Directors of Colorado Springs-based Gold Resource have approved spinning off the company’s Nevada gold mining operations into a separate company called Fortitude Gold.

Gold Resource shareholders will receive one share of Fortitude Gold on Dec. 31 for every 3.5 shares of Gold Resource stock they own as of Dec. 28 and do not have to take any action to receive the shares, the company said in a news release. Fortitude Gold must still get approval from Financial Industry Regulatory Authority and the OTC Markets Group to begin publicly trading under a yet-to-be-announced stock symbol.

Wayne Heilman, The Gazette