Gold Resource Corp (GORO) Reports Lower-Than-Expected Preliminary Production Results for Q2
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Price: $8.94 -3.77%
Financial Fact:
Total mine cost of sales: 17.43M
Today's EPS Names:
ZIOP, TIVO, QIHU, More
Financial Fact:
Total mine cost of sales: 17.43M
Today's EPS Names:
ZIOP, TIVO, QIHU, More
Trade GORO Now!
Gold Resource Corporation (NYSE: GORO) reported its preliminary production results for the second quarter ended June 30, 2012 of approximately 14,500 ounces precious metal gold equivalent (AuEq) at a 60:1 price ratio.
The Company's second quarter production was lower than expected. Several factors contributed to the decrease including Arista underground mine infrastructure needs coupled with mining of lower grade zones of the deposit.
As a result of the decrease in second quarter production, the Company revises its 2012 Outlook by ~15% to a targeted annual production range of 100,000 to 120,000 ounces AuEq, at an estimated 53:1 price ratio. This represents a decrease from its previous 2012 target of 120,000 to 140,000 AuEq. In addition, the Company said the ongoing development of the Arista mine will determine whether the Company's target of 200,000 ounce AuEq, at an estimated 53:1 price ratio, will be achieved in 2013 or 2014.
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The Company's second quarter production was lower than expected. Several factors contributed to the decrease including Arista underground mine infrastructure needs coupled with mining of lower grade zones of the deposit.
As a result of the decrease in second quarter production, the Company revises its 2012 Outlook by ~15% to a targeted annual production range of 100,000 to 120,000 ounces AuEq, at an estimated 53:1 price ratio. This represents a decrease from its previous 2012 target of 120,000 to 140,000 AuEq. In addition, the Company said the ongoing development of the Arista mine will determine whether the Company's target of 200,000 ounce AuEq, at an estimated 53:1 price ratio, will be achieved in 2013 or 2014.
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