Great Panther Silver Reports Third Quarter 2012 Financial Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/14/12 -- Great Panther Silver Limited (TSX: GPR)(NYSE MKT: GPL) ("Great Panther" or the "Company") today reported financial results for the Company's three and nine months ended September 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 SEDAR at . All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in Canadian dollars unless otherwise indicated.
"Great Panther continues to enjoy a strong balance sheet and has made significant investments in our operations in 2012," stated Robert Archer, CEO. "Grade variability continues to be a challenge at both mines, especially at Topia, and is a major focal point for our mine planners in order to reduce our unit cash costs going forward. Quarterly revenue was impacted by lower year-over-year metal prices and a large in-transit shipment of concentrate from Guanajuato, however the latter simply defers revenue recognition until the fourth quarter of 2012."
THIRD QUARTER AND YEAR TO DATE 2012 FINANCIAL SUMMARY
THIRD QUARTER 2012 FINANCIAL DISCUSSION
THIRD QUARTER 2012 OPERATIONAL SUMMARY
BUSINESS DEVELOPMENTS HIGHLIGHTS
OUTLOOK
Based upon continued grade variability and higher smelting and refining charges at both mines, especially at Topia, which have resulted in higher unit operating costs, cash cost per silver ounce guidance has been adjusted to a range of USD$11.00 to USD$12.00 from a range of USD$9.50 to USD$10.50.
With the acquisition of key surface rights at San Ignacio, the Company has applied for the permits required for underground development and permitting is expected to be completed by the first quarter of 2013. The construction of the portal and development of a ramp will commence immediately after the receipt of permits.
Great Panther continues to seek out opportunities to add production in the districts within which it is already operating. Consequently, the Company expects to commence a drill program in the first quarter of 2013 with the goal of delineating a resource at the recently acquired El Horcon Project located 60 kilometres northwest of the Guanajuato mine.
CONFERENCE CALL TO DISCUSS THIRD QUARTER 2012 FINANCIAL RESULTS
The Company will hold a conference call to discuss the financial results on November 15, 2012, at 7:00 AM Pacific Standard Time, 10:00 AM Eastern Standard Time. Hosting the call will be Mr. Robert Archer, Chief Executive Officer and Mr. Jim Zadra, Chief Financial Officer.
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 November 29, 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 as additional information regarding the Company's financial results and performance. Please refer to the Company's MD&A for the three and nine months ended September 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 .
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 .
(1) "Adjusted EBITDA" and cash cost per silver ounce are non-IFRS measures. Refer to the "Non-IFRS Measures" section of the Company's MD&A for a complete definition and reconciliation to the Company's financial statements.
(2) Silver equivalent ounces in 2012 were established using prices of US$28 per oz, US$1,680 per oz, US$0.85 per lb and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates that were produced by the two operations.
(3) Average realized silver price is prior to treatment, refining and smelting charges.
(4) "Adjusted EBITDA" is a non-IFRS measure. Refer to the "Non-IFRS Measures" section of this Press Release and Company's MD&A for a complete definition and reconciliation to the Company's financial statements.
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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Unternehmensinformation / Kurzprofil:
Datum: 14.11.2012 - 22:43 Uhr
Sprache: Deutsch
News-ID 203784
Anzahl Zeichen: 4075
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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