Great Panther Silver Limited
Fastest growing primary silver producer in Mexico.
Message: Great Panther Ships 100 Tons of Silver-Gold Pyrite to New Buyer in Mexico
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Press Release Source: Great Panther Silver Limited On Thursday August 18, 2011, 1:16 pm EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire -08/18/11)- GREAT PANTHER SILVER LIMITED (TSX: GPR.TO - News)(AMEX: GPL - News) (the "Company") is pleased to announce that it has commenced the shipment of silver-gold pyrite concentrates from its Guanajuato operation to a new buyer in Mexico. The first delivery of 100 tonnes started today and is the first of many shipments which will allow the Company to reduce the backlog of concentrates at its Guanajuato mine. While second quarter revenue was lower as a result of the unsold concentrates, it is considered to be a short-term issue. The additional new sales are expected to return strong revenues in the third and fourth quarters. Great Panther also operates the Topia silver-gold-lead-zinc mine located in Durango State, which sells its silver-rich lead and zinc concentrates under a separate contract.
The Guanajuato operation currently produces over 250 tonnes per month of silver-gold bearing pyrite concentrates. Great Panther has a one-year contract to sell Guanajuato concentrates through a metal trader to an overseas smelter. However, the smelter is fully supplied with concentrates and has reduced the quantity of purchases from Guanajuato. Consequently, the Company has sought out, and found, an alternative buyer. As of today, concentrates are being trucked to an efficient Mexican plant producing Dore bars (containing mostly silver and gold), which are marketed to a refinery where fine silver and gold is produced. The plant has surplus capacity over the requirements of its own mine and, from extensive test work, has been found to be suitable for the recovery of gold and silver from Guanajuato concentrates. Terms of the new sales agreement are competitive and should allow the backlog to be reduced to normal levels by year end, resulting in higher revenues in the third and fourth quarters of 2011.
Robert F. Brown, P.Eng. Vice President of Exploration for the Company is the Qualified Person for both the Guanajuato Mine and the Topia Mine, under the meaning of NI 43-101. Aspects of both mines relating to mining and metallurgy are overseen by Charles Brown, Chief Operating Officer for Great Panther and its Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V.
ON BEHALF OF THE BOARD
Robert A. Archer, President & CEO
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