[GRC] NEWS
PRESS RELEASE
February 24, 2011
NYSE Amex: GORO
GOLD RESOURCE CORPORATION EXPANDS CRUSHING PLANT
DENVER Thursday February 24, 2011 Gold Resource Corporation (GORO) (NYSE Amex: GORO) is pleased to report expansion of the mills crushing plant at its El Aguila Project. Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico.
The Aguila mills crushing plant was improved and expanded with the addition of a tertiary crusher (see photo) enabling not only additional capacity but smaller size feed to the ball mills. With the tertiary crusher online crushing operations increased to a nominal 750 tonnes per shift. With this modification the company now has the capability to crush approximately 2000 tonnes per day. This expansion of the crushing plant is the first step in ultimately expanding mill capacity. The Companys 2013 target of 200,000 precious metal gold equivalent ounce production was estimated on a nominal mill throughput of a 1200 tonnes per day, from the Arista high-grade underground ore.
Gold Resource Corporations President stated, We are pleased with our very competent team in Oaxaca who are constantly improving and enhancing the operation of the mill. This modification represents a nominal 65 percent increase to our mills crushing capacity.
Mr. Jason Reid continued, In addition to having now expanded the crushing plant, we have purchased two additional 1 megawatt Caterpillar diesel generators to add to our existing bank of four generators. We are currently preparing foundations for the new generators that will ultimately increase our total number of generators to eight in preparation for future expansion of total mill capacity.
These modifications and improvements are the first steps in our long term objective to increase our production goals for the Project. We continue to evaluate, modify and improve our operations and position the Company to someday expand our mills production capacity to the previously stated expanded production goal of 300,000 precious metal gold equivalent ounces per year. stated Mr. Jason Reid.
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Contact: Greg Patterson Corporate Development 303-320-7708
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