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Topia Mine

Durango State, Mexico


  • 100% ownership
  • Property covers >6,500 hectares
  • High grade, narrow vein underground mining
  • Mining 11 different veins & trucking to central plant for processing
  • Extending strike length of known veins with additional drilling
Visit Topia Mine

El Horcon Project

Jalisco State, Mexico

Silver- Gold

  • 100% ownership
  • Property covers >7,900 hectares within Guanajuato Trend
  • Surface drilling program completed in Q2 2013 (2,156 metres in 24 holes)
  • Initiating permitting process for Phase II exploration and development
  • Trucking distance to Guanajuato's Processing Plant
Visit El Horcon Mine

Santa Rosa Project

Guanajuato State, Mexico

  • 100% ownership, NSR of 1.3% royalties on four out of five concessions
  • Trucking distance to Great Panther’s plant in Guanajuato
  • Property covers >1,500 hectares

Guanajuato Mine

Guanajuato State, Mexico


  • Our flagship operation in Guanajuato State
  • 100% ownership
  • Building resources to increase mine life and production
  • Deep drilling successful in intersecting high-grade Ag-Au mineralization
  • Strong recoveries and increased throughput at newly-refurbished plant
Visit Guanajuato Mine

San Ignacio Mine

Guanajuato State, Mexico


  • 100% ownership
  • 6.9 million Ag Eq Oz inferred resource to date
  • Trucking distance to Guanajuato's Processing Plant
  • Road construction finalized and ramp development continuing
  • Commercial production began in June 2014
Visit San Ignacio Mine


The Guanajuato Mine Complex is Great Panther Silver's flagship operation. The property consists of 28 claims, totaling 1,107 hectares. The concessions are 100%-owned by Great Panther's Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V. The main claim block covers 4.2 km of the prolific Veta Madre vein structure in the City of Guanajuato in central Mexico.
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For the first quarter of 2014, the Guanajuato operation processed 55,280 tonnes, up 5% compared to the same period in 2013. Ore grades were 128 grams/tonne ("g/t") Ag and 2.19g/t Au. Metal production included 199,059 Ag oz and 3,498 Au oz, or 408,942 Ag eq oz, which represented an increase of 2% over the same period in 2013.

Metal production at Guanajuato originated mainly from the gold-rich Santa Margarita mine followed by Cata and Los Pozos. Pre-production mill feed from San Ignacio development ore contributed somewhat to overall production.

For the quarter, plant metallurgical performance recorded a slight decline from both the first and fourth quarters of 2013 with metal recoveries of 87.3% for silver and 90.1% for gold, primarily due to processing lower grade ore.


A satellite operation to the main Guanajuato Mine Complex The San Ignacio mine started commercial production in June. The mine is currently operating at a run rate of approximately 200 tonnes per day and will increase gradually as new stopes are brought into production.


Topia is a high-grade silver-lead-zinc Mine in the Sierra Madre Mountains of Durango State, where silver has been mined intermittently since the 1500's. Great Panther owns 100% of the concessions that comprise 6500 hectares and are accessible by road and air. Topia includes 11 small mining operations all feeding a central plant.
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For the first quarter of 2014, ore processed at Topia increased 2% to a record 17,351 tonnes compared to the same period in 2013. Ore grades were 344g/t Ag, 0.56g/t Au, 1.90% lead ("Pb") and 2.70% zinc ("Zn"). Metal production included 171,609 Ag oz, 168 Au oz, 308 Pb tonnes and 431 Zn tonnes. Total metal production was a record 258,407 Ag eq oz which is 24% higher than the same period in 2013. The increase was primarily a function of improved grades over the first quarter of 2013. Silver grades alone improved 15%.

Plant metallurgical performance was 89.4% for silver, 53.8% for gold, 93.4% for lead and 91.9% for zinc. Various process optimization measures have been implemented at the processing plant and others are underway. Crushing capacity increased 48% as a result of the new cone crusher installed late last year.


Production at San Ignacio is scheduled to continue to increase in 2015 as the focus shifts to the new high grade and thicker vein zones to the south of the current workings. This, in addition to a continuing effort to improve grades at the main Guanajuato mines and at Topia, is expected to deliver 3.5 to 3.6 million Ag eq oz (2) in 2015.  This represents an approximate 10% increase over 2014, including a small impact from the change in ratios to determine Ag eq oz to account for the movement in metal prices over the past year. Consolidated cash costs are anticipated to be in the range of US$11.50-12.50/oz of payable silver, while All-In Sustaining Costs are projected to be US$18.50-19.85/oz of payable silver. Naturally, the Company will strive to achieve costs which are lower than guidance.

(2) Silver equivalent ounces for 2015 guidance have been calculated using a 65:1 Au:Ag ratio, and ratios of 1:0.05 and 1:0.056 for the US dollar price of silver ounces to the US dollar price for lead and zinc pounds, respectively. These ratios will be applied consistently for the reporting of silver equivalent ounce production for 2015.



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