Gold Resource (GORO) 10-Q 5 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 04, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	GOLD RESOURCE CORP
Entity Central Index Key	1,160,791
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		54,179,369

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 21,023	$ 27,541
Gold and silver bullion	3,358	3,447
Accounts receivable	688	1,416
Inventories	8,489	7,295
IVA taxes receivable	1,255	575
Deferred tax assets	3,891	3,891
Prepaid expenses and other current assets	1,804	2,935
Total current assets	40,508	47,100
Property, plant and mine development, net	42,742	32,348
Deferred tax assets	23,917	25,519
Investments in equity securities	1,121	2,620
Other non-current assets	4,457	4,078
Total assets	112,745	111,665
Current liabilities:
Accounts payable	5,718	3,892
Accrued expenses and other current liabilities	5,176	3,923
Capital lease obligations, current portion	1,487	1,498
Income taxes payable	2,345	7,907
Dividends payable	542	542
Total current liabilities	15,268	17,762
Capital lease obligations	108	834
Reclamation and remediation liabilities	2,765	2,993
Total liabilities	$ 18,141	$ 21,589
Shareholders' equity:
Preferred stock - $0.001 par value, 5,000,000 shares authorized: no shares issued and outstanding
Common stock - $0.001 par value, 100,000,000 shares authorized: 54,515,767 and 54,515,767 shares issued and outstanding, respectively	$ 55	$ 55
Additional paid-in capital	95,007	93,094
Retained earnings	6,597	3,982
Treasury stock at cost, 336,398 shares	(5,884)	(5,884)
Accumulated other comprehensive loss	(1,171)	(1,171)
Total shareholders' equity	94,604	90,076
Total liabilities and shareholders' equity	$ 112,745	$ 111,665

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Condensed Consolidated Balance Sheets
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	54,515,767	54,515,767
Common stock, shares outstanding	54,515,767	54,515,767
Treasury stock, shares	336,398	336,398

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Condensed Consolidated Statements Of Operations
Sales, net	$ 23,273	$ 33,669	$ 51,645	$ 64,821
Mine cost of sales:
Production costs	14,117	14,801	27,051	29,021
Depreciation and amortization	2,224	1,044	3,616	1,789
Reclamation and remediation	7		30
Total mine cost of sales	16,348	15,845	30,697	30,810
Mine gross profit	6,925	17,824	20,948	34,011
Costs and expenses:
General and administrative expenses	2,388	2,249	5,119	5,262
Exploration expenses	2,894	1,597	4,606	2,885
Total costs and expenses	5,282	3,846	9,725	8,147
Operating income	1,643	13,978	11,223	25,864
Other (expense) income, net	(543)	214	(1,047)	683
Income before income taxes	1,100	14,192	10,176	26,547
Provision for income taxes	288	6,384	4,311	11,613
Net income	$ 812	$ 7,808	$ 5,865	$ 14,934
Net income per common share:
Basic	$ 0.01	$ 0.14	$ 0.11	$ 0.28
Diluted	$ 0.01	$ 0.14	$ 0.11	$ 0.27
Weighted average shares outstanding:
Basic weighted average shares of common stock	54,179,369	54,179,369	54,179,369	54,057,822
Diluted weighted average shares of common stock	54,179,369	54,556,217	54,179,369	54,629,512

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 5,865	$ 14,934
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization	3,748	1,895
Stock-based compensation	1,913	1,956
Deferred income taxes	1,602
Currency exchange (gain) loss	(823)	10
Unrealized loss (gain) on investments	1,499	(802)
Other operating adjustments	301
Changes in operating assets and liabilities:
Accounts receivable	728	(3,796)
Inventories	(1,195)	1,104
Prepaid expenses and other current assets	424	433
Accounts payable and other accrued liabilities	703	433
Income taxes payable/receivable	(5,263)	11,588
Other noncurrent assets	(37)
Net cash provided by operating activities	9,465	27,755
Cash flows from investing activities:
Capital expenditures	(11,943)	(7,438)
Investments		(1,805)
Other investing activities	28	16
Net cash used in investing activities	(11,915)	(9,227)
Cash flows from financing activities:
Proceeds from exercise of stock options		100
Dividends paid	(3,251)	(3,243)
Repayments of capital leases	(745)	(731)
Net cash used in financing activities	(3,996)	(3,874)
Effect of exchange rate changes on cash and cash equivalents	(72)
Net (decrease) increase in cash and equivalents	(6,518)	14,654
Cash and equivalents at beginning of period	27,541	14,973
Cash and equivalents at end of period	21,023	29,627
Supplemental Cash Flow Information
Interest expense paid	48	$ 96
Income and mining taxes paid	$ 7,321

Basis of Preparation of Financi

Basis of Preparation of Financial Statements	6 Months Ended
	Jun. 30, 2015
Basis of Preparation of Financial Statements
Basis of Preparation of Financial Statements	1. Basis of Preparation of Financial Statements Basis of Presentation: The unaudited interim condensed consolidated financial statements included herein are expressed in United States dollars and are prepared in conformance with United States generally accepted accounting principles (“U.S. GAAP”) and applicable rules of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The unaudited interim condensed consolidated financial statements include the accounts of Gold Resource Corporation (“the Company”) and its wholly owned U.S. subsidiary GRC Nevada Inc. (“GRC Nevada”) and its wholly owned Mexican subsidiary Don David Gold Mexico S.A. de C.V. (“Don David Gold Mexico”). Significant intercompany accounts and transactions have been eliminated. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to SEC rules and regulations, although the Company believes that the disclosures included herein are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Form 10-K for the year ended December 31, 2014. Unless otherwise noted, there have been no material changes to the footnotes from those accompanying the audited financial statements contained in the Company’s annual report on Form 10-K. In management’s opinion, the unaudited condensed consolidated financial statements contained herein reflect all material normal and recurring adjustments that are necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows on a basis consistent with that of its audited consolidated financial statements for the year ended December 31, 2014. However, the results of operations for the interim period ended June 30, 2015 may not be indicative of results of operations to be expected for the full fiscal year. Revenue Recognition: The Company recognizes revenue when an arrangement exists, the price is fixed and determinable, the title and risk of loss have transferred to the buyer and collection is reasonably assured. Concentrate sales : Concentrate sales are initially recorded using forward metal prices at the time of shipment and contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the concentrates at the forward metal prices at the time of shipment. The embedded derivative, which does not qualify for hedge accounting, is adjusted to fair value through revenue each period prior to final settlement. Changes in the prices of metals that the Company sells, as quoted on the London Metal Exchange and the London Bullion Market, between the shipment and final settlement dates will result in adjustments to revenues related to sales of concentrate previously recorded upon shipment. Sales are recorded net of charges for treatment, refining, smelting losses and other charges negotiated between the Company and the buyer. These charges are estimated upon shipment of concentrates based on contractual terms and adjusted to reflect actual charges at final settlement. Historically, actual charges have not varied materially from the Company’s initial estimates. Doré sales : Doré sales are recognized using quoted metal prices when the title has been transferred and collection of the sales price is reasonably assured, net of treatment and refining charges. Production Costs: Production costs include labor and benefits, royalties, concentrate shipping costs, mining subcontractors, fuel and lubricants, legal and professional fees related to mine operations, stock-based compensation attributable to mine personnel, materials and supplies, repairs and maintenance, explosives, housing and food, insurance, reagents, travel, medical services, security equipment, office rent, tools and other costs that support the Company’s mining operations. Mine Development: The Company expenses general prospecting costs and the costs of acquiring and exploring unevaluated mineral properties. Costs incurred to develop new properties are capitalized as incurred when it has been determined that the property can be economically developed based on the existence of proven and probable reserves or mineralized materials . These costs include the cost of building access ways, shaft sinking and access, lateral development, drift development, ramps and infrastructure development. Drilling and related costs are capitalized for an ore body where proven and probable reserves exist , and the activities are directed at obtaining additional information on the ore body or converting mineralized material to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of production costs. When mineral properties are developed and operations commence, capitalized costs are charged to operations and amortized using the units-of-production method over the estimated life of the ore body based on estimated recoverable ounces to be produced from proven and probable reserves. Upon abandonment or sale of a mineral property, all capitalized costs relating to the specific property are written off in the period abandoned or sold and a gain or loss is recognized.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2015
Fair Value Measurement
Fair Value Measurement	2. Fair Value Measurement Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The following tables set forth certain of the Company’s assets measured at fair value by level within the fair value hierarchy. As required by accounting guidance, assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value as of June 30, 2015 Level 1 Level 2 Level 3 Total Balance Sheet Classification (in thousands) Receivables related to unsettled invoices $ - $ $ - $ Accounts receivable Investments in equity securities $ $ - $ - $ Investments Fair Value as of December 31, 2014 Level 1 Level 2 Level 3 Total Balance Sheet Classification (in thousands) Receivables related to unsettled invoices $ - $ $ - $ Accounts receivable Investments in equity securities $ $ - $ - $ Investments Cash and cash equivalents consist primarily of money market funds and are valued at cost, which approximates fair value . Trade accounts receivable include amounts due to us for shipments of concentrates and doré sold to customers . Concentrate sales contracts provide for provisional pricing as specified in such contracts. These sales contain an embedded derivative related to the provisional pricing mechanism which is bifurcated and accounted for as a derivative. At the end of each reporting period, the Company records an adjustment to sales to reflect the mark-to-market of outstanding provisional invoices. Because these provisionally priced sales have not yet settled as of the reporting date, the mark-to-market adjustment related to these invoices is included in accounts receivable as of each reporting date. Our non-current investments consist of marketable equity securities which are valued using quoted market prices for each security when available . Gains and losses related to changes in the fair value of these financial instruments were included in the Company’s condensed consolidated statements of income as shown in the following table: Three months ended June 30, 2015 2014 Statement of Income Classification (in thousands) Derivative gain (loss) $ 315 $ (897) Sales, net Investment (loss) gain $ (780) $ 100 Other (expense) income, net Six months ended June 30, 2015 2014 Statement of Income Classification (in thousands) Derivatives (loss) gain $ (794) $ (2,061) Sales, net Investment (loss) gain $ (1,499) $ 802 Other (expense) income, net

Gold And Silver Bullion

Gold And Silver Bullion	6 Months Ended
	Jun. 30, 2015
Gold And Silver Bullion
Gold And Silver Bullion	3. Gold and Silver Bullion The Company periodically purchases gold and silver bullion on the open market for investment purposes and to use in its dividend exchange program under which shareholders may exchange their cash dividend for gold and silver bullion. The Company’s investment in gold and silver bullion is carried at cost and evaluated at relevant financial reporting dates. During the six months ended June 30, 2015 , the Company made no purchases of gold or silver bullion. The Company recorded write-downs on its gold and silver bullion totaling $0.1 million for the six months ended June 30, 2015 . At June 30, 2015 and December 31, 2014, the Company’s holdings of bullion consisted of the following : 2015 2014 Gold Silver Gold Silver (in thousands, except ounces and per ounce ) Ounces Carrying value per ounce $ $ $ $ Total carrying value $ $ $ $

Current Inventories

Current Inventories	6 Months Ended
	Jun. 30, 2015
Current Inventories
Inventories	4 . Current Inventories At June 30, 2015 and December 31, 2014, inventories consisted of the following : 2015 2014 (in thousands) Stockpiles - underground mine $ $ Concentrates Materials and supplies (1) Total $ $ (1) Net of reserve for obsolescence of $217 in each respective period.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Taxes
Income Taxes	5. Income Taxes The Company r ecorded income tax expense of $0.3 million and $ 4.3 million for the three and six months ended June 30, 2015, respectively. During the three and six months ended June 30, 2014, the Company recorded income tax expense of $6.4 million and $11.6 million, respectively During the three and six months ended June 30 2015, the Company received $3.0 m illion in intercompany dividends from its Mexican operations. The Company has asserted permanent reinvestment of all Mexico undistributed earnings as of December 31, 2014. The impact of the planned intercompany dividends for 2015, net of foreign tax credits, is reflected in the estimated annual effective tax rate. During the six months ended June 30, 2015, the Company experienced a decrease in its annualized effective tax rate principally due to the decrease in intercompany dividends anticipated to be paid in 2015 . In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carry -back and carry- forward periods), projected future taxable income and tax-planning strategies in making this assessment. As of June 30, 2015, the Company believes it has sufficient positive evidence to conclude that its federal and foreign deferred tax assets are more likely than not to be realized. However, the Company has determined that the realization of its state deferred tax assets is not more likely that not to be realized and has a valuation allowance offsetting the state deferred tax assets. As of June 30, 2015, the Company believes that it has no liability for uncertain tax positions. If the Company were to determine there was an uncertain tax position, the Company would recognize the liability and related interest and penalties within income tax expense. Curr ently the Company is undergoing a normal course tax examination by the Mexican tax authorities that relates to the 2011 and 2012 tax years. The tax examinations are open and ongoing , and no further information has been communicated to the Company by the Mexican tax authorities.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2015
Prepaid Expenses And Other Current Assets
Prepaid Expenses and Other Current Assets	6 . Prepaid Expenses and Other Current Assets At June 30, 2015 and December 31, 2014, prepaid expenses and other current assets consisted of the following: 2015 2014 (in thousands) Other receivables $ $ Advances to suppliers Prepaid insurance Vendor deposits Other Total $ $

Property, Plant and Mine Develo

Property, Plant and Mine Development – net	6 Months Ended
	Jun. 30, 2015
Property, Plant and Mine Development – net
Property, Plant and Mine Development – net	7. Property, Plant and Mine Development – net At June 30, 2015 and December 31, 2014, property, equipment and mine development consisted of the following: 2015 2014 (in thousands) Machinery and equipment $ $ Mine development Furniture, computer and office equipment Mill facilities and infrastructure Light vehicles and other mobile equipment Construction-in-progress Asset retirement costs Land and mineral rights Subtotal (1) Accumulated depletion, depreciation and amortization Total $ $ (1) Includes accrued capital expenditures of $1.5 million for the six months ended 2015 and $1.1 million for the year ended 2014. The Company recorded depletion, depreciation and amortization expense of $2.3 million and $3.7 million for the three and six months ended June 30, 2015, respectively. During the three and six months ended June 30, 2014, the Company recorded depletion, depreciation and amortization expense of $1.1 million and $1.9 million , respectively. The Company has equipment leases that qualify as capital leases which have been recorded at the present value of the future minimum lease payments, including transaction fees and bargain purchase options , which approximates the net c arrying value of the equipment. The equipment leases bear interest at 4.5% to 5.5% per annum, with monthly principal and interest payments of approximately $0.1 million over the three -year lease term. The Company has an option to purchase the equipment at the end of the lease term for less than $0.1 million. Depreciation on the leased assets is recorded over their estimated useful lives. As of June 30, 2015 , the Company’s future obligations under capital leases are as follows: Years Ended December 31, (in thousands) 2015 $ 2016 Total payments due Less amounts representing interest Subtotal Less current portion Non-current portion $

Investments in Equity Securitie

Investments in Equity Securities	6 Months Ended
	Jun. 30, 2015
Investments in Equity Securities
Investments in Equity Securities	8. Investments in Equity Securities At June 30, 2015 and December 31, 2014, the value of investments in equity securities consisted of the following : 2015 2014 Cost Accumulated unrealized loss Book Value Cost Accumulated unrealized gain Book Value (in thousands) Canamex Resources Corporation - common shares $ $ $ $ $ $ Laguna Gold Pty Ltd - common shares (1) - - Total $ $ $ $ $ $ (1 ) The Company determined that it is not practicable to estimate the fair value of this investment.

Other Non-Current Assets

Other Non-Current Assets	6 Months Ended
	Jun. 30, 2015
Other Non-Current Assets
Other Non-Current Assets	9. Other Non-Current Assets At June 30, 2015 and December 31, 2014, other non-current assets consisted of the following : 2015 2014 (in thousands) Stockpiles - open pit mine $ $ Deferred charge Other - Total $ $

Accrued Liabilities And Other C

Accrued Liabilities And Other Current Liabilities	6 Months Ended
	Jun. 30, 2015
Accrued Liabilities And Other Current Liabilities
Accured Liabilities And Other Current Liabilities	10. Accrued Expenses and Other Current Liabilities At June 30, 2015 and December 31, 2014 , accrued expenses and other current liabilities consisted of the following: 2015 2014 (in thousands) Accrued royalty payments $ $ Accrued vendor payables Payroll and other taxes payable Accrued insurance Other - Total $ $

Reclamation and Remediation

Reclamation and Remediation	6 Months Ended
	Jun. 30, 2015
Reclamation And Remediation
Reclamation And Remediation	11. Reclamation and Remediation The Company’s reclamation and remediation obligations relate to the Aguila Project. The following table presents the changes in reclamation and remediation obligations for the six months ended June 30, 2015 and 2014 , respectively : 2015 2014 (in thousands) Reclamation liabilities – balance at beginning of period $ $ Changes in estimate - Foreign currency exchange (loss) gain Reclamation liabilities – balance at end of period Asset retirement obligation – balance at beginning of period - Changes in estimate - Accretion expense - Foreign currency exchange (loss) - Asset retirement obligation – balance at end of period - Total period end balance $ $

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2015
Shareholders' Equity
Shareholders' Equity	12. Shareholders’ Equity The Company declared and paid $3.3 million and $3.2 million , respectively, of dividends during each of the six months ended June 30, 2015 and 2014. The Company has declared monthly cash dividends totaling $1.98 per share of common stock to shareholders of record since July 2010. On July 27, 2015 , the Board of Directors declared a dividend on common stock totaling $0.5 million payable in August 201 5.

Concentrate Sale Settlements

Concentrate Sale Settlements	6 Months Ended
	Jun. 30, 2015
Concentrate Sale Settlements
Concentrate Sale Settlements	13. Concentrate Sale Settlements The Company records adjustments to sales of metals concentrate that result from final settlement of provisional invoices in the period that the final invoice settlement occurs. The Company also compares assays taken at the mine site on its concentrate shipments, upon which the Company’s provisional invoices are based, to assays obtained from samples taken at the buyer’s warehouse prior to final settlement, upon which the final invoices are in part based, to assess whether an adjustment to sales is required prior to final invoice settlement. These adjustments resulted in an increase to sales of $0.2 million and a decrease to sales of $0.1 million for the three and six months ended June 30, 2015, respectively, and a decrease to sales of $1.8 million and $2.5 million for the three and six months ended June 30, 2014, respectively. In addition to the final settlement adjustments on provisional invoices, the Company records a sales adjustment to mark-to-market outstanding provisional invoices at the end of each reporting period. These adjustments resulted in a decrease to sales of nil and $0.1 million for the three and six months June 30, 2015 respectively, and a decrease to sales of $0.9 million and $2.1 million for the three and six months ended June 30, 2014, respectively. Sales of metal concentrates are recorded net of smelter refining fees, treatment charges and penalties. Total charges for these items totaled $3.1 million an d $5.8 million for the three and months ended June 30, 2015, and $3.2 million and $6.1 million for the three and six months ended June 30, 2014, respectively.

Stock Options

Stock Options	6 Months Ended
	Jun. 30, 2015
Stock Options
Stock Options	14. Stock Options The Company has a non-qualified stock option and stock grant plan under which equity awards may be granted to key employees, directors and others (the “Plan”). A summary of activity under the Plan for the six months ended June 30, 2015 is presented below: Shares Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (thousands) Outstanding as of December 31, 2014 $ $ - Granted - - - - Exercised - - - - Forfeited - - Outstanding as of June 30, 2015 $ $ - Vested and exercisable as of June 30, 2015 $ $ - No options were granted during the six months ended June 30, 2015 . Substantially all of the options vest over a three year period and have an exercise term of 10 years. The total fair value of stock options vested during the six months ended June 30, 2015 was $0 .7 million . The following table summarizes information about stock options outstanding at June 30, 2015 : Range of Exercise Prices Number of Options Weighted Average Remaining Contractual Term (in years) Weighted Average Exercise Price (per share) Number of Options Weighted Average Exercise Price (per share) $3.40 - $3.95 $ $ $5.81 - $14.36 $ $ $17.10 - $20.51 $ $ $ $ The fair value of stock option grants is amortized over the respective vesting period. Total stock-based compensation expense related to stock options for the three and six months ended June 30, 2015 was $0. 8 million and $1.9 million, respectively, and for the three and six months ended June 30, 2014 was $1.2 million and $2.0 million, respectively. Stock-based compensation expense has been allocated between production costs and general and administrative expense as follows : Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (in thousands) Production costs $ $ $ $ General and administrative expenses Total $ $ $ $ The estimated unrecognized stock-based compensation expense from unvested options as of June 30, 2015 was approximately $0.8 million , and is expected to be recognized over the remaining vesting periods of up to two years. The assumptions used to determine the value of stock-based awards under the Black-Scholes-Merton method are summarized below: Six months ended June 30, 2015 2014 Risk-free interest rate - Dividend yield - Expected volatility - Expected life in years -

Other (Expense) Income, Net

Other (Expense) Income, Net	6 Months Ended
	Jun. 30, 2015
Other (Expense) Income, Net
Other (Expense) Income, Net	15. Other (Expense) Income , Net Other (expense) income , net consisted of the following: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (in thousands) Unrealized currency exchange gain (loss) $ $ $ $ Realized currency exchange gain (loss) Write-down of gold and silver bullion - - Unrealized (loss) gain from investments (1) Interest income Interest expense Other (expense) income Total $ $ $ $ (1) Our unrealized (loss) gain due to changes in the fair value of certain investments include gains and losses that are non-cash in nature until such time that they are realized through cash transactions. For additional information regarding our investments and fair value measurements, please see notes 2 and 8 to these condensed consolidated financial statements.

Net Income per Share

Net Income per Share	6 Months Ended
	Jun. 30, 2015
Net Income per Share
Net Income per Share	16. Net Income per Share Basic earnings per share is calculated based on the weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated based on the assumption that stock options outstanding, which have an exercise price less than the average market price of the Company’s common shares during the period, have been exercised on the later of the beginning of the period or the date granted and that the funds obtained from the exercise were used to purchase common shares at the average market price during the period. The effect of potentially dilutive stock options on the weighted average number of shares outstanding is as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (in thousands, except shares and per share amounts) Net income $ $ $ $ Basic weighted average shares of common stock outstanding Dilutive effect of stock options - - Diluted weighted average common shares outstanding Basic: Net income per basic share $ $ $ $ Diluted: Net income per diluted share $ $ $ $

Basis of Preparation of Finan22

Basis of Preparation of Financial Statements (Policy)	6 Months Ended
	Jun. 30, 2015
Basis of Preparation of Financial Statements
Basis Of Presentation	Basis of Presentation: The unaudited interim condensed consolidated financial statements included herein are expressed in United States dollars and are prepared in conformance with United States generally accepted accounting principles (“U.S. GAAP”) and applicable rules of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The unaudited interim condensed consolidated financial statements include the accounts of Gold Resource Corporation (“the Company”) and its wholly owned U.S. subsidiary GRC Nevada Inc. (“GRC Nevada”) and its wholly owned Mexican subsidiary Don David Gold Mexico S.A. de C.V. (“Don David Gold Mexico”). Significant intercompany accounts and transactions have been eliminated. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to SEC rules and regulations, although the Company believes that the disclosures included herein are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Form 10-K for the year ended December 31, 2014. Unless otherwise noted, there have been no material changes to the footnotes from those accompanying the audited financial statements contained in the Company’s annual report on Form 10-K. In management’s opinion, the unaudited condensed consolidated financial statements contained herein reflect all material normal and recurring adjustments that are necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows on a basis consistent with that of its audited consolidated financial statements for the year ended December 31, 2014. However, the results of operations for the interim period ended June 30, 2015 may not be indicative of results of operations to be expected for the full fiscal year.
Revenue Recognition	Revenue Recognition: The Company recognizes revenue when an arrangement exists, the price is fixed and determinable, the title and risk of loss have transferred to the buyer and collection is reasonably assured. Concentrate sales : Concentrate sales are initially recorded using forward metal prices at the time of shipment and contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the concentrates at the forward metal prices at the time of shipment. The embedded derivative, which does not qualify for hedge accounting, is adjusted to fair value through revenue each period prior to final settlement. Changes in the prices of metals that the Company sells, as quoted on the London Metal Exchange and the London Bullion Market, between the shipment and final settlement dates will result in adjustments to revenues related to sales of concentrate previously recorded upon shipment. Sales are recorded net of charges for treatment, refining, smelting losses and other charges negotiated between the Company and the buyer. These charges are estimated upon shipment of concentrates based on contractual terms and adjusted to reflect actual charges at final settlement. Historically, actual charges have not varied materially from the Company’s initial estimates. Doré sales : Doré sales are recognized using quoted metal prices when the title has been transferred and collection of the sales price is reasonably assured, net of treatment and refining charges.
Production Costs	Production Costs: Production costs include labor and benefits, royalties, concentrate shipping costs, mining subcontractors, fuel and lubricants, legal and professional fees related to mine operations, stock-based compensation attributable to mine personnel, materials and supplies, repairs and maintenance, explosives, housing and food, insurance, reagents, travel, medical services, security equipment, office rent, tools and other costs that support the Company’s mining operations.
Mine Development	Mine Development: The Company expenses general prospecting costs and the costs of acquiring and exploring unevaluated mineral properties. Costs incurred to develop new properties are capitalized as incurred when it has been determined that the property can be economically developed based on the existence of proven and probable reserves or mineralized materials . These costs include the cost of building access ways, shaft sinking and access, lateral development, drift development, ramps and infrastructure development. Drilling and related costs are capitalized for an ore body where proven and probable reserves exist , and the activities are directed at obtaining additional information on the ore body or converting mineralized material to proven and probable reserves. All other drilling and related costs are expensed as incurred. Drilling costs incurred during the production phase for operational ore control are allocated to inventory costs and then included as a component of production costs. When mineral properties are developed and operations commence, capitalized costs are charged to operations and amortized using the units-of-production method over the estimated life of the ore body based on estimated recoverable ounces to be produced from proven and probable reserves. Upon abandonment or sale of a mineral property, all capitalized costs relating to the specific property are written off in the period abandoned or sold and a gain or loss is recognized.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Measurement
Fair Value, By Balance Sheet Reclassification	Fair Value as of June 30, 2015 Level 1 Level 2 Level 3 Total Balance Sheet Classification (in thousands) Receivables related to unsettled invoices $ - $ $ - $ Accounts receivable Investments in equity securities $ $ - $ - $ Investments Fair Value as of December 31, 2014 Level 1 Level 2 Level 3 Total Balance Sheet Classification (in thousands) Receivables related to unsettled invoices $ - $ $ - $ Accounts receivable Investments in equity securities $ $ - $ - $ Investments
Gains And Losses Related To Changes In Fair Value	Three months ended June 30, 2015 2014 Statement of Income Classification (in thousands) Derivative gain (loss) $ 315 $ (897) Sales, net Investment (loss) gain $ (780) $ 100 Other (expense) income, net Six months ended June 30, 2015 2014 Statement of Income Classification (in thousands) Derivatives (loss) gain $ (794) $ (2,061) Sales, net Investment (loss) gain $ (1,499) $ 802 Other (expense) income, net

Gold And Silver Bullion (Tables

Gold And Silver Bullion (Tables)	6 Months Ended
	Jun. 30, 2015
Gold And Silver Bullion
Schedule Of Company's Holdings	2015 2014 Gold Silver Gold Silver (in thousands, except ounces and per ounce ) Ounces Carrying value per ounce $ $ $ $ Total carrying value $ $ $ $

Current Inventories (Tables)

Current Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Current Inventories
Summary Of Inventories	2015 2014 (in thousands) Stockpiles - underground mine $ $ Concentrates Materials and supplies (1) Total $ $ Net of reserve for obsolescence of $217 in each respective period.

Prepaid Expenses and Other Cu26

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Prepaid Expenses And Other Current Assets
Schedule of prepaid and other assets	2015 2014 (in thousands) Other receivables $ $ Advances to suppliers Prepaid insurance Vendor deposits Other Total $ $

Property, Plant and Mine Deve27

Property, Plant and Mine Development – net (Tables)	6 Months Ended
	Jun. 30, 2015
Property, Plant and Mine Development – net
Schedule Of Property And Equipment	2015 2014 (in thousands) Machinery and equipment $ $ Mine development Furniture, computer and office equipment Mill facilities and infrastructure Light vehicles and other mobile equipment Construction-in-progress Asset retirement costs Land and mineral rights Subtotal (1) Accumulated depletion, depreciation and amortization Total $ $ (1) Includes accrued capital expenditures of $1.5 million for the six months ended 2015 and $1.1 million for the year ended 2014.
Schedule Of Capital Lease Obligations	Years Ended December 31, (in thousands) 2015 $ 2016 Total payments due Less amounts representing interest Subtotal Less current portion Non-current portion $

Investments in Equity Securit28

Investments in Equity Securities (Tables)	6 Months Ended
	Jun. 30, 2015
Investments in Equity Securities
Schedule Of Investments	2015 2014 Cost Accumulated unrealized loss Book Value Cost Accumulated unrealized gain Book Value (in thousands) Canamex Resources Corporation - common shares $ $ $ $ $ $ Laguna Gold Pty Ltd - common shares (1) - - Total $ $ $ $ $ $ (1 ) The Company determined that it is not practicable to estimate the fair value of this investment.

Other Non-Current Assets (Table

Other Non-Current Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Other Non-Current Assets
Schedule of Other Assets, Noncurrent	2015 2014 (in thousands) Stockpiles - open pit mine $ $ Deferred charge Other - Total $ $

Accrued Liabilities And Other30

Accrued Liabilities And Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Accrued Liabilities And Other Current Liabilities
Schedule Of Accrued Liabilities And Other Current Liabilities	2015 2014 (in thousands) Accrued royalty payments $ $ Accrued vendor payables Payroll and other taxes payable Accrued insurance Other - Total $ $

Reclamation and Remediation (Ta

Reclamation and Remediation (Tables)	6 Months Ended
	Jun. 30, 2015
Reclamation And Remediation
Changes In Reclamation And Remediation	2015 2014 (in thousands) Reclamation liabilities – balance at beginning of period $ $ Changes in estimate - Foreign currency exchange (loss) gain Reclamation liabilities – balance at end of period Asset retirement obligation – balance at beginning of period - Changes in estimate - Accretion expense - Foreign currency exchange (loss) - Asset retirement obligation – balance at end of period - Total period end balance $ $

Stock Options (Tables)

Stock Options (Tables)	6 Months Ended
	Jun. 30, 2015
Stock Options
Schedule of Share-based Compensation, Stock Options, Activity	Shares Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (thousands) Outstanding as of December 31, 2014 $ $ - Granted - - - - Exercised - - - - Forfeited - - Outstanding as of June 30, 2015 $ $ - Vested and exercisable as of June 30, 2015 $ $ -
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range	Range of Exercise Prices Number of Options Weighted Average Remaining Contractual Term (in years) Weighted Average Exercise Price (per share) Number of Options Weighted Average Exercise Price (per share) $3.40 - $3.95 $ $ $5.81 - $14.36 $ $ $17.10 - $20.51 $ $ $ $
Schedule Of Stock-Based Compensation Expense Allocated Between Production And General And Administrative Expense	Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (in thousands) Production costs $ $ $ $ General and administrative expenses Total $ $ $ $
Schedule of Assumptions Used to Determine the Value of our Stock-based Awards	Six months ended June 30, 2015 2014 Risk-free interest rate - Dividend yield - Expected volatility - Expected life in years -

Other (Expense) Income, Net (Ta

Other (Expense) Income, Net (Tables)	6 Months Ended
	Jun. 30, 2015
Other (Expense) Income, Net
Schedule Of Other Income (Expense)	Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (in thousands) Unrealized currency exchange gain (loss) $ $ $ $ Realized currency exchange gain (loss) Write-down of gold and silver bullion - - Unrealized (loss) gain from investments (1) Interest income Interest expense Other (expense) income Total $ $ $ $ Our unrealized (loss) gain due to changes in the fair value of certain investments include gains and losses that are non-cash in nature until such time that they are realized through cash transactions. For additional information regarding our investments and fair value measurements, please see notes 2 and 8 to these condensed consolidated financial statements.

Net Income per Share (Tables)

Net Income per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Net Income per Share
Net Income Per Share	Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 (in thousands, except shares and per share amounts) Net income $ $ $ $ Basic weighted average shares of common stock outstanding Dilutive effect of stock options - - Diluted weighted average common shares outstanding Basic: Net income per basic share $ $ $ $ Diluted: Net income per diluted share $ $ $ $

Fair Value Measurement - Balanc

Fair Value Measurement - Balance Sheet Classification (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables related to unsettled invoices	$ 688	$ 1,416
Investments in equity securities	890	2,389
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	890	2,389
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables related to unsettled invoices	$ 688	$ 1,416
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables related to unsettled invoices
Investments in equity securities

Fair Value Measurement - Statem

Fair Value Measurement - Statement Of Income Classification (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value Measurement
Derivative gain (loss)	$ 315	$ (897)	$ (794)	$ (2,061)
Investment (loss) gain	$ (780)	$ 100	$ (1,499)	$ 802

Gold And Silver Bullion (Detail

Gold And Silver Bullion (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total	Total
Gold And Silver Bullion
Impairment loss on gold and silver bullion	$ 73	$ 73

Gold And Silver Bullion - Bulli

Gold And Silver Bullion - Bullion Holdings (Details) $ in Thousands	Jun. 30, 2015USD ($)oz$ / oz	Dec. 31, 2014USD ($)oz$ / oz
Schedule of Investments [Line Items]
Total carrying value	$ 3,358	$ 3,447
Gold
Schedule of Investments [Line Items]
Ounces | oz	1,640	1,646
Carrying value per ounce | $ / oz	1,171	1,199.25
Total carrying value	$ 1,920	$ 1,974
Silver
Schedule of Investments [Line Items]
Ounces | oz	91,584	92,237
Carrying value per ounce | $ / oz	15.70	15.97
Total carrying value	$ 1,438	$ 1,473

Current Inventories (Details)

Current Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current Inventories
Stockpiles - underground mine	$ 192	$ 116
Concentrates	1,685	1,481
Materials and supplies	6,612	5,698
Inventories - current	8,489	7,295
Inventory reserve	$ 217	$ 217

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Taxes
Income tax (benefit) expense	$ 288	$ 6,384	$ 4,311	$ 11,613
Intercompany Dividends	$ 3,000		$ 3,000

Prepaid and Other Current Asset

Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Prepaid Expenses And Other Current Assets
Other receivable	$ 48	$ 179
Advances to suppliers	251	1,193
Prepaid insurance	1,051	329
Warranty deposits	334	921
Other	120	313
Total	$ 1,804	$ 2,935

Property, Plant and Mine Deve42

Property, Plant and Mine Development – net - Summary (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Property, equipment and mine development - net
Property and equipment, gross	$ 55,767	$ 41,724
Accumulated depreciation, depletion and amortization	(13,025)	(9,376)
Total property, equipment and mine development - net	42,742	32,348
Capital expenditures	1,500	1,100
Machinery and equipment
Property, equipment and mine development - net
Property and equipment, gross	19,763	19,398
Mine development
Property, equipment and mine development - net
Property and equipment, gross	21,060	13,393
Furniture, computer and office equipment
Property, equipment and mine development - net
Property and equipment, gross	2,771	2,899
Mill facilities and infrastructure
Property, equipment and mine development - net
Property and equipment, gross	3,062	2,825
Light vehicles and other mobile equipment
Property, equipment and mine development - net
Property and equipment, gross	1,864	1,942
Construction-in-progress
Property, equipment and mine development - net
Property and equipment, gross	6,663	592
Asset retirement obligation costs
Property, equipment and mine development - net
Property and equipment, gross	354	448
Land and mineral rights
Property, equipment and mine development - net
Property and equipment, gross	$ 230	$ 227

Property, Plant and Mine Deve43

Property, Plant and Mine Development – net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property, equipment and mine development - net
Capital lease term			3 years
Monthly lease payment amount			$ 100
Purchase price option amount after end of lease term			100
Depletion, depreciation and amortization	$ 2,300	$ 1,100	$ 3,748	$ 1,895
Minimum
Property, equipment and mine development - net
Lease interest rate			4.50%
Maximum
Property, equipment and mine development - net
Lease interest rate			5.50%

Property, Plant and Mine Deve44

Property, Plant and Mine Development – net - Capital Lease Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Future maturities of capital lease obligations
2,015	$ 736
2,016	900
Total payments due	1,636
Less amounts representing interest	(41)
Subtotal	1,595
Less current portion	(1,487)	$ (1,498)
Non-current portion	$ 108	$ 834

Investments in Equity Securit45

Investments in Equity Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments
Cost	$ 2,036	$ 2,036
Accumulated unrealized loss	(915)
Accumulated unrealized gain		584
Investments fair value	1,121	2,620
Canamex Resources Corporation - Common Shares
Investments
Cost	1,805	1,805
Accumulated unrealized loss	(915)
Accumulated unrealized gain		584
Investments fair value	890	2,389
Laguna Gold Pty Ltd - common shares
Investments
Cost	231	231
Investments fair value	$ 231	$ 231

Other Non-Current Assets (Detai

Other Non-Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Other Non-Current Assets
Stockpiles - open pit mine	$ 903	$ 903
Deferred charge	2,999	3,175
Other	555
Other non-current assets	$ 4,457	$ 4,078

Accrued Liabilities And Other47

Accrued Liabilities And Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accrued Liabilities And Other Current Liabilities
Accrued royalty payments	$ 1,014	$ 1,343
Accrued vendor payables	3,575	2,212
Payroll and other taxes payable	73	107
Accrued insurance	514	235
Other		26
Accrued expenses and other current liabilities	$ 5,176	$ 3,923

Reclamation and Remediation (De

Reclamation and Remediation (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Asset Retirement Obligation, Roll Forward Analysis
Subtotal of reclamation liabilities - opening balance	$ 2,545	$ 2,887
Adjustments	17
Foreign currency exchange (loss)	(139)	7
Subtotal of reclamation liabilities - ending balance	2,423	2,894
Asset retirement obligation – opening balance	448
Adjustment	(113)
Accretion	30
Foreign currency exchange (loss)	(23)
Total Asset retirement obligation – ending balance	342
Total reclamation liabilities	$ 2,765	$ 2,894

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended		60 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jul. 27, 2015
Dividends declared	$ 3.3	$ 3.3
Dividends paid	$ 3.2	$ 3.2
Dividends Payable, Date Declared	Jul. 27, 2015
Subsequent Event [Member]
Monthly cash dividends declared, per common share			$ 1.98
Dividends declared				$ 0.5

Concentrate Sale Settlements (D

Concentrate Sale Settlements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Deferred Revenue Arrangement
Smelter refining fees, treatment charges and penalties	$ 3.1	$ 3.2	$ 5.8	$ 6.1
Settlement of Provisional Invoices
Deferred Revenue Arrangement
Increase (decrease) in sales from mark-to-market adjustments	$ 0.2	(1.8)	(0.1)	(2.5)
Fair Value
Deferred Revenue Arrangement
Increase (decrease) in sales from mark-to-market adjustments		$ (0.9)	$ (0.1)	$ (2.1)

Stock Options - Summary of Acti

Stock Options - Summary of Activity Under Stock Option Plan (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding as of January 1, 2014 (in shares)	4,675,000
Forfeited (in shares)	(365,000)
Outstanding as of December 31, 2014 (in shares)	4,310,000	4,675,000
Vested and exercisable as of December 31, 2014 (in shares)	3,696,669
Weighted Average Exercise Price
Outstanding as of January 1, 2014 Weighted Average Exercise Price, Beginning Balance	$ 9.61
Weighted Average Exercise Price, Forfeited	12.36
Outstanding as of December 31, 2014 Weighted Average Exercise Price, Ending Balance	9.38	$ 9.61
Weighted Average Exercise Price, Vested and exercisable as of end of period	$ 8.54
Weighted -Average Remaining contractual Term (in years)
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	5 years 4 months 24 days	5 years 10 months 24 days
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	5 years 4 months 24 days	5 years 10 months 24 days
Weighted Average Remaining Contractual Term (in years), Vested and exercisable as of end of period	5 years

Stock Options - Fair value and

Stock Options - Fair value and other disclosures (Details) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Additional disclosures
Vesting period	3 years
Exercise period	10 years
Fair value of shares vested	$ 0.7
Estimated unrecognized compensation cost from unvested options	$ 0.8
Estimated unrecognized compensation cost from unvested options, period of recognition	2 years

Stock Options - Summary of Stoc

Stock Options - Summary of Stock Options by Exercise Price Range (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Number of Options	4,310,000		4,310,000
Outstanding Weighted Average Remaining Contractual Term (in years)			5 years 4 months 21 days
Outstanding Weighted Average Exercise Price (per share)	$ 9.38		$ 9.38
Exercisable Number of Options	3,696,669		3,696,669
Exercisable Weighted Average Exercise Price (per share)	$ 8.54		$ 8.54
Stock-based compensation	$ 848	$ 1,172	$ 1,913	$ 1,956
$3.40 - $3.95
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock options exercise price range, lower limit			$ 3.40
Stock options exercise price range, upper limit			$ 3.95
Outstanding Number of Options	1,900,000		1,900,000
Outstanding Weighted Average Remaining Contractual Term (in years)			3 years 2 months 12 days
Outstanding Weighted Average Exercise Price (per share)	$ 3.66		$ 3.66
Exercisable Number of Options	1,900,000		1,900,000
Exercisable Weighted Average Exercise Price (per share)	$ 3.66		$ 3.66
$5.81 - $14.36
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock options exercise price range, lower limit			5.81
Stock options exercise price range, upper limit			$ 14.36
Outstanding Number of Options	1,390,000		1,390,000
Outstanding Weighted Average Remaining Contractual Term (in years)			7 years 1 month 10 days
Outstanding Weighted Average Exercise Price (per share)	$ 10.86		$ 10.86
Exercisable Number of Options	1,110,002		1,110,002
Exercisable Weighted Average Exercise Price (per share)	$ 11.03		$ 11.03
$17.10 - $20.51
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock options exercise price range, lower limit			17.10
Stock options exercise price range, upper limit			$ 20.51
Outstanding Number of Options	1,020,000		1,020,000
Outstanding Weighted Average Remaining Contractual Term (in years)			7 years 1 month 21 days
Outstanding Weighted Average Exercise Price (per share)	$ 18.01		$ 18.01
Exercisable Number of Options	686,667		686,667
Exercisable Weighted Average Exercise Price (per share)	$ 18.01		$ 18.01

Stock Options - Allocation of S

Stock Options - Allocation of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock Options
Production costs	$ 259	$ 498	$ 607	$ 964
General and administrative expenses	589	674	1,306	992
Total stock-based compensation	$ 848	$ 1,172	$ 1,913	$ 1,956

Stock Options - Black-Scholes A

Stock Options - Black-Scholes Assumptions (Details) - 6 months ended Jun. 30, 2014	Total
Stock Options
Risk-free interest rate, Minimum	1.53%
Dividend yield	1.63%
Expected volatility	55.35%
Expected life in years	5 years

Other (Expense) Income, Net (De

Other (Expense) Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other (Expense) Income, Net
Unrealized currency exchange (loss) gain	$ 278	$ 127	$ 823	$ (10)
Realized currency exchange gain (loss)	58	(49)	(264)	(96)
Impairment (loss) on gold and silver bullion	(73)		(73)
Unrealized (loss) gain from investments	(780)	100	(1,499)	802
Interest Income	15	13	147	82
Interest expense	(25)	(11)	(51)	(96)
Other (expense) income	(16)	34	(130)	1
Total other income (expense)	$ (543)	$ 214	$ (1,047)	$ 683

Net Income per Share - Addition

Net Income per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net Income per Share
Net income	$ 812	$ 7,808	$ 5,865	$ 14,934
Basic weighted average shares of common stock	54,179,369	54,179,369	54,179,369	54,057,822
Dilutive effect of stock options		376,848		571,690
Diluted weighted average shares of common stock	54,179,369	54,556,217	54,179,369	54,629,512
Basic:
Net income (loss) per common share: Basic	$ 0.01	$ 0.14	$ 0.11	$ 0.28
Diluted:
Net income (loss) per common share: Diluted	$ 0.01	$ 0.14	$ 0.11	$ 0.27