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Gold Resource Corporation Reports First Quarter Results
COLORADO SPRINGS, CO, May 05, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Gold Resource Corporation (NYSE American: GORO) (the “Company” or “GRC”) reported con
About this update from Gold Resource Corporation
[{"type":"text","content":" COLORADO SPRINGS, CO, May 05, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Gold Resource Corporation (NYSE American: GORO) (the “Company” or “GRC”) reported consolidated production results for the first quarter ended March 31, 2020 of 10,142 ounces of gold and 407,625 ounces of silver. In addition to precious metals, the Company produced base metals resulting in net revenue of $28 million and $5 million operating cash flow for the quarter. At the end of the quarter the Mexican government declared a country-wide health emergency and mandatory non-essential business suspension due to the novel coronavirus (COVID-19) global pandemic. The Company was required by the Mexican government to suspend its Mexico operations and the Company subsequently withdrew its 2020 production outlook. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has returned $114 million 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. Q1 2020 HIGHLIGHTS Strong balance sheet with $18.4 million cash and cash equivalents; $28.0 million net sales; Operating cash flow of $5 million; Precious metal quarterly production on target with 10,142 gold ounces and 407,625 silver ounces produced; $4.1 million gold and silver bullion inventory; and $0.01 per share dividend distribution for quarter. Overview of Q1 2020 Results Production from both mining units were within targeted ranges prior to the Company withdrawing its 2020 production outlook due to the pandemic. First quarter Oaxaca Mining Unit (OMU) production totaled 6,450 ounces of gold, 402,542 ounces of silver, 488 tonnes of copper, 2,514 tonnes of lead and 5,844 tonnes of zinc. First quarter production from the Company’s Nevada Mining Unit (NMU) totaled 3,692 ounces of gold. The Company sold 8,614 precious metal gold equivalent ounces at a total cash cost of $918 per ounce (after by-product credits) at its OMU. Falling base metal markets and record high treatment charges negatively impacted revenues and costs during the quarter. OMU average realized metal...