Great Panther Silver Reports Revenues Increase By 46% To $16.3 Million, Earnings From Mining Operations Increase By 78% To $8.3 Million In Third Quarter Of 2011
Great Panther Silver Limited
T.GPR: TSX
Great Panther Silver Reports Revenues Increase By 46% To $16.3 Million, Earnings From Mining Operations Increase By 78% To $8.3 Million In Third Quarter Of 2011
GREAT PANTHER SILVER LIMITED (TSX: GPR; NYSE Amex: GPL; or “the Company”) announces the financial results for the three and nine months ended September 30, 2011. Great Panther is pleased to report revenues for the nine months ended September 30, 2011 of $40.3 million, representing a 42% increase over the same period in the prior year. The Company also significantly grew earnings from mining operations to $20.9 million for the nine month period, a 97% increase over the comparable period in 2010. Revenues for the three months ended September 30, 2011 increased by 46% to a record $16.3 million, while earnings from mining operations increased by 78% to $8.3 million. Working capital increased to $53.8 million from $18.8 million at December 31, 2010. The full version of the financial statements and management’s discussion and analysis can be viewed on the Company’s website at www.greatpanther.com or on SEDAR at www.sedar.com.
“We are extremely pleased that our financial results continue to show significant growth in our revenues and earnings”, stated Robert Archer, President and CEO. “The partial draw-down of concentrate inventory at Guanajuato during the latter half of the third quarter resulted in near-normal shipments for the period and brought stability back to our revenue stream.”
“Recent discoveries of high grade silver and gold mineralization have been accessed in an extention of our Cata Mine in Guanajuato, which should contribute to higher grades and improved metal output in the coming quarters”, added Mr. Archer. “In addition, we are very excited about the prospects for our San Ignacio and Santa Rosa properties which are located within trucking distance to our Guanajuato Mine Complex. The initial resource estimate at San Ignacio is an excellent start in proving up this new discovery for Great Panther, and we have accelerated our drilling program as a result.”
Please follow this link to view the full release, including financial tables
CONFERENCE CALL TO REVIEW THIRD QUARTER 2011 FINANCIAL RESULTS
The Company will hold a conference call to discuss the financial results tomorrow, November 15, at 7 AM Pacific Time 10:00 AM Eastern Time. Hosting the call will be Mr. Robert Archer, President and Chief Executive Officer and Mr. Martin Carsky, Executive Vice President and Chief Financial Officer.
Management welcomes interested shareholders, analysts, investors and media to join the live conference call by dialing just prior to the starting time.
Dial in number (Toll Free): 1-877-407-9205
Dial in number (International): +1-201-689-8054
No passcode is required
Replay number (Toll Free): 1-877-660-6853
Replay number (International): +1-201-612-7415
Replay Passcodes (both are required for playback):
Account #: 286
Conference ID #: 382663
A replay of the teleconference call will be available on November 15, 2011 from 10:00 AM Pacific Time, 1:00 PM Eastern Time until November 29, 2011 by dialing the numbers above. In addition, the call will be archived on the Company's website.
INTERNATIONAL FINANCIAL REPORTING STANDARDS
The financial results discussed in this press release have been prepared in accordance with IFRS standards applicable to the preparation of interim financial information as required for all publicly traded companies in Canada in 2011. Readers should note that some comparative figures in this press release and the Company’s financial statements and Management Discussion and Analysis (“MD&A”) have been restated to reflect IFRS. Please refer to the Company’s Condensed Consolidated Interim Financial Statements and MD&A for the three and nine months ended September 30, 2011 for a detailed description of the Company’s accounting policies under IFRS and for disclosures and reconciliation of the impact of IFRS on previously reported results.
NON-GAAP MEASURES
The discussion of financial results in this press release includes reference to Adjusted EBITDA and Cash Cost per Ounce which are non-GAAP measures. The Company provides these measures to provide additional information regarding Company’s financial results and performance. Please refer to the Company’s MD&A for the three and nine months ended September 30, 2011 for a definition and reconciliation of these measures to reported GAAP results.
ABOUT GREAT PANTHER
Great Panther Silver Limited is a profitable, primary silver mining and exploration company listed on the Toronto Stock Exchange, trading under the symbol GPR and on the NYSE Amex, trading under the symbol GPL. The Company’s current activities are focused on the mining of precious and base metals from its two wholly-owned operating mines in Mexico. In addition, the Company is also pursuing acquisition opportunities throughout Latin America to add additional mines to its portfolio of properties. Great Panther’s mission is to become a leading primary silver producer by acquiring, developing and profitably mining precious metals.
All shareholders have the ability to receive a hard copy of the Company's complete audited financial statements free of charge upon request. Should you wish to receive Great Panther Silver’s Financial Statements or the Annual Report on Form 20-F in hard copy, please contact us at the Company toll free at 1-888-355-1766 or 604-608-1766, or e-mail info@greatpanther.com.
For further information, please visit the Company’s website at www.greatpanther.com, contact B&D Capital at telephone 604-685-6465, fax 604-899-4303 or e-mail info@greatpanther.com.
ON BEHALF OF THE BOARD
“Robert A. Archer”
Robert A. Archer, President & CEO
“Kaare G. Foy”
Kaare G. Foy, Executive Chairman
This news release contains forward-looking statements within the meaning of the United States PrivateSecurities 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, 2010 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.
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