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VANCOUVER, Jan. 13, 2020 (Canada NewsWire via COMTEX) — NYSE American: GPL | TSX: GPR
GREAT PANTHER MINING LIMITED GPL, 8.39% (GPR) (“Great Panther”, the “Company”) announces its fourth division (“Q4”) and anniversary 2019 assembly after-effects from its Tucano Gold Abundance (“Tucano”) in Brazil, and two Mexican mining operations: the Topia Abundance (“Topia”) and the Guanajuato Abundance Complex (“GMC”), which includes the San Ignacio Mine. All bill amounts are in USD unless contrarily indicated.
Fourth Division and Abounding Year 2019 Highlights
“We concluded 2019 on a stronger agenda at Tucano, beyond the aerial end of our best contempo advice ambit for the fourth quarter,” declared Jeffrey Mason, Interim President & CEO. “Reflecting on 2019 as a whole, the accretion of Tucano has adapted Great Panther, about tripling our gold agnate production. As we activate 2020, we attending avant-garde to addition year of assembly advance while continuing to assassinate on key operational initiatives in Brazil and Mexico, including broadcast assay programs. Calm with our contempo key administration additions and $21 actor in non-equity funding, we are able-bodied positioned to assassinate on our 2020 plans.”
It is acclaimed that operational after-effects are basic and accountable to final adjustment. Final operational and amount after-effects for 2019 and operational and amount advice for 2020, will be appear with the Company’s cyberbanking after-effects for the fourth division and the abounding year 2019.
Consolidated Operational After-effects
Great Panther’s 2019 gold agnate assembly of 146,853 ounces is aloft the balance of its best contempo anniversary circumscribed assembly advice of 142,000 – 149,000 ounces. Q4 2019 assembly for Tucano exceeds the Company’s best contempo Q4 advice for the mine.
Tucano Gold Abundance
Tucano produced 34,181 gold ounces in Q4 2019 beyond the top end of the best contempo Q4 2019 advice of 31,000-33,000 gold ounces.
Tucano accomplished key improvements in abundance productivities, ore grade, and metallurgical recoveries over 2018, absorption bulb improvements and upgrades completed afterward the accretion by Great Panther.
Gold assembly in 2019 remained almost constant at about 124,000 gold ounces, as compared to 2018, admitting lower than planned assembly in Q4 2019 as a aftereffect of removing the Urucum Central South accessible pit (“UCS”) from assembly (see added altercation in Accumulated Amend and Outlook section).
Mexico Abundance Operations
The Company’s Mexican operations accumulated to aftermath 41,292 gold agnate ounces in 2019 or about 3.3 actor argent agnate ounces.
Topia accomplished a new almanac for anniversary assembly at about 1.8 actor argent agnate ounces during 2019 as a aftereffect of an access in comminute capacity, brand and advancing development of assorted mines in the Topia area. The Aggregation additionally performed assay conduct to bigger ascertain absolute mineral resources, and to extend the mineral assets into new areas, forth anon mined veins and forth new veins.
Guanajuato Abundance Complex (“GMC”)
In Q4 2019 assembly for GMC was sourced from both the San Ignacio Abundance and bound areas of the Guanajuato Abundance for which mining had been abeyant for the antecedent three abode to acquiesce for a focussed assay program. This explains the lower year-over-year assembly levels, as planned by the Company. The assay affairs at the Guanajuato Abundance avant-garde with three assignment rigs in operation with the cold of analogue in-situ blocks of higher-grade mineralization and added comminute augment from the Guanajuato Abundance in 2020. The Aggregation expects to absolution an adapted NI 43-101 Mineral Adeptness appraisal afore the end of March 2020 for the San Ignacio and Guanajuato mines. The Topia Mineral Adeptness amend is targeted to be completed in July 2020.
Corporate Amend and Outlook
Tucano Gold Abundance – Urucum Central South Pit (“UCS”)
As acclaimed in October 2019 Aggregation columnist releases, a geotechnical affair in the west bank of UCS was apparent on October 6, 2019. As a aftereffect of this issue, UCS was removed from the fourth division 2019 assembly plan to defended and adviser the pit. Great Panther has agitated out a structural assay and articular a aggregate of structures that are somewhat altered to UCS in the area of the failure. This aggregate of structures was not observed, nor axiomatic abroad in added Urucum pits or Tap pits. Prior to the restart of conduct and advertisement operations at UCS in mid-2020, a added all-encompassing geotechnical assay is planned that includes amount conduct and structural mapping to analyze the analytical anatomy in the UCS pit so that adapted accomplish can be taken. To partly atone for the accident of UCS assembly in the fourth division of 2019, assembly from the Urucum North and Urucum South pits was accelerated.
As ahead appear in the October 30, 2019 columnist release, the Aggregation has affianced consultants to admonish on accepted measures appropriate to accompany UCS cautiously aback into production. Unloading and pre-stripping of free-diggable bootless absolute from the top of the accessible pit has currently commenced beneath austere geotechnical controls. Pre-stripping that requires conduct and advertisement is appointed to arise in mid-2020 afterward the backing season, while ore mining is targeted for 2021, as originally planned.
Mineral Adeptness and Mineral Reserve Updates
The Aggregation has affianced Roscoe Postle & Associates Inc. (“RPA”) as its absolute mining and geological consultants in affiliation with the alertness of an adapted Mineral Adeptness and Mineral Reserve appraisal for Tucano with an able date of September 30, 2019. The achievement and advertisement of the adapted Mineral Adeptness and Mineral Reserve (“MRMR”) appraisal is accepted afore the end of March 2020 for Tucano, as are updates for the Guanajuato and San Ignacio mines. An amend of the MRMR for Topia is planned for July 2020.
Expanded assay action at Tucano and GMC is a cardinal antecedence for the Aggregation in 2020. At Tucano, Great Panther has planned about 55,000 metres of conduct as an antecedent affairs to be completed during the year, with an accent on the aboriginal bisected of the year. Best of this conduct will be focussed on targets abutting to mining areas in the absolute north-south trending abundance corridor, advised to ascertain assets and affluence that can be added to the absolute abundance plan. About 3,500 conduct metres are currently appointed to ambition extensions from the accessible pit assets to abeyant underground deposits.
The bounded assay affairs at Tucano is focussed on three of the best -to-be bounded targets in Tucano’s all-embracing acreage package.
Ongoing advance and after-effects of the Tucano assay will be evaluated at mid-year, with the abeyant to added aggrandize and clarify assay activities in the added bisected of 2020.
At GMC, the 2020 conduct affairs calls for 8,500 metres at the San Ignacio abundance and about 14,400 metres at the Guanajuato mine. The 2019 conduct affairs has already delivered allotment in agreement of adeptness blocks that are actuality engineered into the abbreviate appellation abundance plan. The 2020 GMC affairs is analogously focussed on abacus assets that can augment the absolute abreast and average appellation abundance plan, and added access the achievement from the Guanajuato abundance to accompaniment San Ignacio planned ore augment for 2020.
In July 2019 Great Panther appear achievement of a Aggregate Sample Affairs wherein the Aggregation had formed 5,100 tonnes of anew mined ore from the Constancia and Escondida veins, acknowledging key operating assumptions, including productivities, grades, and comminute operation independent in its Basic Economic Assessment (“PEA”) appear in May 2018. In October 2019, an ore processing attack commenced to comminute about 28,000 tonnes of added old ore stockpiles that were bent to be economically viable. This milling attack to accomplish incremental net acquirement is accepted to be completed in the aboriginal division of 2020, afterwards which time, the abundance will acknowledgment to affliction and aliment while the Aggregation conducts added engineering and operational planning to added optimize and de-risk the project.
On October 30, 2019, Board Chair, Jeffrey Mason, affected the added role of Interim President & CEO. Mr. Mason was actively complex in administering the Company’s operations back his arrangement as Board Chair in July 2019. Mr. Mason aboriginal abutting Great Panther’s Board in May 2014 and has played an alive role on assorted committees developing the cardinal administration of the Aggregation forth with acceptable in financings. A academic CEO chase action has commenced.
On October 31, 2019, Neil Hepworth, a Chartered Engineer, UK, was appointed as Chief Operating Officer. Neil is a Mining Engineer with over 30 years of acquaintance in underground mining operations and abstruse and operational acquaintance in accessible pit mines. He has able abstruse adeptness of cartography and geotechnics. Mr. Hepworth has operational acquaintance throughout Latin America, Africa and Europe, with all-encompassing acquaintance in Brazil and Mexico. He holds an M.Sc. Engineering (Mining) and a B.Sc. Honours (Geology) from the University of Witwatersrand, South Africa, and speaks Portuguese and some Spanish.
On November 4, 2019, Alan Hitchborn was appointed as Vice President, Exploration. He is a Able Geologist with over 40 years of all-around mineral assay and abundance operations experience, including 18 years with above mining companies and 20 years in chief administration positions. He has auspiciously accumulated and led assay teams and campaigns in the development and amplification of mineral assets throughout the Americas, including Mexico and Brazil. Mr. Hitchborn holds a Bachelor of Science in Cartography from the University of Nevada-Reno and is a Registered Able Geologist with Engineers and Geoscientists British Columbia. He additionally has a able alive adeptness of Spanish.
On September 9, 2019, David Wiens was appointed as Vice President, Accumulated Accounts & Treasury. He is a able cyberbanking able with over 16 years of acquaintance in accelerating advance cyberbanking and accumulated roles in Canada and the United Kingdom, focussing on the metals and mining sector. He has a abyss of administration and acquaintance in accumulated finance, treasury, business development, cyberbanking planning and analysis, broker relations, and marketing. Mr. Wiens holds a Bachelor of Commerce from the University of British Columbia and is a CFA charterholder.
On November 4, 2019, Lucie Gagnon was appointed as Vice President, Bodies & Culture. She abutting Great Panther in April 2019 as Director of Animal Assets and brings over 15 years of animal assets acquaintance focused in the accounts and mining industry. Ms. Gagnon is amenable for the Company’s bodies action and accouterment administration in the areas of authoritative design, aptitude accretion and management, acquirements and development, and workforce planning. Ms. Gagnon holds a Bachelor of Arts (Honours) in Psychology from York University in Toronto.
The abstruse advice independent in this account absolution has been advised and accustomed by Neil Hepworth, Chief Operating Officer, a Qualified Person for the purposes of National Instrument 43-101.
ABOUT GREAT PANTHER
Great Panther Mining Bound is an average gold and argent mining and assay aggregation listed on the Toronto Stock Barter trading beneath the attribute GPR, and on the NYSE American beneath the attribute GPL. Great Panther operates three mines including the Tucano Gold Abundance in Amapá State, Brazil, and two primary argent mines in Mexico: the Guanajuato Abundance Complex and the Topia Mine. Great Panther additionally owns the Coricancha Abundance Complex in Peru and has accomplished a acknowledged 2019 aggregate sample mining affairs in accordance with the May 2018 PEA.
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
This account absolution contains advanced statements aural the acceptation of the United States Private Balance Litigation Reform Act of 1995 and advanced advice aural the acceptation of Canadian balance laws (together, “forward-looking statements”). Such advanced statements may include, but are not bound to, statements apropos the Company’s assembly advice and adeptness to accommodated its assembly guidance, expectations of banknote amount and AISC, the assay abeyant of Tucano, Topia, and GMC, the timing for an adapted adeptness appraisal for Tucano, Topia, and GMC, and the timing or adeptness to restart operations for the Coricancha Mine.
These advanced statements absorb accepted and alien risks, uncertainties and added factors that may account the absolute results, achievement or achievements bidding or adumbrated by such advanced statements to be materially different. Such factors include, amid others, risks and uncertainties apropos to abeyant political and amusing risks involving Great Panther’s operations in a adopted jurisdiction, the abeyant for abrupt costs and expenses, fluctuations in metal prices, fluctuations in bill barter rates, concrete risks inherent in mining operations, operating or abstruse difficulties in mineral exploration, changes in activity ambit as affairs abide to be refined, and added risks and uncertainties, including those declared in account of Great Panther, in its anniversary advice anatomy for the year concluded December 31, 2018 and absolute change letters filed with the Canadian Balance Administrators accessible at www.sedar.com and letters on Anatomy 40-F and Anatomy 6-K filed with the Balance and Barter Commission and accessible at www.sec.gov.
There is no affirmation that such avant-garde attractive statements will prove accurate; after-effects may alter materially from such advanced statements; and there is no affirmation that the Aggregation will be able to analyze and access added projects or that any projects acquired will be auspiciously developed. Readers are cautioned not to abode disproportionate assurance on avant-garde attractive statements. The Aggregation has no ambition to amend avant-garde attractive statements except as appropriate by law.
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SOURCE Great Panther Mining Bound
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SOURCE: Great Panther Mining Bound
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