This news release constitutes a "designated news release" for
the purposes of the Company's prospectus supplement dated
October 15, 2021, to its short form
base shelf prospectus dated September 10,
2021.
TSX: GPR | NYSE American: GPL
VANCOUVER, BC, Feb. 11, 2022 /CNW/ - Great Panther Mining
Limited (TSX: GPR) (NYSE-A: GPL) ("Great Panther" or the
"Company"), a growth-oriented precious metals producer focused on
the Americas, reports Mineral Resource Estimates ("MRE") for the
Company's 100%-owned Topia Mine ("Topia") and Guanajuato Mine
Complex ("GMC") in Mexico. The
estimates were prepared in accordance with National Instrument
43-101 – Standards of Disclosure for Mineral Projects ("NI
43-101").
The Company will file a technical report in respect of each of
Topia and GMC, prepared in each
case in accordance with NI 43-101, on SEDAR and EDGAR within 45
days of this news release.
Topia Highlights
- Measured and Indicated ("M&I") Mineral Resource grade
increased 8% to 1,041 silver equivalent grams per ton ("Ag eq
g/t"), when compared with the 2018 MRE for Topia.
- M&I Mineral Resources decreased 25% to 11.1 million silver
equivalent ounces ("Ag eq oz"), when compared with the 2018
MRE.
GMC Highlights
- M&I Mineral Resource grade increased 2% to 391 grams Ag eq
g/t when compared with the 2020 MRE for GMC.
- M&I Mineral Resources decreased 36% to 7.7 million Ag eq oz
when compared with the 2020 MRE.
Topia Mineral Resource Estimate Update
Topia lies northwest of Durango
and is a silver ("Ag"), gold ("Au"), lead ("Pb"), zinc ("Zn")
district with a central concentrator plant capable of processing
260 tonnes per day ("tpd"), supporting multiple mine headings on
precious and base metal veins. Topia has been in the Great Panther portfolio
since 2005 and has cumulatively produced 9.5 million silver
equivalent ounces (comprised of silver and gold) plus 17,574 tonnes
of lead and 23,592 tonnes of zinc.
The MRE for Topia has an
effective date of March 31, 2021.
Compared to the previous MRE with an effective date of July 31, 2018, grades have significantly
increased with M&I grades increasing 32% for silver, 37% for
gold, 14% for lead and 11% for zinc. The higher-grade ore, however,
is associated with an overall decrease of 30% in tonnes and 25% in
silver equivalent ounces. Key factors that varied during the
three-year period since the last MRE were the increase in mining
costs, metal price variations and mine depletion, which totalled
3.7 million Ag eq oz.
Measured and Indicated Mineral Resources are estimated to
contain 331,800 tonnes at 609 g/t Ag, 1.84 g/t Au, 4.40% Pb, and
4.50% Zn and Inferred Mineral Resources are estimated to contain
274,600 tonnes at 592 g/t Ag, 1.44 g/t Au, 3.35% Pb, and 3.63% Zn.
The MRE for Topia is summarized
below in Table 1.
Table 1. Topia Mineral Resource Estimate at March 31, 2021
Classification
|
Tonnage
(kt)
|
Ag
(g/t)
|
Au
(g/t)
|
Pb
(%)
|
Zn
(%)
|
Ag Eq
(g/t)
|
Ag Eq
(oz)
|
Measured
|
176.0
|
630
|
1.92
|
4.63
|
4.80
|
1085
|
6,141,106
|
Indicated
|
155.8
|
587
|
1.75
|
4.15
|
4.16
|
991
|
4,965,431
|
M &
I
|
331.8
|
609
|
1.84
|
4.40
|
4.50
|
1041
|
11,106,538
|
Inferred
|
274.6
|
592
|
1.44
|
3.35
|
3.63
|
931
|
8,222,655
|
Notes:
1.
|
CIM Definitions
were followed for Mineral Resources.
|
2.
|
Area-Specific vein
bulk densities as follows: Argentina - 3.04t/m3; 1522 - 3.15t/m3;
Durangueno -3.15t/m3; El Rosario – 2.92t/m3; Hormiguera - 2.61t/m3;
La Prieta - 2.86t/m3; Recompensa - 3.32t/m3; Animas - 3.02t/m3; San
Miguel - 2.56t/m3; San Juan – 3.39t/m3; Laura (Hipolito) –
2.85t/m3; and Union de Pueblo – 2.61t/m3.
|
3.
|
Measured,
Indicated, and Inferred Mineral Resources are reported at a cut-off
Net Smelter Return (NSR) in US$, include 1522 Mine $280/t,
Argentina Mine $257/t, Durangueno Mine $202/t, Recompensa Mine
$245/t, Hormiguera Mine $230/t, El Rosario Mine $345/t, La Prieta
$254/t, Animas $287/t, San Miguel $241/t, San Juan $233/t, Laura
(Hipolito) $252/t, and Union de Pueblo $241/t.
|
4.
|
Total estimates
may not agree due to rounding.
|
5.
|
A minimum mining
width of 0.30 metres was used.
|
6.
|
Mineral Resources
are estimated using metal prices of US$1,650/oz Au, US$20.00/oz Ag,
US$0.85/lb Pb, and US$1.20/lb Zn; and metallurgical recoveries of
92.4% for Ag, 55.4% for Au, 94.3% for Pb, and 90.5% for
Zn.
|
7.
|
2021 Mineral
Resource Ag Eq oz were calculated using 85:1 Ag:Au ratio, and
ratios of 1:0.041 and 1:0.049 for the price/ounce of silver to
price/pound of lead and zinc, respectively. The ratios are
reflective of average metal prices for 2021.
|
8.
|
Mineral Resources
that are not Mineral Reserves do not have demonstrated economic
viability. The potential quantity and grade is conceptual in
nature, there has been insufficient exploration to define a Mineral
Resource and it is uncertain if further exploration will result in
the target being delineated as a Mineral Resource. Inferred Mineral
Resources have a high degree of uncertainty as to their economic
and technical feasibility. It cannot be assumed that all or any
part of an Inferred Mineral Resources can be upgraded to Measured
or Indicated Mineral Resources.
|
9.
|
There are no known
legal, political, environmental, or other risks that could
materially affect the Mineral Resource Estimates detailed in this
report.
|
In contrast to the 2018 MRE, current resource estimations
include the addition of block models for veins in the San Juan, Union de Pueblo and Hipolito areas. Geological re-interpretation
added veins at 1522 and Recompensa mines.
Guanajuato Mine Complex Mineral Resource Estimate
Update
GMC is comprised of the Guanajuato and San
Ignacio silver and gold underground mines and the 1,000 tpd
Cata processing plant, located in the prolific Guanajuato mining district. GMC has been in
the Great Panther portfolio since 2005 and has cumulatively
produced 30 million silver equivalent ounces. In the fourth quarter
of 2021, the Guanajuato mine and
Cata processing plant were placed on care and maintenance and
mining operations were suspended at the San Ignacio mine while the Company continues
to await the permits necessary to extend the tailings dam or finds
other alternatives to maximize value from the GMC.
The MRE for the GMC has an effective date of July 31, 2021. GMC contains estimated M&I
Mineral Resources of 519,493 tonnes above varying USD Net Smelter
Return ("USD NSR") cut-off values equivalent to full operational
cost, at an average grade of 196 g/t Ag and 2.30 g/t Au, for a
total of 6,537,755 Ag eq oz or 76,915 Au eq oz. This includes
Measured Mineral Resources of 368,944 tonnes at an average grade of
196 g/t Ag and 2.36 g/t Au, for a total of 4,708,345 Ag eq oz or
55,392 Au eq oz and Indicated Mineral Resources of 150,550 tonnes
at an average grade of 194 g/t Ag and 2.16 g/t Au, for a total of
1,829,410 Ag eq oz or 21,522 Au eq oz. In addition, estimated
Inferred Mineral Resources are 665,977 tonnes at an average grade
of 194 g/t Ag and 2.42 g/t Au, for 8,558,540 Ag eq oz or 100,689 Au
eq oz. Table 2 provides a summary of the MRE for GMC.
Table 2. Total GMC Mineral Resource Estimates at July 31, 2021
Class
|
Tonnes
|
Ag
(g/t)
|
Ag(oz)
|
Au
(g/t)
|
Au
(oz)
|
Ag
Eq(g/t)
|
Ag Eq
(oz)
|
Au Eq
(g/t)
|
Au Eq
(oz)
|
Measured
|
368,944
|
196
|
2,329,550
|
2.36
|
27,948
|
397
|
4,708,345
|
4.67
|
55,392
|
Indicated
|
150,550
|
194
|
940,377
|
2.16
|
10,438
|
378
|
1,829,410
|
4.45
|
21,522
|
M&I
|
519,493
|
196
|
3,269,927
|
2.30
|
38,386
|
391
|
6,537,755
|
4.61
|
76,915
|
Inferred
|
665,977
|
194
|
4,149,076
|
2.42
|
51,876
|
400
|
8,558,540
|
4.70
|
100,689
|
Notes:
1.
|
Cut-offs are based
on the marginal operating costs per mining area being
US$135.70/tonne for Cata, US$135.70/tonne for Santa Margarita,
US$96.50/tonne for Los Pozos, US$124.90/tonne for Guanajuatito,
US$148.50/tonne for Promontorio, US$113.10/tonne for Valenciana,
and US$135.70/tonne for San Ignacio.
|
2.
|
Block model grades
converted to USD NSR value using plant recoveries of 87.15% Ag,
86.70% Au, and net smelter terms negotiated for
concentrates.
|
3.
|
Rock Density for
Cata is 2.66t/m³, 2.65t/m³ Santa Margarita, Los Pozos 2.68t/m³,
Guanajuato 2.69t/m³, Promontorio and Valenciana 2.67t/m³, and for
San Ignacio is 2.64t/m³.
|
4.
|
Totals may not
agree due to rounding.
|
5.
|
Grades in metric
units.
|
6.
|
Contained silver
and gold in troy ounces.
|
7.
|
Minimum true width
0.5m.
|
8.
|
Metal Prices
US$20.00/oz silver, and US$1,650.00/oz gold.
|
9.
|
Effective date of
July 31, 2021.
|
10.
|
AgEq oz were
calculated using 85:1 Ag:Au ratio.
|
11.
|
Inferred Mineral
Resources have a great amount of uncertainty as to their existence
and as to whether they can be mined legally or economically. It
cannot be assumed that all or part of the Inferred Mineral
Resources will ever be upgraded to a higher
category.
|
12.
|
Mineral Resources
that are not Mineral Reserves have no demonstrated economic
viability.
|
Compared to the previous MRE with an effective date of
July 31, 2020, silver and gold grades
remained largely constant. For the M&I Mineral Resource, the
average silver grade decreased 1% while gold increased 11%. The
most significant change in the M&I Mineral Resource is the mass
with the tonnes decreasing by 47%. Two key factors influenced this:
better definition of historical workings and areas with operational
restrictions and limitation of M&I to areas within 20 metres of
positive channel sampling within underground development.
Underground development led to the removal of some resource blocks
due to a better definition of historical mine workings or through
the demonstration of less favourable mine conditions, for example
mineralization discontinuities or poor ground conditions. In
parallel, the geology team has embarked on a major project of
developing a 3D exploration model for each of the deposits, which
will help identify the controls on mineralization zones to guide
focused exploration.
Tables 3 and 4 below present the MREs for the Guanajuato and San Ignacio Mines
separately.
Table 3. Guanajuato Mineral Resource Estimates at
July 31, 2021
Class
|
Tonnes
|
Ag
(g/t)
|
Ag(oz)
|
Au
(g/t)
|
Au
(oz)
|
AgEq
(g/t)
|
AgEq
(oz)
|
AuEq
(g/t)
|
AuEq
(oz)
|
Measured
|
166,262
|
255
|
1,362,426
|
1.81
|
9,681
|
409
|
2,185,272
|
4.81
|
25,709
|
Indicated
|
85,404
|
240
|
658,767
|
1.68
|
4,600
|
382
|
1,049,757
|
4.50
|
12,350
|
M&I
|
251,666
|
250
|
2,021,193
|
1.76
|
14,280
|
400
|
3,235,029
|
4.70
|
38,059
|
Inferred
|
220,760
|
225
|
1,597,357
|
1.95
|
13,873
|
391
|
2,776,596
|
4.60
|
32,666
|
Notes:
1.
|
Cut-offs are based
on the marginal operating costs per mining area being
US$135.70/tonne for Cata, US$135.70/tonne for Santa Margarita,
US$96.50/tonne for Los Pozos, US$124.90/tonne for Guanajuatito,
US$148.50/tonne for Promontorio, and US$113.10/tonne for
Valenciana.
|
2.
|
Block model grades
converted to US$ value using plant recoveries of 87.15% Ag, 86.70%
Au, and net smelter terms negotiated for
concentrates.
|
3.
|
Rock Density for
Cata is 2.66t/m³, 2.65t/m³ Santa Margarita, Los Pozos 2.68t/m³,
Guanajuato 2.69t/m³, Promontorio and Valenciana
2.67t/m³.
|
4.
|
Totals may not
agree due to rounding.
|
5.
|
Grades in metric
units.
|
6.
|
Contained silver
and gold in troy ounces.
|
7.
|
Minimum true width
0.5m.
|
8.
|
Metal Prices
US$20.00/oz silver, and US$1,650.00/oz gold.
|
9.
|
Effective date of
July 31, 2021.
|
10.
|
AgEq oz were
calculated using 85:1 Ag:Au ratio.
|
11.
|
Inferred Mineral
Resources have a great amount of uncertainty as to their existence
and as to whether they can be mined legally or economically. It
cannot be assumed that all or part of the Inferred Mineral
Resources will ever be upgraded to a higher
category.
|
12.
|
Mineral Resources
that are not Mineral Reserves have no demonstrated economic
viability.
|
Table 4. San Ignacio Mineral Resource Estimates at
July 31, 2021
Class
|
Tonnes
|
Ag
(g/t)
|
Ag
(oz)
|
Au
(g/t)
|
Au
(oz)
|
AgEq
(g/t)
|
AgEq
(oz)
|
AuEq
(g/t)
|
AuEq
(oz)
|
Measured
|
202,682
|
148
|
967,124
|
2.80
|
18,267
|
387
|
2,523,073
|
4.56
|
29,683
|
Indicated
|
65,146
|
134
|
281,611
|
2.79
|
5,839
|
372
|
779,653
|
4.38
|
9,172
|
M&I
|
267,828
|
145
|
1,248,734
|
2.80
|
24,106
|
384
|
3,302,726
|
4.51
|
38,856
|
Inferred
|
445,217
|
178
|
2,551,719
|
2.65
|
38,002
|
404
|
5,781,944
|
4.75
|
68,023
|
Notes:
1.
|
Cut-offs are based
on the marginal operating costs per mining area being
US$127,40/tonne for San Ignacio.
|
2.
|
Block model grades
converted to US$ value using plant recoveries of 87.15% Ag, 86.70%
Au, and net smelter terms negotiated for
concentrates.
|
3.
|
Rock Density for
San Ignacio is 2.64t/m³,
|
4.
|
Totals may not
agree due to rounding.
|
5.
|
Grades in metric
units.
|
6.
|
Contained silver
and gold in troy ounces.
|
7.
|
Minimum true width
0.5m.
|
8.
|
Metal Prices
US$20.00/oz silver, and US$1,650.00/oz gold.
|
9.
|
Effective date of
July 31, 2021.
|
10.
|
AgEq oz were
calculated using 85:1 Ag:Au ratio.
|
11.
|
Inferred Mineral
Resources have a great amount of uncertainty as to their existence
and as to whether they can be mined legally or economically. It
cannot be assumed that all or part of the Inferred Mineral
Resources will ever be upgraded to a higher
category.
|
12.
|
Mineral Resources
that are not Mineral Reserves have no demonstrated economic
viability.
|
Cautionary Note Regarding Absence of Mineral Reserve
Estimates
There are no current estimates of Mineral Reserves for any of
the GMC or Topia mines. The
Company made decisions to enter production at GMC and Topia without having completed final
feasibility studies. Accordingly, the Company did not base its
production decisions on any feasibility studies of Mineral Reserves
demonstrating economic and technical viability of the GMC and
Topia mines. As a result, there
may be increased uncertainty and risks of achieving any particular
level of recovery of minerals or the costs of such recovery. As
GMC and Topia do not have
established Mineral Reserves, the Company faces higher risks that
anticipated rates of production and production costs will not be
achieved. These risks could have a material adverse impact on the
Company's ability to continue to generate anticipated revenues and
cash flows to fund operations from and ultimately achieve or
maintain profitable operations at GMC or Topia associated with its production plan.
Technical Disclosure and Qualified Persons
The GMC and Topia Mineral Resource estimates included in this
news release were classified per the CIM Definition Standards on
Mineral Resources and Mineral Reserves ("CIM Standards") and are
consistent with the requirements of NI 43-101. The MREs were
completed under the supervision of Robert
F. Brown, P. Eng., and Mohammad Nourpour, P. Geo. (each a
Qualified Person within the meaning of NI 43-101 and together, the
Company Qualified Persons). The Mineral Resource estimates were
completed using Leapfrog and MicroMine 3D geological software, and
the inverse distance cubed estimation technique for estimation of
grade to each of the block model blocks. The estimated Mineral
Resources are a categorized compilation of blocks greater than the
full operational costs of the various mining areas.
Analyses from San Ignacio and
Guanajuato underground sampling,
operational and exploration drilling are completed at the Company's
GMC laboratory. Analyses from Topia underground sampling, operational and
exploration drilling are completed at the Company's Topia laboratory. All exploration drill core
is re-assayed by SGS in Durango,
Mexico.
Great Panther's QA/QC program for drill core includes the
regular insertion of blanks, standards, and duplicates into the
sample shipments, diligent monitoring of assay results, and
necessary remedial actions. The Great Panther laboratories use the
following analytical techniques: atomic absorption spectroscopy
(AAS) for silver with over-limits (300 g/t) completed by fire
assay, AAS for gold with over-limits (10 g/t) completed by fire
assay, and routinely, lead, zinc and antimony analyses completed
using AAS. Iron, (at Topia) copper
and arsenic analyses are undertaken where required. QA/QC
monitoring of the laboratories includes shipping all exploration
drill hole pulps to SGS-DGO for re-analysis and statistical
comparison of assay values using correlation coefficients.
The technical information contained in this news release,
including the sampling, analytical, and test data underlying the
Mineral Resource estimates, has been reviewed and approved by
Robert F. Brown, P. Eng., and
Mohammad Nourpour, P. Geo., who are the non-independent Qualified
Persons for GMC and Topia under
the meaning of NI 43-101. Great Panther's Qualified Persons confirm
there were no limitations from the Company in verifying the
drilling and sample data underlying the mineral resource estimate,
which were verified through site visit observations and monitoring
of the QA/QC program.
ABOUT GREAT PANTHER
Great Panther is a growth-oriented precious metals producer
focused on the Americas. The Company owns a diversified portfolio
of assets in Brazil, Mexico and Peru that includes three gold and silver
mines, an advanced development project, and a large land package
with district-scale potential. Great Panther is focused on creating
long-term stakeholder value through safe and sustainable
production, reinvesting into exploration and 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 (i) the Company's ability to execute
its growth plan and to unlock value from its asset portfolio, (ii)
the Mineral Resource estimates and the assumptions underlying the
estimates (iii) the Company's ability to secure a permit to extend
the tailings storage facility for the GMC mine or to successfully
find other alternatives to maximize the value of GMC, and (iv) the
potential of 3D modelling creating adequate targets for further
exploration.
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:
continued operations and exploration work in 2022 occur without
significant interruption due to COVID-19 or any other reason; the
accuracy of the Company's resource estimate at Topia and GMC and the assumptions upon which
they are based, ore grades and recoveries; prices for gold, silver,
and base metals remaining as estimated; currency exchange rates
remaining as estimated; prices for energy inputs, labour,
materials, supplies and services (including transportation); all
necessary permits, licenses and regulatory approvals for the
Company's operations and exploration work are received in a timely
manner on favourable terms;; the ability to procure equipment and
operating supplies without interruption and that there are no
material unanticipated variations in the cost of energy or
supplies; operations not being disrupted by issues such as pit-wall
failures or instability, mechanical failures, labour disturbances
and workforce shortages, illegal occupations or mining, seismic
events, and adverse weather conditions; and the Company's ability
to comply with environmental, health and safety laws. 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 and conduct
exploration work, including drilling plans, as anticipated, and the
risk of an unplanned partial or full shutdown of the Company's
mines and processing plants, whether voluntary or imposed, which
would adversely impact the Company's revenues, financial condition
and ability to meet its production and cost guidance and fund its
capital programs and repay its indebtedness; the inherent risk that
estimates of Mineral Reserves and Resources may not be accurate and
accordingly that mine production will not be as estimated or
predicted; planned exploration activities, may not result in the
discovery of new Mineral Resources/definition of Mineral Resources
and readers are cautioned that Mineral Resources that are not
Mineral Reserves have no defined economic viability; gold, silver
and base metal prices may decline or may be less than forecasted;
fluctuations in currency exchange rates may increase costs of
operations; operational and physical risks inherent in mining
operations (including pit wall collapses, tailings storage facility
failures, environmental accidents and hazards, industrial
accidents, equipment breakdown, unusual or unexpected geological or
structural formations, cave-ins, flooding and severe weather) may
result in unforeseen costs, shut downs, delays in production and
drilling and exposure to liability; potential political and social
risks involving Great Panther's operations in a foreign
jurisdiction; the potential for unexpected costs and expenses or
overruns; shortages in the ability to procure equipment and
operating supplies without interruption; employee and contractor
relations; relationships with, and claims by, local communities;
the Company's ability to obtain all necessary permits, licenses and
regulatory approvals in a timely manner on favourable terms;
changes in laws, regulations and government practices in the
jurisdictions in which the Company operates; legal restrictions
related to mining; diminishing quantities or grades of mineral
reserves as properties are mined operating or technical
difficulties in mineral exploration, changes in project parameters
as plans continue to be refined; the Company's inability to meet
its production forecasts or to generate the anticipated cash flows
from operations could result in the Company's inability to meet its
scheduled debt payments when due or to meet financial covenants to
which the Company is subject or to fund its exploration programs as
planned; ability to maintain and renew agreements with local
communities to support continued operations; there is no assurance
that the Company will be able to identify or complete acquisition
opportunities of, if completed, that such acquisitions will be
accretive to the Company; the risk that incremental closure bond
requirements with respect to the Company's Coricancha mine could
have a material and adverse effect on the company's liquidity and
could require additional financing to be raised; the Company's
ability to raise additional financing as debt comes due; and other
risks and uncertainties, including those described in respect of
Great Panther in its most recent annual information form, and
management's discussion and analysis 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.
INFORMATION CONCERNING ESTIMATES OF MINERAL RESOURCES
The disclosure in this press release and referred to herein was
prepared in accordance with NI 43-101 which differs significantly
from the requirements of the U.S. Securities and Exchange
Commission (the "SEC"). The terms "measured mineral resource",
"indicated mineral resource" and "inferred mineral resource" used
in this press release are in reference to the mining terms defined
in the Canadian Institute of Mining, Metallurgy and Petroleum
Standards (the "CIM Definition Standards"), which definitions have
been adopted by NI 43-101. Accordingly, information contained in
this press release providing descriptions of our mineral deposits
in accordance with NI 43-101 may not be comparable to similar
information made public by other U.S. companies subject to
the United States federal
securities laws and the rules and regulations thereunder.
Investors are cautioned not to assume that any part or all of
mineral resources will ever be converted into reserves. Pursuant to
CIM Definition Standards, "inferred mineral resources" are that
part of a mineral resource for which quantity and grade or quality
are estimated on the basis of limited geological evidence and
sampling. Such geological evidence is sufficient to imply but not
verify geological and grade or quality continuity. An inferred
mineral resource has a lower level of confidence than that applying
to an indicated mineral resource and must not be converted to a
mineral reserve. However, it is reasonably expected that the
majority of inferred mineral resources could be upgraded to
indicated mineral resources with continued exploration. Under
Canadian rules, estimates of inferred mineral resources may not
form the basis of feasibility or pre-feasibility studies, except in
rare cases. Investors are cautioned not to assume that all or any
part of an inferred mineral resource is economically or legally
mineable. Disclosure of "contained ounces" in a resource is
permitted disclosure under Canadian regulations; however, the SEC
normally only permits issuers to report mineralization that does
not constitute "reserves" by SEC standards as in place tonnage and
grade without reference to unit measures.
Canadian standards, including the CIM Definition Standards and
NI 43-101, differ significantly from standards in the SEC Industry
Guide 7. Effective February 25, 2019,
the SEC adopted new mining disclosure rules under subpart 1300 of
Regulation S-K of the United States Securities Act of 1933, as
amended (the "SEC Modernization Rules"), with compliance required
for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules
replace the historical property disclosure requirements included in
SEC Industry Guide 7. As a result of the adoption of the SEC
Modernization Rules, the SEC now recognizes estimates of "measured
mineral resources", "indicated mineral resources" and "inferred
mineral resources". Information regarding mineral resources
contained or referenced in this press release may not be comparable
to similar information made public by companies that report
according to U.S. standards. While the SEC Modernization Rules are
purported to be "substantially similar" to the CIM Definition
Standards, readers are cautioned that there are differences between
the SEC Modernization Rules and the CIM Definitions Standards.
Accordingly, there is no assurance any mineral resources that the
Company may report as "measured mineral resources", "indicated
mineral resources" and "inferred mineral resources" under NI 43-101
would be the same had the Company prepared the resource estimates
under the standards adopted under the SEC Modernization Rules.
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SOURCE Great Panther Mining Limited