Big Picture – A Deep Dive Examination of the Great Panther Silver Ltd
Great Panther Silver Ltd Snapshot
For 2017, the Company expects a production level of 4.0 to 4.1 million Ag eq oz (at a 70:1 ratio) from its Mexico operations. An updated NI 43-101 resource estimate for the GMC will be released later this month, however, due to necessary cut-off dates, recent high grade drill results will not be included in this estimate. Commissioning of the new tailings storage facility at Topia and resumption of milling is expected in the first quarter, with the gradual processing of ore stockpiled during the shutdown to be conducted through the balance of the year.
Completion of the recently announced acquisition of the Coricancha Mine in Peru is anticipated to take place before the end of the first quarter. Initial activities will include evaluations of current mine and processing infrastructure, underground drilling, and initiation of a Preliminary Economic Assessment. Depending on the outcome of the latter, development in support of operations is expected to commence in early- to mid-2018. A resource update is also scheduled for the second quarter 2017.
For the reported periods of 2016, the Company delivered reductions in cash cost and All-In Sustaining Costs ("AISC") of 60% and 31% respectively. For 2017, the Company expects cash cost to increase due to increases in site costs and increased expenditures on definition drilling aimed at reducing grade variability and improving mine planning. AISC is also expected to increase due to the increase in cash cost and greater investment in drilling, development and capital projects. In particular, AISC will reflect the non-recurring capital expenditures in the new tailings facility at Topia which will primarily be incurred in the first quarter of 2017. Based on current plans and projections, the Company's cash cost and AISC guidance for 2017 is US$5.00 – 6.00 and US$14.00 – 16.00, respectively.
The technical information contained in this news release has been reviewed and approved by Robert F. Brown, P. Eng., who is the Qualified Person (QP) for the Guanajuato Mine Complex and the Topia Mine under the meaning of NI 43-101. Aspects relating to mining and metallurgy are overseen by Ali Soltani, Chief Operating Officer for Great Panther.
GUANAJUATO MINE COMPLEX
The Guanajuato Mine Complex is Great Panther Silver's flagship operation. The property consists of 32 claims, totalling 2,621 hectares. The concessions are 100% owned by Great Panther's Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V. The main claim block covers 4.2 km of the highly significant Veta Madre vein structure and is located on the Central Plateau of Mexico in the State of Guanajuato. The City of Guanajuato, where the mines are located, is 380 km by road northwest of Mexico City and is serviced by an international airport near the city of Leon.
SAN IGNACIO MINE
The San Ignacio Mine covers approximately four kilometres of strike length on the La Luz vein system, which is parallel to, and five kilometres west of the principal Veta Madre structure that hosts Great Panther Silver's Guanajuato Mine Complex. Great Panther holds a 100% interest in the Property through its wholly owned Mexican subsidiary, Minera Mexicana El Rosario, S.A.de C.V.
The Topia Silver-Lead-Zinc property is located in the heart of the Topia Mining District in west-central Durango State, Mexico. The property is accessible by road from the city of Durango by traveling north for approximately 200 km on paved Highway 23, and west for 150 km on a paved and gravel road to the town of Topia. The town is presently served by daily small-aircraft flights to the city of CuliacÃ¡n, which lies 100 km to the southwest. Topia is the principal centre for the area with schools, shops, a small hospital, and public telephone and internet access.
James M. Bannantine PE, MBA
President & Chief Executive Officer
Mr. Bannantine was appointed President and Chief Executive Officer of Great Panther Silver in August 2017 and is responsible for the development of the Company’s strategic direction as well as for its day to day operations. Mr. Bannantine has more than 20 years' experience in senior management level roles in both private and public companies spanning several industries.
Before joining Great Panther Silver, Mr. Bannantine served as President and Chief Executive Officer of Aura Minerals Inc. and was the co-founder and Managing Partner of Atlantic Capital Group. Prior to Atlantic Capital Group, Mr. Bannantine had served as President and Chief Operating Officer of Broadwing Corporation and held several positions over ten years at Enron Corporation culminating as CEO of Enron South America. He holds a Master of Business Administration from the Wharton School of the University of Pennsylvania and a Bachelor of Science, mechanical engineering concentration, from West Point. He is a licensed Professional Engineer, fluent in Spanish and Portuguese, and has served 12 years in the US Army Corps of Engineers.
Jim Zadra, CA, MBA
Chief Financial Officer
Mr. Zadra joined Great Panther in September 2011 and has responsibility for corporate finance, including financial reporting, planning & forecasting, taxation, and treasury. Mr. Zadra is a Chartered Accountant and has over 15 years of experience in senior corporate finance roles with significant experience in the areas of financial reporting, taxation, strategic planning, capital markets, M&A and corporate governance.
Prior to joining Great Panther, Mr. Zadra served over three years as Chief Financial Officer and Corporate Secretary of DDS Wireless International Inc. (DD: TSX). Prior to DDS he was Vice President of Finance, North America, at Sophos, (2003-2008) a leading global information technology security company with a offices in 19 countries. Mr. Zadra has also held senior roles at ActiveState Corporation, Canaccord Capital and Deloitte, and has served as a director for several venture stage public companies.
Mr. Zadra holds a Masters of Business Administration degree from Queen's University and a Bachelor of Commerce degree from University of British Columbia.
Chief Operating Officer
Mr. Ali Soltani was appointed Chief Operating Officer in September 2014 and has responsibility for overseeing Great Panther's operations.
Mr. Soltani has more than 30 years of mining experience in precious metals and copper operations. Prior to joining Great Panther, and during his tenure with Newmont Mining and Phelps Dodge, Mr. Soltani served in numerous senior operating and technical leadership roles, including planning and engineering, management of unit operations and mine sites, project evaluations, and mergers and acquisitions.
Mr. Soltani holds a master's degree in Mining Engineering from the South Dakota School of Mines and Technology.
Samuel Mah, P.Eng., M.A.Sc.
Vice President Corporate Development
Mr. Mah joined Great Panther Silver in April 2017 as Vice President Corporate Development with the responsibility of identifying and evaluating acquisition opportunities to meet Great Panther Silver’s growth objectives.
Mr. Mah has more than 20 years’ experience in the mining industry and was most recently employed at Silver Wheaton Corp. as Senior Director Project Evaluations where he was a key player in conducting the technical appraisal and due diligence reviews for their streaming deals. During his tenure of more than eight years, he evaluated over 300 projects and mines spread across 43 countries. Prior to Silver Wheaton Corp., he held engineering roles with AMEC Americas (Metals and Mining), SRK Consulting (Canada) Inc., Goldcorp Inc. and Placer Dome Inc. (now Barrick Gold Corporation).
Mr. Mah is a Registered Professional Engineer and holds a Bachelor of Applied Science in Mining and Mineral Process Engineering, and a Master of Applied Science degree, both from the University of British Columbia.
Matthew Wunder, P. Geo.
Vice President Exploration
Mr. Wunder was appointed Vice President Exploration in May 2017 and is responsible for overseeing all exploration activities undertaken by Great Panther Silver as well as playing a key role in the evaluation of M&A opportunities.
Mr. Wunder is a Professional Geologist and holds a Bachelor of Science degree in Geology from Western University in London, Ontario. He has 30 years of experience in the mining industry, including 15 years with a major producer and over 10 years as a senior executive for several junior companies. He has successfully lead multiple discoveries throughout the Americas and was recognized and honored as co-recipient of the Colin Spence award for Excellence in Global Mineral Exploration (AME-BC, 2010).
Brian Peer, B.A.Sc.
Vice President Operations, Mexico
Mr. Peer was appointed in August 2017 and has more than 30 years of mining experience including 19 years in senior management. Most recently, he was General Manager with Red Eagle Mining in Colombia, responsible for implementing new narrow vein mining methods. Previously, Mr. Peer held the position of Country Manager, Mexico for Alamos Gold, where he was responsible for the safe and efficient operation of two mines and the development of two additional underground mines. Mr. Peer also worked for Coeur Mining and for ten years at Barrick Gold. He is a graduate from the University of Texas El Paso with a Bachelor of Science degree in Geology and is fluent in Spanish.
Current Share Structure
March 31, 2017
|Executive, Consultant and Employee Options:||
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