2015
Great Panther Silver Reports Third Quarter 2015 Production Results
October 14, 2015
Third Quarter 2015 Production Highlights
- Continued strong production growth: Production growth of 21% compared to the third quarter of 2014 with 1,080,296 silver equivalent ounces ("Ag eq oz") produced;
- Record gold production: Gold production of 6,079 ounces - a quarterly record;
- On track to exceed 2015 production guidance: Metal production to date in 2015 totals more than 3.1 million Ag eq oz and production for the year is expected to exceed the annual guidance which was increased last quarter to 3.8 to 3.9 million Ag eq oz;
- Higher grades imply continued strong performance on cash cost and all-in sustaining cost. Third quarter financial results will be released on
November 4, 2015 .
"Great Panther's third quarter continued this year's trend of delivering strong operational performance at the
Consolidated Q3 Operations Summary |
Q3 2015 |
Q3 2014 |
Change |
Q3 2015 |
Q2 2015 |
Change |
Ore processed (tonnes milled) |
93,730 |
89,030 |
5% |
93,730 |
87,476 |
7% |
Silver equivalent ounce production1, 2 |
1,080,296 |
890,641 |
21% |
1,080,296 |
1,088,355 |
-1% |
Silver ounce production |
586,918 |
565,965 |
4% |
586,918 |
648,810 |
-10% |
Gold ounce production |
6,079 |
4,200 |
45% |
6,079 |
5,322 |
14% |
Lead production (tonnes) |
341 |
259 |
31% |
341 |
300 |
13% |
Zinc production (tonnes) |
493 |
443 |
11% |
493 |
491 |
0% |
(1) |
Silver equivalent ounces for 2015 are calculated using a 65:1 Ag:Au ratio, and ratios of 1:0.050 and 1:0.056 for the price/ounce of silver to lead and zinc price/pound. |
(2) |
Silver equivalent ounces for 2014 were calculated at consistent prices of US$18.50 per oz, US$1,110 per oz (60:1 ratio), US$0.90 per lb and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates produced. |
Total metal production during Q3 2015 at the GMC was 797,119 Ag eq oz, representing an increase of 25% compared to the third quarter of 2014. The strong increase in production reflects continued growth at
GMC Q3 Operations Summary |
Q3 2015 |
Q3 2014 |
Change |
Q3 2015 |
Q2 2015 |
Change |
Ore processed (tonnes milled) |
77,136 |
72,047 |
7% |
77,136 |
71,131 |
8% |
Silver equivalent ounce production 1, 2 |
797,119 |
636,556 |
25% |
797,119 |
818,841 |
-3% |
Silver ounce production |
413,085 |
391,979 |
5% |
413,085 |
482,551 |
-14% |
Gold ounce production |
5,908 |
4,076 |
45% |
5,908 |
5,174 |
14% |
Ag grade (g/t) |
188 |
186 |
1% |
188 |
233 |
-19% |
Au grade (g/t) |
2.64 |
1.92 |
37% |
2.64 |
2.49 |
6% |
Ag recovery (%) |
88.5% |
90.9% |
-3% |
88.5% |
90.5% |
-2% |
Au recovery (%) |
90.2% |
91.6% |
-1% |
90.2% |
91.0% |
-1% |
(1) |
Silver equivalent ounces for 2015 are calculated using a 65:1 Ag:Au ratio. |
(2) |
Silver equivalent ounces for 2014 were calculated at consistent prices of US$18.50 per oz of silver and US$1,110 per oz of gold (60:1 ratio) and applied to the recovered metal content of the concentrates produced. |
At the end of the third quarter, production from
Underground exploration drilling at the GMC increased 6% in Q3 2015 over the prior quarter, with emphasis on resource expansion at
Topia achieved a record 283,177 silver equivalent ounces in metal production, reflecting an increase of 11% compared to the third quarter of 2014. This was achieved due to higher grades encountered at various Topia mines, higher recoveries, and higher grades of purchased ore.
Topia Q3 Operations Summary |
Q3 2015 |
Q3 2014 |
Change |
Q3 2015 |
Q2 2015 |
Change |
Ore processed (tonnes milled) |
16,594 |
16,983 |
-2% |
16,594 |
16,345 |
2% |
Silver equivalent ounce production 1, 2 |
283,177 |
254,085 |
11% |
283,177 |
269,514 |
5% |
Silver ounce production |
173,834 |
173,986 |
0% |
173,834 |
166,258 |
5% |
Gold ounce production |
170 |
124 |
37% |
170 |
149 |
15% |
Lead production (tonnes) |
341 |
259 |
31% |
341 |
300 |
13% |
Zinc production (tonnes) |
493 |
443 |
11% |
493 |
491 |
0% |
Ag grade (g/t) |
359 |
352 |
2% |
359 |
350 |
3% |
Au grade (g/t) |
0.54 |
0.41 |
30% |
0.54 |
0.48 |
12% |
Ag recovery (%) |
90.8% |
90.5% |
0% |
90.8% |
90.5% |
0% |
Au recovery (%) |
59.6% |
55.3% |
8% |
59.6% |
59.2% |
1% |
(1) |
Silver equivalent ounces for 2015 are calculated using a 65:1 Ag:Au ratio, and ratios of 1:0.050 and 1:0.056 for the price/ounce of silver to lead and zinc price/pound. |
(2) |
Silver equivalent ounces for 2014 were calculated at consistent prices of US$18.50 per oz, US$1,110 per oz (60:1 ratio), US$0.90 per lb and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates produced. |
Outlook
As noted, the Company expects to exceed its production guidance of 3.8 to 3.9 million Ag eq oz, which was already increased last quarter, and to achieve a greater than 20% growth rate in annual production for 2015. As seen in the third quarter, production from
In addition, mine site exploration will continue with a 2,200 metre surface drill program at
Release of Third Quarter 2015 Financial Results and Conference Call
The third quarter, 2015 financial results will be released after market on
Shareholders, analysts, investors and media are invited to join the live webcast and conference call by logging in or calling in five minutes prior to the start time.
Live webcast and registration: |
|
U.S. & Canada Toll-Free: |
1 855 477 2487 |
International Toll: |
+1 919 825 3215 |
Conference ID : |
50865304 |
ABOUT GREAT PANTHER
President & CEO
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
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
SOURCE
Director Investor Relations
Toll free: 1 888 355 1766
Tel: 1 604 638 8955
Email: scacos@greatpanther.com
www.greatpanther.com