Great Panther Silver Inc (TSE:GPR) released its third quarter production results for its two wholly owned Mexican silver mining operations which saw increased output in silver, gold, lead and zinc.
In a statement, the company said consolidated metal production rose 13% to 1,080,483 silver equivalent ounces (Aq eq oz) from its Topia mine in Durango and the Guanajuato mine complex (GMC), which includes the San Ignacio mine.
The output was as follows:
- Silver production increased 4% to 532,803 silver ounces ("Ag oz")
- Gold production increased 8% to 5,848 gold ounces ("Au oz")
- Lead and zinc production increased 78% and 74%, respectively
- Ore processed decreased 1%, with 94,080 tonnes milled
James Bannantine, the company’s president and CEO said: "The results are consistent with the previous quarter and fall in line with the Company's annual guidance."
He attributed the increase in gold production compared ot the second quarter to “a direct result of the improved gold grades and recoveries."
Despite the increased output, the company is sticking to its 2017 guidance of 4.0 - 4.1 mln Ag eq oz (based on a 70:1 silver:gold ratio).
Topia Phase II tailings facility
The silver mining company also said that it is still awaiting final approvals for the Topia Phase II tailings facility. Since its formal application in July, the environmental assessment study has lapsed and requires resubmission with the inclusion of expanded technical information.
It plans to file this by mid-October and a response to the resubmitted study and the overall permitting is expected within two months of filing.
The Company is also currently working on an updated Mineral Resource Estimate for the recently acquired Coricancha Mine Complex ("CMC") in Peru, which is on care and maintenance.
The updated Mineral Resource Estimate is now expected to be completed in the current quarter.