GREAT PANTHER SILVER LIMITED (TSX: GPR; NYSE Amex: GPL; the “Company”) reports third quarter (“Q3”) production at its two wholly-owned Mexican silver mining operations, Topia and Guanajuato and appoints Mr. Graham Parsons, MBA, as General Manager of its Guanajuato Operations.
Ore processed in Q3 is up 16% year on year; however, a significant drop in ore grades resulted in metal production being lower by 18%. Metal production, from the two mines, at 484,550 silver equivalent ounces (“Ag eq oz”), included 343,768 ounces silver (Ag oz), 1,494 ounces gold (Au oz), 222 tonnes lead (Pb t), and 294 tonnes zinc (Zn t). At Guanajuato ore grades are expected to improve in the fourth quarter (“Q4”). The deeper extensions of the Cata Alto 1 and 2 zones have been explored and found to be significantly higher grade and production improvements are now anticipated with the addition of high grade ore from the Alto 1, 1a and 2 zones at the 510 metre level.
Year to date, the combined metal production is 1.65 million Ag eq oz, as compared to 1.69 million Ag eq oz, for 2010. The estimated production for the fourth quarter is expected to improve to 550,000 Ag eq oz for a yearend total of approximately 2.2 million Ag eq oz. Production targets for 2012 and beyond are currently under review and management expects to provide further guidance in the fourth quarter.
A new General Manager, Mr. Graham Parsons, MBA, has been appointed for the Guanajuato Operations. Mr. Parsons is fluent in Spanish, having worked in underground operations and open pit projects in Spain, Argentina and Venezuela. He brings a wealth of international mine engineering and operations management experience to Great Panther. Most recently, he held the position of COO for Empire Mining Corporation, a junior exploration and mining company with interests in South-Eastern Europe. Several opportunities exist to improve production output at Guanajuato and Mr. Parsons is expected to add the mining expertise and management skills necessary to achieve the improvements.
The following summarizes the results for the third quarter, 2011: