10:58:52 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Great Panther Silver Ltd
Symbol GPR
Shares Issued 163,450,284
Close 2016-07-13 C$ 1.94
Market Cap C$ 317,093,551
Recent Sedar Documents

Great Panther Silver produces 1.03M oz AgEq in Q2 2016

2016-07-14 09:13 ET - News Release

Mr. Robert Archer reports

GREAT PANTHER SILVER REPORTS SECOND QUARTER 2016 PRODUCTION RESULTS

Great Panther Silver Ltd. has released the production results for the second quarter of 2016 from its two wholly owned Mexican silver mining operations: the Guanajuato mine complex (GMC), which includes the San Ignacio mine, and the Topia mine in Durango.

2016 second quarter production highlights (compared with the second quarter of 2015):

  • Consolidated metal production decreased 5 per cent to 1,037,728 silver equivalent ounces;
  • Silver production decreased 17 per cent to 536,726 silver ounces;
  • Gold production increased 13 per cent with 6,010 gold ounces produced;
  • Ore processed increased 14 per cent to 99,905 tonnes milled.

"Great Panther's second quarter production of 1.04 million ounces AgEq was consistent with the previous quarter and is in line with the company's annual guidance, reflecting our continued focus on operational efficiencies," stated Robert Archer, president and chief executive officer. "The increase in gold production and decrease in silver production compared to a year ago and to the first quarter of 2016 are a direct result of the increased production from San Ignacio, which has a higher gold-to-silver ratio. By maintaining consistent production at low cost, Great Panther is well positioned to benefit from the recent rise in commodity prices."

                             CONSOLIDATED OPERATIONS SUMMARY    
  
                                                Q2 2016    Q2 2015     Q2 2016     Q1 2016  

Ore processed (tonnes milled)                   99,905      87,476      99,905      88,683   
Silver equivalent ounce production (1) (2)   1,037,728   1,088,355   1,037,728   1,009,828    
Silver ounce production                        536,726     648,810     536,726     539,472     
Gold ounce production                            6,010       5,322       6,010       5,599       
Lead production (tonnes)                           290         300         290         282        
Zinc production (tonnes)                           433         491         433         424        

(1) Silver equivalent ounces for 2016 were calculated using a 70:1 Ag:Au ratio, and ratios
of 1:0.0504 and 1:0.0504 for the price per ounce of silver to price per pound of lead and
zinc, respectively.
(2) Silver equivalent ounces for 2015 were calculated using a 65:1 Ag:Au ratio, and ratios
of 1:0.05 and 1:0.056 for the price per ounce of silver to price per pound of lead and
zinc, respectively.

Guanajuato mine complex

In the second quarter of 2016, metal production at the GMC increased 2 per cent compared with the previous quarter, but decreased by 5 per cent to 774,160 ounces AgEq when compared with the same quarter in the previous year. The decrease was attributed to lower silver grades and recoveries at San Ignacio, reflecting local variation in the resource block. These factors were partly offset by 14-per-cent and 18-per-cent increases in ore processed compared with the first quarter of 2016 and second quarter of 2015, respectively.

                               GMC OPERATIONS SUMMARY                
  
                                             Q2 2016   Q2 2015   Q2 2016   Q1 2016  

Ore processed (tonnes milled)                 84,134    71,131    84,134    73,649   
Silver equivalent ounce production (1) (2)   774,160   818,841   774,160   755,555    
Silver ounce production                      366,943   482,551   366,943   375,273  
Gold ounce production                          5,817     5,174     5,817     5,433      
Ag grade (g/t)                                   159       233       159       179    
Au grade (g/t)                                  2.52      2.49      2.52      2.58     
Ag recovery (%)                                85.3%     90.5%     85.3%     88.5%    
Au recovery (%)                                85.2%     91.0%     85.2%     89.0%     

(1) Silver equivalent ounces for 2016 were calculated using a 70:1 Ag:Au ratio.
(2) Silver equivalent ounces for 2015 were calculated using a 65:1 Ag:Au ratio.

San Ignacio accounted for 60 per cent of the overall metal production and 62 per cent of the total ore processed at the GMC in the second quarter of 2016, compared with 52 per cent and 53 per cent, respectively, in the first quarter of 2016. The rising production at San Ignacio accounts for the higher average gold grades and lower average silver grades at the GMC.

Topia mine

Total metal production increased 4 per cent over the previous quarter, but decreased by 2 per cent to 263,568 ounces AgEq when compared with the same quarter in the previous year. The decrease in metal production is attributed to lower tonnes milled, reflecting a greater effort to control dilution, which resulted in higher head grades and recoveries.

  
                             TOPIA OPERATIONS SUMMARY             

                                              Q2 2016   Q2 2015   Q2 2016   Q1 2016 
 
Ore processed (tonnes milled)                  15,771    16,345    15,771    15,034    
Silver equivalent ounce production (1) (2)   263,5682    69,514   263,568   254,273    
Silver ounce production                       169,783   166,258   169,783   164,199    
Gold ounce production                             192       149       192       167      
Lead production (tonnes)                          290       300       290       282       
Zinc production (tonnes)                          433       491       433       424       
Ag grade (g/t)                                    367       350       367       373     
Au grade (g/t)                                   0.59      0.48      0.59      0.55      
Ag recovery (%)                                 91.3%     90.5%     91.3%     91.0%      
Au recovery (%)                                 64.0%     59.2%     64.0%     62.9%     

(1) Silver equivalent ounces for 2016 were calculated using a 70:1 Ag:Au ratio, and
ratios of 1:0.0504 and 1:0.0504 for the price per ounce of silver to price per
pound of lead and zinc, respectively.
(2) Silver equivalent ounces for 2015 were calculated using a 65:1 Ag:Au ratio, and
ratios of 1:0.05 and 1:0.056 for the price per ounce of silver to price per pound
of lead and zinc, respectively.  

Outlook

Production in the second quarter of 2016 was consistent with the annual guidance of four million to 4.2 million ounces AgEq (using a 70:1 silver:gold ratio). This rate of production is currently anticipated to continue for the balance of the year. It is possible that the transition of the phase I tailings dam at Topia to the phase II dry-stack dam, scheduled for the third and fourth quarters, may result in a temporary disruption of throughput at the plant while mined ore is stockpiled for later processing. This transition is targeted to extend the life of the company's tailings storage facility by five to seven years of production.

Production from the San Ignacio mine is expected to gradually increase through the balance of 2016, with a corresponding decrease from the main Guanajuato mines. This should result in higher gold production relative to silver.

Additionally, the company is completing its evaluation of the Coricancha mine in Peru and continues to review acquisition opportunities in the Americas on a regular basis.

The technical information contained in this news release has been reviewed and approved by Robert F. Brown, PEng, vice-president of exploration for the company, who is the qualified person for the Guanajuato mine complex and the Topia mine under the meaning of National Instrument 43-101. Aspects relating to mining and metallurgy are overseen by Ali Soltani, chief operating officer for Great Panther.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.