Wednesday, 9 May 2012

Great Panther ups tonnage by 35% at San Ignacio project, extends mineralization

Great Panther Silver (TSE:GPR)(AMEX:GPL) Wednesday unveiled updated mineral resource estimates at its wholly-owned Guanajuato Mine and and San Ignacio project in Guanajuato, Mexico.
The updated measured and indicated mineral resource at the Guanajuato Mine Complex contains 5.649 million ounces of silver equivalent, replacing production from the Guanajuato Mine during the past 18 months.
Inferred mineral resources at the Guanajuato Mine are estimated at 2.5 million silver equivalent ounces.
Since San Ignacio is effectively a satellite of the Guanajuato Mine Complex, located 20 km away by road, and any mineralization extracted from San Ignacio will be processed at the Cata Plant, the resource is now being considered as part of the overall Guanajuato Mine mineral inventory, the company said.
The new inferred mineral resource at San Ignacio is estimated to contain 6.89 million silver equivalent ounces in 826,000 tonnes averaging 121 g/t silver and 2.28 g/t gold, using a 125 g/t cut-off.
The estimate for San Ignacio increases the tonnage by 35 percent, the silver content by 29 percent, the gold content by 51 percent and the silver equivalent ounces by 53 percent over the previous estimate, Great Panther said.
At San Ignacio, surface drilling is ongoing with two drills, and continues to extend the limits of the known mineralized zones beyond the resource model.
Highlights in the known zones include 2.65 metres grading 533 grams per tonne (g/t) silver and 7.59 g/t gold, and 1.15 metres grading 249 g/t silver and 2.99 g/t gold.
In addition, new but as yet irregular, high grade silver-gold veins have also been discovered at San Ignacio. These zones returned intercepts of 794 g/t silver and 3.70 g/t gold over 2.22 metres in hole ESI12-079, 422 g/t silver and 10.50 g/t gold over 0.60 metres in ESI12-075 and 131 g/t silver and 19.20 g/t gold over 0.50 metres in ESI12-078.
None of these intercepts are contained within the aforementioned resource for San Ignacio, the company said.
For Guanajuato, the mineral resource estimate contains measured and indicated mineral resources of 5.649 million silver equivalent ounces, including 3.53 million silver equivalent ounces in the measured category and 2.119 million silver equivalent ounces in the indicated category.
Inferred mineral resources are estimated at 2.5 million silver equivalent ounces. These are contained in the Cata Clavo, Los Pozos, Santa Margarita and Guanajuatito zones.
Mining of these four zones currently accounts for most of the Guanajuato metal production.
Great Panther said underground drilling is ongoing with five drill rigs to delineate new resources on the upper and depth extensions of Los Pozos, the southeast strike extension of Santa Margarita, and lateral and deep extensions at Guanajuatito, as well as deep exploration at Valenciana and Rayas.
Great Panther is a primary silver mining and exploration company focused on mining precious metals from its two wholly-owned operating mines in Mexico.
It also owns the development stage property San Ignacio, and an exploration stage property, Santa Rosa, which is located approximately 15 kilometres northeast of Guanajuato.
Full details as well as maps can be found at: http://www.greatpanther.com

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