Gold Resource El Aguila discovery was the 2nd property Pepe took bill to see. I put in the initial $90K to allow the new corp to use same 3 man office as US Gold in early 2001. Zimipan silver was 1st in Central Mex and did not pay off even from drills to same level west from Penoles old underground played out and closing. Feb ’02 all way down in Oaxaca Pepe led Bill to a hill top bat guano filled old mine adit and at the end wall face Bill asked where to sample. ” Oh one place is good as the next” . He flew it home to Denver and it was an amazing high grade so since that point on was raising the funds to dig the pit and build the plant so hit the rubber chicken circuit and in Dec ’07 new BoD gave it a start vote. Mar ’04 I added another $40K in last initial investor pre IPO. Only real glitch was the ’08 crash and need for a Strategic Partner Hochschild Bill kept as low % as he could under the JV terms. Jul ’10 reached commercial production and been paying a dividend since that month. Aguila open pit was just a year’s supply then had to begin Arista tunnel. Nothing yet but flotation produce shipped no heap nor agitated cyanide leach

“As of May 15, 2006, there are a total of 18,304,852 shares of our common stock outstanding
Don I. and Dorothea Philips 480,000” (2.62%)

Our mine is next door to AZ border for supply ease, near infinite more surface shallow richer oxide 20 year supply AND what has yet to come on in 10 yr there? Rich bonanza vein ore also at surface. Main dif tho is we raised ours by share issue necessary 10 times GORO who borrowed the money to have just 53 mil issue but now debt free both. 2 ways to win but which will prove out? My bet was on PT and we shook on it Feb ’12. So sold all GORO to assist since to become Town Crier “All’s well , sleep well”. Time to wake up and make the gold.