Correction To - Great Panther Doubles Production At
Guanajuato In First Quarter; Increases Output From Two
Mines By 38%
Please note that a typo has been detected in the Great Panther News
Release disseminated at 15:07 EST on April 10, 2007. The figure 303,280
silver equivalent ounces (Ag Eq Oz) used in the first paragraph of the
release does not reflect the number used elsewhere in this release. The
sentence should read "...increased production by 38% over Q4 2006 to
318,359 silver equivalent ounces (Ag Eq Oz)." Please forgive any
confusion created by this oversight. The corrected release follows.
GREAT PANTHER RESOURCES LIMITED (TSX: GPR) is pleased to announce that
first quarter 2007 output at its two 100%-owned mines in Mexico
increased by 38% over Q4 2006 to 318,359 silver equivalent ounces (Ag
Eq Oz). The increase was mainly due to significant improvements in the
head grades at the Guanajuato Silver-Gold Mine where output doubled
over the same period. Guanajuato yielded 146,555 Ag Eq Oz in Q1 2007,
almost as much as in the entire 6 months from startup to the end of
Production highlights from Q1 2007 include:
- A 38% quarter-over-quarter increase in overall production from
230,040 to 318,359 Ag Eq Oz,
-Output doubled at Guanajuato, from 73,484 in Q4 2006 to 146,552 Ag Eq
Oz in Q1 2007 (155,085 oz produced in 2006),
- Average silver and gold grades at Guanajuato increased by 53% and
40%, respectively, quarter-over-quarter,
- Silver and gold grades at Guanajuato rose steadily through the first
quarter, increasing by 100% and 65%, respectively, from 59 g/t and 0.51
g/t in December to 119 g/t and 0.85 g/t in March,
- With the increase in grades, average silver and gold recoveries at
Guanajuato increased by 9% and 7%, respectively, to 71.5% and 70.2% for
- Throughput at Guanajuato increased by 25% to 49,761 tonnes in Q1
- Production at Topia was up 10% over the previous quarter as a 13%
increase in tonnage was partially offset by a 5% decrease in grade.
A breakdown of head grades and metal production for the quarter is as
Click on the link below to view a table attached to this News Release:
The month-over-month increase in grades at Guanajuato is continuing
into April as production from higher grade stopes makes a greater
contribution to the daily throughput. The Company started mining low
grade stockwork zones in June 2006 and production from the higher grade
areas did not commence until late January. At present, the Guanajuatito
area, where Great Panther's surface drilling identified a near-surface
zone of high grade silver-gold in 2005-2006, is making the most
significant contribution to the overall grade.
At Topia, throughput at the plant for Q1 2007 was up by 13%, to 8,161
tonnes, over the previous quarter, but a 5% decrease in average grades
resulted in a 10% increase in production at 171,807 Ag Eq Oz compared
to 156,556 Ag Eq Oz for Q4 2006. The breakdown by metal in the recent
quarter was 72,412 oz of silver, 146 oz of gold, 448,591 lbs of lead
and 555,507 lbs of zinc. In addition to the aforementioned production,
the Topia plant processed 3,216 tonnes, or 28% of the total throughput,
on a custom basis for local small miners. Custom milling uses up some
of the excess plant capacity and helps to increase efficiencies and
lower overall costs.
The refurbishing of both plants is continuing and the third ball mill
at each of the two operations is still in the testing phase, with both
scheduled to be operational by May. Mine development in new areas is
underway at both mines in order to provide additional working faces and
higher levels of production.
The month-over-month increase in grades at Guanajuato and the overall
increase in output are expected to continue over the next two quarters.
Combined with planned increases at Topia, the level of production
should continue to increase at a significant rate over at least the
next 6 months. As such, the Company is maintaining its targeted output
for 2007 at approximately 2,500,000 Ag Eq Oz. Management emphasizes,
however, that this remains a target as the Company works towards a
defined reserve base at both operations. Variations in production
grades and tonnages, as well as other factors, can affect the final
output, and production targets will be revised quarterly.
Great Panther continues to experience rapid and strong growth at its
two mines as it makes the transition to a junior mining company.
Surface and underground drilling is continuing at both mines and
results from these programs will be released on a regular basis.
Robert F. Brown, P.Eng and Vice President of Exploration for the
Company is the Qualified Person for all of Great Panther's Project,
under the meaning of NI43-101, and has reviewed this news release.
Aspects of the Topia and Guanajuato Mines relating to mining and
metallurgy are overseen by 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 604 685 9744 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, 2005 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.
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