Precious metals producer Great Panther Silver Ltd (TSX:GPR; NYSE:GPL) is set to release the results of the preliminary economic assessment (PEA) for its 100% owned Coricancha gold-silver-lead-zinc-copper underground mine and mill complex in Peru on May 31 before the market opens.
Earlier this month, Great Panther posted a 38% year-on-year rise in its three months to end-March period, thanks to the normal operation of the Topia processing plant and an increase in gold prices.
In the first quarter, revenue rose to US$4.6mln, while at period end, the firm had cash and short-term deposits of US$60.9mln, compared with US$56.9mln end December 2017.
Jim Bannantine, president and chief executive, had said: “Our balance sheet remains strong and our cash position increased to just over $60-million as we continue to fund Coricancha from the cash flows from our operations in Mexico.
The company said based on historic production records, Coricancha in the central Andes of Peru, has the potential to add 3 mln AgEq (silver equivalent) ounces of annual production.
Great Panther Silver said depending on the outcome of the evaluations on Coricancha, “investments in connection with a restart of the mine could commence in 2018”.