Great Panther Silver Reports Second Quarter 2012 Financial Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/13/12 -- GREAT PANTHER SILVER LIMITED (TSX: GPR)(NYSE MKT: GPL)(NYSE Amex: GPL) ("Great Panther" or the "Company") today reported financial results for the Company's three and six months ended June 30, 2012. The full version of the Company's financial statements and management's discussion and analysis can be viewed on the Company's website at or on SEDAR at . All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in Canadian dollars unless otherwise indicated.
"While we are pleased with our revenue growth, gross profit was significantly impacted by lower silver prices and an increase in depreciation charges due to the substantial investments made in our mines, plant and equipment over the last year," stated Robert Archer, CEO. "Looking ahead, there are a number of positive operational developments that we anticipate will contribute to Great Panther's growth in production in the second half of 2012."
SECOND QUARTER 2012 AND FIRST-HALF 2012 FINANCIAL SUMMARY
During the second quarter, the Company experienced a reduction in cash from $40.3 million at March 31, 2012 to $28.7 million at June 30, 2012. The primary factor for the decrease was the timing of payments on concentrate shipments during the second quarter, resulting in an increase of $8.5 million in accounts receivable. The Company has a credit facility available to finance accounts receivable or receive advances on shipments of concentrates, but elected not to use the facility as the Company had sufficient cash and a strong working capital position throughout the quarter. The Company's net working capital at June 30, 2012 was $49.9 million compared to $53.5 million at March 31, 2012.
SECOND QUARTER 2012 OPERATIONAL SUMMARY
BUSINESS DEVELOPMENTS HIGHLIGHTS
OUTLOOK
The Company is maintaining its guidance for metal production in the range of 2.50 to 2.75 million Ag eq oz for fiscal 2012 as compared to metal production of 2.2 million Ag eq oz for fiscal 2011.
While first half 2012 metal production of 1,113,388 Ag eq oz shows no increase over first half 2011 of 1,170,169 Ag eq oz, several operating initiatives and developments have already demonstrated improvements for increased production in the second half of this year.
At Guanajuato, the mine is now operating on a 7-day-week schedule (formerly on a 6-day-week) to allow for increased equipment utilization and production. The Guanajuato processing plant, which is already achieving record metallurgical recoveries, will be further improved by a new double-deck crushing screen that became operational in June, and a new tertiary crusher scheduled to be operational later in the third quarter of 2012.
Production from Cata, the highest grade area of the mine, is expected to increase. In addition, a sill pillar will be recovered on the 470 metre level using a newly acquired longhole drilling rig and remote ore loading. Production and development from the gold-rich Santa Margarita vein is continuing.
Development at Valenciana continues on two fronts: haulage access connecting the Cata ore hoisting shaft and the newly discovered, deeper extensions of the Guanajuatito North zone at the 390 metre level is underway; and up-ramp access from the 320 metre level to the 285 metre level of the 18th and 19th century workings of Valenciana is ongoing. Access to some of the old Valenciana workings has been established and diamond drilling has commenced.
Underground diamond drilling at Guanajuato is ongoing on 50 metre exploration centres at Guanajuatito and Valenciana, while more production-detailed 25 metre centre drilling is ongoing at Santa Margarita, Los Pozos, and Cata. A total of 6,222 metres was completed in the second quarter of 2012.
Drilling at Guanajuatito is expanding a new discovery approximately 100 metres to the northwest from current workings between the 160 and 200 metre levels. This new zone is open both up and down dip and to the northwest. Drilling at Santa Margarita continues to improve ore definition of the multiple gold-rich veins and stockworks, hence guiding mine development.
At Topia, the rainy season is well underway and processing capacity increased from 160 to 220 tonnes per day in June. Mined ore has been stockpiled and mining rates are increasing with additional mobile equipment acquired. Crushing circuit bottlenecks are being eliminated with the installation of a new screen and crusher scheduled in the current quarter.
CONFERENCE CALL TO DISCUSS SECOND QUARTER 2012 FINANCIAL RESULTS
The Company will hold a conference call to discuss the financial results on August 14, 2012, at 7:00 AM Pacific Daylight Time, 10:00 AM Eastern Daylight Time. Hosting the call will be Mr. Robert Archer, Chief Executive Officer and Mr. Martin Carsky, President.
Interested shareholders, analysts, investors and media are invited to join the live conference call by dialing in just prior to the start time.
A replay of the teleconference call will be available until August 28, 2012 by dialing the numbers below. 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 financial information as required for all publicly traded companies in Canada. Readers should note that some comparative figures in this press release and the Company's financial statements and Management's Discussion and Analysis ("MD&A") have been restated to reflect IFRS. Please refer to the Company's Consolidated Financial Statements and MD&A for the year ended December 31, 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-IFRS MEASURES
The discussion of financial results in this press release includes reference to EBITDA, Adjusted EBITDA and Cash Cost per Silver Ounce which are non-IFRS measures. The Company provides these measures to provide additional information regarding the Company's financial results and performance. Please refer to the Company's MD&A for the three and six months ended June 30, 2012 for a definition and reconciliation of these measures to reported IFRS 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 MKT trading under the symbol GPL. The Company's current activities are focused on the mining of precious metals from its two wholly-owned operating mines in Mexico, including the development stage San Ignacio Project. 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 .
For further information, please visit the Company's website at .
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, 2011 and reports on Form 6-K filed with the Securities and Exchange Commission and available at and Material Change Reports filed with the Canadian Securities Administrators and available at .
Contacts:
Great Panther Silver Limited
Rhonda Bennetto
Vice President Corporate Communications
1-888-355-1766
Great Panther Silver Limited
Robert A. Archer
Chief Executive Officer
1-888-355-1766
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Datum: 13.08.2012 - 21:00 Uhr
Sprache: Deutsch
News-ID 174107
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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