COLORADO SPRINGS, CO, Oct. 17, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Gold Resource Corporation (NYSE American: GORO) (the “Company”) reports record preliminary gold production results for the third quarter ended September 30, 2019 of 11,165 ounces, reflecting the growing gold production impact from its Isabella Pearl mine, located in Mineral County, Nevada. In addition, the Company reports preliminary third quarter production of 477,297 ounces of silver and significant copper, lead and zinc. With the Isabella Pearl project now in commercial production, Gold Resource Corporation has increased its 2019 global annual gold production outlook by 42% to 38,400 gold ounces, plus or minus 10 percent. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has returned $112 million to its shareholders in monthly dividends since commercial production commenced July 1, 2010 and offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
Preliminary third quarter production from the Company’s Oaxaca Mining Unit totaled 7,462 ounces of gold, 473,810 ounces of silver, 492 tonnes of copper, 2,459 tonnes of lead and 6,057 tonnes of zinc. Through the first three quarters of 2019, the Company’s Oaxaca Mining Unit’s preliminary production numbers total 21,881 ounces of gold, 1,304,975 ounces of silver, 1,407 tonnes of copper, 6,916 tonnes of lead and 17,949 tonnes of zinc.
Preliminary third quarter production from the Company’s Nevada Mining Unit totaled 3,703 ounces of gold. The Company announced on October 7, 2019 that the Isabella Pearl mine has reached commercial production levels. Since producing first gold in April 2019, the Isabella Pearl mine has produced approximately 5,381 ounces of gold through September 30, 2019. Fourth quarter 2019 gold production estimate for the Isabella Pearl mine targets 6,000 ounces, plus or minus 10 percent. The production ramp up at the Isabella Pearl mine is expected to continue over the next year. While quarterly production fluctuations are likely, production over the next several quarters is expected to increase to an approximate 40,000 gold ounce annual production rate estimated in late 2020.
The Company maintains its 2019 Oaxaca Mining Unit Annual Production Outlook of 27,000 gold ounces and 1,700,000 silver ounces, plus or minus 10 percent. In addition, the Company’s Nevada Mining Unit targets 6,000 ounces of gold production, plus or minus 10 percent, for the fourth quarter of 2019. This fourth quarter production target coupled with 5,381 gold ounces produced year-to-date, increases the Company’s global 2019 annual gold production outlook to 38,400 ounces, plus or minus 10 percent. Full financial results for the third quarter will be available at the time the Company files its quarterly report on Form 10-Q with the Securities and Exchange Commission.
Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company targets low capital expenditure projects with potential for generating high returns on capital. The Company has returned $112 million back to its shareholders in consecutive monthly dividends since July 2010 and offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery. For more information, please visit GRC’s website, located at www.goldresourcecorp.com 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.