GREAT PANTHER
RESOURCES LIMITED (TSX: GPR) is pleased to announce that underground drilling in
the deeper portions of the La Dura vein at the Company�s 100% owned Topia
Silver-Lead-Zinc Mine in Durango, Mexico is continuing to demonstrate high
grades of silver, gold, lead and zinc, up to 55.7 oz/t Silver Equivalent* (Ag
Eq). In particular, gold grades up
to 7.21g/t in the drilling are significantly higher than the historical average
(less than 1.0g/t) for the Topia Mine.
Eleven principal
mineralized vein structures have been defined on the Topia Mine property, of
which development and exploitation is presently taking place on five, including
La Dura. Surface and underground
drilling over the course of 2007 will target nine of the eleven veins in an
effort to expand the Topia Mine mineral resource, and the number of veins being
developed and exploited. The recent
nine-hole, 637.3 metre underground drilling program at La Dura is part of the
plan to test a 165 metre vertical interval (between the 1420 and 1585 levels)
along a 600 metre strike length. These holes represent a 200m horizontal by 50m vertical portion of that
block. To date, there has been no
exploitation below the 1625 level in this part of the La Dura Mine. (Note: Mine
levels are named according to their elevation above mean sea level and the town
of Topia sits at an elevation of 1650 metres, such
that most mine levels are accessed via adits from the sides of the
mountains).
Underground drill
holes UT06-001 to 005 tested the La Dura vein and a series of splays and parallel veins within a zone
complicated by cross faulting. One
such vein in the hanging wall, called La Dura Alto, is the most
consistent of these in terms of grade and continuity. Significant results from the first five
holes include 0.6m @ 5.96g/t gold, 191g/t silver, 4.35% lead and 4.85% zinc
(29.9 oz/t Ag Eq) in UT06-001; and 1.3m @ 3.03g/t gold, 194g/t silver, 3.51%
lead and 11.4% zinc (41.0 oz/t Ag Eq) in UT06-004, both on the main La Dura
vein.
Holes UT06-006 to
008 successfully located the La Dura vein, with continuing high grades, east of
a major fault and 85 metres below previous workings (see http://www.greatpanther.com/i/pdf/Rampa.pdf on
the Company�s web-site for drill hole location map). Significant results from these holes
include 0.55m @ 2.88g/t gold, 609g/t silver, 5.84% lead and 11.1% zinc (55.7
oz/t Ag Eq) in UT06-006; and 1.05m @ 1.24g/t gold, 539g/t silver, 10.1% lead and
4.21% zinc (39.0 oz/t Ag Eq) in UT06-008 (farthest east). Drill hole UT06-009 was used as an
engineering hole and as such was not oriented to intersecting
veins.
Highlights of La
Dura Underground Drilling:
Drill
Hole |
From |
To |
Width |
True
width |
Vein |
Au |
Ag |
Pb |
Zn |
Ag
Eq |
|
(m) |
(m) |
(m) |
(m) |
|
g/t |
g/t |
% |
% |
oz/t |
|
|
|
|
|
|
|
|
|
|
|
UT06-001 |
0.00 |
0.60 |
0.60 |
0.50 |
La
Dura |
5.96 |
191 |
4.35 |
4.85 |
29.9 |
|
|
|
|
|
|
|
|
|
|
|
UT06-002 |
3.25 |
3.45 |
0.20 |
0.20 |
La
Dura |
5.53 |
422 |
4.25 |
4.30 |
35.3 |
|
28.50 |
28.85 |
0.35 |
0.35 |
La Dura
alto |
0.77 |
396 |
10.10 |
0.80 |
25.7 |
|
|
|
|
|
|
|
|
|
|
|
UT06-003 |
36.60 |
37.00 |
0.40 |
0.30 |
La Dura
alto |
0.80 |
216 |
3.35 |
10.10 |
35.5 |
|
|
|
|
|
|
|
|
|
|
|
UT06-004 |
5.60 |
6.90 |
1.30 |
0.90 |
La
Dura |
3.03 |
194 |
3.51 |
11.40 |
41.0 |
|
|
|
|
|
|
|
|
|
|
|
UT06-005 |
3.00 |
3.50 |
0.50 |
0.50 |
La
Dura |
3.27 |
162 |
0.60 |
1.83 |
14.5 |
|
26.60 |
26.70 |
0.10 |
0.10 |
La Dura
alto |
7.21 |
195 |
7.02 |
2.33 |
28.2 |
|
|
|
|
|
|
|
|
|
|
|
UT06-006 |
31.45 |
32.00 |
0.55 |
0.45 |
La
Dura |
2.88 |
609 |
5.84 |
11.10 |
55.7 |
|
|
|
|
|
|
|
|
|
|
|
UT06-007 |
23.00 |
23.65 |
0.65 |
0.65 |
La
Dura |
2.97 |
201 |
6.71 |
8.83 |
38.1 |
|
|
|
|
|
|
|
|
|
|
|
UT06-008 |
104.55 |
105.60 |
1.05 |
0.50 |
La
Dura |
1.24 |
539 |
10.10 |
4.21 |
39.0 |
*Note: Silver Equivalents (Ag Eq) were
calculated using prices of US$575/oz for Au, US$12.00/oz for Ag, US$0.60/lb for
Pb and US$1.50/lb for Zn; and recoveries of 85%, 87%, 90% and 87%,
respectively.
As previously
reported, the Company is continuing to use a resuing method of mining in this
part of the district due to the narrow vein widths. Resue mining significantly reduces
dilution, such that the grades reported from drilling and sampling are very
close to head grades reported at the plant. A renewed campaign of surface drilling
has also commenced at Topia and is initially testing the Animas vein,
approximately 200 metres southeast into the hangingwall of La Dura. Results will be released when data is
compiled for specific areas.
Both the surface
and underground drilling have been contracted to BDW Drilling of Guadalajara,
Mexico. Analysis of the
aforementioned drill core was performed by SGS Minerals Services, ISO 9001
Registered, in their Durango, Mexico
facilities.
Aspects of the
Topia Mine relating to mining and metallurgy are overseen by Ing. Francisco Ramos
S�nchez, Vice-President of Operations for Great Panther and its
wholly
owned Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V. (MMR). Robert F. Brown, P.Eng. and
Vice-President of Exploration for Great Panther and MMR is designated as the
Qualified Person for the Topia Mine
Project under the
meaning of NI 43-101, and has reviewed this news release.
For
further information please contact Brad
Aelicks or Don
Mosher at telephone 604 685 6465, fax 604 685 9744 or e-mail
info@greatpanther.com.
ON BEHALF OF THE
BOARD
�Robert A.
Archer�
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.