TSX: GPR
NYSE MKT: GPL
VANCOUVER, June 14, 2017
/CNW/ - GREAT PANTHER SILVER LIMITED (TSX: GPR) (NYSE MKT: GPL)
("Great Panther"; or the "Company") reports an update on the
previously announced agreement to acquire the Coricancha
gold-silver-lead-zinc-copper mine and mill complex (the "CMC") from
Nyrstar N.V. ("Nyrstar"). The CMC is located in the central
Andes of Peru, approximately 90
kilometres by paved highway east of the city of Lima. Under
the terms of the agreement signed in December 2016, the acquisition is structured as a
share purchase, whereby the Company's wholly owned Peruvian
subsidiary will acquire all of the shares of Nyrstar Coricancha
S.A. from subsidiaries of Nyrstar.
Recently, the Company and Nyrstar executed an Amended Share
Purchase Agreement to reflect the reorganization of Nyrstar's
investments in Peru to facilitate
its planned divestitures. The amendments to the Share
Purchase Agreement do not materially impact the terms of the
transactions announced in December 2016. The transaction is
still subject to several customary closing conditions which the
Company and Nyrstar are aiming to complete before the end of
June 2017, or shortly
thereafter. Certain of these conditions depend on responses
from third parties or authorities and therefore timing is subject
to some uncertainty.
Once the transaction is completed, the Company's plans include
further evaluations of the current mine and processing
infrastructure, approximately 7,800 metres of underground drilling,
environmental studies, and initiation of a preliminary feasibility
study (PFS). Depending upon the outcome of the PFS,
development in support of operations could commence in 2018.
A resource update is underway and is expected to be completed in
the third quarter of 2017.
In addition to finalizing the acquisition of the CMC in
Peru, the Company continues to
seek and evaluate additional acquisition opportunities to meet the
Company's growth objectives.
ABOUT GREAT PANTHER
Great Panther Silver Limited is a primary silver mining and
exploration company listed on the Toronto Stock Exchange trading
under the symbol GPR, and on the NYSE MKT trading under the symbol
GPL. Great Panther's current activities are focused on the
mining of precious metals from its two wholly-owned operating mines
in Mexico: the Guanajuato Mine
Complex, which includes the San Ignacio Mine; and the Topia Mine in
Durango. In addition, the Company has signed an agreement to
acquire a 100% interest in the Coricancha Mine Complex in the
central Andes of Peru and is
pursuing additional mining opportunities in the Americas.
Robert Archer
President & CEO
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and forward-looking information within the meaning of
Canadian securities laws (together, "forward-looking
statements"). Forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements expressed or implied by
such forward-looking statements to be materially different.
Such forward-looking statements include, but are not limited to
statements regarding: the timing and ability of the Company to
complete the acquisition of the CMC, environmental and economic
evaluations, including the initiation of a preliminary feasibility
study, the timing of completion of a resource update, commencement
of drill programs, and the timing of reactivating the CMC.
These involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements expressed or implied by such forward-looking
statements to be materially different. Such factors involve,
risks and uncertainties relating to potential political risks
involving the Company's operations in a foreign jurisdiction,
technical and operational difficulties that may be encountered with
reactivation of the CMC, changes in project parameters, permitting
risks, physical risks inherent in mining operations, currency
fluctuations, fluctuations in the price of silver, gold and base
metals, exploration results being indicative of future production,
and other risks and uncertainties, including those described in the
Company's Annual Information Form and Material Change Reports filed
with the Canadian Securities Administrators available at
www.sedar.com and reports on Form 40-F and Form 6-K filed with the
Securities and Exchange Commission and available at
www.sec.gov. There is no assurance that such forward looking
statements will prove accurate; results may vary materially; and
there is no assurance that the Company will be able to identify and
acquire additional projects or that any projects acquired will be
successfully developed. Readers are cautioned not to place
undue reliance on forward looking statements. The Company has
no intention to update forward looking statements except as
required by law.
SOURCE Great Panther Silver Limited