goro should go up (it could be a 10% trade) this week :
Gold Resource Corporation Drills New Discovery With 1 Meter of 2.13 Oz/Tonne Gold Within 9 Meters of 0.62 Oz/Tonne Gold at El Rey, Its Second of Four High-Grade Properties in Oaxaca, Mexico
Wednesday August 29, 6:00 am ET
DENVER, CO--(MARKET WIRE)--Aug 29, 2007 -- Gold Resource Corporation (GRC) (OTC BB:GORO.OB - News) (Frankfurt:GIH.F - News) is excited to announce drill results of 1 meter of 2.13 oz/tonne gold (75.4 g/tonne Au) within 9 meters (true width not yet determined) of 0.62 oz/tonne gold (19.37 g/tonne Au) at its El Rey Project in the southern state of Oaxaca, Mexico. El Rey is the second of GRC's four high-grade gold and silver properties to be drilled and is located within trucking distance of the proposed El Aguila mill. The El Aguila mill is targeted for production mid-2008, subject to timely obtaining all required permits and regulatory approvals, necessary funding and equipment delivery schedules.
El Rey hole 7802 intercepts from 72 meters to 81 meters are (results to date):
Hole Angle Depth Interval Gold Gold Silver
Number degrees meters meters g/tonne oz/tonne g/tonne
------ ------- ------ -------- ------- -------- -------
7802 -40 72 1 20.30 0.65 14
7802 -40 73 1 66.40 2.13 86
7802 -40 74 1 3.94 0.13 60
7802 -40 75 1 3.97 0.13 83
7802 -40 76 1 31.80 1.02 118
7802 -40 77 1 3.81 0.12 100
7802 -40 78 2 6.90 0.22 84
7802 -40 80 1 30.30 0.97 44
------ ------- ------ -------- ------- -------- -------
------ ------- ------ -------- ------- -------- -------
7802 -40 72-81 9 19.37 0.62 75
------ ------- ------ -------- ------- -------- -------
Assayed by ALS Chemex, Vancouver, BC Canada
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Gold Resource Corporation's president, William W. Reid, stated, "We believe that the discovery of this high-grade gold vein at El Rey is very exciting as well as significant. To find such high-grade gold over a 9 meter width with our first drill hole into the vein at El Rey is encouraging. Though one hole does not make an ore deposit, we are immediately moving forward to define this vein and to evaluate development of El Rey into becoming our second project to feed ore to our proposed El Aguila mill."
Mr. Reid continued, "If El Rey becomes a mine it would bring us closer to achieving our goal of four high-grade properties feeding one strategically located mill. This would reduce overall costs, help maximize the grade through the mill and contribute to the longevity of operations."
"We took advantage of the opportunity to drill El Rey, while a core drill was in transit from the El Aguila Project, with the intention of drilling a few reconnaissance holes. Selective samples previously taken at El Rey from dump material associated with old underground mine workings ran 80 & 85 g/tonne gold. With essentially only gold values in the 9 meter intercept, we are anticipating the metallurgy of this mineralization to be quite favorable and are proceeding with metallurgical test work," added Mr. Reid.
The El Aguila Project remains GRC's primary focus. We continue to expand on the El Aguila Project's two high-grade deposits; the El Aguila open pit and the El Aire vein. As per Gold Resource Corporation's previous press release, GRC continues to explore the El Aguila Project's multiple targets which include the new high-grade area called La Arista. Previously stated La Arista intercepts include a 2 meter intercept of 4.40 g/t gold & 2293 g/t silver.
"We are pleased to have discovered a new high-grade gold vein at El Rey, our second property to be explored by drilling. And, at our El Aguila property, we continue to add ounces and move forward on all fronts as an emerging gold producer," concluded Mr. Reid.
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I already own some goro from 3-3.5 bucks range
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