Month: September 2022

Great Panther Mining Limited announces that it has signed a non-binding Letter of Intent with Newrange Gold Corp. to sell 100% of the Company’s Peruvian subsidiaries, Great Panther Silver Peru S.A.C. and Great Panther Coricancha S.A.C., which hold the Coricancha Mine in Peru, for a total purchase price of US$750,000 payable in cash.

At the Cosalá Operations, as limited exploration drilling was conducted on the property the M&I mineral resources are almost unchanged year-over-year. The Company recently reinterpreted historic geophysical information and, after incorporating new data from an IP survey completed this summer, has identified seven major IP/Mag anomaly trends on property near San Rafael and EC120. A 17-hole drill program is planned to test this area.

“Having a safe and successful commissioning is crucial and we are respectful of the prudent approach being taken by the regulators in Mexico,” said George Paspalas, MAG’s President and CEO. “Whilst we await the final tie-in, we are pleased with Juanicipio’s continued strong operating performance and increased processing opportunities at Fresnillo’s Saucito and Fresnillo facilities.”

“We continue to make good progress to complete the tie-in of the new Juanicipio mine to the national grid and I am pleased that we are a step closer to achieve this important milestone. We have undertaken extensive testing work to ensure tie-in proceeds smoothly.”

“The Company is at an inflection point, where to continue growing we need to capitalize on opportunities that drive additional value. A spin-out of Silver City would fit that strategy and provide Excellon shareholders with direct exposure to district–scale exploration focused in a historically prolific mining region.”