TSX: GPR | NYSE American:
GPL
VANCOUVER, BC, Nov. 16, 2020 /PRNewswire/ - Great Panther Mining
Limited (TSX: GPR) (NYSE-A: GPL) ("Great Panther" or the "Company")
has temporarily suspended operations at the Topia mine in Mexico due to the detection of COVID-19 among
the workforce. The health and safety of employees,
contractors, and host communities remains a priority.
Testing and tracing of COVID-19 are part of the comprehensive
protocols Great Panther has implemented across all of its
operations in response to the pandemic. The Company will continue
working closely with the local government and regional health
authorities to ensure a safe restart of normal operations. A
reduced workforce will remain on site to maintain essential
activities for the duration of the voluntary suspension.
The suspension of operations is not expected to exceed more than
30 days. For the three months ended September 30, 2020, Topia produced an average of approximately
1,400 gold equivalent ounces per month and accounted for
approximately 9% of the Company's revenues. Great Panther's Tucano
and GMC mines remain in operation with strict COVID-19 protocols in
place. The suspension of operations at Topia is not expected to impact the Company's
ability to achieve consolidated production guidance.
Great Panther reaffirms its commitment to the safety of its
people and the communities in which it operates and will provide
updates of future developments as appropriate.
ABOUT GREAT PANTHER
Great Panther is a growing gold and silver producer focused on
the Americas. The Company owns a diversified portfolio of assets in
Brazil, Mexico and Peru that includes three operating gold and
silver mines, four exploration projects, and an advanced
development project. Great Panther is actively exploring large land
packages in highly prospective districts and is pursuing
acquisition opportunities to complement its existing portfolio.
Great Panther trades on the Toronto Stock Exchange trading under
the symbol GPR, and on the NYSE American under the symbol GPL.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
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"). Such forward-looking statements may include, but
are not limited to, statements regarding developments related to
COVID-19, including the Company's plans to suspend operations at
its Topia mine and the
expectations of the duration of such suspension (30 days),
expectation that the suspension of the mine operations at
Topia will not materially impact
the Company's ability to achieve consolidated production guidance
and expectations around the potential cases of COVID-19 at the
Company's mining operations in Topia and in the community. These
forward-looking statements and information reflect the Company's
current views with respect to future events and are necessarily
based upon a number of assumptions that, while considered
reasonable by the Company, are inherently subject to significant
operational, business, economic and regulatory uncertainties and
contingencies. These assumptions include the assumption that
the Company's suspension of operations at Topia and work with local government and
regional health authorities will be successful at containing the
spread of COVID-19 within the proposed suspension period and that
the Company will be able to safely resume its operations following
the suspension. The foregoing list of assumptions is not
exhaustive.
These forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the actual
results, performance or achievements expressed or implied by such
forward-looking statements to be materially different. Such factors
include, among others, risks and uncertainties relating to: the
impact of COVID–19 on the Company's ability to operate Topia and the related uncertainty regarding
the duration of the suspension of operations, which will adversely
impact the Company's anticipated revenues, financial condition and
may impact the ability to meet the Company's production and cost
guidance for Topia and the
consolidated production guidance for the Company's operations; the
Company may experience difficulties with its operations on care and
maintenance and delays in the restart of operations at Topia as a result of COVID-19, including
shortages of employees and unavailability of contractors and
subcontractors, interruption of supplies and the provision of
services from third parties upon which the Company relies and
restrictions that governments may impose to address the COVID-19
outbreak; there may be an increase in COVID-19 infection amongst
the Company's employees, contractors and the community, even with
the adoption of the suspension and added safety protocols and
safeguards, including risk of loss of life; potential political and
social risks involving Great Panther's operations in a foreign
jurisdiction; the potential for unexpected costs and expenses or
overruns; employee and contractor relations may be adversely
impacted; relationships with, and claims by, local communities may
be adversely impacted; the Company may experience changes in laws,
regulations and government practices in the jurisdictions in which
the Company operates, including additional environmental, healthy
and safety laws; ability to maintain and renew agreements with
local communities to support continued operations; and other risks
and uncertainties, including those described in respect of Great
Panther, in its annual information form for the year ended
December 31, 2019, 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 these forward-looking statements will
prove accurate or that actual results will not vary materially from
these forward-looking statements. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated, described, or
intended. Accordingly, readers are cautioned not to place
undue reliance on forward looking statements. Forward-looking
statements and information are designed to help readers understand
management's current views of our near- and longer-term prospects
and may not be appropriate for other purposes. The Company
does not intend, nor does it assume any obligation to update or
revise forward-looking statements or information, whether as a
result of new information, changes in assumptions, future events or
otherwise, except to the extent required by applicable law.
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SOURCE Great Panther Mining Limited