Gold Resource Corporation (GORO)
Q2 2012 Earnings Call
August 10, 2012 11:00 AM ET
William Reid – CEO
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Thank you. Welcome to Gold Resource Corporation's second quarter conference call. Since we began mining the underground high grade La Arista vein system, we have been progressively increasing our production. This second quarter however was not a record quarter like the first quarter. The market's response was brutal, but in my opinion overblown. That we reduced our production targets for this year to a range of 100,000 to 120,000 precious metal gold equivalent ounces, about a 16% decrease, achieving the 100,000 level this year with the 50% increase over last year's production. Building the company at a rate of 50% per year is a rare and positive achievement that I believe will be appreciated and rewarded by the market. The market's response also underscores the problem with short term thinking. Quarter by quarter obsession is problematic versus the reality of building the business which is longer term.