Great Panther Silver Ltd. (TSX:GPR,NYSEMKT:GPL) released its production results for the fourth quarter of 2015, as well as the year as a whole, commenting that it achieved an annual metal production record of 4,159,121 silver equivalent ounces.
Other 2015 production highlights include:
- Exceeded 2015 production guidance: Metal production for the year exceeded the annual guidance, which was increased in the third quarter to 3.8 to 3.9 million Ag eq oz;
- Record annual silver and gold production: Silver production increased 25% to 2,386,028 silver ounces (“Ag oz”), while gold production rose 32% to 21,740 gold ounces (“Au oz”)
- Record tonnes milled: Ore processed increased 12% to 375,332 tonnes
Robert Archer, president and CEO of Great Panther, commented:
Continued strong performance in the fourth quarter capped off a transformative year for Great Panther. We delivered new annual records for silver, gold, and total metal production and beat our already upwardly revised guidance by about 300,000 Ag eq oz. The ongoing ramp up in production at San Ignacio, with higher gold grades, was the major factor in this year-over-year increase. In addition, Topia exceeded one million Ag eq oz for the first time. Operational efficiencies and grade control improved significantly and I would like to congratulate our entire team for a banner year. The increase in production at higher grades allowed us to lower our costs substantially such that Great Panther is well-positioned to withstand this period of depressed metal prices and take advantage of future price rises.
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