Peru’s Hochschild Mining is selling 4.1 million of its 6,276,874 shares of Gold Resources, leaving Hochschild with a 4% stake or 2,176,874 shares of the small-cap Colorado Springs-based gold and silver miner, according to a prospectus filed Tuesday with the SEC.

In May of this year, Hochschild also unloaded 925,000 Gold Resource shares, earning $3,903,500 in the transaction. Major shareholders who own 10% or more of a company are required to disclose their transactions with the SEC.

In the first quarter of the year, Gold Resources reported production of 23,734 gold equivalent ounces at a total cash cost of $422 per ounce. Production included 9,958 ounces of gold, 878,958 silver ounces, 292 tonnes of copper, 929 tonnes of lead and 2,920 tonnes of zinc.

Gold Resources is focused on Mexico’s southern state of Oaxaca, operating its flagship El Aguila Project, which includes the Arista underground mine and the El Aguila mill. The company also holds 100% interest in six potential high-grade gold and silver properties in Oaxaca.

In a note published June 19th, The Street upgraded Gold Resources, suggesting the company’s “strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and expanding profit margins”.

“However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and a generally disappointing performance in the stock itself,” The Street advised.