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Great Panther Reports Third Quarter 2020 Production of 39,788 Gold Eq Ounces

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Great Panther Reports Third Quarter 2020 Production of 39,788 Gold Eq Ounces

 

 

 

 

 

Great Panther Mining Limited (TSX: GPR) (NYSE-A: GPL) announces third quarter 2020 production results from its three 100% owned mines: Tucano in Brazil, and Topia and the Guanajuato Mine Complex in Mexico.  Consolidated quarterly production totalled 39,788 gold equivalent ounces (Au eq oz), positioning Great Panther on track to meet full-year 2020 guidance of 146,000 to 158,000 Au eq oz.

 

Q3 2020 Highlights

 

  • Produced 39,788 Au eq oz on a consolidated basis – a 3% increase over Q2 2020 – including 34,030 gold ounces (Au oz) and 375,427 silver ounces (Ag oz)
  • Produced 93,401 Au oz at Tucano for the nine months ended September 30, 2020, 4% higher than for the same period in 2019
  • On track to meet 2020 full year guidance of 146,000 to 158,000 Au eq oz

 

Great Panther President and CEO Rob Henderson commented, “We delivered a solid quarter of steady state operations at all of our mines in Q3, in spite of the challenges of managing COVID-19.  As Tucano transitioned from Urucum Central North to mining in the southern pits, throughput was slightly lower, but operations remain on track to meet full year guidance.  In Mexico, both mines reported a full quarter of operations despite challenging conditions related to controls in place for COVID-19.  All in, the mines are operating well, while we continue to put the health and safety of our people and communities first and foremost.”

 

Q3 2020 production results are preliminary and subject to adjustment with Great Panther’s Q3 2020 earnings results, scheduled for release before market open on November 5, 2020. A conference call will follow at 9am PST/12pm EST.

 

COVID-19 Response

 

Great Panther has developed and implemented significant COVID-19 prevention, monitoring and response plans following the guidelines of the World Health Organization and the regulatory agencies of each country in which it operates to ensure a safe work environment.  Protocols include mandatory medical screening and testing on arrival at site, training sessions on health awareness and health and safety protocols, physical distancing and increased sanitation measures, and updated operating procedures.  Specific areas have been prepared for the isolation, testing and care of employees showing COVID-19 symptoms.  All confirmed cases of COVID-19 are in isolation and being monitored by Company health professionals with regular reports to health authorities.

 

Q3 2020 Consolidated Operating Results

 

Consolidated Operating Results Three months ended Sept 30, 2020 Three months ended Sept 30, 2019 Change Nine months ended Sept 30, 2020 Nine months ended Sept 30, 2019 Change
Ore processed (tonnes) 5,752,684 6,973,859 -18% 19,036,700 16,966,867 12%
Gold eq production (oz) (1,2) 39,788 47,373 -16% 107,250 120,462 -11%
Gold production (oz) 34,030 39,652 -14% 99,329 99,712 0%
Silver production (oz) 375,247 418,032 -10% 892,616 1,106,131 -19%
(1) Gold equivalent ounces for 2020 are calculated using a 1:90 Au:Ag ratio, and ratios of 1:0.0006412 and 1:0.0007554 for the price/ounce of gold to price/pound of lead and zinc, respectively.
(2) Gold equivalent ounces for 2019 were calculated using a 1:80 Au:Ag ratio, and ratios of 1:0.000795 and 1:0.00102258 for the price/ounce of gold to price/pound of lead and zinc, respectively, consistent with the Company’s guidance for the year.

 

Tucano

 

 

Tucano Operating Results

Three months ended Sept 30, 2020 Three months ended Sept 30, 2019 Change Nine months ended Sept 30, 2020 Nine months ended Sept 30, 2019 Change
Total material mined (tonnes) 5,687,291 6,908,097 -18% 18,877,807 16,767,564 13%
Total waste mined (tonnes) 5,305,426 6,360,015 -17% 17,759,678 15,127,838 17%
Ore mined (tonnes) 373,928 546,561 -32% 1,108,526 1,551,535 -29%
Ore processed (tonnes milled) 823,353 747,498 10% 2,457,187 2,213,380 11%
Au grade (g/t) 1.31 1.62 -19% 1.30 1.38 -6%
Au recovery (%) 92% 93% -1% 91% 91% 0%
Gold production (oz) 31,803 36,317 -12% 93,401 89,686 4%

 

Tucano produced 31,803 Au oz in Q3 2020.  Mining moved as planned from the Urucum Central North pit, where the ore is harder and typically higher grade, to mining softer ore in the TAP AB3 and Urucum Central South pits.  Although plant throughput was 10% higher, this transition resulted in lower average grades and ounces.  Mining of ore in Urucum Central North will resume following completion of a planned pit pushback.

 

Year to date at the end of Q3 2020, production at Tucano totalled 93,401 Au oz, 4% higher than 2019 as a result of higher rates of mining and plant throughput.

 

Tucano is on track to meet 2020 full year production guidance of 120,000 to 130,000 Au oz.

 

Mexico Operations

 

Topia

 

 

Topia Operating Results

Three months ended Sept 30, 2020 Three months ended Sept 30, 2019 Change Nine months ended Sept 30, 2020 Nine months ended Sept 30, 2019 Change
Ore processed (tonnes) 20,292 21,761 -7% 47,431 60,403 -21%
Ag grade (g/t) 353 418 -15% 355 382 -7%
Au grade (g/t) 0.85 0.86 0% 0.84 0.98 -14%
Ag recovery (%) 92.5% 93.8% -1% 92.4% 93.7% -1%
Au recovery (%) 55.5% 57.4% -3% 55.1% 56.4% -2%
Silver eq production (oz) (1,2) 383,897 501,469 -23% 906,322 1,335,862 -32%
Silver production (ounces) 213,320 274,225 -22% 499,927 695,805 -28%
Gold production (ounces) 308 344 -10% 708 1,077 -34%
Lead production (tonnes) 457 539 -15% 1,021 1,473 -31%
Zinc production (tonnes) 565 689 -18% 1420 1,926 -26%
Gold eq production (oz) (1,2) 4,266 6,268 -32% 10,070 16,698 -74%
(1) Silver equivalent ounces for 2020 are calculated using a 90:1 Ag:Au ratio, and ratios of 1:0.05770751 and 1:0.06798419 for the price/ounce of silver to price/pound of lead and zinc, respectively.
(2) Silver equivalent ounces for 2019 were calculated using an 80:1 Ag:Au ratio, and ratios of 1:0.0636 and 1:0.0818 for the price/ounce of silver to price/pound of lead and zinc, respectively, consistent with the Company’s guidance for the year.

 

Topia produced 383,897 Ag eq oz in Q3 2020, or 4,266 Au eq oz, which was lower than the same period of 2019 due to COVID-19 related delays on the delivery and installation of a key component for one of the mills which impacted processing.  The component was received and installed in early October.  Although COVID-19 impacted the supply of this component, the Topia community remains relatively unaffected by COVID-19.

 

Topia remains on track to meet 2020 full year production guidance of 1.2 to 1.3 million Ag eq oz.

 

Guanajuato Mine Complex

 

GMC Operations Summary Three months ended Sept 30, 2020 Three months ended Sept 30, 2019 Change Nine months ended Sept 30, 2020 Nine months ended Sept 30, 2019 Change
Ore processed (tonnes) 45,101 44,001 2% 111,462 138,900 -20%
Ag grade (g/t) 131 119 10% 128 108 18%
Au grade (g/t) 1.59 2.47 -36% 1.74 2.34 -26%
Ag recovery (%) 85.5% 85.6% 0% 85.3% 84.7% 1%
Au recovery (%) 83.4% 85.4% -2% 84.4% 85.2% -1%
Silver eq production (oz) (1,2) 334,675 383,072 -13% 862,501 1,126,216 -23%
Silver production (oz) 161,927 143,807 13% 392,689 410,326 -4%
Gold production (oz) 1,919 2,991 -36% 5,220 8,949 -42%
Gold eq production (oz) (1,2) 3,719 4,788 -22% 9,583 14,078 -32%
(1) Silver equivalent ounces for 2020 are calculated using a 90:1 Ag:Au ratio.      
(2) Silver equivalent ounces for 2019 were calculated using an 80:1 Ag:Au ratio      

 

GMC produced 334,675 Ag eq oz in Q3 2020, or 3,719 Au eq oz.  Operations were maintained throughout the quarter albeit at lower levels of production due to continued spread of COVID-19 in Guanajuato and measures and protocols to safeguard the workforce.

 

GMC remains on track to meet 2020 full year production guidance of 1.2 to 1.3 million Ag eq oz.

 

Mineral Reserve and Resource Updates

 

Great Panther also plans to release Mineral Reserve and Resource updates for its Tucano and GMC mines in the fourth quarter.  These will incorporate the results of the Company’s 2020 drill programs.  Exploration at Tucano is ongoing, with the current focus on near-mine mineralization and a regional tenement 20 kilometres from the existing plant.  

 

Technical Disclosure

 

The technical information contained in this news release has been reviewed and approved by Neil Hepworth, Chartered Engineer UK, Chief Operating Officer, a Qualified Person for the purposes of National Instrument 43-101.

 

ABOUT GREAT PANTHER

 

Great Panther is a growing gold and silver producer focused on the Americas.  The Company owns a diversified portfolio of assets in Brazil, Mexico and Peru that includes three operating gold and silver mines, four exploration projects, and an advanced development project.  Great Panther is actively exploring large land packages in highly prospective districts and is pursuing acquisition opportunities to complement its existing portfolio.  Great Panther trades on the Toronto Stock Exchange trading, and on the NYSE American.

 

Posted October 9, 2020

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