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VANCOUVER, Oct. 15, 2019 /CNW/ - Great Panther Mining Ltd. (NYSE American: GPL; TSX: GPR) ("Great Panther", the "Company") provides an update on developments at its Tucano Gold Mine in Brazil. As previously reported, a geotechnical issue was discovered on Sunday, October 6th in the west wall of the Urucum Central South pit ("UCS"), one of the five pits scheduled for production in the fourth quarter and into next year. There has since been deterioration to sections of the west wall of the pit, including failures along the lower southern portion of the west wall and cracks along the central section of the pit. As a precautionary measure and following safety protocols, the pit and access roads were closed, an adjacent haul road was re-routed and stockpiles moved away from the pit. As an additional safety precaution and with a view to returning the UCS pit to production, the Company has initiated a full geotechnical review of UCS and all other pits including installing additional monitoring equipment. There have been no safety incidents nor stranded equipment. A plan has also been initiated to re-sequence and accelerate production from the other pits, primarily the Urucum North and Urucum South pits. Geotechnical analysis and mine planning for additional stripping and rehabilitation of UCS is ongoing to calculate any impact on Mineral Reserves and to determine when production at the UCS pit can be recommenced. An update will be provided when the analysis is complete, no later than the first quarter of 2020 when an updated Mineral Reserve and Mineral Resource statement is published for the Tucano Gold Mine. UCS represents approximately 150,000 ounces of Mineral Reserves that were scheduled for production mainly in 2021 and 2022. As a result of this event, Great Panther is lowering its fourth quarter guidance for the Tucano Gold Mine to between 39,000 and 44,000 ounces of gold. Full year guidance for Mexico has also been revised downward to between 40,000 and 45,000 gold equivalent ounces(1). The Company is conducting further detailed analysis and will provide timely announcement of any further changes in guidance. "Based on this updated guidance we are still projecting to deliver growth in production relative to the third quarter of 2019. Our first priority is to take all necessary steps to ensure the safety of our employees and contractors at the Tucano Gold Mine while working diligently to minimize the impact to short-term and medium-term production," stated James Bannantine, President & CEO. Production guidance Previous FY 2019 Guidance Revised FY 2019 Guidance Gold equivalent ounces (1) – Tucano (from March 5, 2019 acquisition date) 125,000 – 135,000 110,000 – 115,000 Gold equivalent ounces (1) – Mexico 46,500 – 50,000 40,000 – 45,000 Total gold equivalent ounces (1) 171,500 – 185,000 150,000 – 160,000 (1) Gold equivalent ounces were calculated using a 1:80 Au:Ag ratio, and ratios of 1:0.0007950 and 1:0.0010225 for the price/ounce of gold to price/pound of lead and zinc, respectively. The technical information contained in this news release has been reviewed and approved by Fernando A. Cornejo, P. Eng., Vice President Projects & Technical Services and Robert F. Brown, P. Eng., acting Vice President Exploration, both Qualified Persons for the purposes of National Instrument 43-101. |
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| aus der Diskussion: | Great Panther Mining neuer Edelmetall-Investorenliebling |
| Autor (Datum des Eintrages): | KMST (15.10.19 12:49:31) |
| Beitrag: | 4,779 von 7,994 (ID:61694269) |
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