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Gold Resource Corporation (GRC) (OTCBB: GORO, FRANKFURT: GIH) is pleased to announce first concentrate production at its El Aguila Project Mill, located in Oaxaca, Mexico.
Gold Resource Corporation’s El Aguila mill startup on January 25, 2009 has led to the first concentrates produced from the mill’s initial flotation circuit on February 2, 2010 from the Company’s El Aguila open pit gold and silver ore. William W. Reid, President of Gold Resource Corporation stated, “We are very pleased with successful concentrate production from our El Aguila mill. I want to thank all our El Aguila Project management team and employees, Lyntek’s engineering and construction management team and all the contractors for their excellent work in achieving this milestone. We also want to thank Hochschild Mining for their continued financial and technical support. Gold Resource is fortunate to have put together such a talented and excellent team for the El Aguila Project”. Mr. Reid continued, “We will now be in this initial start-up mode through the month of February as we continue operator training as well as flotation circuit optimization. We target achieving “Commercial Production” sometime in March. Commercial Production is declared when the mill throughput and mill recoveries are at least 80% of the mill design. During this optimization period we will be running lower grade ore. First quarter results will reflect this optimization and lower production rate as we ramp up to Commercial Production.” Mr. Reid stated, “This is a good time to have a new mine coming on line as we are in unprecedented times in the gold market. We see 2010 as one of increasing shareholder value as we ramp up production, generate increasing cash flows, continue to explore the exceptional potential of this high-grade mineralized system and accelerate development of our second and largest mine, the Arista underground gold-silver deposit with significant copper-lead-zinc credits.” |
