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I am the Vice President of Corporate Communications for Great Panther Silver. Great Panther Silver Limited is a profitable, primary silver mining and exploration company listed on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE MKT trading under the symbol GPL. The... More
  • Q1 Production Up 36% 0 comments
    Apr 15, 2013 12:13 PM | about stocks: GPL

    First Quarter 2013 Highlights (Compared to First Quarter 2012)

    · Ore processed was up 36% to 69,540 tonnes;

    · Metal production increased 9% to 607,501 silver equivalent ounces ("Ag eq oz") (at a 60:1 silver:gold ratio);

    · Silver production rose 3% to 369,624 silver ounces ("Ag oz"); and

    · Gold production saw a 15% increase to 3,144 gold ounces ("Au oz").

    "We are pleased that our operational results for Q1 were ahead of plan and we expect that the cost reduction and efficiency efforts we have initiated will begin to be realized in future quarters" stated Bob Archer, CEO. "Our focus for the remainder of 2013 will be on grade and cost controls at both operations, advancement of development at San Ignacio and pushing ahead with the drill program at El Horcon" added Mr. Archer.

    Guanajuato Mine Complex

    For the first quarter, the Guanajuato operation processed 52,545 tonnes, up 35% compared to the same period in 2012, at ore grades of 148g/t silver ("Ag") and 1.93g/t gold ("Au"). Metal production included 222,906 Ag oz, and 2,942 Au oz, or 399,417 Ag eq oz, which represented an increase of 1% over the same period in 2012. Plant metallurgical performance remained strong with metal recoveries of 89.2% for silver and 90.3% for gold.

     

     

    Guanajuato Q1 Operations Summary

    Q1 2013

    Q1 2012

    Change

    Ore processed (tonnes milled)

    52,545

    38,794

    35%

    Silver equivalent ounce production 1

    399,417

    396,192

    1%

    Silver ounce production

    222,906

    239,305

    (7)%

    Gold ounce production

    2,942

    2,615

    13%

        

    Ag grade (g/t)

    148

    213

    (31)%

    Au grade (g/t)

    1.93

    2.30

    (16)%

    Ag recovery (%)

    89%

    90%

    (1)%

    Au recovery (%)

    90%

    91%

    (1)%

    Total underground development (m)

    1,867

    1,940

    (4)%

    Underground diamond drilling (m)

    7,134

    6,010

    19%

    1 Silver equivalent ounces in 2013 were established using prices of US$28 per oz, US$1,680 per oz, US$0.85 per lb and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates that were produced by the two operations.

    The majority of the metal production during the quarter was from the lower levels of Cata and Santa Margarita. Silver grades were lower than anticipated across all zones but the most noticeable impact was from the lower than expected silver grades at the 525 metre level of Cata. Looking ahead, the focus at the Guanajuato operation will be on grade control as these lower grades will have a measureable impact on operating costs.

    Development towards the 510 metre level continued along the Santa Margarita main ramp. Exploration drilling was carried out in parallel to identify the orientation of the mineralized structures.

    Exploration drilling was carried out in Cata at the 525 metre level, aiming to accurately define the mineralized block through short boreholes between the 525 and 550 metre levels as the ramp is extended to depth.

    During the quarter, improvements were made to the crushing section of the Cata processing plant by optimizing the double-deck screen installed in the fourth quarter. In addition, the installation of a HP300 Cone Crusher significantly improved the crushing capacity at the plant.

    Topia Mine

    For the first quarter, 16,995 tonnes were processed at Topia, up 37% compared to the same period in 2012, at ore grades of 300g/t Ag, 0.65g/t Au, 1.81% lead ("Pb") and 2.94% zinc ("Zn").

    Metal production included 146,718 Ag oz, 202 Au oz, 631,373 Pb lbs, and 989,416 Zn lbs, or 208,084 Ag eq oz, which is up 29% over the same period in 2012.

    Plant metallurgical performance was satisfactory with metal recoveries of 89.4% for silver, 56.6% for gold, 93.2% for lead, and 89.7% for zinc.

     

     

    Topia Q1 Operations Summary

    Q1 2013

    Q1 2012

    Change

    Ore processed (tonnes milled)

    16,995

    12,404

    37%

    Silver equivalent ounce production 1

    208,084

    161,415

    29%

    Silver ounce production

    146,718

    120,221

    22%

    Gold ounce production

    202

    114

    77%

    Lead production (lbs)

    631,373

    445,334

    42%

    Zinc production (lbs)

    989,416

    687,842

    44%

        

    Ag grade (g/t)

    300

    326

    (8)%

    Au grade (g/t)

    0.65

    0.45

    44%

    Ag recovery (%)

    89%

    90%

    (2)%

    Au recovery (%)

    57%

    64%

    (11)%

    Total underground development (m)

    2,256

    2,603

    (13)%

    Underground diamond drilling (m)

    406

    668

    (39)%

    1 Silver equivalent ounces in 2013 were established using prices of US$28 per oz, US$1,680 per oz, US$0.85 per lb and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates that were produced by the two operations.

    Metal production from Topia's main mines, the 1522 mine and Durangueño, experienced increasingly narrow vein formations which resulted in higher dilution and lower silver grades for the quarter. Management is conducting a mine by mine review of the 14 Topia mines to determine where to best concentrate its mining efforts.

    San Ignacio Project

    During the first quarter the Company received the explosives permit and began the rehabilitation of the San Ignacio surface infrastructure (offices, electrical installations, etc.) to prepare for the commencement of mining development activities.

    It is expected that the Land Use permit and the Environmental Impact Assessment approvals will be received in the third quarter.

    El Horcon

    At El Horcon the baseline studies for the Ministry of Environment and Natural Resources, SEMARNAT ("Secretaría de Medio Ambiente y Recursos Naturales") has been completed and the permit to drill at El Horcon was received on April 9, 2013.

    A surface drill program is planned to commence immediately (mid-April 2013). It will consist of 30 drill holes for a total of 3,000 metres. The program is laid out along an 800 metre length of the Diamantillo vein and will test the Diamantillo vein as well as various splays and nearby parallel structures and veins.

    Themes: Silver, mining, Mexico Stocks: GPL
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