DENVER, CO--(MARKET WIRE)--Feb 26, 2009 -- Gold Resource Corporation (GRC) (OTC BB:GORO.OB - News) (Frankfurt:GIH.F - News) is pleased to announce that Hochschild Mining (Hochschild) has exercised its option to purchase 4.33 million additional shares of GRC's restricted common stock at $3.00 per share (no warrants). The decision by Hochschild to exercise this option strengthens the strategic alliance with Gold Resource Corporation. Hochschild is a world leading precious metals producer, based in Lima, Peru and listed on the London Stock Exchange, with mining projects in five countries in the Americas including Mexico.

Funding will primarily be used for the continued construction of GRC's El Aguila Project in Oaxaca, Mexico. GRC is focused on production of its El Aguila Project's high-grade open pit at the earliest possible date, currently targeting mid-2009, subject to obtaining remaining permits, regulatory approvals, equipment deliveries and construction schedules. A portion of the additional money is targeted for accelerated development of GRC's La Arista underground vein mineralization. This could include driving a decline ramp and underground development at this high-grade polymetallic deposit. Funding will also be used to continue exploration by bringing in a new drill contractor having completed the previous contract.

This private placement of $12.99 million, following Hochschild's previous $5.01 million investment at $3.00 per share of GRC's restricted common stock (no warrants) on Dec. 10, 2008, increases Hochschild's total holding to 15% of GRC. Hochschild will appoint one new, additional director to the GRC board and for a period of two years Hochschild will be allowed to purchase shares in the open market to the extent that their total holding in GRC is not greater than 40%. If Hochschild owns 40% of GRC's shares, it is entitled to appoint a total of two out of five board nominees. After 2 years Hochschild is not precluded from purchasing additional shares in the market.

Gold Resource Corporation's president, William W. Reid stated, "We are pleased and impressed with the technical assessments, opinions and suggestions made by Hochschild's geologists and mining and milling personnel. Hochschild's professionalism and expertise confirm our belief that we have chosen the right strategic alliance partner. As a significant shareholder, Hochschild's backing, both financially and technically, strengthens Gold Resource Corporation's ability to build value for all shareholders. This alliance promotes a common goal to achieve significant production at the Aguila Project at the earliest possible date. We believe the increase of Hochschild's strategic investment in GRC further underscores the significant potential of our El Aguila Project."

Miguel Aramburú, Chief Executive Officer of Hochschild Mining plc, commented, "We are delighted to announce our increased investment in GRC which strengthens our position in a mineral rich and mining friendly region of the Americas, in line with our cluster consolidation strategy. We have been extremely impressed with the quality of GRC's assets and the speed at which the El Aguila property is being developed. We look forward to working with GRC's highly experienced management team to realise the significant potential of El Aguila as well as the other projects in their impressive pipeline."