shares, GORO has a firm production footprint in prime territory and represents an excellent value.
The El Ray site is currently being developed, as are newer portions of the El Aguila, with the Arista Deposit being a hotbed of activity. The remainder of the company's interests, while still in the exploration phase, collectively represents a really nice looking land position for GORO with a bright production future. The company pumped out 64% more (22.3k total) AuEq ounces (precious metal gold equivalent calculated at a 55:1 price ratio) in Q3 2012 from milling operations than in the previous quarter and looks to ramp up to over 100k oz AuEq for the year going into 2013, driven in large part by the Arista underground operation. The roughly 14% base metal production (copper, lead, and zinc) is also a significant part of the overall value of production from El Aguila and the precious metal total cash cost per ounce of production for 2012 is in the $350 range, very low cost for the level of production, especially considering the potential future of the company's regional strategy.
For more information, please visit www.Goldresourcecorp.com
Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html