TSX: GPR
NYSE American: GPL
VANCOUVER, Aug. 2, 2018 /CNW/ - GREAT PANTHER SILVER LIMITED
(TSX: GPR; NYSE American: GPL) ("Great Panther"; the "Company") is
pleased to provide an update on the progress of the trial stope and
bulk sample program (the "Bulk Sample Program" or "BSP") at its
100% owned Coricancha gold-silver-lead-zinc-copper underground mine
("Coricancha"). Coricancha is located approximately 90 kilometres
east of Lima, Peru, and has a 600
tonne per day processing plant, well established infrastructure,
and is fully permitted for production.
Coricancha was placed on care and maintenance in 2013 and
acquired by Great Panther in June of 2017. In December 2017, the Company released an updated
mineral resource estimate for Coricancha. The Bulk Sample
Program was initiated following the release of the results of the
Preliminary Economic Assessment for Coricancha (the "PEA"), as
detailed in the Great Panther news release dated May 31, 2018. The BSP will process about
6,000 tonnes of material and is expected to be finished in the
first quarter of 2019. Its objective is to validate key mine
and processing plant operating parameters in the PEA and further
de-risk Coricancha. The Company will use these results as a
basis for a formal decision to restart production.
The following are updates since publishing the PEA:
- Roscoe Postle Associates Inc. to provide overall technical
support of the Bulk Sample Program;
- The mine contractor has been mobilized to the site, along with
the deployment of equipment, and has commenced development and
rehabilitation work;
- Access decline has been advanced 75 metres, which is ahead of
schedule;
- Work has commenced on the upgrade and rehabilitation of surface
roads and underground mine infrastructure;
- Refurbishment of the concentrator has commenced and is
progressing ahead of schedule;
- Mechanical, electrical and instrumentation testing has begun on
the crushing, grinding, and flotation circuits;
- Key personnel are in place to execute on the BSP and also
support a transition to full scale mining, should the Company make
a positive decision to restart the mine in early 2019.
WEBCAST AND CONFERENCE CALL TO DISCUSS THE SECOND QUARTER
2018 FINANCIAL RESULTS
Great Panther will hold a live webcast and conference call to
discuss its second quarter financial results today at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time). Mr. James Bannantine, President and CEO and Mr.
Jim Zadra, CFO and Corporate
Secretary will host the call.
Shareholders, analysts, investors and media are invited to join
the live webcast and conference call by logging in or calling in
five minutes prior to the start time.
Live webcast and
registration:
|
www.greatpanther.com
|
U.S. & Canada
Toll-Free:
|
1 888 599
8686
|
International
Toll:
|
+1 323 994
2093
|
Conference
ID:
|
9387135
|
A replay of the webcast will be available on the Webcasts
section of the Company's website approximately one hour after the
conference call.
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 American 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 and the Topia Mine. The Company is also advancing towards a
decision to restart the Coricancha Mine in Peru with the initiation of a Bulk Sample
Program following the completion of a positive Preliminary Economic
Assessment in May 2018. The Company
also continues to pursue the acquisition of additional mining
operations or projects in the Americas.
James Bannantine
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"). Such forward-looking statements include, but are
not limited to, statements with respect to the findings of the PEA
for Coricancha, the timing or ability to complete the Bulk Sample
Program, and 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 include,
among others, risks and uncertainties relating to potential
political and social risks involving the Company's operations in a
foreign jurisdiction, the potential for unexpected costs and
expenses, fluctuations in metal prices, fluctuations in currency
exchange rates, physical risks inherent in mining operations,
operating or technical difficulties in mineral exploration, changes
in project parameters as plans continue to be refined, and other
risks and uncertainties, including those described in the Company's
Annual Information Form for the year ended December 31, 2017 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 and results may vary materially from
such forward-looking statements. 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.
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SOURCE Great Panther Silver Limited