[Great Panther Resources Limited] is a revenue-generating, active mining and exploration company listed on the Toronto Stock Exchange (“TSX”), trading under the symbol “GPR”. The Company’s current activities are focused on the mining of precious and base metals from its wholly-owned properties in Mexico. In addition, Great Panther is also involved in the acquisition, exploration and development of other Mexican properties.
All of Great Panther’s assets in Mexico are held through Minera Mexicana el Rosario, S.A. de C.V. (“MMR”), a wholly-owned subsidiary acquired in February 2004. In 2005, the Company incorporated Metalicos de Durango, S.A, de C.V. and Minera de Villa Seca, S.A. de C.V.
These two operating subsidiaries of the Company are responsible for the day-to-day affairs and operations of the Topia and Guanajuato mines, respectively, through service agreements with MMR. On February 20, 2007, Great Panther incorporated an additional subsidiary, Exploraciones Mineras el Rosario, S.A. de C.V., responsible for the exploration and further development of the Company’s mineral properties.
Q2 2008 Report Highlights
- 488% increase in earnings from mining operations(1) to $1.8 million in the second quarter 2008 from $0.3 million for the second quarter 2007.
- 135% increase in mineral sales revenue to $7.4 million for the three months ended June 30, 2008 from $3.1 million for the three months ended June 30, 2007.
- 41% increase in total quarterly production to 436,072 silver equivalent ounces (Ag Eq oz) in the second quarter 2008 from 310,350 Ag Eq oz in the second quarter 2007.
- Overall cash operating cost per silver ounce(2) decreased by 7% from $11.14 in 2007 to $10.35 for the second quarter of 2008.
- Deep drilling at Cata Mine returned 15.94 metres @ 1,305g/t silver and 4.60g/t gold and discovered new base metal rich zone at depth of 600 metres.
- Molybdenum-rich skarn and replacement style Ag-Pb-Zn mineralization discovered at Mapimi Project in Durango.
- High grade silver-lead-zinc mineralization extended at Argentina Vein at Topia Mine in Durango. The 2008 mineral resource estimate comprises Measured & Indicated Mineral Resources of 153,373 tonnes at 501g/t Ag, 0.95g/t Au, 5.38% Pb and 4.85% Zn as well as 98,083 tonnes of 468g/t Ag, 0.97g/t Au, 3.59% Pb and 2.95% Zn in the Inferred category.
