Great Panther Silver begins tailings facility transition at Topia Mine
Great Panther Silver has decided to suspend the operation of the processing facility in its Topia Mine operations in Durango for approximately three months to facilitate plant upgrades and a transition to a new tailings storage facility currently under construction. Mine operations will continue through the plant shutdown and all ore will be stockpiled and processed in 2017. The new TSF entails a change from wet deposition to dry stack. Accounting for the plant shutdown, the company expects production for 2016 to come in just over 3.9M Ag eq oz, slightly below its guidance of 4.0-4.2 million Ag eq oz. The company is reaffirming its expectation to achieve the lower end of its guidance ranges for cash cost and all-in sustaining cost of $4.00-$5.00 per payable silver ounce, and $12.00-$14.00 per payable silver ounce, respectively. Better than planned cost performance to date is expected to more than offset any impact of cost increases attributed to the temporary plant shutdown.