Re: News Release - Monday, October 22, 2007
Great Panther Doubles Production in Third Quarter 2007
GREAT PANTHER RESOURCES LIMITED (TSX: GPR; the "Company") reports
record production from its 100% owned Guanajuato Silver-Gold Mine and
Topia Silver-Lead-Zinc Mine in Mexico. Operational highlights include:
.. Total quarterly production of 361,107 silver equivalent ounces (Ag
Eq oz) compared to 179,782 Ag Eq oz in the third quarter 2006, an
increase of 101%.
.. Total production for the three quarters of 2007 of 989,900 Ag Eq oz
exceeded total production of 408,820 Ag Eq oz for the same period
last year by 142%
.. Total quarterly throughput of 69,541 tonnes compared to 43,055
tonnes in the third quarter 2006, an increase of 62%.
.. 20% quarter-by-quarter increase in output at Guanajuato from 176,828
Ag Eq oz in the second quarter 2007 to 212,617 Ag Eq oz in the third
.. 11% quarter-by-quarter increase in output at Topia from 133,522 Ag
Eq oz in the second quarter 2007 to 148,490 Ag Eq oz in the third
.. Management team strengthened with appointment of Charles Brown as
Chief Operating Officer.
.. Great Panther's 100% owned (but independently operated)
"state-of-the-art" assay laboratory was opened at the Guanajuato Mine.
(Silver equivalents for 2007 were established using prices of US$600/oz
Au, US$12/oz Ag, US$0.60/lb Pb and US$1.50/lb Zn)
The Guanajuato Mine produced 155,272 oz of silver and 1,147 oz of gold
from 60,031 tonnes in the third quarter, an increase of 18% and 27% for
silver and gold, respectively over the previous quarter. The average
gold grade increased slightly from 0.80 g/t to 0.84 g/t while the
silver grade decreased slightly from 115.5 g/t to 109.9 g/t resulting
in a slight decrease in the silver equivalent grade from 155.6 g/t to
151.9 g/t. The erratic nature of gold and silver distribution
continues to be a challenge at Guanajuato and the Company is
implementing a number of measures to improve the grade control.
Recoveries averaged 70.5% for gold and 73.1% for silver in Q3 compared
to 72.4% and 73.3%, respectively in Q2. A metallurgical test program
is also underway to find ways of improving the recoveries.
At the Topia Mine, production of silver increased by 13% to 65,884 oz,
gold by 2% to 128 oz, lead by 20% to 404,460 lbs and zinc by 8% to
448,528 lbs. However, overall head grades declined by 8.8% to 261 g/t
Ag, 0.6 g/t Au, 2.11% Pb and 2.63% Zn (588 g/t Ag Eq) due to an
increase in dilution caused by narrower vein widths. Recoveries at
Topia in the third quarter averaged 82.41% for Ag, 71.44% for Au,
91.38% for Pb and 81.38% for Zn, compared to 86.81% for Ag, 83.59% for
Au, 89.46% for Pb and 86.54% for Zn in the second quarter. A total of
9,509 tonnes was processed from the Company's mines in Topia in Q3
while 2,469 tonnes were custom milled for a local miner.
The year to date production of 989,900 Ag Eq oz from both of Great
Panther's mines includes 590,191 oz of silver, 3,250 oz of gold,
1,190,971 lbs of lead and 1,421,901 lbs of zinc. As mine development
increases and diamond drilling success establishes new resources at the
mines, the Company expects this steady growth in production to continue
well into 2008. In addition, management is actively looking at ways to
more significantly increase the output from both operations.
Robert F. Brown, P.Eng. and Vice President of Exploration for the
Company is the Qualified Person for both the Guanajuato Mine and the
Topia Mine, under the meaning of NI 43-101. Aspects of both mines
relating to mining and metallurgy are overseen by Charles Brown, Chief
Operating Officer and Ing. Francisco Ramos S�nchez, Vice President of
Operations for Great Panther and its Mexican subsidiary, Minera
Mexicana El Rosario, S.A. de C.V.
For further information please contact Brad Aelicks or Don Mosher at
telephone 604 685 6465, fax 604 899 4303 or e-mail
ON BEHALF OF THE BOARD
"Robert A. Archer"
Robert A. Archer, President & CEO
This news release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform Act
of 1995 and forward-looking information within the meaning of the
Securities Act (Ontario) (together, "forward-looking statements").
Such forward-looking statements may include but are not limited to the
Company's plans for production at its Guanajuato and Topia Mines in
Mexico, exploring its other properties in Mexico, the overall economic
potential of its properties, the availability of adequate financing and
involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements expressed or
implied by such forward-looking statements to be materially different.
Such factors include, among others, risks and uncertainties relating to
potential political risks involving the Company's operations in a
foreign jurisdiction, uncertainty of production and cost estimates and
the potential for unexpected costs and expenses, physical risks
inherent in mining operations, currency fluctuations, fluctuations in
the price of silver, gold and base metals, completion of economic
evaluations, changes in project parameters as plans continue to be
refined, the inability or failure to obtain adequate financing on a
timely basis, and other risks and uncertainties, including those
described in the Company's Annual Report on Form 20-F for the year
ended December 31, 2006 and reports on Form 6-K filed with the
Securities and Exchange Commission and available at www.sec.gov and
Material Change Reports filed with the Canadian Securities
Administrators and available at www.sedar.com.
View News Release in PDF Format:
98 KB in size, approx. 19 seconds to download at 56.6Kbps
Copyright (c) 2007 GREAT PANTHER RESOURCES LIMITED (GPR) All rights
reserved. For more information visit our website at
http://www.greatpanther.com/ or send mailto:email@example.com
Message sent on Mon Oct 22, 2007 at 11:58:45 AM Pacific Time