UPDATE: Global Hunter Securities Initiates Accumulate, $22 PT on Gold Resource Corporation

Global Hunter Securities initiated its coverage on Gold Resource Corporation GORO with an Accumulate rating and a $22 price target. Global Hunter Securities commented, "Gold Resource Corp. (GORO) provides a rare combination not often seen in the gold mining sector, as it not only offers a growth platform for production but also pays a meaningful dividend. GORO's El Aguila Mine is operating at a highly efficient level with the potential to further increase gold equivalent production to greater than 200,000 ounces by 2014 from the current 100,000 ounce range. In our opinion, GORO provides excellent exposure to a gold-silver miner with a low-cost platform given the significant base metal credits produced." Gold Resource Corporation closed at $17.95 on Wednesday.