Gold Resource Corporation (GORO)
Q2 2012 Earnings Call
August 10, 2012 11:00 AM ET
William Reid – CEO
Jason Reid – President & Director
Welcome to the Gold Resource Corporation second quarter earnings conference call. Gold Resource's CEO, William W. Reid will make a brief statement. Following Mr. Reid's opening remarks, there will be an email Q&A period. In order to efficiently respond to as many conference call participants as possible. The company asks callers to email their questions to firstname.lastname@example.org during the conference call. Management will address submitted email questions during the Q&A portion of the conference call. Email question format should include the individual's name, organization type such as institution or individual investor and your question. This call will be recorded and posted to the company' website within three to five business days. Please go ahead Mr. Reid.
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.