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January 20, 2011 (Investorideas.com Mining stocks newswire) Headquartered in Vancouver, B.C., Great Panther is a junior mining and exploration company focused on silver production from its two 100%-owned mines in Mexico: Guanajuato and Topia. Since commencing operations in 2006, Great Panther achieved more than 15% growth in production per year to 2.26 million Ag equivalent ounces in 2010. The Company intends to grow production to 3.8 million Ag equivalent ounces and resources to 40 million Ag equivalent ounces by 2012, and do so maintaining profitability. To obtain this objective the Company will focus on the following:
- Increase production at its two producing mines;
- Build its NI 43-101 compliant resource base at both Guanajuato and Topia through exploration. The Company has planned for 60,000 metres of drilling in 2011 to define resources and test new targets; and
- Continue to increase ore grades and silver production, and contain operating costs. Great Panther, in line with its three-year organic growth strategy, focused in 2010 on exploration and development, new equipment purchases, and plant upgrades. The Company plans to continue this focus in 2011.
NEW RECORDS SET IN METALS PRODUCTION IN 2010
Great Panther Silver Limited set new records for the full year 2010 in silver, gold, lead and zinc production from its two producing mines in Mexico: Guanajuato (in the State of Guanajuato, northwest of Mexico City), and Topia (further north in the State of Durango). The Company also reported record metallurgical recoveries of gold and silver at Guanajuato, and silver, lead and zinc at Topia.
The year 2010 was the first full year of Great Panthers three-year organic growth strategy, and in line with this there was a focus on exploration and development, new equipment purchases, and plant upgrades. Diamond drilling in 2010 totalled 27,272 metres, with 16,695 metres at Guanajuato, 8,185 metres at Topia, and 1,762 metres at the San Ignacio property near Guanajuato.
The Company set new records for the year as a whole in silver, gold, lead and zinc production. Ag was up 5% over 2009 to 1,534,957 oz; Au increased 1% to 7,216 oz; Pb was up 25% to 1,092 tonnes; and Zn was up 29% to 1,358 tonnes. Silver equivalent ounces (Aq eq oz), at 2,255,802, were up 2%. Guanajuato silver and gold production was virtually unchanged year-over-year, but metal production at Topia was up by 24%.
To Read Complete Research Report: http://www.investorideas.com/Research/PDFs/2011/GPR_011411.pdf
