Investment Highlights
- Commercial production was announced on July 1, 2010. Current production is at a rate of 70,000 ounces of gold per annum. During June 3rd to July 14th, the company produced 4,390 oz of gold.
- The company declared an initial special dividend on July 29, 2010, in the amount of $0.03 per share just one month after commercial production was declared.
- GORO’s current internal resource estimates project nine years of mine life with the first year of production coming from the El Aguila open pit and the remaining eight years from the La Arista vein system.
- Underground development at La Arista has progressed to the point where the company is developing the first cross cut to access the parallel Baja and Arista veins.
- A newly discovered vein between the La Arista system and the El Aguila open pit highlight the further upside potential at the El Aguila project.
- In July 2010, the company announced it has been approved to apply for listing its shares on the NYSE: AMEX.
- In the first six months of FY2010 (ended June 2010), GORO generated $2.81 million in sales from concentrate.
- We have raised our valuation to $19.40 per share (from $6.83), and lowered our risk rating from 5 (Highly Spec), to 4 (Spec).
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