The stock of the British Columbia based silver and gold mining firm Great Panther Silver Ltd (USA) (NYSEMKT:GPL) has been going through a purple patch at the markets ever since its management announced strong operational results and provided production updates on 14th February for their fourth quarter and full year operations which ended on December 2013. The results covered operations of the firms wholly owned mining properties in Mexico.
Full Year Highlights
The top highlight of the entire presentation was the significant 23 percent increase in the production of ore to hit a record high of 283,608 tonnes for the full year, in comparison to FY13. 2.8 million ounces of silver metal and its equivalent were processed from the ore mined, which translated into a 19 percent increase in metal production in comparison to FY12. Actual silver metal production was up 10 percent to set a new production record for the year at 1.1 million silver ounces. Gold production also went up by a record 44 percent to hit annual production target of 15 thousand ounces.
Fourth Quarter Highlights
In the last quarter of the fiscal, the ore mined went up by 3 percent, while metal production went up by 14 percent, with gold production going up the maximum 37 percent in the quarter, to hit record production of 3,880 ounces.
CEO Speak
Expressing his happiness at the strong close to the fiscal year, Great Panther Silver Ltd (USA) (NYSEMKT:GPL) President and Chief Executive Officer Robert Archer has been quoted to have said that, We are pleased to report strong growth and record metal production for 2013 in addition to a strong fourth quarter with record silver production. Consolidated metal production from our two operations exceeded our production guidance for the year by 14%. Silver grades continued to improve in the fourth quarter as a result of maintaining strong grade control and a focus on mining higher grade areas.
