Great Panther Increases Production

 

VANCOUVER - Great Panther Resources reported production results for the third quarter of 2009 from its two wholly owned mines in Mexico. This was by far the best quarter to date for Guanajuato, in particular, where gold and silver production was at record levels, as ore grades continued to improve.

The Guanajuato Mine achieved record production of 288,087 oz silver and 1,872 oz gold, (432,795 Ag eq oz), from milling 34,325 tonnes of ore. The average ore grade, at 315g/t Ag, and 2.00g/t Au, (15.10 Ag eq oz), represents a 70% increase in the silver equivalent grade when compared to Q3 2008.

The discovery and development of three new ore zones helped to provide increased production at Guanajuato. Ore from the Santa Margarita vein averaged more than 5g/t Au, while the grade of ore mined from the Los Pozos and Cata Alto 2 zones was generally higher than average. Production at Cata, by cut-and-fill mining, continued from the 460 and 417 levels on the Veta Madre and the decline ramp was extended towards the 490 level. Rayas production was achieved from a combination of remnant and pillar recovery from the main Rayas Clavo and new resource development on the gold-rich Santa Margarita and Los Pozos zones. Stoping of the Guanajuatito North zone continued on the 20 and 50 levels and development was initiated on the 80 level.

Guanajuato plant performance continues to excel. Metal recoveries for Q3 2009 averaged 84.8% for gold and 82.9% for silver compared to Q3 2008 when they were 77.5% and 83.0%, respectively. The quality of concentrates shipped to the IMMSA copper smelter averaged 14.13kg/t Ag and 92g/t Au.

At the Topia Mine metal production for the third quarter totaled 110,724 oz Ag, 79 oz Au, 464,510 lbs Pb, and 580,043 lbs Zn, or 164,262 Ag eq oz, from milling 7,680 tonnes of ore. The silver production represents a 5% increase from Q3 2008. The ore grades, at 492g/t Ag, 0.4g/t Au, 2.95% Pb and 3.84% Zn, or 23.62 Ag eq oz, represent a 10% improvement over Q3 2008.

Topia plant performance was excellent, with metal recoveries of 91.2% for Ag (a record), 79.8% for Au, 93.0% for Pb (a record), and 89.3% for Zn (a record). Concentrate qualities were at record highs, with the lead concentrate at 57.2% Pb and 8,971g/t Ag, and the zinc concentrate at 54.8% Zn. In addition to processing the 7,680 tonnes from the Company's mines, 3,069 tonnes were custom milled for a local miner, thereby increasing revenue and keeping unit costs down.

The company’s address is Suite 2100, 1177 W. Hastings St., Vancouver, BC V6E 2K3, 604-608-1766, fax: 604-608-1744, email: [email protected].