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Great Panther Temporarily Halts Processing at its Topia Mine to Facilitate Transition to New Tailings Facility
TSX: GPR
NYSE MKT: GPL
VANCOUVER, Dec. 1, 2016 /CNW/ – GREAT PANTHER SILVER LIMITED (TSX: GPR; NYSE MKT: GPL) (“Great Panther”; the “Company”) announces that, further to a review of its Topia Mine operations in Durango, the Company has decided to suspend the operation of the processing facility for approximately three months, effective today, to facilitate plant upgrades and a transition to a new tailings storage facility (“TSF”) currently under construction. Mine operations will continue through the plant shutdown and all ore will be stockpiled and processed in 2017.
“While we are continuing with the geotechnical evaluations and assessments of the remaining capacity at the existing tailings facility, we have made the decision to suspend processing at Topia”, stated Robert Archer, President & CEO. “This will provide the opportunity to safely engage in improvements at the processing plant concurrently with the construction of the new TSF while continuing with mine and resource development. During the period of the shutdown we will maintain full employment at Topia as mining operations will continue and plant personnel will be employed in the upgrade and maintenance programs, training and other activities.”
The new TSF entails a change from wet deposition to dry stack, which best aligns with environmentally sound practices in the industry today. The project includes the installation of a thickener and filter presses, upgrades to the crushing plant, flotation circuits and ball mills some of which are already in progress. As preparation and permitting of the Phase II TSF continues, the efforts at the existing TSF will shift to dewatering to improve stability, and to transition toward a program of reclamation and remediation, all of which are in accordance with best closure practices. Simultaneously, a program of ore control optimization is being implemented throughout the mine to increase grades with the objectives of reducing unit costs and increasing metal production.
Accounting for the plant shutdown, the Company expects production for 2016 to come in just over 3.9 million silver equivalent ounces (“Ag eq oz”), slightly below its guidance of 4.0 – 4.2 million Ag eq oz. The Company is reaffirming its expectation to achieve the lower end of its guidance ranges for cash cost and all-in sustaining cost of $4.00 – 5.00 per payable silver ounce, and $12.00 – 14.00 per payable silver ounce, respectively. Better than planned cost performance to date is expected to more than offset any impact of cost increases attributed to the temporary plant shutdown.
The technical information contained in this news release has been reviewed and approved by Robert F. Brown, P. Eng. and Vice President of Exploration for the Company, who is the Qualified Person (QP) for the Guanajuato Mine Complex and the Topia Mine under the meaning of NI 43-101. Aspects relating to mining and metallurgy are overseen by Ali Soltani, Chief Operating Officer for Great Panther.