Great Panther Silver reports Q3 silver production down 16% to 448,840 Ag oz
Great Panther Silver announces production results for the third quarter 2018 from its two wholly-owned Mexican silver mining operations: the Guanajuato Mine Complex, which includes the San Ignacio Mine, and the Topia Mine in Durango. Q3 production highlights: Silver production decreased 16% to 448,840 Ag oz. Gold production decreased 19% to 4,737 Au oz. Lead and zinc production increased 29% and 14%, respectively. Consolidated metal production decreased 5% to 1,023,128 Ag eq oz. Ore processed decreased 1% to 92,920 tonnes. "We remain on track to meet our production guidance for 2018 with good year-to-date production performance, despite a decline in silver and gold production for Q3 compared to Q3 of last year", stated James Bannantine, President & CEO. "Given the sustained low metal price environment, we adjusted our mine plan in the third quarter to exercise the flexibility between our mines and plant to reduce mining of higher cost stopes at the Guanajuato Mine. This was a factor accounting for the relative decline in silver and gold production in the third quarter, along with lower grades and recoveries at the GMC and a particularly strong quarter of production for Q3 of 2017. We also initiated other cost reduction measures at our Mexican operations to address the low metal prices. Our focus over the coming months will be on completing the acquisition of Beadell Resources Limited, as well as continuing to progress the Bulk Sample Program at our Coricancha Mine in Peru and advance to a production decision in early 2019."