FRANKFURT: GIH) is pleased to provide an update on its El Aguila Project including

shipping additional concentrates for sale from its El Aguila Project as it ramps-up nearing

Commercial Production. Gold Resource Corporation’s El Aguila Project is located in

Oaxaca, Mexico.

William W. Reid, President of Gold Resource Corporation stated, “We are very pleased

with the progress of mill commissioning and with the operating skills achieved by our

people in a relatively short time. During initial mill commissioning and training you do not

process good ore until mill optimization is satisfactory. We began running with a grade

of material approximately 2.5 grams per tonne gold, which is below our cut-off grade,

during the mechanical start and stop period of the mill commissioning. Once continuous

operation was achieved we switched to our cutoff grade of between 3.5-4.0 grams per

tonne gold with the focus turning to operator training. We are impressed with

performance so far in that the mill is achieving a +200 to 1 concentration ratio with

metallurgical recoveries consistently around the mid 70% range. We are now increasing

the grade of ore to the mill up to or above our targeted average grade of approximately

7.5 grams per tonne gold. Once operations consistently achieve the plus 80% recovery

range we will then up the tonnage throughput to 80% or more of the designed capacity

(for this open pit ore the designed capacity is ~800 tonnes per day) at which point we

plan to declare Commercial Production. Overall, mill commissioning, training, mill

performance and concentrate sales are closing in on commercial production levels.”

Gold Resource Corporation continues to sell concentrates as it ramps-up to Commercial

Production. Until Commercial Production is declared, all concentrate sales are not

considered revenue but are used to offset capital costs.

Mr. Reid continued, “Mining the El Aguila open pit is approximately 70% complete with

mined ore residing in stockpiles ready to be processed. The final 30% open pit mining

now underway also happens to be the highest grade part of the ore body. We have

been impressed with some very high grade values, for an open pit, as indicated by our

blast hole drilling. Grades of 20 to 40 grams per tonne gold (0.6 to 1.2 ounces per tonne

gold) over several meters are not uncommon with the occasional +100 grams per tonne

gold (3.2 ounces gold per tonne) assays. This not only bodes well for the resulting

grade to be processed but may also be indicative of a feeder vein for this mineralization

which has yet to be tested.”

Development of the underground Arista mine is progressing and the surface facility is

almost complete. The main haulage decline (-10% angle) has been driven 200 meters

and the auxiliary decline (-14% angle), primarily for ventilation, secondary access and

safety, has been driven 150 meters. The Company looks forward to the point of the first

crosscut to be driven from the main decline that will intersect the La Arista high-grade

polymetallic vein system.

Mr. Reid stated, “Exploration continues to underscore the size and robust nature of the

El Aguila Project geologic system. We continue our practice of bringing in world

recognized experts in these types of geologic systems and without fail they are all

impressed. Each has commented on the world class grades we possess and the

tremendous potential that is being recognized. Two drills continue to test new target

areas at the El Aguila Project as well as a third drill is coming to begin exploration at our

Las Margaritas property.”

Geologic field work at Las Margaritas has generated several high grade drill targets to

test including up to +4000 grams per tonne silver and up to +7 grams per tonne gold

rock outcrop samples. Gold Resource Corporation will be the first to drill this historic

high grade silver district. Las Margaritas was mined on a small scale most of which was

pre-Mexican revolution era before the aid of exploration drill rigs and heavy equipment.

GRC has 100% interest in this district and Las Margaritas will be the third of the

Company’s five high-grade properties to be drilled.

Follow up drainage sampling is planned for the El Rey Project where the Company

previously discovered a high grade gold vein system. El Rey’s current exploration is

focused on expanding the known mineralized zones. GRC’s previous drill programs

intersected multiple meter intercepts of over 1 ounce per tonne gold, with the highest

intercept being 1 meter of 132 grams per tonne gold. This sampling program is to assist

in the development of the next drill program at El Rey. Gold Resource Corporation has

100% interest in El Rey.