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Great Panther Silver sees 'significantly' improved production at Mexico mines in first quarter

Total metal production from the Guanajuato mine complex and the Topia mine was up 42% in the first three months.

Great Panther is a silver miner focused on Mexico

Great Panther Silver Ltd (TSE: GPR, NYSE: GPL) enjoyed 'significantly' improved output from its two Mexico mines in the first quarter compared to the same period in 2017, it told investors.

Total metal production from the Guanajuato mine complex and the Topia mine was up 42% to around 1.031mln silver equivalent ounces in the three months.

Silver production was up 35%, while gold output was lifted 13%.

Ore processed was lifted 17% to 96,869 tonnes of material milled.

"Great Panther's first quarter production improved significantly compared to the first quarter last year when the Topia plant was suspended for planned upgrades", said James Bannantine, president and chief executive.

"To date in 2018, our Mexican operations are performing steadily, with production in line with annual guidance, and we are continuing to make progress on the technical evaluation of the Coricancha Mine in Peru."

Looking ahead, the miner reiterated its 2018 production guidance of between 4mln and 4.1mln of silver equivalent ounces.

There was also no change to 2018 guidance for cash cost per silver ounce (cash cost) and all-in sustaining cost per payable silver ounce (AISC) of between US$5.00 to US$6.50 and US$12.50 to US$14.50, respectively.

"The focus for 2018 continues to be on maintaining steady and efficient operations in Mexico, while advancing the company's Coricancha Mine in Peru to set a platform for production growth in 2019 and 2020," added Great Panther.

It noted that while still being assessed, based upon historic production records, Coricancha had the potential to add 3mln silver equivalent ounces of annual production. 

"In addition, the company continues to seek and evaluate additional acquisition opportunities to meet the company's growth objectives," it added.

Quick facts: Great Panther Mining Limited

Price: 1.05 CAD

Market: TSX
Market Cap: $372.46 m

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