COLORADO SPRINGS, CO -- (Marketwire) -- 03/18/13 -- Gold Resource Corporation (NYSE MKT: GORO) (the "Company") today announced record annual mill production of 90,432 precious metal gold equivalent (AuEq) ounces for 2012 and confirms its 2013 Outlook. Gold Resource Corporation is a low-cost gold and silver producer with operations in the southern state of Oaxaca, Mexico. The Company has returned over $75 million to shareholders in monthly dividends since declaring commercial production July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver.
2012 YEAR-END HIGHLIGHTS
•Record production of 90,432 ounces precious metal gold equivalent (AuEq) •Sold 72,399 ounces precious metal AuEq at a total cash cost of $419 per ounce AuEq •Record annual revenue of $131.8 million •Record annual mine gross profit of $87.8 million •Annual net income of $33.7 million, or $0.64 per share •Record annual dividends of $36.5 million, or $0.69 per share •Physical gold and silver treasury of $5.8 million •Launched gold and silver dividend program
Overview of 2012 Results from El Aguila Project
"Our Arista mine completed its first full year of underground mining in 2012 but not without its share of challenges. Though 2012 marked a record production year, we had to deal with greater than expected water flows and unexpected and substantial carbon dioxide gas that required increased pumping and increased ventilation for safe operations," stated Gold Resource Corporation President, Mr. Jason Reid. "Our approximate 37% increase over last year's mill production evidences the turnaround that took place after issues in the mine slowed down development during the second quarter. I would like to thank our new team that came on board in 2012 headed by our Chief Operating Officer Mr. Rick Irvine and our new General Manager Mr. Jesus Rivera and the rest of our new on-site management team in Oaxaca that produced these results in spite of various challenges. Ramping up a mining operation, particularly an underground mine, is not an easy task. However, at the end of the day, it is people that make the difference and I believe we have retooled our organization with a hand-picked team well-suited to meet the challenges ahead. The results for the year underscore our ability to overcome challenges and execute the Company's business plan."
For 2012, Gold Resource Corporation sold of 72,399 ounces of precious metal gold equivalent (AuEq), at a total cash cost of $419 per gold equivalent ounce.
For the year ended 2012, the Company had record revenues of $131.8 million, mine gross profit of $87.8 million, and net income of $33.7 million.
Mr. Jason Reid added, "These results allowed management to continue our shareholder focused philosophy by distributing record dividends in 2012 of $36.5 million, or $0.69 per share. In 2012, we took our dividend option one step further by allowing shareholders to convert their cash dividends into physical gold and/or silver and take delivery of their precious metals."
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