GREAT PANTHER RESOURCES LIMITED (TSX: GPR) (the "Company") is
pleased to announce the unaudited financial results for the
Company's second quarter ending June 30, 2009. The full version of
the financial statements and the management discussion and analysis
can be viewed on the Company's web site at www.greatpanther.com or
on SEDAR at www.sedar.com.
The second quarter of 2009 continued the Company's trend of
production, revenue and earnings growth, while continuing to lower
operating costs. "Great Panther has increased its overall net
positive cash flow from operations in the second quarter through a
continuing focus on profitability, while increasing metal output,"
said Robert Archer, Great Panther's President & CEO.
SECOND QUARTER HIGHLIGHTS
- 15% increase in total quarterly production to 499,845 silver
equivalent ounces (Ag eq oz) in the second quarter 2009 from
436,072 Ag eq oz in the second quarter 2008. Year to date
production increased to 980,112 Ag eq oz in 2009 compared to
867,711 Ag eq oz in 2008.
- 69% and 52% increase in earnings from mining operations
(before amortization and depletion) to $3.0 million for the three
months ended June 30, 2009 and $5.6 million for the six months
ended June 30, 2009 from $1.8 million and $3.7 million for the
corresponding periods in 2008.
- 45% decrease in overall cash operating cost per silver ounce
(net of by-product credits) to US$5.73 for the second quarter 2009
from US$10.35 for the second quarter 2008. Cash operating cost per
silver ounce decreased to US$6.11 for the six months ended June 30,
2009 from US$9.83 for the same period in 2008.
- Positive Adjusted EBITDA(1) of $1.1 million for the three
months ended June 30, 2009 and $2.1 million for the six months
ended June 30, 2009 compared to Adjusted EBITDA losses of $1.7
million and $3.1 million for the corresponding periods in 2008.
- Net cash provided by operating activities was $0.5 million for
the three months ended June 30, 2009. The same period in 2008
resulted in net cash used of $0.2 million. For the six months ended
June 30, 2009, net cash provided by operating activities was $1.2
million compared to $0.5 million used in operating activities for
the same period in 2008.
- Successfully negotiated new long term contracts, at more
favourable terms, for the sales of Topia's concentrates until
December 31, 2010. The new terms have already started to reduce
costs at Topia.
- On June 30, 2009, announced completion of the first NI 43-101
compliant mineral resource estimate on the zone known as the 'Cata
Clavo' at the Guanajuato Mine. The new Measured and Indicated
resource estimate of 5,032,000 Ag eq oz represents only a very
small part of the 4.2 kilometre strike length of the Guanajuato
deposit.
- On July 21, 2009, announced increase in mineral resources for
the Topia mine, supporting a ten year mine life. The 2009 mineral
resource estimate comprises Measured & Indicated Mineral
Resources of 173,103 tonnes at 552g/t silver, 0.99g/t gold, 5.58%
lead and 4.83% zinc (5,458,218 Ag eq oz) as well as 174,562 tonnes
of 633g/t silver, 1.03g/t gold, 5.10% lead and 3.84% zinc
(5,692,957 Ag eq oz) in the Inferred category.
(1) "Adjusted EBITDA" is defined as earnings before interest
expense, taxes, depletion and amortization, and stock-based
compensation.
To view the graph accompanying this press release, please click
on the following link:
http://media3.marketwire.com/docs/GPRgraph813.jpg
"It is most encouraging to see the increase in production,
combined with efficiencies which have lead to lower costs, result
in all-time record earnings from mining operations of $3 million
for the quarter," said Kaare Foy, Great Panther's Executive
Chairman.
ON BEHALF OF THE BOARD
Robert A. Archer, President & CEO
Kaare G. Foy, Executive Chairman
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
the Securities Act (Ontario) (together, "forward-looking
statements"). Such forward-looking statements may include but are
not limited to the Company's plans for production at its Guanajuato
and Topia Mines in Mexico, exploring its other properties in
Mexico, the overall economic potential of its properties, the
availability of adequate financing 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 risks involving the Company's operations in a
foreign jurisdiction, uncertainty of production and cost estimates
and the potential for unexpected costs and expenses, physical risks
inherent in mining operations, currency fluctuations, fluctuations
in the price of silver, gold and base metals, completion of
economic evaluations, changes in project parameters as plans
continue to be refined, the inability or failure to obtain adequate
financing on a timely basis, and other risks and uncertainties,
including those described in the Company's Annual Report on Form
20-F for the year ended December 31, 2008 and reports on Form 6-K
filed with the Securities and Exchange Commission and available at
www.sec.gov and Material Change Reports filed with the Canadian
Securities Administrators and available at www.sedar.com.
SEC 20-F Statement Filed; Standard & Poor's Listed
Contacts: B&D Capital 604 685 6465 604 899 4303 (FAX)
info@greatpanther.com www.greatpanther.com
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