Great Panther Silver Ltd. Announces First Quarter Financial Results 2012
May 15.05.2012, 0 Vancouver, British Columbia - Great Panther Silver Limited (TSX: GPR; NYSE: GPL; NYSE: GPL; NYSE: GPL) (the “Company”) today announced financial results for the company's first quarter ended March 8, 31, known. The full edition of the financial reports and management discussion and analysis are available on the company's website at www.greatpanther.com or on SEDAR at www.sedar.com. All financial information has been prepared in accordance with IFRS and all dollar information is in Canadian dollars unless otherwise stated.
"First quarter sales were in line with our expectations, given lower production and metal prices compared to Q1 last year," said Robert Archer, President and CEO. “It was a time problem for us with regard to shipping the concentrates to a new smelter, so that sales will be booked in the 2nd quarter of this year. We have signed contracts with a new customer for the sale of our concentrates for our production planned for 2012. "
Financial Summary of the 1. Quarterly 2012
Operational highlights of the 1. Quarterly 2012
- Gold production reached a record 2.729 oz, 20% more than in 4. Quarter 2011 and 18% above the 1. Quarter 2011
- Metal production increased by 2% to 557.667 oz silver equivalent ("oz Ag-Eq") compared to the 4th quarter of 2011, but decreased by 8% compared to the 1st quarter of 2011.
- Silver production increased by 1% on 359.526 oz compared to 4. Quarter 2011, but fell by 12% compared to the 1. Quarter 2011.
- The lead and zinc production was 202 and 312 tons respectively. It faces 212 tons of lead and 327 tons of zinc in the 4. 2011 and 241 tons of 345 tons of 1 2011. Quarterly XNUMX.
outlook
The company is sticking to its target for metal production of 2,50-2,75 million oz Ag-eq for fiscal year 2012, compared to a metal production of 2,2 million oz Ag-eq in fiscal year 2011.
The production of the 1. 557.667 oz Ag-Äq quarter saw only modest growth over the 4.Quartal 2011, but production is expected to continue to grow throughout the remainder of the year. There are a number of positive developments that support this estimate:
At Guanajuato:
- The 213 g / t Ag and 2,30 g / t Au ore grades in the first quarter of 2012 represent an increase of 21% compared to the average in 2011. The mining of the high-grade deep-Cata and gold-rich Santa Margarita orebodies has already demonstrated the potential for a further increase. In the year 2012 further production extensions are intended in these areas.
- Plant metallurgy has already reached a record metal yield and further improvements are expected from the additional plant for re-grinding at the Cata plant.
- The plant capacity is more than sufficient for any increase in throughput.
At Topia:
- The main reason for the lower production at Topia was a 20% decline in ore grades measured in silver equivalent during the first quarter 2012 compared to the first quarter 2011. Although the levels fell in the quarter, in March the levels increased to a level well above the average in the year 2011. New veining also continues to contribute to higher levels during the year 2012.
- The plant has been modified and productivity improved, including through additional flotation cells to allow better metallurgical performance.
- The extreme drought in central Mexico, which led to a shortage of water, resulted in a limitation of 160 tonnes per day capacity in the last month of the quarter, down nearly 30%. Third-party order processing has been temporarily reduced and excess ore stored to be processed later in the year when the rainy season has begun. Currently, no capacity reduction is expected during the remainder of the year.
Production planning and planning of cash costs per ounce 2012
Conference call to discuss first quarter financial results 2012
The company will be at 15. May 2012 to 7: 00 Pacific Time Watch / 10: 00 Eastern time to hold a conference call to discuss financial results. We chair the conference call from Mr. Robert Archer, President and Chief Executive Officer, and Mr. Martin Carsky, Executive Vice President and Chief Financial Officer.
Interested shareholders, analysts, investors and media representatives are invited to attend the live conference by dialing in immediately before the start.
Dial-in number (toll-free): 1-877-407-9205
Dial-in number (international): + 1-201-689-8054
There is no access code necessary
A recording of the conference call is from the 15. May 2012, 10: 00 Pacific Time Clock / 13: 00 Eastern Time until 31. May 2012 be available when dialing the numbers above. In addition, the award will be archived on the company's website.
Playback number (toll-free): 1-877-660-6853
Playback number (international): + 1-201-612-7415
Access codes (both are required for playback):
Account number: 286
Conference number: 377042
INTERNATIONAL FINANCIAL REPORT STANDARDS
The financial results discussed in this news release have been prepared in accordance with IFRS standards for the preparation of financial results as required by all public companies in Canada for 2011. The reader is cautioned that some comparative figures in this news release and in the company's financial statements and Management Discussion and Analysis (“MD&A”) have been restated to comply with IFRS. Please refer to the consolidated interim financial results and the MD&A for the year ended December 31, 2011 for a detailed description of the accounting rules under IFRS and the disclosure and reconciliation of the effects of IFRS on the results reported earlier.
NON-IFRS KEY FIGURES
Discussion of financial results in this news release includes references to Adjusted EBITDA and Cash Cost per Ounce, which are not IFRS measures. The company provides these metrics as additional information on the company's financial results and performance. Please read the company's MD&A for the 3 months ended March 31, 2012 for a definition and comparison of these metrics with previously reported IFRS results.
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 under the symbol GPL. The company is currently concentrating its activities on the mining of precious metals in the two 100% owned 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.
A hard copy of the full financial results can be obtained free of charge upon request to all shareholders. If you would like to receive hard copy of Great Panther Silver's financial results or the Annual Report on Form 20-F, please call or email us toll free at 1-888-355-1766 or 604-608-1766 ppgad@pucrs.br
For more information, please visit the company's website at www.greatpanther.com or email ppgad@pucrs.br.
For more information, please contact:
Great Panther Silver Limited
Rhonda Bennetto
Vice President Corporate Communications
Tel .: (604) 608 1766
ppgad@pucrs.br
Martin Carsky
Executive Vice President & CFO
Tel .: (604) 608 1766
www.greatpanther.com
German investors:
Metals & Mining Consult Ltd.
Tel: 03641 / 597471
Appendix
GREAT PANTHER SILVER LIMITED
CONSOLIDATED INTERIMS IDENTIFICATION OF THE FINANCIAL POSITION
(in thousand Canadian dollars)
Table see original message: http://www.greatpanther.com/English/News/News-Details/2012/Great-Panther-Silver-Reports-First-Quarter-2012-Financial-Results1129472/default.aspx
GREAT PANTHER SILVER LIMITED
CONSOLIDATED INTERIMS IDENTIFICATION OF THE WINNING
(in thousands of Canadian dollars, except per share)
Table see original message: http://www.greatpanther.com/English/News/News-Details/2012/Great-Panther-Silver-Reports-First-Quarter-2012-Financial-Results1129472/default.aspx
GREAT PANTHER SILVER LIMITED
CONSOLIDATED INTERIMS IDENTIFICATION OF THE CASH FLOW
(in thousand Canadian dollars)
Table see original message: http://www.greatpanther.com/English/News/News-Details/2012/Great-Panther-Silver-Reports-First-Quarter-2012-Financial-Results1129472/default.aspx
The original English message can be found at:
http://www.irw-press.at/press_html.aspx?messageID=25096
This press release contains forward-looking statements within the meaning of the 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 to explore 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 optimizing the plans, the inaccessibility or failure to complete adequate financing on time, and other risks and uncertainties, including those in the Annual Report (Form 20-F) of the Company for the year ended December 31, 2011 and in its reports (Form 6-K) filed with the Securities and Exchange Commission and available at www.sec.gov and filed with the Canadian Securities Administrators and at www.sedar.com available reports significant 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!
