Thank you for joining Gold Source -- Gold Resource Corporation's Fourth Quarter and Year-end Conference Call. Mr. Jason Reid, CEO, will be hosting today's call. Following Mr. Reid's opening remarks, there will be question-and-answer period. As a reminder, 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 2014 Year-end and Fourth Quarter Conference Call. I'm calling you from my cell phone from the beautiful City of Oaxaca, Mexico. If for any reason, I get disconnected, please hold the line while I dial back in. Today's call will include a 2014 fourth quarter and year-end performance review, an update on past and future mine development and exploration, and some thoughts on gold and silver. We have a lot of ground to cover this morning on both the challenging, but successful 2014 years, so let's begin. Joining me on the call today for the Q&A portion will be Mr. Joe Rodriguez, 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 was issued yesterday along with the comments on this call are made only as of today, March 20, 2015, 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 year-end December 31, 2014. 2014 saw the continuation of the bear market in the metal space as market volatility, especially during the second half of year, pushed gold and silver prices to 4-year lows during the fourth quarter. Cost pressures continued to weigh on miners as the industry's fought to lower production costs. In…

Good morning, Jason.

Operator before we take our first question, I did have an e-mail question I want to get to from a long time shareholder, though I think it will address many questions. This question is from Chris Lewis [ph], a longtime shareholder. His question is, I would really like an update on the tax delay and what additional tax liability charges, if any, were incurred? Also, can you elaborate on what will be done going forward to prevent this from occurring in the future as it does reflect poorly on management? Thanks for your question, Chris [ph]. It's good to hear from you. There is no additional liability being incurred due to the material weakness or delay around taxes. The reason we filed an extension was because KPMG did not have time to finish reviewing and signing off on the tax provision and tax footnote due to the tight time frame when we provided them with all the information. Cross-border taxes are more than complicated. We have to rely on third-party vendors with a deep bench, a global knowledge and global resources to help us figure out taxes. Furthermore, we run a very lean operation as you know, Chris [ph], so that we can be profitable. So even if we had 1 or 2 in-house tax experts, which we don't, that's not going to be enough given how complicated taxes are. Hence, the need and reliance on third-party tax specialists. As I mentioned in the call, we have hired big 4 tax specialists, big names, second-tier tax specialists and other tax specialists in the past, and have had to fire them all due to their inaccurate tax advice. When a big 4 messes up on your taxes leaving you holding the bag, it is a difficult situation. We fired 2 supposed tax specialists during the 2014 year. Our current tax provider is working hard to get up to speed, but we ultimately needed a bit more time to get it right. We filed for an extension, which is within our rights and within the rules to do, those extra few days are what we needed and what KPMG needed to sign off on our taxes, and that's what happened. Going forward, we will continue to monitor our third-party tax advisers until we find one that can get the job done on time and without errors. If there is a silver lining on all this, Chris [ph], it's that we have been profitable for years and we pay taxes. As opposed to many miners who never pay taxes at all due to them not being profitable. So if you have that problem, I guess taxes is a good one. That we remediated 2 of the 3 material weaknesses for 2013 and I fully intend to remediate this last one on taxes as well. Operator, if you will open up the lines for our first live question if there is one, if not, I have another e-mail question.

[Operator Instructions] And we'll move to our first question.

Jason, I have a question on the Alta Gracia product -- project...

Who am I speaking with?

Sorry about that. My name is Mark Smith [ph]. I am a shareholder representing myself.

Great. Thank you, Mark [ph].

I noticed when you guys reported your drill, that was a primarily gold, silver deposit, which set off some bells and whistles in that, do you have any metallurgy on that to show that you might be able to be using that in the mill feed sooner than you might have projected that? That will be my question.

Sure. Thank you, Mark [ph]. That's a great question. First of all, Alta Gracia along with many of our other properties, we believe the metallurgy will allow us to process that in the mill that we currently have. Having said that, more specifically to your question, Alta Gracia, we've drilled several different veins there, and some of the veins don't have any base metal, so that could be processed through our agitated leach potentially. So we're optimistic we can find enough of it, and once we get to that point, we're going to move hard to have additional feed going through the agitated leach circuit. If it has the base metals, we can push it to the flotation circuit if we find enough as well. But I guess that's positive of having a very flexible mill, where we can process both from the flotation circuit or the agitated leach circuit depending on if it's base metals or not. Did that answer your question?

Yes. The flotation circuit was where I was really aiming that question and you pretty well answered, if you have enough of it is the question, and then just more drilling won't tell you whether you do or you don't. I had a secondary question if you don't mind.

Sure.

When speaking with Greg Patterson about this price of oil drop, he explained to me that the Mexican government does a lot of subsidy. So the price of your diesel fuel is a lot stabler than it is, say on the open market or here in the states? Has the Mexican government moved any toward reducing your cost on that diesel down there yet?

No, the have not. They are fairly stable. What I mean by that, PEMEX is the national oil company and they do a lot of subsidies, and therefore the oil price is fairly stable year-over-year. I mean it can vary. So, for instance when gold is spiked -- or excuse me, when oil spiked, we weren't seeing the increase in cost from that and the conversely as oil drops, we're not seeing the benefit as much as other miners because it's fairly stable. So if you're driving at the question of are we going to see some decreased costs because of few will know, I don't believe so here. But again, that also helps you go in the other way. I don't -- who knows what the future will hold, but that's just where we are right now.

And we'll move to our next question.

This is Amit Ghate calling. A couple of quick questions. Can you comment on the drilling of the feeder vein area that you did in 2014? And then for the Alta Gracia drilling, are the results in the proven and probable, do they include the drill holes of January 12 or not -- of the PR of January 12?

Okay. Good questions, thanks. And the feeder vein you're referring to I believe is the El Aguila open pit, which we first started out mining, and it was primarily just a gold open pit, it had a little bit of silver and base metals. And that's what we originally got started with. Something fed that deposit. And so we're out trying to find the feeder veins. We have had some success chasing veins, whether they are the actual feeder veins for that deposit or not, we're unsure. We are still looking for those. But as of this point, we haven't found what we would consider the feeder vein that would have fed that or if they are, they are not going to be something we mine. But keep in mind, that open pit sits along the fault, and so that this has been moving for million of years, so the feeder vein that actually fed that deposit could be a sizable distance away from the deposit as it sits today. So we're not giving up on that at this point, but we're still -- that's just the status thus far. Now your second question, have you clarified, you are talking about the Alta Gracia. Now the Alta Gracia property is just in the measured and indicated mineralized material category. It's not in the proven and probable. And I want to just make sure that that's a clear distinction. We've drilled 3 areas to an extent where we can actually calculate a mineralized material amount, and that's what we're giving you. Now these are early days. There's not a ton of holes here, and we fully expect with additional drilling, that will not only -- we hope these areas grow and then we also hope the grade increases. And why do…

[Operator Instructions] And we'll take our next question.

Jason Ben Murphy [ph], longtime shareholder in Kentucky. Just hoping you can give us an update on the Canamex investment and your thoughts on their maiden resource estimate please?

Okay. As we have stated many different times, we made an investment in Canamex to help them with their drill program, and we may buy, we may hold or we may sell that position. I mean, that will just be totally dependent on what we see, what we think we need as a company. So that's about all I can tell you on that. I don't make a habit of talking about other specific companies in any form or fashion, so I'm not going to dissect their 43-101 in this forum or more even on a personal call, I just don't make a habit of doing that. So I can't give you any color there. But yes, we did make that $2 million investments and we may buy, sell or hold, depending.

[Operator Instructions] And it appears we have no further questions. I'd like to turn it back over to our speakers for any additional or closing remarks.

Great. Well, again I'd like to thank everybody for their participation on this call. It was a very challenging year. However, having said that, we executed on a number of fronts, and we are very pleased with the outcome of the year, and we look to 2015 as a repeat of that. So any additional questions, please feel free to reach out to us via e-mail or by phone. Thank you. Have a great day.

And that does conclude today's conference. Thank you so much for your participation.