GREAT PANTHER SILVER LIMITED (TSX: GPR)(NYSE MKT: GPL) (“Great Panther”; the “Company”) today announced fourth quarter (“Q4”) and annual 2013 production results at its two wholly-owned Mexican silver mining operations,
2013 Operations Highlights (Compared to 2012)
- Ore processed increased 23% to a record 283,608 tonnes;
- Achieved record metal production of 2,840,845 silver equivalent ounces (“Ag eq oz”), an increase of 19% and an annual record;
- Silver production rose 10% to a record 1,711,215 silver ounces (“Ag oz”);
- Gold production increased 44% to a record 15,714 gold ounces (“Au oz”).
Fourth Quarter 2013 Operations Highlights (Compared to Fourth Quarter 2012)
- Ore processed increased 3% to 69,601 tonnes;
- Metal production increased 14% to 763,881 Ag eq oz;
- Silver production rose 7% to a record 484,936 Ag oz;
- Gold production increased 37% to 3,880 Au oz.
“We are pleased to report strong growth and record metal production for 2013 in addition to a strong fourth quarter with record silver production,” stated
“I would like to congratulate our operations teams at
Consolidated Q4 and Fiscal 2013 Operations Summary | Q4 2013 | Q4 2012 | Change | FY 2013 | FY 2012 | Change |
Ore processed (tonnes milled) | 69,601 | 67,659 | 3% | 283,608 | 230,120 | 23% |
Silver equivalent ounce production 1 | 763,881 | 672,690 | 14% | 2,840,845 | 2,378,603 | 19% |
Silver ounce production | 484,936 | 453,934 | 7% | 1,711,215 | 1,560,041 | 10% |
Gold ounce production | 3,880 | 2,826 | 37% | 15,714 | 10,923 | 44% |
Lead production (tonnes) | 286 | 289 | (1)% | 1,116 | 962 | 16% |
Zinc production (tonnes) | 402 | 446 | (10)% | 1,673 | 1,477 | 13% |
Total underground development (m) | 4,036 | 4,699 | (14)% | 15,813 | 17,472 | (9)% |
Underground diamond drilling (m) | 2,314 | 10,005 | (77)% | 28,399 | 32,030 | (11)% |
1 Silver equivalent ounces for 2013 were established in November 2012 using prices of US$28 per oz, US$1,680 per oz (60:1 ratio), US$0.85 per lb and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates that were produced by the two operations. |
For the fourth quarter, the
Plant metallurgical performance was the highest the company has achieved on a quarterly basis, with metal recoveries of 91.7% for silver and 92.9% for gold.
Guanajuato Q4 and Fiscal 2013 Operations Summary | Q4 2013 | Q4 2012 | Change | FY 2013 | FY 2012 | Change |
Ore processed (tonnes milled) | 55,547 | 50,550 | 10% | 221,545 | 174,022 | 27% |
Silver equivalent ounce production 1 | 555,933 | 458,092 | 21% | 1,983,820 | 1,625,305 | 22% |
Silver ounce production | 330,949 | 298,750 | 11% | 1,079,980 | 1,004,331 | 8% |
Gold ounce production | 3,750 | 2,656 | 41% | 15,063 | 10,350 | 46% |
Ag grade (g/t) | 202 | 206 | (2)% | 169 | 199 | (15)% |
Au grade (g/t) | 2.26 | 1.80 | 26% | 2.31 | 2.02 | 14% |
Ag recovery (%) | 91.7% | 89.5% | 2% | 89.6% | 90.5% | (1)% |
Au recovery (%) | 92.9% | 91.5% | 2% | 91.7% | 91.9% | 0% |
Total underground development (m) | 1,579 | 1,780 | (11)% | 7,047 | 6,869 | 3% |
Underground diamond drilling (m) | 1,658 | 9,137 | (82)% | 26,237 | 29,254 | (10)% |
1 Silver equivalent ounces for 2013 were established in November 2012 using prices of US$28 per oz, US$1,680 per oz (60:1 ratio), US$0.85 per lb and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates that were produced by the two operations. |
The Cata and
Exploration development for the quarter resulted in significant silver-rich intersections at the upper levels of the mineral resource at
Following the upgrade of the mineral resource at Guanajuatito, the access ramp has reached the 268 metre level and is expected to hit the 285 metre level in the current quarter to commence production. Additionally, an exploration crosscut is being constructed from the Cata main ramp at the 540 metre level, aiming to intersect and further define the ore structure’s projection to depth as indicated by the recent exploration drilling results.
The Rayas shaft at
For the fourth quarter, ore processed at Topia was down 18%, to 14,054 tonnes, compared to the same period in 2012, at grades of 376g/t Ag, 0.49g/t Au, 2.17% lead (“Pb”) and 3.07% zinc (“Zn”). Metal production included 153,988 Ag oz, 131 Au oz, 286 Pb tonnes, and 402 Zn tonnes, totaling 207,948 Ag eq oz, which is 3% less than the same period in 2012. Plant metallurgical performance improved with metal recoveries of 90.6% for silver, 58.6% for gold, 93.8% for lead, and 93.2% for zinc.
Topia Q4 and Fiscal 2013 Operations Summary | Q4 2013 | Q4 2012 | Change | FY 2013 | FY 2012 | Change |
Ore processed (tonnes milled) | 14,054 | 17,109 | (18)% | 62,063 | 56,098 | 11% |
Silver equivalent ounce production 1 | 207,948 | 214,598 | (3)% | 857,025 | 753,298 | 14% |
Silver ounce production | 153,988 | 155,185 | (1)% | 631,235 | 555,710 | 14% |
Gold ounce production | 131 | 171 | (23)% | 651 | 573 | 14% |
Lead production (tonnes) | 286 | 289 | (1)% | 1,116 | 962 | 16% |
Zinc production (tonnes) | 402 | 446 | (10)% | 1,673 | 1,477 | 13% |
Ag grade (g/t) | 376 | 319 | 18% | 351 | 345 | 2% |
Au grade (g/t) | 0.49 | 0.57 | (14)% | 0.57 | 0.55 | 4% |
Ag recovery (%) | 90.6% | 88.4% | 2% | 90.2% | 89.4% | 1% |
Au recovery (%) | 58.6% | 54.1% | 8% | 57.0% | 57.9% | (2)% |
Total underground development (m) | 2,456 | 2,919 | (16)% | 8,766 | 10,603 | (17)% |
Underground diamond drilling (m) | 657 | 868 | (24)% | 2,162 | 2,776 | (22)% |
1 Silver equivalent ounces for 2013 were established in November 2012 using prices of US$28 per oz, US$1,680 per oz (60:1 ratio), US$0.85 per lb and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates that were produced by the two operations. |
For the quarter, metal production at Topia came primarily from the 1522, Durangueno and
The processing plant was upgraded by the installation of a new cone crusher. This will increase crushing capacity at the plant, reduce the ore feed size to the mill and also reduce maintenance costs. In addition, various overhead cranes have been installed at the processing plant to facilitate maintenance activities and increase efficiencies.
The Topia tailings dam is undergoing a geotechnical study, including geological, geophysical and soil mechanics surveys, aiming to provide guidance for an increase in the tailings pond capacity. This study is expected to be completed in the first quarter of 2014.
More than 130 metres of development has been completed on the access ramp at
The fault, however, also revealed a section of the Intermediate Vein, the primary production target, and an exploration level was constructed from the access ramp to define the mineralization at this elevation. To the end of the quarter, 1,082 tonnes of ore grading 121g/t Ag and 2.11g/t Au have been mined and transported to the processing plant at
Significant progress has been made at
An infill drill program to upgrade the upper part of the Intermediate Vein was completed in the fourth quarter (see
An Inferred mineral resource estimation was completed (see Company news release dated
Outlook
Overall metal production for 2014 is expected to increase gradually through the year as
As precious metals prices dropped significantly in 2013, the Company has heightened its focus on improving and strengthening the operational efficiency of its mines. Cash cost guidance will be provided in our year-end earnings release, expected in early March.
ABOUT GREAT PANTHER
For further information, please visit the Company’s website at www.greatpanther.com or e-mail [email protected].
This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of Canadian securities laws (together, “forward-looking statements”). Such forward-looking statements may include but are not limited to the Company’s plans for production at its