Great Panther updates mineral resource estimates of Guanajuato Mine Complex and San Ignacio Project; expanded
Mineralization at San Ignacio
Vancouver, British Columbia, May 09, 2012. Great Panther Silver Limited (TSX: GPR; AMEX: GPL; NYSE: A0Y H8Q) (the “Company”) announces the completion of updated mineral resource estimates for its wholly owned Guanajuato Mining Complex ( "Guanajuato Mine") and the 100% own San Ignacio Project ("San Ignacio") in Guanajuato, Mexico. Since the San Ignacio Project is a satellite of the Guanajuato Mine Complex (100 km by road) and any mineralization produced there is processed in the Cata facility, this resource is now considered part of the total mineral resources of the Guanajuato Mine.
- The updated Measured and Indicated Mineral Resource for the Guanajuato Mine Complex is 5.649.000 ounces of silver equivalent ("oz Ag-Eq"), replacing production from the Guanajuato Mine for the past 18 months.
- The inferred mineral resources of the Guanajuato Mine are estimated to be 2.503.000 oz Ag-eq (1).
- The Inferred Mineral Resources of San Ignacio are estimated to be 6.894.000 oz Ag-eq (1), (2).
- This estimate for San Ignacio increases 2% tonnage, 35% silver, 29% gold and the number of oz Ag Äq 51% compared to the previous estimate (53).
(1) Guanajuato and San Ignacio's Inferred Resources are still reported separately because their parameters were estimated differently.
(2) In contrast to the previous resource estimate for San Ignacio, three vein zones were disregarded due to insufficient continuity of contents in the current resource. After further drilling, they could possibly be included again.
At San Ignacio, two surface drills are being drilled with two drills. These holes extend the boundaries of known mineralized zones beyond the resource model. The best results in the known zones include 2,65 meters with 533 g / t silver and 7,59 g / t gold and 1,15 meters with 249 g / t silver and 2,99 g / t gold.
In addition, at San Ignacio new, but so far still irregular, high-grade silver-gold veins were discovered. These zones returned sections of 794 g / t silver and 3,70g / t gold over 2,22 meters, 422 g / t silver and 10,50 g / t gold over 0,60 meters, and 131 g / t silver and 19,20 g / t gold over 0,50 meters , None of these sections is included in the above resource for San Ignacio.
Guanajuato Mine Complex
The Guanajuato MN mineral resource estimate for the Guanajuato Mine ranges from measured and indicated mineral resources of 2012 oz Ag-eq consisting of 5.649.000 oz Ag-eq in the category of measured resources and 3.530.000 oz Ag-eq in the indicated resource category (see tables below) ). Inferred mineral resources are estimated to be 2.119.000 oz Ag-eq. These resources are located in the Cata Clavo, Los Pozos, Santa Margarita and Guanajuatito zones. The Guanajuatito Zone has been significantly expanded with its first resource estimate from the area of current depletion at the 2.503.000 and 120 levels to the 160 level, and is open to depth and along the course. This indicates that additional mineralization is likely to be found and resources can be expanded through systematic and targeted drilling.
Degradation in the four zones Cata, Los Pozos, Santa Margarita and Guanajuatito currently supplies most of the metal production at Guanajuato. Subterranean drilling continues with five rigs to delineate new resources in the upper and lower extensions of Los Pozos, in the south-east extension of Santa Margarita, and in the cross-and-depth extensions at Guanajuatito. In addition, Valenciana (Veta Madre) and Rayas (Veta Madre) provide depth exploration.
The deadline for the updated Guanajuato Mine resource estimate is 31. January 2012. Block model graphics, maps, sections, and previous press releases are available on the Company's website at www.greatpanther.com. Estimates have been graded according to the CIM Definition Standards on Mineral Resources and Mineral Reserves and are therefore compliant with NI 43-101 requirements.
Guanajuato Mine Complex: Mineral resource estimates and included silver equivalent, gold and silver
Notes:
1. The measured and indicated mineral resources were estimated using a cut-off content of 50 g / t Ag-Eq.
2. The inferred resource cut-off levels for Cata, Pozos, SM, and GTTO are 145, 115, 150, and 180 g / t Ag-Äq.
3. The gold-silver ratio was set to 60,8: 1 for the block models.
4. The calculations assumed prices of 1.150 USD per ounce of gold and 17,67 USD per ounce of silver.
5. The estimates used a true width of at least 1,5 m.
6. The dry density is 2,65 t / m3.
7. The total may differ due to rounding.
8. The measured and indicated mineral resources contain the mineral reserves.
San Ignacio Project
This updated (version 2) mineral resource estimate for San Ignacio replaces the initial estimate (see 11 Company Press Release October 2011). The new Inferred Mineral Resource is estimated to be 6.894.000 oz Ag-eq in 826.000 tonnes averaging 121 g / t silver and 2,28 g / t gold (using a cut-off grade of 125g / t Ag-eq). The 2 version is for filling and extends the course length of the mineralized zones to 650 meters. This estimate increases the tonnage by 35% and the number of ounces of Ag-eq by 53% compared to the previous estimate.
The key date of the mineral resource estimate is the 31. March 2012, the data were taken up to the well ESI12 -073. The estimate was calculated in accordance with CIM Definition Standards on Mineral Resources and Mineral Reserves as a Inferred Resource
and meets the requirements of NI43-101. The mineral resource estimate was prepared on behalf of the Company by Michael Waldegger, P.Geo., Senior Resource Geologist at MFW Geoscience Inc., a stand-alone, independent company.
Block model graphics, maps, sections, and previous press releases are available on the Company's website at www.greatpanther.com.
San Ignacio Project: Mineral resource estimates and included silver equivalent, gold and silver
Notes:
1. The company supplied wireframe models with a horizontal width of at least 1,0 meters.
2. The inferred resource cut-off grade is 125 g / t Ag-eq.
3. Specific gravity of 2,63 based on the 250 drill core samples taken on grid frames.
4. The total may differ due to rounding.
5. Tonnages and contents are given in metric units.
6. Contained silver and gold are given in troy ounces.
7. Silver equivalent is based on a gold-silver ratio of 60,8: 1.
Drilling at the San Ignacio Project:
Surface drilling is being continued with two rigs: one in operation along the main structures, expanding the explored area around 600 meters to the south of the mineral resource area and a second one expanding the area around 600 meters along the structures north of the old San Jose de García shaft on the southern edge of the San Ignacio project. Holes ESI12-075 through 082 were completed between 50 and 150 meters south of the mineral resource listed above and are listed below. It is an area where 19. Century was operated in a shallow area mining along the intermediate vein. However, the company's drilling suggests a continuity of the vein at collapse.
The Melladito, Intermediate, Nombre de Dios and Nombre de Dios 2 veins were cut, as well as irregular high-grade silver-gold veins between the Intermediate and Nombre de Dios vein structures, which are currently still considered "undefined". These undefined zones returned intercepts such as 794 g / t silver and 3,70 g / t gold over 2,22 meters in drill hole ESI12-079, 422 g / t silver and 10,50 g / t gold over 0,60 meters Hole ESI12-075 and 131 g / t silver and 19,20 g / t gold over 0,50 meters in hole ESI12-078.
One of the best sections of the intermediate vein was provided by ESI12-079, which cut 2,65 meters with 533 g / t silver and 7,59 g / t gold. ESI12-080 cut in the Nombre de Dios vein 1,15 Meter with 249 g / t silver and 2,99 g / t gold.
San Ignacio project: results of surface drilling
Both the core samples and the ground chip samples were independently analyzed by SGS at the Guanajuato mine site laboratory. The mining and metallurgy issues are overseen by Charles Brown, Chief Operating Officer of Great Panther and its Mexican subsidiary, Minera Mexicana El Rosario, SA de CV. Robert F. Brown, P. Eng. and Vice President of Exploration for the Company is the NI 43-101 Qualified Person for the Guanajuato Mine and the San Ignacio Project and has reviewed the results. The company's quality assurance and control program includes the regular use of empty cores, duplicates and standards in sample deliveries.
About Great Panther
Great Panther Silver Limited is a profitable primary silver production and exploration company listed on the Toronto Stock Exchange under the symbol GPR and on the NYSE Amex under the symbol GPL. The company focuses
His current activities include the mining of precious metals in the two 100 own mines in Mexico.
The company also owns a development project - San Ignacio - located approximately 20 kilometers by road from the Guanajuato processing facility, and an exploration project - Santa Rosa - located approximately 15 km northeast of Guanajuato. The company is also pursuing acquisition opportunities in Latin America to add more mines to the project portfolio. The goal of Great Panthers is to become a leading primary silver producer through the acquisition, development and profitable mining of precious metals.
For more information, please visit the company's website at www.greatpanther.com or email ppgad@pucrs.br.
This release contains forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (collectively, "forward-looking statements"). Such forward-looking statements may include, but are not limited to, the production plans at the Guanajuato and Topia mines in Mexico, the plans for exploration for the other properties in Mexico, the total economic potential of the properties, and access to adequate financing. In addition, they may involve known and unknown risks, uncertainties and other factors that could cause actual results, performance and achievements to differ materially from those announced or implied in such forward-looking statements. Such factors include, but are not limited to, risks and uncertainties related to possible political risks in the Company's operations in foreign jurisdictions, uncertainties in estimates of production and costs and possible unexpected costs and expenses, physical risks in mining, currency fluctuations, fluctuations in prices for Silver, gold and base metals,
the completion of economic valuations, changes in project parameters in the optimization of plans, inaccessibility or failure to timely completion of adequate financing, and other risks and uncertainties, including those in 20's Annual Report (Form 31-F). December 2011 and the reports filed with the Securities and Exchange Commission on www.sec.gov (Form 6-K) and reports filed with the Canadian Securities Administrators and available at www.sedar.com
Changes.
The content of the press release is the sole responsibility of the company. It has not been audited by the TSX Venture Exchange or any third party. The German version may be shortened or summarized. No responsibility or liability is accepted for the content, accuracy, adequacy or accuracy of this translation. From the perspective of the translator, the message does not constitute a purchase or sale recommendation! Please see the original English report on www.sedar.com or www.sec.gov or on the company website!
For more information, please contact:
Great Panther Silver Limited
Robert Archer
President & CEO
Tel .: (604) 608 1766
Great Panther Silver Limited
Rhonda Bennetto
Vice President Corporate Communications
Tel .: (604) 608 1766
ppgad@pucrs.br
www.greatpanther.com
German investors:
Metals & Mining Consult Ltd.
Tel: 03641 / 597471
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