Great Panther Silver Ltd. (NYSEMKT:GPL, TSE:GPR) said it is still on target to meet 2016 output guidance and lowered cash costs, despite silver and gold output slipping in the third quarter at its two wholly-owned Mexican silver mining operations.
The mines comprise of the Guanajuato mine complex, which includes the San Ignacio mine, as well as the Topia mine in Durango.
Consolidated metal production decreased 12% to 953,632 silver-equivalent ounces (AgEq) in the third quarter versus the same period a year ago.
Silver production decreased 13% to 510,491 silver ounces while gold production decreased 11% to 5,423 gold ounces.
However, ore processed increased 2%, with 95,282 tonnes milled.
"Despite the third quarter being challenged by lower grades, recoveries and two temporary shutdowns, we expect to meet our production guidance for 2016," stated Robert Archer, president and chief executive officer.
"Furthermore, we expect to continue the trend of significant reductions in our cash costs over prior-year levels."