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.
VANCOUVER, BC, Feb. 25, 2022 /PRNewswire/ - Great Panther Mining
Limited (TSX: GPR) (NYSE-A: GPL) ("Great Panther" or the
"Company"), a growth-oriented precious metals producer focused on
the Americas, announces that Mr. Rob
Henderson is stepping down as President, Chief Executive
Officer ("CEO") and Director of the Board, for personal reasons,
effective immediately. Mr. Henderson is succeeded on an interim
basis by Mr. Alan Hair, the
Company's current Chair of the Board of Directors. A transition
plan to the appointment of a permanent CEO will be developed in due
course.
"As Chair and Interim CEO, I look forward to working more
closely with the senior executive team and the Board to continue to
realize the potential of Tucano by returning it to steady-state
production and advancing the exploration of our highly prospective
land package in Brazil, including
the development of our Urucum North underground project," stated
Mr. Hair. "I am confident in our management team's ability to
deliver on our strategy for all Great Panther's assets."
Mr. Hair continued: "Mr. Henderson navigated the Company through
a challenging environment brought on by a global pandemic and
operational issues at Tucano. On behalf of the Board, I would like
to thank Mr. Henderson for his service."
Alan Hair is a mineral engineer
and holds a BSc in Mineral Engineering from the University of Leeds
and the ICD.D designation from the Institute of Corporate
Directors. He is a senior mining executive with nearly 40 years of
operational and capital markets experience in the mining &
metals industry, and he is a Director of Bear Creek Mining
Corporation and Gold Royalty Corp.
ABOUT GREAT PANTHER
Great Panther is a growth-oriented precious metals producer
focused on the Americas. The Company owns a 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 realize the
potential of Tucano by returning it to steady-state production,
(ii) the Company's ability to realize the potential of Tucano by
advancing the exploration of its land package in Brazil, (iii) development of the Urucum North
underground project, and (iv) the management team's ability to
deliver on the Company's strategy.
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 geological modeling at Tucano 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, Tucano will be
able to continue to use cyanide in its operations; the Company will
not be required to further impair Tucano as the current open pit
mineral reserves are depleted through mining; 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; open pit
mining operations at Tucano have a limited established mine life
and the Company may not be able to extend the mine life for Tucano
open pit operations beyond 2023 as anticipated; gold, silver and
base metal prices may decline or may be less than forecasted;
fluctuations in currency exchange rates (including the U.S. dollar
to Brazilian real exchange rate) 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; and other
risks and uncertainties, including those described in respect of
Great Panther, in its most recent 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 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