VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 03/13/13 — GREAT PANTHER SILVER LIMITED (TSX: GPR)(NYSE MKT: GPL) („Great Panther“; the „Company“) today reported financial results for the Company-s year ended December 31, 2012. The full version of the Company-s financial statements and Management-s Discussion and Analysis can be viewed on the Company-s website at , or SEDAR at . All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in Canadian dollars unless otherwise indicated.
„We are pleased to report record revenues and revenue growth of 6% despite a decline in average silver prices,“ stated Robert Archer, CEO. „While we remained profitable, we saw a decrease in profitability due to lower metal prices, increases in our operating costs and greater expenditures in exploration and development activities. These additional expenditures resulted in the discovery of new silver-gold mineralization in the Guanajuato Mine Complex and the development of the underground infrastructure to connect the lower levels of the Guanajuatito Mine with the main ore hoisting shaft at Cata. Our focus for 2013 is to improve the profitability of our operations, and to commence the development of our San Ignacio Project in preparation for anticipated production in 2014.“
FOURTH QUARTER AND FISCAL YEAR 2012 FINANCIAL SUMMARY
Fiscal Year 2012 Financial and Operational Highlights (Compared to Fiscal Year 2011)
Fourth Quarter 2012 Financial and Operational Highlights (Compared to Fourth Quarter 2011)
FISCAL YEAR 2012 FINANCIAL DISCUSSION
(1) „Adjusted EBITDA“ is a non-IFRS measure. Refer to the „Non-IFRS Measures“ section of this Press Release and the Company-s MD&A for a complete definition and reconciliation to the Company-s financial statements.
FOURTH QUARTER 2012 FINANCIAL DISCUSSION
OUTLOOK
The Company-s primary focus for the 2013 fiscal year is to improve and strengthen the operational efficiency of the existing operations and build the platform for more significant growth in 2014 and beyond.
The Company-s goals are to:
The Company expects metal production for 2013 to be in the range of 2.4 to 2.5 million Ag eq oz, and cash costs to be in the range of US$10.00 to US$11.00 per silver ounce.
CONFERENCE CALL TO DISCUSS FISCAL YEAR 2012 FINANCIAL RESULTS
The Company will hold a conference call to discuss the financial results on March 14, 2013, at 7:00 AM Pacific Daylight Time, 10:00 AM Eastern Daylight Time. Hosting the call will be Mr. Robert Archer, Chief Executive Officer and Mr. Jim Zadra, Chief Financial Officer.
Shareholders, analysts, investors and media are invited to join the live conference call by dialing in just prior to the start time.
A replay of the teleconference call will be available until March 21, 2013 by dialing the numbers below. In addition, the call will be archived on the Company-s website.
NON-IFRS MEASURES
The discussion of financial results in this press release includes reference to EBITDA, Adjusted EBITDA and Cash Cost per Silver Ounce which are non-IFRS measures. The Company provides these measures as additional information regarding the Company-s financial results and performance. Please refer to the Company-s MD&A for the year ended December 31, 2012 for a definition and reconciliation of these measures to reported IFRS results.
ABOUT GREAT PANTHER
Great Panther Silver Limited is a profitable, primary silver mining and exploration company listed on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE MKT trading under the symbol GPL. The Company-s current activities are focused on the mining of precious metals from its two wholly-owned operating mines in Mexico, Topia and Guanajuato, the development stage San Ignacio Project as well as the exploration project El Horcon. The Company is also pursuing additional mining opportunities within Latin America, with the goal of adding to its portfolio of mineral properties. Great Panther-s mission is to become a leading primary silver producer by acquiring, developing and profitably mining precious metals.
All shareholders have the ability to receive a hard copy of the Company-s complete audited financial statements free of charge upon request. Should you wish to receive Great Panther Silver-s Financial Statements or the Annual Information Form in hard copy, please contact us at the Company toll free at 1-888-355-1766 or 604-608-1766, or e-mail .
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 Information Form for the year ended December 31, 2012 and Material Change Reports filed with the Canadian Securities Administrators available at , and reports on Form 40-F and Form 6-K filed with the Securities and Exchange Commission and available at .
Contacts: Great Panther Silver Limited Robert A. Archer Chief Executive Officer 1-888-355-1766
Great Panther Silver Limited Rhonda Bennetto Vice President Corporate Communications 1-888-355-1766
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