Production results in the second quarter turned out all right for Great Panther Resources (GPR-T) and the company says it’s on its way to meeting or exceeding its 2009 goal to produce 2.07 million silver equivalent oz.
Great Panther produced more than 333,000 oz. of actual silver over the second quarter and about 1,500 oz. gold from its two mines, Guanajuato and Topia, located in Mexico.
Second quarter silver and gold production calculates into almost 500,000 silver equivalent oz., putting the half-year total at 980,000 silver equivalent oz.
About 221,000 oz. silver and about 1,400 oz. gold came from the Guanajuato mine where production was up 19% overall.
Production came from 32,600 tonnes of ore grading 254 grams silver and 1.54 grams gold per tonne – a 21% increase in the silver equivalent grade from the same period in 2008.
Metal recoveries averaged 84.6% for gold and 83% for silver, compared to 2008 recoveries of 78.3% for silver and 84% for gold.
The company also noted an earlier press release about a new indicated resource estimate for the Deep Cata Clavo zone at Guanajuato of 351,000 tonnes grading 1.19 grams gold per tonne and 359 grams silver for 13,000 oz. gold and about 4.1 million oz. silver. The resource estimate considered 150 metre section along the 4.2 km-long Guanajuato deposit.
Over at the Topia mine, Great Panther saw a 32% increase in production. From 7,800 tonnes of ore the mine produced nearly 113,000 oz. silver, 125 oz. gold, 513,000 lbs. lead and 595,000 lbs. zinc. On a silver-equivalent basis this works out to about 173,000 oz.
Much of the production increase was the result of higher ore grades, which were 28% higher compared to the second quarter of 2008. Silver averaged 503 grams per tonne, gold averaged 0.59 gram per tonne, lead graded 3.23% and zinc was about 3.94%.
Great Panther set new record for metal recoveries for silver (88%) and zinc (87.3%).
Great Panther shares were up 11% today, or 5, to 51 apiece on a trading volume of 372,000 shares.
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