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Friday, 31 May 2013
Great Panther Silver says president Carsky resigns as "encouraging progress" continues
Great Panther Silver (TSE:GPR)(NYSE MKT:GPL) has said that its president, Martin Carsky, is stepping down from his role effective immediately, and will be replaced by co-founder and CEO Robert Archer.
Archer will resume the role of president and chief executive as Carsky has resigned for personal reasons, the company said, but has agreed to remain on as a consultant for a few months to assist with the transition.
"Martin has made a significant contribution to our company through a challenging period. He has built a strong team in operations, health and safety, and financial management during his tenure," said Archer.
"While we have begun to see encouraging progress due to operational efficiencies, grade control and cost reductions, we continue to review all areas of our business with the aim of reducing overall costs even further, and remain committed to long term profitability and growth."
Indeed, initiatives to improve grade control at the company's two operating mines in Mexico, Guanajuato and Topia, are being implemented, the company said.
Mining contracts at Guanajuato are also under review, with the aim of reducing site costs in the second half of the year.
Revenue fell 7 per cent in the first quarter to $12.64 million from $13.63 million a year earlier, as higher output and volumes sold were offset by rising costs and lower realized prices for metals.
The company estimates metal production for the year from its two mines will come in between 2.4 million and 2.5 million silver equivalent ounces.
It is also progressing the development of its San Ignacio project, which remains on track, Great Panther said, with anticipated production next year.