Gold Resource Corporation (NYSEMKT:GORO) released its 2016 and fourth quarter mill production preliminary figures, showing 27,629 gold ounces and 1,857,777 silver ounces were produced last year, which exceeded its annual gold production target and achieved its annual silver production target.
Gold Resource Corp is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA.
The Company has returned $109mln 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.
The company set its 2016 annual production target ranges of 26,000 gold ounces and 1,900,000 silver ounces, plus or minus 5%.
Preliminary production for 2016 of approximately 27,629 gold ounces exceeded the upper targeted range for gold and 1,857,777 silver ounces achieved the silver production targeted range for the year. Fourth quarter gold and silver production totaled approximately 5,089 ounces and 419,800 ounces respectively. Preliminary annual base metal production included approximately 1,035 tonnes of copper, 4,049 tonnes of lead and 14,302 tonnes of zinc.
“Our Oaxaca Mining Unit’s operations team once again delivered solid annual production results for 2016,” said Gold Resource Corporation CEO and President, Jason Reid.
“In addition to achieving production, the team executed on mine development goals reaching the Arista Mine’s Switchback Vein system on time and in a safe and efficient manner. Executing on this important aspect for our long-term mine development plan puts us in position to develop this new and exciting high-grade area of the mine during the 2017 year.”
He said that looking beyond 2017 into 2018, the company’s approach of developing Switchback for a year before commencing bulk tonnage mining in 2018 requires a disciplined approach of only processing development ore at Switchback before commencing long hole open stoping and cut and fill mining targeted at Switchback in 2018.
“This approach aims to set the company in a position with the largest amount of advanced mine development in its history. Adding to our mine team’s success of reaching Switchback and solid annual production is the successful opening of our second operating mine at our Alta Gracia Project called the Mirador Mine during the fourth quarter of 2016, as well as the acquisition and advancement of the Nevada Mining Unit’s Isabella Pearl gold project which targets first production in late 2017 or early 2018. Our mine team deserves the credit for executing on a number of fronts and I thank them for all their professional hard work,” he added.
The company is currently finalising its 2017 production Outlook.
Story by ProactiveInvestors