Gold Resource (GORO) 10-Q 3 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 02, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
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	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 14,105	$ 27,541
Gold and silver bullion	3,160	3,447
Accounts receivable	1,851	1,416
Inventories	9,347	7,295
IVA taxes receivable	1,870	575
Deferred tax assets	3,891	3,891
Prepaid expenses and other current assets	1,932	2,935
Total current assets	36,156	47,100
Property, plant and mine development, net	47,808	32,348
Deferred tax assets	27,040	25,519
Investments in equity securities	894	2,620
Other non-current assets	2,964	4,078
Total assets	114,862	111,665
Current liabilities:
Accounts payable	8,201	3,892
Accrued expenses and other current liabilities	5,124	3,923
Capital lease obligations	1,220	1,498
Income taxes payable	3,348	7,907
Dividends payable	542	542
Total current liabilities	18,435	17,762
Deferred tax liabilities		834
Reclamation and remediation liabilities	2,537	2,993
Total liabilities	$ 20,972	$ 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	96,387	93,094
Retained earnings	4,503	3,982
Treasury stock at cost, 336,398 shares	(5,884)	(5,884)
Accumulated other comprehensive loss	(1,171)	(1,171)
Total shareholders' equity	93,890	90,076
Total liabilities and shareholders' equity	$ 114,862	$ 111,665

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Condensed Consolidated Statements Of Operations
Sales, net	$ 19,437	$ 21,052	$ 71,082	$ 85,873
Mine cost of sales:
Production costs	13,411	13,025	40,462	43,107
Depreciation and amortization	1,579	1,180	5,195	2,969
Reclamation and remediation	6		36
Total mine cost of sales	14,996	14,205	45,693	46,076
Mine gross profit	4,441	6,847	25,389	39,797
Costs and expenses:
General and administrative expenses	2,913	4,361	8,032	9,623
Exploration expenses	1,810	2,901	6,416	5,786
Total costs and expenses	4,723	7,262	14,448	15,409
Operating (loss) income	(282)	(415)	10,941	24,388
Other (expense) income, net	(1,033)	69	(2,080)	766
(Loss) income before income taxes	(1,315)	(346)	8,861	25,154
Provision for income taxes	(846)	1,109	3,465	12,264
Net (loss) income	$ (469)	$ (1,455)	$ 5,396	$ 12,890
Net (loss) income per common share:
Basic	$ (0.01)	$ (0.03)	$ 0.10	$ 0.24
Diluted	$ (0.01)	$ (0.03)	$ 0.10	$ 0.24
Weighted average shares outstanding:
Basic weighted average shares of common stock	54,179,369	54,179,369	54,179,369	54,098,783
Diluted weighted average shares of common stock	54,179,369	54,179,369	54,201,274	54,698,748

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 5,396	$ 12,890
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization	6,331	3,107
Stock-based compensation	3,293	3,847
Deferred income taxes	(1,522)
Currency exchange (gain) loss	(326)	545
Unrealized loss (gain) on investments	1,726	(1,504)
Other operating adjustments	1,072	162
Changes in operating assets and liabilities:
Accounts receivable	(435)	(3,699)
Inventories	(1,149)	(1,582)
Prepaid expenses and other current assets	(897)	1,354
Accounts payable and other accrued liabilities	5,069	(731)
Income taxes payable/receivable	(4,528)	11,907
Other noncurrent assets	466
Net cash provided by operating activities	14,496	26,296
Cash flows from investing activities:
Capital expenditures	(21,837)	(10,524)
Investments		(1,805)
Proceeds from the sale of building		1,737
Other investing activities	40	23
Net cash used in investing activities	(21,797)	(10,569)
Cash flows from financing activities:
Proceeds from exercise of stock options		100
Dividends paid	(4,876)	(4,868)
Repayments of capital leases	(1,123)	(1,099)
Net cash used in financing activities	(5,999)	(5,867)
Effect of exchange rate changes on cash and cash equivalents	(136)	(33)
Net (decrease) increase in cash and equivalents	(13,436)	9,827
Cash and equivalents at beginning of period	27,541	14,973
Cash and equivalents at end of period	14,105	24,800
Supplemental Cash Flow Information
Interest expense paid	65	$ 139
Income and mining taxes paid	$ 8,464

Basis of Preparation of Financi

Basis of Preparation of Financial Statements	9 Months Ended
	Sep. 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 U.S. subsidiary GRC Nevada Inc. (“GRC Nevada”) and its 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 September 30, 2015 may not be indicative of results of operations to be expected for the full fiscal year. Recently Issued Accounting Pronouncements: Accounting Standards Update No. 2015-11 Inventory (Topic 330). Topic 330 Inventory, currently requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. The amendments in this Update require an entity to measure inventory within the scope of this Update at the lower of cost and net realizable value. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The C ompany does not anticipate any significant changes due to the implementation of this update.

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 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 September 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 the Company 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. The Company’s 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 operations as shown in the following table: Three months ended September 30, 2015 2014 Statement of Operations Classification (in thousands) Derivative loss $ $ Sales, net Investment (loss) gain $ $ Other (expense) income, net Nine months ended September 30, 2015 2014 Statement of Operations Classification (in thousands) Derivative loss $ $ Sales, net Investment (loss) gain $ $ Other (expense) income, net

Gold And Silver Bullion

Gold And Silver Bullion	9 Months Ended
	Sep. 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 s for gold and silver bullion. The Company’s investment in gold and silver bullion is carried at the lower of cost or market . During the nine months ended September 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. 3 million and $0.2 million for the nine months ended September 30, 2015 and 2014, respectively . At September 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	9 Months Ended
	Sep. 30, 2015
Current Inventories
Inventories	4. Current Inventories At September 30, 2015 and December 31, 2014, inventories consisted of the following : 2015 2014 (in thousands) Stockpiles - underground mine $ $ Stockpiles - open pit mine (1) - Concentrates Materials and supplies (2) Total $ $ (1 ) Reclassified from non-current inventory. (2) Net of reserve for obsolescence of $217 in each period.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Taxes
Income Taxes	5. Income Taxes The Company r ecorded income tax benefit of $ 0.8 million and expense of $ 3.5 million for the three and nine months ended September 30, 2015, respectively. During the three and nine months ended September 30, 2014, the Company recorded income tax expense of $ 1.1 million and $ 12.3 million, respectively During the nine months ended September 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 nine months ended September 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 and the related foreign tax credit . 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 September 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 than not to be realized and has a valuation allowance offsetting the state deferred tax assets. As of September 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	9 Months Ended
	Sep. 30, 2015
Prepaid Expenses And Other Current Assets
Prepaid Expenses and Other Current Assets	6 . Prepaid Expenses and Other Current Assets At September 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 current assets Total $ $

Property, Plant and Mine Develo

Property, Plant and Mine Development – net	9 Months Ended
	Sep. 30, 2015
Property, Plant and Mine Development – net
Property, Plant and Mine Development – net	7. Property, Plant and Mine Development – net At September 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 $1.3 million and $1.6 million for the period ended September 30, 2015 and December 31, 2014, respectively. The Company recorded depletion, depreciation and amortization expense of $1.6 million and $ 5. 4 million for the three and nine months ended September 30, 2015, respectively. During the three and nine months ended September 30, 2014, the Company recorded depletion, depreciation and amortization expense of $1.2 million and $ 3 .1 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 $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. Scheduled minimum capital lease repayments are $0.3 million in 2015 and $0.9 million in 2016.

Investments in Equity Securitie

Investments in Equity Securities	9 Months Ended
	Sep. 30, 2015
Investments in Equity Securities
Investments in Equity Securities	8. Investments in Equity Securities At September 30, 2015 and December 31, 2014, the value of investments in equity securities consisted of the following : 2015 2014 Cost Unrealized loss Fair Value Cost Unrealized gain Fair 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	9 Months Ended
	Sep. 30, 2015
Other Non-Current Assets
Other Non-Current Assets	9. Other Non-Current Assets At September 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 non-current assets - Total $ $

Accrued Liabilities And Other C

Accrued Liabilities And Other Current Liabilities	9 Months Ended
	Sep. 30, 2015
Accrued Liabilities And Other Current Liabilities
Accured Liabilities And Other Current Liabilities	10. Accrued Expenses and Other Current Liabilities At September 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	9 Months Ended
	Sep. 30, 2015
Reclamation And Remediation
Reclamation And Remediation	11. Reclamation and Remediation The Company’s reclamation and remediation obligations relate to the Aguila Project in Oaxaca, Mexico . The following table presents the changes in reclamation and remediation obligations for the nine months ended September 30, 2015 and the twelve months ended December 31, 2014: 2015 2014 (in thousands) Reclamation liabilities – balance at beginning of period $ $ Changes in estimate Foreign currency exchange gain Reclamation liabilities – balance at end of period Asset retirement obligation – balance at beginning of period - Changes in estimate - Accretion expense Foreign currency exchange gain - Asset retirement obligation – balance at end of period Total period end balance $ $

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2015
Shareholders' Equity
Shareholders' Equity	12. Shareholders’ Equity The Company declared and paid $4.9 million of dividends during each of the nine months ended September 30, 2015 and 2014. The Company has declared monthly cash dividends totaling $2.01 per share of common stock to shareholders of record since July 2010 . On October 27, 2015 , the Board of Directors declared a dividend on common stock totaling $0.5 million payable in November 2015.

Concentrate Sale Settlements

Concentrate Sale Settlements	9 Months Ended
	Sep. 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 a decrease to s ales of $1.2 million and $1.3 million for the three and nine months ended September 30, 2015, respe ctively, and an increase to sales of $0.1 million and a decrease to sales of $2.4 million for the three and nine months ended September 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 n in crease to sales of $0.1 million and $0.7 million for the three and nine months September 30, 2015 respectively, and a decrease to sales of $1.4 million for the three and nine months ended September 30, 2014, respectively. Sales of metal concentrates are recorded net of smelter refining fees, treatment charges and penalties. Total charges for these items totaled $2.9 million an d $8.8 million for the three and nine months ended September 30, 2015, and $3.5 million and $9.6 million for the three and nine months ended September 30, 2014, respectively.

Stock Options

Stock Options	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2015 $ $ - Vested and exercisable as of September 30, 2015 $ $ - A total of 1,260,000 options were granted during the nine months ended September 30, 2015 of which 225,000 options vested immediately and have an exercise term of 10 years. The remaining options vest over a three year period and have an exercise term of 10 years. The following table summarizes information about stock options outstanding at September 30, 2015 : Outstanding Exercisable 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) $0.26 - $3.39 $ $ $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 nine months ended September 30, 2015 was $1.4 million and $3.3 million, respectively, and for the three and nine months ended September 30, 2014 was $1.9 million and $3.9 million, respectively. Stock-based compensation expense has been allocated between production costs and general and administrative expense as follows : Three months ended September 30, Nine months ended September 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 September 30, 2015 was $0.7 million , and is expected to be recognized over the remaining vesting periods of up to three years. The assumptions used to determine the value of stock-based awards under the Black-Scholes-Merton method are summarized below: Nine months ended September 30, 2015 2014 Risk-free interest rate % % Dividend yield % % Expected volatility % % Expected life in years

Other (Expense) Income, Net

Other (Expense) Income, Net	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Unrealized currency exchange (loss) gain $ $ $ $ Realized currency exchange (loss) gain Impairment loss on gold and silver coins and bullion Unrealized (loss) gain from investments (1) Interest income Interest expense Other income (expense) Total $ $ $ $ (1) The unrealized (loss) gain due to changes in an equity investment 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 fair value measurements and investments, please see notes 2 and 8 to these condensed consolidated financial statements.

Net (Loss) Income per Share

Net (Loss) Income per Share	9 Months Ended
	Sep. 30, 2015
Net (Loss) Income per Share
Net (Loss) Income per Share	16. Net (Loss) 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 September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands, except shares and per share amounts) Net (loss) income $ $ $ $ Basic weighted average shares of common stock outstanding Dilutive effect of stock options - - Diluted weighted average common shares outstanding Net (loss) income per: Basic share $ $ $ $ Diluted share $ $ $ $ Stock options to purchase 5,550,000 and 4,290,000 shares of common stock for the three and nine months ended September 30, 2015, respectively, were excluded from the calculation of diluted earnings per share because they were antidilutive. S to ck options to purchase 4,955,000 and 3,055,000 shares of common stock for the three and nine mon ths ended September 30, 2014, respectively, were excluded from the calculation of diluted earnings per share because they were antidilutive.

Supplementary Cash-Flow Informa

Supplementary Cash-Flow Information	9 Months Ended
	Sep. 30, 2015
Supplementary Cash-Flow Information
Supplementary Cash-Flow Information	17. Supplementary Cash-Flow Information During the nine months ended September 30, 2015 and 2014, within the net cash provided by operations on the statement of cash flows consisted the following: 2015 2014 (in thousands) Impairment loss on gold and silver coins and bullion $ $ Reclamation and remediation - Amortization of deferred charge - Other - Total other operating adjustments and write-downs $ $

Basis of Preparation of Finan23

Basis of Preparation of Financial Statements (Policy)	9 Months Ended
	Sep. 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 U.S. subsidiary GRC Nevada Inc. (“GRC Nevada”) and its 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 September 30, 2015 may not be indicative of results of operations to be expected for the full fiscal year.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements: Accounting Standards Update No. 2015-11 Inventory (Topic 330). Topic 330 Inventory, currently requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. The amendments in this Update require an entity to measure inventory within the scope of this Update at the lower of cost and net realizable value. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The C ompany does not anticipate any significant changes due to the implementation of this update.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Measurement
Fair Value, By Balance Sheet Reclassification	Fair Value as of September 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 September 30, 2015 2014 Statement of Operations Classification (in thousands) Derivative loss $ $ Sales, net Investment (loss) gain $ $ Other (expense) income, net Nine months ended September 30, 2015 2014 Statement of Operations Classification (in thousands) Derivative loss $ $ Sales, net Investment (loss) gain $ $ Other (expense) income, net

Gold And Silver Bullion (Tables

Gold And Silver Bullion (Tables)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2015
Current Inventories
Summary Of Inventories	2015 2014 (in thousands) Stockpiles - underground mine $ $ Stockpiles - open pit mine (1) - Concentrates Materials and supplies (2) Total $ $ (1 ) Reclassified from non-current inventory. (2) Net of reserve for obsolescence of $217 in each period.

Prepaid Expenses and Other Cu27

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 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 current assets Total $ $

Property, Plant and Mine Deve28

Property, Plant and Mine Development – net (Tables)	9 Months Ended
	Sep. 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 $1.3 million and $1.6 million for the period ended September 30, 2015 and December 31, 2014, respectively.

Investments in Equity Securit29

Investments in Equity Securities (Tables)	9 Months Ended
	Sep. 30, 2015
Investments in Equity Securities
Schedule Of Investments	2015 2014 Cost Unrealized loss Fair Value Cost Unrealized gain Fair 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)	9 Months Ended
	Sep. 30, 2015
Other Non-Current Assets
Schedule of Other Assets, Noncurrent	2015 2014 (in thousands) Stockpiles - open pit mine $ - $ Deferred charge Other non-current assets - Total $ $

Accrued Liabilities And Other31

Accrued Liabilities And Other Current Liabilities (Tables)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 gain Reclamation liabilities – balance at end of period Asset retirement obligation – balance at beginning of period - Changes in estimate - Accretion expense Foreign currency exchange gain - Asset retirement obligation – balance at end of period Total period end balance $ $

Stock Options (Tables)

Stock Options (Tables)	9 Months Ended
	Sep. 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 September 30, 2015 $ $ - Vested and exercisable as of September 30, 2015 $ $ -
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range	Outstanding Exercisable 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) $0.26 - $3.39 $ $ $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 September 30, Nine months ended September 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	Nine months ended September 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)	9 Months Ended
	Sep. 30, 2015
Other (Expense) Income, Net
Schedule Of Other Income (Expense)	Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Unrealized currency exchange (loss) gain $ $ $ $ Realized currency exchange (loss) gain Impairment loss on gold and silver coins and bullion Unrealized (loss) gain from investments (1) Interest income Interest expense Other income (expense) Total $ $ $ $ The unrealized (loss) gain due to changes in an equity investment 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 fair value measurements and investments, please see notes 2 and 8 to these condensed consolidated financial statements.

Net (Loss) Income per Share (Ta

Net (Loss) Income per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Net (Loss) Income per Share
Net Income Per Share	Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands, except shares and per share amounts) Net (loss) income $ $ $ $ Basic weighted average shares of common stock outstanding Dilutive effect of stock options - - Diluted weighted average common shares outstanding Net (loss) income per: Basic share $ $ $ $ Diluted share $ $ $ $

Supplementary Cash-Flow Infor36

Supplementary Cash-Flow Information (Tables)	9 Months Ended
	Sep. 30, 2015
Supplementary Cash-Flow Information
Schedule Of Supplementary Cash Flow Information	2015 2014 (in thousands) Impairment loss on gold and silver coins and bullion $ $ Reclamation and remediation - Amortization of deferred charge - Other - Total other operating adjustments and write-downs $ $

Fair Value Measurement - Balanc

Fair Value Measurement - Balance Sheet Classification (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables related to unsettled invoices	$ 1,851	$ 1,416
Investments in equity securities	663	2,389
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	663	2,389
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables related to unsettled invoices	$ 1,851	$ 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value Measurement
Derivative gain (loss)	$ (89)	$ (2,303)	$ (704)	$ (845)
Investment (loss) gain	$ (227)	$ 577	$ (1,726)	$ 1,482

Gold And Silver Bullion (Detail

Gold And Silver Bullion (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Gold And Silver Bullion
Impairment loss on gold and silver bullion	$ 187	$ 162	$ 260	$ 162

Gold And Silver Bullion - Bulli

Gold And Silver Bullion - Bullion Holdings (Details) $ in Thousands	Sep. 30, 2015USD ($)oz$ / oz	Dec. 31, 2014USD ($)oz$ / oz
Schedule of Investments [Line Items]
Total carrying value	$ 3,160	$ 3,447
Gold
Schedule of Investments [Line Items]
Ounces | oz	1,636	1,646
Carrying value per ounce | $ / oz	1,114	1,199.25
Total carrying value	$ 1,823	$ 1,974
Silver
Schedule of Investments [Line Items]
Ounces | oz	91,284	92,237
Carrying value per ounce | $ / oz	14.65	15.97
Total carrying value	$ 1,337	$ 1,473

Current Inventories (Details)

Current Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current Inventories
Stockpiles - underground mine	$ 596	$ 116
Stockpiles - open pit mine	903
Concentrates	1,201	1,481
Materials and supplies	6,647	5,698
Inventories - current	9,347	7,295
Inventory reserve	$ 217	$ 217

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Taxes
Income tax (benefit) expense	$ (846)	$ 1,109	$ 3,465	$ 12,264
Intercompany Dividends	$ 3,000		$ 3,000

Prepaid and Other Current Asset

Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Prepaid Expenses And Other Current Assets
Other receivable	$ 76	$ 179
Advances to suppliers	132	1,193
Prepaid insurance	873	329
Vendor deposits	778	921
Other current assets	73	313
Total	$ 1,932	$ 2,935

Property, Plant and Mine Deve44

Property, Plant and Mine Development – net - Summary (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Property, equipment and mine development - net
Property and equipment, gross	$ 63,194	$ 41,724
Accumulated depreciation, depletion and amortization	(15,386)	(9,376)
Total property, equipment and mine development - net	47,808	32,348
Capital expenditures	1,300	1,600
Machinery and equipment
Property, equipment and mine development - net
Property and equipment, gross	19,988	19,398
Mine development
Property, equipment and mine development - net
Property and equipment, gross	26,136	13,393
Furniture, computer and office equipment
Property, equipment and mine development - net
Property and equipment, gross	2,761	2,899
Mill facilities and infrastructure
Property, equipment and mine development - net
Property and equipment, gross	3,078	2,825
Light vehicles and other mobile equipment
Property, equipment and mine development - net
Property and equipment, gross	1,887	1,942
Construction-in-progress
Property, equipment and mine development - net
Property and equipment, gross	8,760	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 Deve45

Property, Plant and Mine Development – net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 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
Minimum capital lease repayments - 2015	$ 300		300
Minimum capital lease repayments - 2016	900		900
Depletion, depreciation and amortization	$ 1,600	$ 1,200	$ 6,331	$ 3,107
Minimum
Property, equipment and mine development - net
Lease interest rate			4.50%
Maximum
Property, equipment and mine development - net
Lease interest rate			5.50%

Investments in Equity Securit46

Investments in Equity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investments
Cost	$ 2,036	$ 2,036
Accumulated unrealized loss	(1,142)
Accumulated unrealized gain		584
Investments fair value	894	2,620
Canamex Resources Corporation - Common Shares
Investments
Cost	1,805	1,805
Accumulated unrealized loss	(1,142)
Accumulated unrealized gain		584
Investments fair value	663	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	Sep. 30, 2015	Dec. 31, 2014
Other Non-Current Assets
Stockpiles - open pit mine		$ 903
Deferred charge	$ 2,911	3,175
Other non-current assets	53
Total	$ 2,964	$ 4,078

Accrued Liabilities And Other48

Accrued Liabilities And Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accrued Liabilities And Other Current Liabilities
Accrued royalty payments	$ 961	$ 1,343
Accrued vendor payables	3,595	2,212
Payroll and other taxes payable	60	107
Accrued insurance	508	235
Other		26
Accrued expenses and other current liabilities	$ 5,124	$ 3,923

Reclamation and Remediation (De

Reclamation and Remediation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Asset Retirement Obligation, Roll Forward Analysis
Subtotal of reclamation liabilities - opening balance	$ 2,546	$ 2,887
Adjustments	17	(17)
Foreign currency exchange gain	(345)	(325)
Subtotal of reclamation liabilities - ending balance	2,218	2,545
Asset retirement obligation – opening balance	448
Changes in estimate	(114)
Accretion expense	36	448
Foreign currency exchange (gain)	(51)
Total Asset retirement obligation – ending balance	319	448
Total reclamation liabilities	$ 2,537	$ 2,993

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended		60 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015	Oct. 27, 2015
Dividends declared	$ 4.9	$ 4.9
Monthly cash dividends declared, per common share			$ 2.01
Dividends Payable, Date Declared	Oct. 27, 2015
Subsequent Event [Member]
Dividends declared				$ 0.5

Concentrate Sale Settlements (D

Concentrate Sale Settlements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Deferred Revenue Arrangement
Smelter refining fees, treatment charges and penalties	$ 2.9	$ 3.5	$ 8.8	$ 9.6
Settlement of Provisional Invoices
Deferred Revenue Arrangement
Increase (decrease) in sales from mark-to-market adjustments	(1.2)	0.1	(1.3)	(2.4)
Fair Value
Deferred Revenue Arrangement
Increase (decrease) in sales from mark-to-market adjustments	$ 0.1	$ (1.4)	$ 0.7	$ (1.4)

Stock Options - Summary of Acti

Stock Options - Summary of Activity Under Stock Option Plan (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 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
Granted (in shares)	1,260,000
Forfeited (in shares)	(385,000)
Outstanding as of December 31, 2014 (in shares)	5,550,000	4,675,000
Vested and exercisable as of December 31, 2014 (in shares)	4,371,666
Weighted Average Exercise Price
Outstanding as of January 1, 2014 Weighted Average Exercise Price, Beginning Balance	$ 9.61
Weighted Average Exercise Price, Granted	2.30
Weighted Average Exercise Price, Forfeited	12.55
Outstanding as of December 31, 2014 Weighted Average Exercise Price, Ending Balance	7.74	$ 9.61
Weighted Average Exercise Price, Vested and exercisable as of end of period	$ 8.86
Weighted -Average Remaining contractual Term (in years)
Weighted Average Remaining Contractual Term (in years), Outstanding as of beginning of period	5 years 4 months 24 days	5 years 10 months 24 days
Weighted Average Remaining Contractual Term (in years), Outstanding as of end of period	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 3 months 18 days

Stock Options - Fair value and

Stock Options - Fair value and other disclosures (Details) shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)shares
Additional disclosures
Number of shares that vested	225
Vesting period	3 years
Exercise period	10 years
Estimated unrecognized compensation cost from unvested options | $	$ 0.7

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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Number of Options	5,550,000		5,550,000
Outstanding Weighted Average Remaining Contractual Term (in years)			6 years 2 months 23 days
Outstanding Weighted Average Exercise Price (per share)	$ 7.74		$ 7.74
Exercisable Number of Options	4,371,666		4,371,666
Exercisable Weighted Average Exercise Price (per share)	$ 8.86		$ 8.86
Stock-based compensation	$ 1,380	$ 1,892	$ 3,293	$ 3,847
$0.26 - $3.39
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock options exercise price range, lower limit			$ 0.26
Stock options exercise price range, upper limit			$ 3.39
Outstanding Number of Options	1,260,000		1,260,000
Outstanding Weighted Average Remaining Contractual Term (in years)			9 years 11 months 12 days
Outstanding Weighted Average Exercise Price (per share)	$ 2.30		$ 2.30
Exercisable Number of Options	225,000		225,000
Exercisable Weighted Average Exercise Price (per share)	$ 2.30		$ 2.30
$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)			2 years 11 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)			6 years 10 months 10 days
Outstanding Weighted Average Exercise Price (per share)	$ 10.86		$ 10.86
Exercisable Number of Options	1,246,666		1,246,666
Exercisable Weighted Average Exercise Price (per share)	$ 10.62		$ 10.62
$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	1,000,000		1,000,000
Outstanding Weighted Average Remaining Contractual Term (in years)			6 years 10 months 17 days
Outstanding Weighted Average Exercise Price (per share)	$ 18.02		$ 18.02
Exercisable Number of Options	1,000,000		1,000,000
Exercisable Weighted Average Exercise Price (per share)	$ 18.02		$ 18.02

Stock Options - Allocation of S

Stock Options - Allocation of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stock Options
Production costs	$ 412	$ 759	$ 1,019	$ 1,723
General and administrative expenses	968	1,133	2,274	2,124
Total stock-based compensation	$ 1,380	$ 1,892	$ 3,293	$ 3,847

Stock Options - Black-Scholes A

Stock Options - Black-Scholes Assumptions (Details)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Stock Options
Risk-free interest rate, Minimum	1.03%	1.53%
Dividend yield	5.22%	1.63%
Expected volatility	58.79%	55.35%
Expected life in years	5 years	5 years

Other (Expense) Income, Net (De

Other (Expense) Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Other (Expense) Income, Net
Unrealized currency exchange (loss) gain	$ (497)	$ (488)	$ 326	$ (512)
Realized currency exchange (loss) gain	(105)	75	(369)	(21)
Write-down of gold and silver bullion	(187)	(162)	(260)	(162)
Unrealized (loss) gain from investments	(227)	702	(1,726)	1,504
Interest Income	(133)	41	14	123
Interest expense	(19)	(43)	(70)	(139)
Other (expense) income	135	(56)	5	(27)
Total other income (expense)	$ (1,033)	$ 69	$ (2,080)	$ 766

Net (Loss) Income per Share - N

Net (Loss) Income per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net (Loss) Income per Share
Antidilutive securities excluded from the computation of Earnings per share	5,550	4,955	4,290	3,055

Net (Loss) Income per Share - A

Net (Loss) Income per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net (Loss) Income per Share
Net income	$ (469)	$ (1,455)	$ 5,396	$ 12,890
Basic weighted average shares of common stock	54,179,369	54,179,369	54,179,369	54,098,783
Dilutive effect of stock options			21,905	599,965
Diluted weighted average shares of common stock	54,179,369	54,179,369	54,201,274	54,698,748
Basic:
Net income (loss) per common share: Basic	$ (0.01)	$ (0.03)	$ 0.10	$ 0.24
Diluted:
Net income (loss) per common share: Diluted	$ (0.01)	$ (0.03)	$ 0.10	$ 0.24

Supplementary Cash-Flow Infor60

Supplementary Cash-Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Supplementary Cash-Flow Information
Impairment loss on gold and silver bullion	$ 187	$ 162	$ 260	$ 162
Reclamation and remediation			36
Amortization of deferred charge			265
Other			511
Total other operating adjustments and write-downs			$ 1,072	$ 162