Thank you for joining Gold Resource Corporation’s First Quarter 2016 Conference Call. Mr. Jason Reid, CEO, will be hosting today’s call. Following Mr. Reid’s opening remarks there will be question and answer session. As a remainder, today’s call is being recorded. Please go ahead, Mr. Reid.

Thank you. Good morning everyone and thank you for joining Gold Resource Corporation’s 2016 first quarter conference call. I expect this call to be a short conference call as my quarterly review update and comments on the metal markets should run only approximately 10 minutes, followed by a Q&A. Joining me on the call today for the Q&A portion will be Mr. John Labate, our Chief Financial Officer. Let me remind everyone that certain statements made on this call are not historical facts and are considered forward-looking statements. These statements are subject to numerous risks and uncertainties as described in our Annual Report on Form 10-K and other SEC filings, which could cause our actual results to differ materially from those expressed in or implied by our comments. Forward-looking statements in the earnings release that we issued yesterday, along with the comments on this call are made only as of today, May 5th, 2016, and we undertake no obligation to publicly update any of these forward-looking statements as actual events unfold. You can find a reconciliation of non-GAAP financial measures referred to in our remarks in our Form 10-K filed with the SEC for the quarter ended March 31, 2016. For the first quarter of 2016, it was a decent quarter and we remain on track for our annual targeted production levels. Let’s break down the quarterly production numbers. First quarter production from the Arista mine totaled 6,463 gold ounces, 434,142 silver ounces, 244 tons of copper, 838 tons of lead and 3,261 tons of zinc before payable metal deductions. Calculating the gold and silver as precious metal gold equivalent, we produced 11,669 ounces at a realized 83 to 1 silver-to-gold ratio. We milled an average of 1,301 tons per day or 113,145 total milled tons for the quarter. Our…

Thank you. [Operator Instructions] And we will take our first question. Caller, please go ahead.

Jason?

Yes. Who is this?

Hi. This is Harvey Holland.

Hi, Harvey. How are you?

I’m good. I have a couple of questions. In your guidance, you specifically said that it does not include any income from Switchback, Alta Gracia and any of the Nevada properties. So I wonder if you expect any time during 2016 those properties to contribute to revenues.

Right. You’re referring to original outlook put out prior to the date and as I mentioned we have modified a bit and the reason being as we make great advancements going forward with the drift. They were moving over towards Switchback and we haven’t had any water or anything slowing us down. We have modified our plan a bit. We do include a little bit of Switchback but not much. Mostly, the modifications had to do around going back up to some of the higher levels where their veins of pinch, but it is still really quality grade or really high grade and so we brought in a mine contractor that specializes in shrink stopping and small vein mining and so that was – major driving force behind the modification. But the long and short of it is we’re still going after the same outlook and now we are not relying heavily on Switchback is predominantly Arista that’s where the production is coming from.

So are you saying that there is not going to be any additional revenues coming from these properties, not only Switchback, but Alta Gracia and Nevada?

I’m not saying one way or the other. I am very optimistic that any day now we could finally get our blasting permit at Alta Gracia and because we’re going to accessing that mineral through all that as we’re going to go right to the face to of mineral start. That would add. Yes, but I’m not going to put that in any outlook because that is dependent on obtaining a permit from a regulatory body and it’s anybody’s guess. I mean we have general guidelines of how long that takes, but I’m not going to put that in an outlook. So I don’t want to say either way whether that will or won’t add we remain like I said in the past conference call with an outlook today we remain with that same outlook, but could those add? Sure, they could. But I’m not -- again, I don’t want to say one way or the other or quantify that for that matter.

Okay. So obviously, more things have to happen before you can feel confident about any contribution in 2016. So I guess I’m asking do you expect to address this issue as we get further into the year and is it possible.

Sure. I’ll address if -- I guess I can expect your question every quarter and I’m happy to answer, but its influx. Harvey, I mean I don’t want to have an outlook that relies on us getting the permit at Alta Gracia when this permit is taking far longer than we ever thought is going to take. So sure, that could come online and could assure your help, but I don’t want to put our outlook in the hands of a regulatory body on that.

I understand.

I’ll update you as we go along throughout the year.

Sounds good. One other question unrelated. The last part of your commentary talked about manipulation of the gold and silver markets and it kind of made me wonder whether other executives from other companies also feel the same way. Have you been in touch with others and is this feeling that you’re expressing common among other companies?

There are few other executives I know that share the same feelings and there is a few I know who have reached out to regulatory bodies and try to point this out. For the most part, we get very little traction that’s why I mentioned in my conference call at shareholders if we had several hundred peoples right in the CFTC Mr. Massad, he might be pushed into action as opposed to just an email or sending him a letter. I think the more critical math of the drumbeat of hey manipulation has been proven by a bank who came out and admitted it. Now if you look back at CFTC was supposedly looking into this manipulation and then they close their case in 2013 said no there isn’t any. They’ve been proven wrong and they need to be hold accountable for that. So there is little bit we can do here, but I’m trying to do what I can and in the end of the day we have a bank that’s come out and said yes, we manipulated the price. That hurt every single shareholder I have any myself and I’m a shareholder. So what would it have done if they wouldn’t manipulated the price perhaps, our revenue would have been the hell of a lot larger, our profit, or share price wouldn’t drop this far. I mean this is damaging stuff. So I can’t speak for the rest of the executives out there, but I know there is a few and I’ve been involved with several letters where we got together and have sent letters out, but -- and I still keep trying. But again if shareholders stand up and say what’s going on, you need to reopen your case that’s something.

I hear you. Okay. Thanks so much, Jason.

Thank you, Harvey.

[Operator Instructions]

Let me interject before we – if there is another question, before we go on, let me interject we had a couple of email questions. One I’d like to get to – this is by Christopher Lewis, he is long time shareholder. Two questions, comparing Q1 of this year versus Q1 of last year, there was a huge drop in grade. More tons were milled, what is the cause? And what is the gross plan to address this? And has it had a significant impact on cash? I address some of this in the call, but I’ll reiterate it here. The open pit, whenever we run that because it only has a goal that no other metals basically. It’s going to lower all those other metal grades. So any time that we’re going to run that it will have an impact the Arista grade is more or less 15% higher in those other metals. Now generally speaking, in this time of deposits the deeper you go the grade in precious metals typically drops a bit and base metals increases. And we’re seeing some of that as well, so that accounts for some of it. But also it depends on where you are in any particular quarter or month or week in a mine -- mining and that has some variation. Looking long term, you guys have all seen Switchback results come out and you’re going to see some come out here in the near future. Switchback is our future and it is some great grade. And once we’re mining that that will be terrific and we’re closing in on that. So, I just want to address that, yes, we’re seeing some drop, but then we’re hit again with an additional dropping grade because we’re processing open pit or that doesn’t…

We have no other questions from the phone at this time.

Perfect. Well, thank you everybody for attending the conference call. And we look forward to updating you next quarter and happy think of the mile. Thank you.