08:49 AM EST, 12/20/2017 (MT Newswires) -- GREAT PANTHER SILVER LIMITED (GPR.TO, NYSE American: GPL) -- which fell 2.5% and closer to year lows yesterday -- said Wednesday it has completed an updated Mineral Resource Estimate in accordance with National Instrument 43-101 for the company's 100% owned Coricancha Mine located approximately 90 kilometres east of Lima, Peru.Â

"This resource update confirms the potential in the Coricancha Mine area and allows the company to initiate additional engineering studies required to support a positive production decision", said James Bannantine, President & CEO. "We are all very excited about the prospects for the Coricancha Mine and look forward to taking the next step in Great Panther's growth strategy by adding a base of operations in Peru."

According to a statement, the Measured and Indicated tonnes and grades in this Mineral Resource Estimate compare well with those from the Historical Resource Estimate of 2012, "providing a high degree of confidence in the results." It said the tonnes in the Inferred category are now lower due to the different search parameters used but added it may be possible to replace these tonnages with additional drilling.

Great Panther said it is completing optimization studies and is evaluating alternative mining methods to reduce costs and project risk. The company plans to release additional technical studies for the project in the second quarter of 2018.

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