July 1, 2016 F ORWARD L OOKING S TATEMENTS This presentation is to - - PowerPoint PPT Presentation

July 1, 2016

This brochure contains statements that plan for or anticipate the future. Forward-looking statements include statements about the Company's ability to develop and produce gold or other precious metals, statements about our future business plans and strategies, statements about future revenue and the receipt of working capital, and most other statements that are not historical in nature. Forward-looking statements are often identified by words such as "anticipate," "plan," "believe," "expect," "estimate," and the

• like. Because forward-looking statements involve future risks and

uncertainties, there are factors that could cause actual results to differ materially from those expressed or implied, including those described in our filings with the SEC. Prospective investors are urged not to put undue reliance on these forward-looking statements. This presentation is to be read in conjunction with the most current 10K available at the Securities & Exchange Commission website www.sec.gov. or www.Goldresourcecorp.com

FORWARD LOOKING STATEMENTS

2

INDUSTRY TRANSFORMATION

Investor Demands Are Changing the Mining Industry

• Dismissing the Concept of “Growth for Growth’s Sake”
• Changing to a Return on Capital Investment Standard
• Changing allocations of Cash Flow to include Dividends

Gold Resource Corporation Welcomes The Change

3

• Delivering a growth profile of low cost, high margin production
• Five consecutive years of profitability (2011-2015)
• Demanding high returns on owner invested capital
• Distributing meaningful monthly dividends to maximize total

return to owners

Shareholder Focused Precious Metal Producer

MAXIMIZING SHAREHOLDER V

ALUE

4

• Only 54 million shares outstanding as a producer
• Last capital raise August 2010, 5 years organic growth
• Zero long-term debt

Conservative Corporate Structure

CORPORATE STRUCTURE

5

TWO MINING UNITS

• Focused on the Americas
• Mining friendly jurisdictions
• High-grade gold & silver potential

6

Nevada Mining Unit

Exploration Stage

Oaxaca Mining Unit

Production & Exploration Stage

GROWTH & INCOME EQUITY

• Growth Equity
• ~25 million MC to ~$175 million MC growth (since 2006)
• Income Equity
• Consecutive monthly dividends (since July 2010)
• Currently $0.02 per share/year
• $2.10 dividends distributed; 2006 IPO @ $1.00/share
• $108 million in dividends returned to shareholders

7

COMMITTED TO GOLD & SILVER

“GRC Eagles” rounds

• Diversified treasury with physical gold & silver
• ~$3.4 million of gold and silver bullion
• Providing dividend option: cash, gold, silver
• Cash: Currently $0.02 / share annually
• Gold and Silver option: one ounce .999 fine

“GRC Eagles” rounds (shown below)

8

Aguila Project Return on Starting Capital (1 year payback target)

• Company operating philosophy established one year return on

capital metric

• Generate Mine Gross Profit in initial 12 months of commercial

production to pay back capital necessary to achieve first production

• El Aguila Project generated $36 million Mine Gross Profit in first 12

months on starting capital of $34 million (see Co’s Q2 10Q 2011 filing for details) RETURN ON CAPITAL METRIC

9

OAXACA MINING UNIT

6 properties along a 55 kilometer mineralized trend

• Mining friendly jurisdiction
• 6 Potential high-grade Gold &

Silver Properties

• 684 square kilometers
• 55 kilometer mineralized

structural corridor

• Operating mine
• Arista underground
• Development mine
• Alta Gracia underground

Property Interest Exploration Development Production El Aguila 100%    Alta Gracia 100%   Las Margaritas 100%  El Chamizo 100%  El Fuego 100%  El Rey 100% 

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25000 50000 75000 100000 2011 2012 2013 2014 2015 2016 66,159 90,432 Precious Metal (AuEq) oz’s 84,835 83,902 16.0KozAu 2.1MozAg

2016 TARGET: 26,000 Gold (Au) Ounces, 1,900,000 Silver (Ag) Ounces*

Precious Metal Gold Equivalent (AuEq) Ounces Ag:Au Ratio Dependent on actual market prices

PRODUCTION PROFILE

*2016 Annual Production Target Range = +/-5% AuEq= precious metal gold equivalent. T/D=tonnes per day. Mill capacity as built = ~1,500 T/D or ~525K T/YR.

54.1 Ag:Au T/D~773 47.0 Ag:Au T/D~619 57.8 Ag:Au T/D~866

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68.2 Ag:Au T/D~1,111 73.1:1 Ag:Au T/D~1,149 63,963 Targeting 26KozAu 1.9MozAg 33.9KozAu 3.0MozAg 34.4KozAu 3.3MozAg 35.5KozAu 3.3MozAg 29.6KozAu 2.5MozAg 73.1:1 Ag:Au T/D~1,301 Q1 2016 6.5KozAu 434KozAg

200 400 600 800 GRC Q1-Q3 2015 Industry Avg

$517* $707**

*Precious Metal (AuEq) Total Cash Cost /oz

73:1 Au,Ag

300 600 900 1200

GRC 2015 Industry Avg

$1,013 $1,208**

AISC Per AuEq* Ounce Sold

Gold Institute Total Cash Cost/Ounce

• Precious metal gold equivalent (AuEq) total cash cost/oz

production including 5% royalties using industry standard base metal by-product credits of: Cu, Pb, Zn. Total Cash Cost as defined by The Gold Institute ** Thomson Reuters GFMS’s Gold Survey 2015

PRODUCTION COSTS

• 2015 AuEq Total Cash Cost* $517

per ounce

12

All-In Sustaining Cost Per AuEq Ounce Sold ***

***All-in Sustaining cost is a non-GAAP measure. The Company calculates all-in sustaining costs as defined by the World Gold Council guidance - June 2013. This non-GAAP measure is intended to provide further transparency into the costs associated with producing gold.

73:1 Au,Ag

*AuEq= Precious Metal Gold Equivalent

BY-PRODUCT CREDITS

13

2015 Base Metal By-Product Credits

Base Metal Tonnes By-Product Credit Per Ounce By-Product credit by $ value Copper 1,238 $ 106 $ 6,472,000 Lead 3,857 $ 108 $ 6,627,000 Zinc 11,478 $ 345 $ 21,076,000 Total Credit Per AuEq* Ounce Sold

$ 559 $ 34,175,000

FINANCIAL PERFORMANCE

Precious Metals: Gold, Silver Base Metals: Copper, Lead, Zinc

Financial Performance

U.S. $ M 2013 2014 2015 Sales 126 115 93 Mine Gross Profit 58 51 30 EBITDA 9 31 10 Operating Income 10 32 13 Net Income 5 15 3 EPS (US$/ share) 0.10 0.28 0.06 Dividend 26 6.5 6.5 DPS (US$/ share) 0.48 0.12 0.12 Retained Earnings (6) 2 (1) Exploration 9 7 7 Cash 15 28 13

2015 Revenue Distribution $59M

(63%)

$34M

(37%)

Mine Gross Profit: sales – cost of sales EBITDA: Earnings before income tax, depreciation, amortization “DPS” = Dividend per share

14

5 CONSECUTIVE YEARS OF PROFITABILITY

4 of which during progressively worse bear markets

GROWTH

El Aguila Mill

• Flexible mill design
• 2 production circuits
• Flotation Circuit
• Expanded in 2013
• Nominal ~1,500 tonnes /day
• Agitated leach circuit (idle)
• Nominal ~300 tonnes /day
• Target first mill feed from Alta

Gracia Q4 2016/Q1 2017

15

EL AGUILA PROJECT

Arista Underground Mine

16

Santiago Vein Arista Vein Baja Vein Splay 05 ~600 meters

EL AGUILA PROJECT

Arista Underground Mine

• Epithermal vein system
• Intermediate sulfidation
• High-Grade gold, silver

deposit (polymetallic)

• Base metals;

copper, lead and zinc

• Large
• +20 en echelon veins

17

ARISTA MINE; 2016 TARGETED ORE BLOCKS

L8.5 L13.0

Primary Ramp

SwitchBack Ramp Splay – 05 Ramp Internal Ramp L18.0 L21.0 L23.0

Splay - 05 Soledad Sabrina Santiago Baja & Splay-66 Chuy & Viridiana Vein 1 & Vein 3

Arista Vein System Switchback Vein System

(Current 2013 Arista mine plan; year-end mine development may vary)

ARISTA MINE 2016 PRODUCTION Underground mining methods; Long hole stoping, Cut and fill 19

Net Smelter Return Values Baja Vein Economic Stopes

December 31, 2015 Arista Mine Proven & Probable Reserve Summary

Reserve Class Tonnes Au g/t Ag g/t AuEq g/t Au

• z

Ag

• z

AuEq

• z

Cu % Pb % Zn % Proven 1,155,200 2.59 178 5.31 96,100 6,617,700 197,700 0.3 1.3 3.7 Probable 489,300 2.01 124 3.90 31,600 1,952,000 61,400 0.3 1.2 2.9 TOTAL 1,644,500 2.41 162 4.89 127,700 8,569,700 258,500 0.3 1.3 3.5

December 31, 2015 Additional Mineralized Material Summary

Mineralized Zone Class Tonnes Au g/t Ag g/t Cu % Pb % Zn % Switchback Measured 308,100 1.64 109 0.5 1.6 4.7 Indicated 326,500 1.59 103 0.4 1.5 4.6 Total 634,600 1.62 106 0.4 1.5 4.7 Alta Gracia Measured 118,700 0.55 327

• Indicated

66,400 0.55 312

• Total

185,100 0.55 321 Total M&I Mineralized Material 819,700

Breakeven Net Smelter Return (NSR) cutoff grade of $100 tonne applied. AuEq using gold and silver only in AuEq calculation. Metallurgical recovery assumptions of 90% for gold and 93% for silver. Industry guide 7 SEC Proven and Probable Reserve standards SEC guided 3 year trailing average price assumptions per troy ounce; $1,279 gold $19.53 silver. AuEq calculated at 65.5:1 Ag:Au ratio Cu, Pb, Zn not included in AuEq. Base metal revenue used to offset precious metal production costs Full Report located on the Company’s website: www.goldresourcecorp.com/reserve-reports.php

• 3+ year mine life @ 4.89 g/t average AuEq grade ● Arista deposit expansion potential.

MINERAL RESERVES & RESOURCES

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Arista Vein System

ARISTA MINE PLAN VIEW

21

Switchback Vein System

• Mineralized

veins

• Past drill holes
• Fault
• Vein
• Mine

development

Arista Mine Plan View

N

ARISTA MINE; 2016 SWITCHBACK HIGH-GRADE

8M@6.85g/tAu, 462g/tAg 10M@4.20g/tAu, 212g/tAg 11M@4.13g/tAu, 153g/tAg 14M@3.16g/tAu, 71g/tAg 12M@2.28g/tAu, 151g/tAg

Arista Vein System Switchback Vein System

18M@2.23g/tAu, 191g/tAg 9.5M@8.85g/tAu, 669g/tAg 13M@4.04g/tAu, 114g/tAg 11M@2.97g/tAu, 147g/tAg

• Mineralized

veins

• Past drill holes
• Fault
• Vein
• Mine

development

• Meters down M

hole

Arista Mine Plan View +630K tonnes in M&I Mineralized Material @ Dec. 31, 2015

23 Fresh air intake Level 21

Arista Switchback ARISTA MINE – SWITCHBACK DEVELOPMENT AIRFLOW SCHEMATIC

Proposed ramp/raise development Level 21 crosscutting/development of Switchback vein system targeted for Q4 2016

3 Meters of 6 Meter Wide Vein Powerful Vein System

LARGE EPITHERMAL SYSTEM

Back/ceiling view

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OAXACA MINING UNIT; ALTA GRACIA DEVELOPMENT

Alta Gracia Project

Alta Gracia

• Targeting Q4 2016 / Q1 2017 production
• Access mineral via historic mine workings
• Initial 100-200 tonnes per day targeted
• Truck ore to Aguila mill for processing

Initial mineral access from existing workings

ALTA GRACIA

MIRADOR VEIN

Hole # Angl e From Interval Au Ag deg Meters Meters g/t g/t 4140009

• 47

133.10 5.06 1.53 1,383 incl. 133.10 0.31 0.34 365 incl. 133.41 0.36 1.06 845 incl. 133.77 1.35 0.39 155 incl. 135.12 0.35 0.81 609 incl. 135.47 0.54 1.78 1,010 incl. 136.01 0.49 0.49 509 incl. 136.50 1.66 3.15 3,230 4140013

• 45

112.42 8.58 1.34 700 incl. 112.42 2.48 0.48 170 incl. 114.90 1.03 3.13 1,170 incl. 115.93 2.02 1.80 905 incl. 117.95 0.31 1.70 1,270 incl. 118.26 2.74 1.07 786

SAN JUAN VEIN

4140033

• 51

152.11 0.32 14.30 3,010 180.03 1.19 3.16 2,232 Incl. 180.03 0.34 4.01 2,580 180.37 0.44 3.91 3,110 180.81 0.41 1.64 1,000

EL HUAJE VEIN

4140020

• 58

81.75 2.23 0.85 710 Meters downhole, not true width Assays by ALS Chemex, Vancouver, BC Canada

Alta Gracia M&I Mineralized Material at 12.31.15

Independencia: 38,500 tonnes @ 0.28 g/t Au, 248 g/t Ag Mirador Splay: 9,000 tonnes @ 1.22 g/t Au, 392 g/t Ag Mirador Vein: 25,900 tonnes @ 1.14 g/t Au, 387 g/t Ag

+55 km mineralized structural corridor

*Drill results include

EXPLORATION

Large Consolidated Land Position

• 6 properties
• 684 square kilometers
• 55 kilometer mineralized

structural corridor

• High-grade gold and silver
• Epithermal deposits
• Intermediate

polymetallic

• Skarn potential

*15.22m @ 3.18 g/t Au 292 g t Ag 0.87 % Cu 1.56 % Pb 4.26 % Zn *1m @ 132 g/t Au *4.01m@ 2.52 g/t Au 595 g/t Ag

27

*2.85m@ 27.0 g/t Au 2600 g/t Ag

Historic Open Pit Manto

• 2015 drill program expanded “Manto”

(flat lying) vein to the north

• High grade gold mineralization
• Potential agitated leach mill feed

Historic Open Pit

EL AGUILA PROJECT; EXPLORATION POTENTIAL

28 NOTABLE El AGUILA OPEN PIT MANTO EXTENSION RESULTS

Hole # Angle Vein From Interval Au Ag deg Meters Meters g/t g/t 1150010

• 45

Manto 48.37 3.12 4.59 224 1150011

• 66

Manto 11.83 0.74 6.67 16 Manto 45.34 3.64 4.67 115 1150012

• 45

Manto 31.15 0.68 11.90 381 Manto 50.17 2.53 5.45 165 1150013

• 71

Manto 11.90 1.01 7.49 32 1150019

• 50

Manto 29.20 3.60 6.01 97

Incl.

30.19 0.92 14.00 261 1150020

• 45

Manto 32.00 2.13 5.30 57 1150021

• 71

Manto 38.80 3.56 3.67 79 1150023

• 20

Manto 72.45 1.18 11.81 36 1150025

• 24

Manto 64.00 3.87 8.54 80

Incl.

65.35 1.35 17.65 110 1150027

• 38

Manto 61.10 0.71 9.20 189 1150028

• 35

Manto 23.75 1.95 5.31 90

Assays by ALS Chemex, Vancouver, BC Canada. Meters Down Hole, Not true width.

Las Margaritas Property

Historic workings Ghost town

• High-grade gold / silver district mined

Pre-Mexican Revolution (1910)

• The Mines of Mexico Mex. Gov.

Publication 1905

"...the place in which has been found some of the richest ores in Mexico, some of the ores having reached the value of 18,000 [silver] ounces to the ton, and ores are frequently found which assay 4,000 and 5,000 [silver] ounces to the ton."

LAS MARGARITAS EXPLORATION POTENTIAL

29

Las Margaritas

NOTABLE LAS MARGARITAS DRILL RESULTS

Hole # Angle Vein From Interval Au Ag deg Meters Meters g/t g/t 313009

• 45

Tapada 279.30 0.40 3.49 1705 315002

• 45

Tapada 157.42 0.30 7.05 4010 315003

• 45

Tapada 238.78 2.15 1.15 599

Incl.

238.78 0.24 1.67 1335

Incl.

239.02 1.91 1.09 506 315004

• 45

Vein 228.62 0.68 1.65 1260 315005

• 45

Vein 257.01 0.30 0.81 511 371.18 0.87 0.38 376 315006

• 45

Vein 305.19 0.33 3.89 2360

Assays by ALS Chemex, Vancouver, BC Canada. Meters Down Hole, Not true width.

LAS MARGARITAS EXPLORATION POTENTIAL: LOS TRENES

• Arista style ridge along N70W structure
• Gold and silver anomalies in soil samples
• Nearby road access
• Exciting new target, potentially drilled in 2016

Gold Anomalies Silver Anomalies Los Trenes

• High-grade gold vein system within 100

meters of surface

• Exploration/development underground

El Rey Property

El Rey

EL REY EXPLORATION POTENTIAL

31 NOTABLE EL REY DRILL RESULTS

Hole # Angle From Interval Au Ag deg Meters Meters g/t g/t 207002

• 40

72.0 9.0 19.37 75

incl.

72.0 2.0 43.35 50 207008

• 45

56.0 2.5 8.65 621

incl.

57.5 1.0 9.90 1413 207010

• 40

27.0 1.0 132.50 88 208001

• 45

33.0 3.0 10.94 173 208002

• 60

38.0 1.0 5.66 120 208008

• 60

39.0 1.0 12.70 15 208010

• 60

114.0 2.0 8.08 37 208011

• 45

50.0 5.0 25.35 35

incl.

52.0 3.0 31.50 49 59.0 1.0 6.75 84 208012

• 60

58.0 8.0 6.31 44

incl.

60.0 1.0 21.80 57 208013

• 45

73.0 6.5 8.77 105

incl.

73.0 1.0 23.90 204 208018

• 45

96.2 7.8 20.34 78

incl.

96.2 1.4 55.30 71 208023

• 45

27.2 2.0 7.65 14 55.7 0.8 3.86 251 208024

• 60

59.0 5.0 45.24 123

incl.

59.0 3.0 64.87 119 208036

• 60

87.0 1.0 29.10 27 91.0 1.0 23.70 36 Assays by ALS Chemex, Vancouver, BC Canada. Meters Down Hole, Not true width.

32

NEVADA MINING UNIT; EXPLORATION STAGE

Nevada Mining Unit

• Mining friendly jurisdiction
• Located in historic gold mining

district

• Gold Mesa Property Option

acquired December 2015

• ~ 4,580 acres
• High-grade open pit potential

Property Interest Exploration Development Production Gold Mesa Option 

GOLD MESA

33 33

Paradise Peak Mine 2.6MMoz.Au 43 MMoz.Ag Rawhide Mine 1.6MMoz.Au 17.5 MMoz.Ag Round Mountain Mine 10MMoz.Au

Bruner

Canamex drill results:

118m@4.08g/t Au July 2012

Calvada 2 Mine .5MMoz.Au 1 MMoz.Ag Calvada 3 Mine Santa Fe Mine

NEVADA

Mineral County

GRC’s Gold Mesa claims

Historic Mines Prospect (GRC a Canamex shareholder) Structural Interpretation

Gold Mesa

33.5M@1.89g/t Au 10.7M@1.17g/t Au 4.6M@2.02g/t Au 15.2M@6.27g/t Au 6.1M@1.10g/t Au 2016 Drill Result Highlights Announced June 14 Include: 7.6M@1.23g/t Au NEVADA MINING UNIT

• High-grade open pit potential
• Near surface mineralization
• 15.2M of 6.27g/t Au

starting 9 meters down hole

• Drill data interpretation underway
• Second drill program planned
• Continued drill success eyes future

production decision NEVADA MINING UNIT

Fire Brigade First Aid Training Safety Commission Labor Environment Studies Protections

EMPLOYEE SAFETY & HEALTH FOCUS

First Aid Training Safety Commission Protections Labor Environment Studies Fire Brigade

Weekly Waste Collection & Recyclables

First Aid Training Safety Commission Fire Brigade

Weekly Waste Collection & Recyclables

36

Green construction saved over 2 million plastic bottles from

the landfill as recycled plastic “block walls”.

MINE CAMP; OAXACA MINING UNIT

37

Plant Nursery/Reforestation Town Infrastructure Commitment to Hire Locally Health Clinic Dental Clinic Sustainable Development Student Scholarships

CORPORATE CITIZENSHIP

Health & Dental Clinics Sustainable Development Commitment to Hire Locally Plant Nursery/ Reforestation Student Scholarships Town Infrastructure

38

2016 SOCIAL / CORPORATE LICENSE

Company was awarded the “ESR” seal for 2016 which acknowledges:

• Socially responsible company
• Positive social, environment & economic impact
• Positive culture and business strategy
• Employees, clients & business partners know

Company has met ESR standards

5 10 15 20 25 30 35 40

Dividends may vary in amount and consistency or be discontinued at management’s discretion depending on variables including but not limited to operational cash flows, Company development requirements, strategies, construction, spot gold and silver prices, taxation, general market conditions and other factors described in the Company’s public filings.

MILLIONS USD / YEAR

DIVIDENDS

A SHAREHOLDER FOCUSED PHILOSOPHY

Consecutive Monthly Dividends Income Equity

• 2011 dividends = US$26.5m
• 2012 dividends = US$36.5m
• 2013 dividends = US$25.5m
• 2014 dividends = US$6.5m
• 2015 dividends = US$6.5m
• 2016 Currently US$0.02/share/yr

$2.10 / share returned to shareholders

40

2010 2011 2013 2012 2014 2015

Our philosophy: return as much in dividends to the shareholders when possible, while balancing the growth needs of the Company

Company 2015 Au Production* Annual Dividend Estimate

(US$/ share)

Yield Share price

• pen

(7/1/2016, US$)

Total long- term Debt

(@12/31/15)

2015 Dilution

(not including

• ptions)

Agnico Eagle

1,671,000 0.32 0.6% 54.68 $1.1B 9.7%

Barrick

6,120,000 0.08 0.4% 21.83 $10B 0%

Goldcorp

3,464,000 0.08 0.4% 19.60 $2.5B 0%

Kinross

2,600,000

*Suspended 7/31/13

n/a 5.07 $2.0B 0%

Newmont

5,700,000 0.10 0.3% 39.86 $6.2B 5.8%

Yamana

1,280,000 0.02 0.4% 5.32 $1.6B 7.3%

Royal Gold

*N/A 0.92 1.3% 73.51 $322M 0%

Average

0.6%

Gold Resource

63,963 0.02 0.5% 3.65 $0 0.1%

DIVIDEND & YIELD

Source: Based on each company’s annual public filing and Bloomberg. *Please view each company’s annual public filing for specific and detailed information on annual production total calculations.

41

100000 200000 300000 400000 500000 600000 700000 800000 900000

Kinross Newmont Barrick Yamana Goldcorp Agnico GORO

Production Ounces

DIVIDEND PER OUNCE

PRODUCTION OUNCES REQUIRED TO GENERATE EACH $0.01 OF ANNUAL DIVIDEND*

Source: Based on each company’s Annual Filings and Bloomberg. GRC targets, performance not guaranteed, see Risk Factors in Company’s 10K.

n/a 765,000 570,000 640,000 433,000 52,200

42

*Current $0.02/year GORO dividend using 2015 annual production

Dividend suspended

31,982

A TIGHT CAPITAL STRUCTURE

Shareholders and Analyst Coverage Present Capitalization

Shares Outstanding 54,603,104 Treasury Shares (336,398) Options Outstanding 5,550,000 Warrants Outstanding Shares Fully Diluted 60,153,104 Debt (capital equipment leases) US$696K Hedging Bullion: (1,623 oz Au; 91,416 oz Ag) ~US$3.4m Net Cash (3-31-16) US$10m Market Cap (US$3/share) US$160m Average Daily Volume (3m as of 06-23-16) ~725,000

Substantial Shareholders

Management ~ 8% Van Eck (GDXJ) ~ 8% Vanguard ~ 3% Renaissance Technologies ~ 3% Killen Group ~ 3% GSA Capital Partners ~ 1% BlackRock Fund Advisors ~ 1%

Analyst Coverage - unpaid

Sterne Agee

GORO GLD/GOLD PRICE

43

(GRC targets, performance not guaranteed, see Risk Factors in Company’s 10K)

Cash / Return on Capital Dividends Gold & Silver Dividend Physical Treasury Adding Ounces Exploration Upside Low Cost Producer Growth Curve

A COMPREHENSIVE GOLD INVESTMENT

44

CONCLUSION

“GRC Eagles” rounds

Shareholder Focused Precious Metal Producer

• Delivering a growth profile of low cost, high margin

production

• Demanding high returns on owner invested capital
• Distributing meaningful monthly dividends to maximize

total return to owners

45

Gold Resource Corporation 2886 Carriage Manor Point Colorado Springs, CO. 80906 USA Office: (303) 320-7708 Fax: (303) 320-7835 Email: gregpatterson@goldresourcecorp.com Website: www.goldresourcecorp.com

CORPORATE HEADQUARTERS

46

ARISTA MINE; SWITCHBACK DRILL HIGHLIGHTS

NOTABLE SWITCHBACK DRILL RESULTS

Hole # Angle From Interval Au Ag Cu Pb Zn deg Meters Meters g/t g/t % % % 516111

• 40

122.18 9.50 8.85 669 0.67 1.86 6.83 Incl. 122.80 0.95 31.40 5,420 1.35 0.93 2.32 Incl. 129.25 2.43 10.36 64 0.90 1.65 3.59 177.33 18.27 2.23 191 0.59 2.64 6.18 Incl. 190.29 3.29 5.92 554 0.53 0.86 3.33 516101

• 30

130.76 12.09 4.07 51 0.69 2.67 7.86 Incl. 133.18 2.38 6.61 80 0.80 10.09 11.57 147.84 28.86 1.87 104 0.44 3.17 13.44 Incl. 152.02 3.07 6.67 58 0.81 2.76 12.29 180.92 24.46 1.38 143 0.64 3.47 11.90 221.13 8.03 6.85 462 0.54 2.03 5.21 Incl. 223.74 2.32 15.60 1,192 0.60 1.59 5.53 514067

• 35

378.88 6.12 5.53 76 0.15 0.41 4.15 417.90 19.34 2.56 129 0.62 1.28 3.84 Incl. 428.19 1.71 13.45 860 1.81 3.52 7.18 516114

• 37

223.00 2.40 12.21 53 0.99 3.74 8.51 Incl. 224.00 0.90 24.30 97 1.11 8.57 14.60 240.43 4.96 4.42 22 0.62 0.60 3.48 250.00 13.23 4.03 114 0.82 1.60 2.79 Incl. 250.00 3.15 15.79 110 1.53 4.08 7.11 516103

• 30

111.12 10.36 4.20 212 0.60 3.33 8.04 Incl. 113.11 1.31 12.38 263 1.67 2.99 4.89 138.64 14.38 3.16 71 0.57 1.45 5.86 Incl. 138.64 2.26 9.61 104 0.41 2.58 6.58 Assays by ALS Chemex, Vancouver, BC Canada. Meters Down Hole, Not True Width.

NOTABLE SWITCHBACK DRILL RESULTS (cont.)

Hole # Angle From Interval Au Ag Cu Pb Zn deg Meters Meters g/t g/t % % % 516110

• 35

105.28 11.92 4.13 153 0.44 3.97 8.27 Incl. 105.28 2.76 5.19 135 0.66 7.26 12.65 Incl. 109.94 2.58 10.77 420 0.65 7.67 13.40 515047

• 36

357.42 3.30 3.91 188 0.19 2.87 4.89 369.80 7.46 1.05 55 0.41 0.72 7.17 390.75 15.22 3.18 292 0.87 1.56 4.26 incl. 390.75 1.15 12.65 822 0.75 0.93 1.59 incl. 392.28 1.91 5.06 388 3.52 3.04 5.70 399.57 2.03 7.62 1,132 0.86 1.47 6.89 513028

• 44

589.10 15.47 2.95 86 0.44 0.84 2.09 Incl. 589.10 1.14 9.82 91 0.64 0.61 0.90 Incl. 600.10 2.20 12.91 410 1.20 2.49 4.33 516115

• 33

224.69 11.09 2.97 147 0.93 2.67 4.29 Incl. 226.70 2.89 4.62 184 2.08 3.78 4.10 513055

• 30

657.47 5.27 2.93 72 0.21 0.63 3.38 incl. 659.93 0.37 0.24 459 0.05 0.97 26.20 Incl. 661.07 1.19 12.20 100 0.44 1.38 3.20 515051

• 32

359.92 4.43 2.95 68 0.31 6.53 7.53 incl. 359.92 1.11 0.17 76 0.52 16.15 15.20 incl. 362.52 1.07 9.21 104 0.24 6.44 6.35 437.72 7.63 2.11 137 0.42 1.50 7.25 528.92 2.68 3.35 28 0.68 2.75 7.86 555.96 3.34 4.45 29 0.87 3.14 10.43 Assays by ALS Chemex, Vancouver, BC Canada. Meters Down Hole, Not True Width.