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Gold Resource reports Q3 net income $1.6mln, maintains 2016 output outlook

Thursday, November 3, 2016 13:46
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Gold Resource Corporation (NYSEMKT:GORO) has reported net income of $1.6mln in the third quarter, reversing the previous year’s loss, and maintained its 2016 output outlook.

In the three months to Sept 30, net income was $1.6mln versus a loss of $469,000 in the same period in 2015. That translated into $0.03 per share in the latest quarter.

Net sales or revenue also grew to $21.4mln from $19.4mln in the same period a year ago. Mine gross profit was up at $5.3mln from $4.4mln in the same period.

The company also reported that production results for the third quarter were 6,066 ounces of gold and 431,335 ounces of silver, which along with base metal revenue generated $21.4mln in net revenue.

Gold Resource Corp is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The company has returned $108mln to shareholders in monthly dividends since commercial production commenced July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.

Gold Resource Corp’s Aguila Project sold 13,054 gold equivalent ounces at a total cash cost of $623 per ounce (after by-product credits). Realised average metal price sales during the quarter were $1,339 per ounce gold and $20.79 per ounce silver.

Realised gold and silver prices increased 20% and 43%, respectively, compared to the third quarter of 2015.

Production for the first three quarters of 2016 included 22,540 ounces of gold and 1,437,975 ounces of silver. The company maintains its 2016 Annual Outlook, targeting a plus or minus 5 percent production, of 26,000 gold ounces, 1,900,000 silver ounces, 1,100 tonnes of copper, 3,200 tonnes of lead and 12,900 tonnes of zinc.

As previously announced, during the third quarter, the Company purchased a 100% interest in the Isabella Pearl high-grade gold potential open pit heap leach project located in Nevada, U.S.A. See video.

An earlier study completed by a third-party reported that the project contains Proven and Probable Reserves of 191,400 gold ounces at an average grade of 2.18 grams per tonne (g/t) and it is in advanced stages of engineering and mine permitting. The Company also acquired the Mina Gold property located in Mineral County, Nevada. The Mina Gold property contains an historic third-party estimate of mineralized material totaling 1,606,000 tonnes grading 1.88 gram per tonne (g/t) gold.

Gold Resource shares closed up 2.1% at $5.89 on Thursday.

Story by ProactiveInvestors


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