GREAT PANTHER MINING LIMITED (TSX:GPR; NYSE American: GPL) (“Great Panther”, the “Company”) today reported financial results for the Company’s three months ended March 31, 2019.
GREAT PANTHER MINING LIMITED (TSX:GPR; NYSE American: GPL) (“Great Panther”, the “Company”) today reported financial results for the Company’s three months ended March 31, 2019. The full version of the Company’s unaudited condensed interim consolidated financial statements and Management’s Discussion and Analysis (“MD&A”) can be viewed on the Company’s website at www.greatpanther.com or on SEDAR at www.sedar.com. All financial information is prepared in accordance with International Financial Reporting Standards (“IFRS”), except as noted in the Non-GAAP Measures section of the MD&A. All dollar amounts are expressed in US dollars (“USD”), unless otherwise noted.
“Great Panther completed a key strategic milestone in the first quarter of 2019 by closing the acquisition of Beadell Resources and its 100% owned Tucano Mine in Brazil. The acquisition of the Tucano Mine transforms Great Panther into a 200,000 gold equivalent ounce per year intermediate precious metals producer with diversified operations in leading Latin American jurisdictions,” stated James Bannantine, President and CEO. “The transaction, which closed on March 5th and contributed to Great Panther’s results from that date, added modestly to first quarter results.”
“Production and operating costs are already improving at Tucano. With the supplemental oxygen plant commissioning completed as of the start of May, Tucano has been successfully processing higher grade sulfide ore with better than budgeted recoveries since the end of April”, Mr. Bannantine added. “GMC had a weak quarter and did not perform to plan, however, we have seen improvements in the grade of ore coming exclusively from the San Ignacio mine and associated plant recoveries since the start of the second quarter. Our operations and geology teams remain focused on optimizing San Ignacio, as well as the dedicated exploration at the Guanajuato Mine to be able to bring it back into production next year. Topia’s expansion in production and associated capacity expansion is proceeding ahead of plan.”
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