VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 14, 2007) - GREAT PANTHER RESOURCES LIMITED (TSX:GPR) (the "Company") reports that it has filed its quarterly unaudited financials and MD&A for the three and six months ended June 30, 2007.
The Company is pleased to report gross revenue of $3,245,000 for the second quarter 2007, an increase of 238% over the same period last year, and sales margin from mining operations (before amortization and depletion) of $1.1 million.
The Unaudited Interim Consolidated Financial Statements and Management's Discussion and Analysis for the three and six months ended June 30, 2007 have been filed on SEDAR. (All figures are in Canadian dollars unless otherwise stated).
Second Quarter Financial Highlights - Sales Revenue $3.2 million - Sales Margin from Mining Operations (before amortization and depletion) $1.1 million - Operating Profit (Loss) ($4.3 million) - Profit (Loss) per Share ($0.06) - Working Capital $5.2 million - Direct Cash Cost per Ounce of Silver Equivalent (year to date) Guanajuato USD $6.42 Topia USD $3.82 Second Quarter Operating Highlights - Guanajuato: Silver Equivalent Production 176,828 ounces Plant Throughput 48,403 tonnes - Topia: Silver Equivalent Production 133,522 ounces Plant Throughput 7,407 tonnes
Summary of Second Quarter Highlights
- Mineral sales revenue increased to $3.2 million, compared with $1.0 million for the three months ended June 30, 2006, an increase of 238%.
- Total June 30, 2007 year to date direct cash costs of production per silver equivalent oz. decreased to USD$3.82 and USD$6.42 for Topia and Guanajuato, respectively, compared to USD$4.60 and USD$9.10 in the first quarter 2007.
- Total quarterly production of 310,350 Ag Eq oz compared to 138,658 Ag Eq oz in the second quarter 2006, an increase of 124%.
- 21% quarter-by-quarter increase in output at Guanajuato from 146,552 Ag Eq oz in the first quarter 2007 to 176,828 Ag Eq oz in the second quarter 2007.
- Surface drilling at Guanajuato intersected four new silver-gold zones and provided further definition on the three previously known zones of silver-gold mineralization in the Promontorio area of the mine complex.
- Surface drilling results continued to expand the mineralized zone at the Mapimi Project. Highlights included 168 g/t silver equivalent (Ag Eq) over 78.65 metres; 212 g/t Ag Eq over 21.95 metres; and 372 g/t Ag Eq over 32.93 metres.
- Drilling continued at Mapimi, with a target of increasing the NI 43-101 compliant inferred resource estimate above existing 22.3 million ounces of silver equivalent.
- Management team strengthened with appointment of Raakel Iskanius, CA as Chief Financial Officer in May 2007.
To view the graph attached to this release please click on the following link: http://www.ccnmatthews.com/docs/0815gpr.jpg
Revenue from operations is expected to increase further in the second half of 2007 with increased capacity at both mines.
One-time start-up costs, other costs of exploration expensed, overhead, and accelerated depreciation, resulted in an overall accounting loss for the second quarter 2007 of $4.5 million (including $1.5 million of non-cash charges) or $0.06 per share.
ON BEHALF OF THE BOARD
Robert A. Archer, President & CEO
Kaare G. Foy, Executive Chairman
This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements may include but are not limited to the Company's plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Annual Report on Form 20-F for the year ended December 31, 2006 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.
SEC 20-F Statement Filed
Standard & Poor's Listed
FOR FURTHER INFORMATION PLEASE CONTACT:
Great Panther Resources Limited
Robert A. Archer
President & CEO
Great Panther Resources Limited
Kaare G. Foy
(604) 608-1744 (FAX)