GREAT PANTHER MINING LIMITED announces that it will reschedule its 2019 fiscal year earnings release, previously set for today after market close.
For the full year 2019, production was 174,420 gold equivalent ounces compared to 175,640 GEOs in 2018.
Due to the emerging public health impact of the coronavirus outbreak (COVID-19), and to support the health and wellbeing of the Company’s associates, employees and shareholders, the Company has made the decision to change the format of the Annual Meeting of Shareholders to a virtual webcast.
David Wolfin, President and CEO commented, “This is a wildly unprecedented time, and we would like to ensure our shareholders, stakeholders, and entire work force that operations continue as normal as we monitor the situation daily. The mine site has restricted external visitors and we have had no one at the mine-site test positive for COVID-19. Most of our mine workers come from the local communities surrounding the property where movement of themselves and their families is limited. In addition, we have two medical doctors at site monitoring and educating our labour force and employees daily.”
“This is the first full quarter of production benefiting from the reduced operating expenses and more profitable processing regime” reported Robert Eadie, C.E.O. and President of the company. “We report a significant increase in our profit from mining operations and related cash flow.”
The initial 5-hole diamond drilling program measured a total of 815.6 meters in length and tested two separate mineralized corridors of initial interest named “Cerro Rojo” and “El Sahuaro”.
On February 24, Excellon entered into a definitive arrangement agreement with Otis, whereby, subject to the terms and conditions of the Arrangement Agreement, Excellon will acquire all of the Otis Shares on the basis of 0.23 of an Excellon common share for each Otis Share.
“The acquisition of the royalty further reduces costs at what is already a low-cost operation while also increasing our exposure to the tremendous exploration upside. Since we acquired Island Gold in 2017, the Mineral Reserve and Resource base has doubled with the deposit approaching four million ounces across all categories. With the deposit open laterally and down-plunge across several areas of focus, we see excellent potential for this growth to continue at a greatly reduced royalty on future production,” said John A. McCluskey, President and Chief Executive Officer.
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