Gold Resource Corporation Down 25% After Updating Production Guidance
Gold Resource Corporation (NYSE: GORO) is trading significantly lower on the session followings its production guidance update yesterday. The company said its preliminary production results for the Q2 ended June 30 of approximately 14,500 ounces precious metal gold equivalent (AuEq) at a 60:1 price ratio.
Gold Resource Corporation's President, Mr. Jason Reid, said, "Early development of the Arista mine, in which we drove straight to and developed directly on the veins, was a means to rapidly feed ore to the mill and generate cash on an accelerated basis. The rapid development on the veins, which enabled record first quarter production, pushed back overall mine development into the second quarter including preparations for stoping from levels 7 to 10. Doing so resulted in less second quarter production but has put the Company in a more sustainable production position for the second half of 2012."
Gold Resource Corporation is currently trading at $19.01, a loss of $6.21 or 24.62%.
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