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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 2014. The mine is currently operating at a run rate of approximately 600 tonnes per day.


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.


For 2017, the Company expects a production level of 4.0 to 4.1 million Ag eq oz (at a 70:1 ratio), and cash cost and all-in sustaining cost (“AISC”) guidance for 2017 of US$5 – 6 per payable silver ounce, and US$14 – 16 per payable silver ounce, respectively, from its operations in Mexico. Earlier in the second quarter, the Company announced that it successfully completed the commissioning phase of the refurbished processing plant at its Topia Mine in Durango. The plant, including the new handling facilities for dry stack tailings, is now operating at planned capacity.

The Company is continuing to deposit dry tailings at the existing Phase I Tailings Storage Facility ("TSF") while it works on a resolution for an outstanding permitting condition. The Mexican Environmental Authority (SEMARNAT) has denied the request for the Change in Use of Soils permit required for the Phase II TSF, until this condition is met. The Company believes that it will be able to obtain a permit for the Phase II tailings facility at Topia without interruption of operations. However, the deposition of dry tailings on the Phase I TSF cannot continue indefinitely and the Company cannot provide complete assurance that a disruption can be avoided. Discussions to date with the authorities and other stakeholders have been positive and are continuing.

There is a risk that guidance will be affected if the Company is unable to obtain a permit for the Topia Phase II TSF on a timely basis or at all. In the event there is a significant change to the Company's production guidance expectations, the Company will provide a timely update to the market.

On June 30, 2017, the Company announced that it had finalized the agreement to acquire the Coricancha gold-silver-lead-zinc-copper mine and mill complex (the "CMC") from Nyrstar N.V. ("Nyrstar"). The CMC is located in the central Andes of Peru, approximately 90 kilometres by paved highway east of the city of Lima. Under the terms of the agreement signed in December 2016, the acquisition is structured as a share purchase, whereby the Company's wholly owned Peruvian subsidiary will acquire all of the shares of Nyrstar Coricancha S.A. from subsidiaries of Nyrstar. Initial activities for CMC will include evaluations of current mine and processing infrastructure, underground drilling, and initiation of a Preliminary Feasibility Assessment. Depending on the outcome of the latter, development in support of operations is expected to commence in 2018. A resource update is also scheduled for the third quarter 2017.

The technical information contained in this news release has been reviewed and approved by Robert F. Brown, P. Eng., who is the Qualified Person (QP) for the Guanajuato Mine Complex and the Topia Mine under the meaning of NI 43-101. Aspects relating to mining and metallurgy are overseen by Ali Soltani, Chief Operating Officer for Great Panther Silver.



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