FRANKFURT: GIH) is pleased to announce that its El Aguila Project, in Oaxaca, Mexico,

has been granted approval to develop the underground, high-grade Arista deposit.

Surface work at the portal area is underway. GRC targets production from the Arista

high-grade polymetallic ore deposit during the second year of operations. Gold

Resource Corporation’s first year of production comes from its El Aguila open pit

deposit.

This change of land use approval allows GRC to develop its Arista vein deposit. GRC

has completed mine design and engineering and initial preparations for surface facilities

are underway. The first 80 meters of the decline ramp have been prepared as an open

cut down to the portal entrance from which the decline ramp will then go underground.

The Arista mine’s surface facilities are under construction as well (see photos).

Independent mine contractor bids are under final review and GRC expects to sign with

an underground contractor shortly.

Gold Resource Corporations president, Mr. William W. Reid, stated, “Though we remain

focused on near term gold production from our El Aguila open pit deposit, which is

currently being mined, and we are pleased that the Project’s initial flotation section of the

mill is currently being commissioned, there is the necessity to accelerate the

development of the Arista vein deposit. Currently the Arista deposit is our largest, highgrade

deposit. It is very important we prepare for a seamless transition from open pit

production after year one to underground production in years two through nine.”