Great Panther Reports Resumption of Mining in Tucano's UCS Pit and Reports Second Quarter 2021 Production Results

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Overig advies 14/07/2021 17:58
UCS pushback activities ahead of schedule and production ramping up with higher grade ore to be mined in upcoming quarters

VANCOUVER, BC , July 14, 2021 /CNW/ - Great Panther Mining Limited (TSX: GPR) (NYSE-A: GPL) ("Great Panther" or the "Company"), a growing gold and silver producer focused on the Americas, reports that mining of ore has recommenced in the Urucum Central South ("UCS") open pit of the Company's Tucano Mine in Brazil .

"I am pleased to report that mining of ore has resumed ahead of schedule in the Urucum Central South pit as the conditions affecting the stability of the west wall have improved significantly," stated Robert Henderson , President and CEO. "The radar measurements of the west wall have shown a considerable reduction of movement compared to the earlier levels recorded over the past two months, and improved weather conditions are resulting in greater wall stability. Although the delay in safely accessing ore from UCS resulted in low production for the second quarter, production has begun ramping up in July and the higher grade ore not mined in the second quarter will be mined in upcoming quarters."

Operations have removed approximately 1.4 million tonnes of unstable weathered waste material from the upper west wall of the UCS pit and have improved water drainage in the upper oxide area of the deposit while pushback activities continue. A further 1.2 million tonnes of waste material is expected to be removed as part of the designed pushback. Strict safety protocols are being followed to ensure continued health and safety of workers, which includes radar monitoring for wall movement, prisms and drone surveys.

The Company also reports production results for the three months ended June 30, 2021 , from its three wholly owned mines: Tucano in Brazil , and Topia and the Guanajuato Mine Complex ("GMC") in Mexico .

Second Quarter 2021 Production Highlights

Consolidated metal production of 27,722 gold equivalent ounces ("Au eq oz"), inclusive of 22,804 gold ounces ("Au oz") and 334,423 silver ounces ("Ag oz")
Total gold production at Tucano of 20,696 Au oz
Total silver equivalent production at Topia of 312,259 silver equivalent ounces ("Ag eq oz")
Total silver equivalent production at the GMC of 284,883 Ag eq oz
UCS pushback activities ahead of schedule; resumption of mining of ore ramping up to full production
Tailings capacity at the GMC determined to be sufficient through December 2021
Consolidated Operating Results

Consolidated Operating Results
Q2 2021 Q2 2020 Change Q2 2021 Q1 2021 Change

Ore processed (tonnes) 929,430 847,174 10% 929,430 854,704 9%
Gold eq production (oz) (1) 27,722 38,541 -28% 27,722 30,556 -9%
Gold production (oz) 22,804 36,357 -37% 22,804 24,978 -9%
Silver production (oz) 334,423 142,457 135% 334,423 360,070 -7%

Scroll to the right to see the table data.

The Company's operations are on track to meet previously announced consolidated production guidance for 2021 of 125,000 to 140,000 Au eq oz. Approximately 60% of annual guidance is expected in the second half of the year, considered the dry season in Northern Brazil , following the temporary halt of mining at UCS as well as higher stripping and lower production levels in the first half of 2021 as per the mine plan for Tucano.

Production guidance here and elsewhere in this news release is forward-looking information that should be read in conjunction with the Cautionary Statement on Forward-Looking Information section at the end of this news release. The Company may revise guidance during the year to reflect actual results to date and those anticipated for the remainder of the year.

The COVID-19 pandemic continues to affect the regions in which the Company operates. Strict health and safety protocols remain in place, and the Company is particularly focused on maintaining top-of-mind awareness about prevention practices within the organization and the communities that surround its operations. Vaccination programs are advancing, albeit slowly, and vigilance is of the utmost importance in order to support health authorities during this time.

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