Great Panther Develops Gold Rich Vein at Topia Mine
May 07 2009 - 2:00PM
Marketwired
GREAT PANTHER RESOURCES LIMITED (TSX: GPR) is pleased to announce
that continuing development along the Recompensa vein, at the Topia
Mine, Durango, Mexico, is yielding exceptionally high gold grades
in addition to silver, lead and zinc. The Recompensa Mine was one
of many of the Topia mines that were reopened in January under new
mining contracts. It contributed to the successful first quarter at
Topia when record highs were set for silver production and ore
grade. Production and unit costs at Topia are expected to improve
further in 2009.
Development and stoping continue on the 1170 and 1212 levels in
the Recompensa Mine. Along the main haulage level (1170), channel
sampling has indicated that 133 metres of strike length averages
16.87g/t gold, 175g/t silver, 3.80% lead, and 3.17% zinc across an
average width of 0.24 metres. This area is presently being stoped
up to the 1212 level.
On the 1212 level, channel sampling has indicated that 120
metres of development from surface to the east face, averages
19.04g/t gold, 851g/t silver, 8.12% lead and 10.85% zinc over an
average width of 0.28 metres. Sublevel development and stoping
above the 1170 and 1212 levels confirm the tenor of grade on the
levels. Within the next couple of weeks, a third level (1245) will
be developed, accessible by raise from the 1212 level.
Sixty metres west of the portal of the 1170 level, shallow
development by previous operators is evident on the Recompensa vein
(but here called the El Rincon Mine). Re-sampling of the El Rincon
workings on the 1165 level, along 75 metres of strike, averaged
11.52g/t gold, 198g/t silver, 7.96% lead, and 5.98% zinc over 0.46
metres width.
Overall, 700 metres of strike length on the Recompensa vein has
been sampled on a wide spacing on the Company's property. The
eastern extent of the vein is unexplored, due to rugged terrain,
and may well merge with the Oliva vein, currently in production.
Despite the narrow widths of the Recompensa vein, the exceptional
grades make it economic to mine using the same resuing methods in
use at some of the Company's other mines in the Topia District.
An exploration program consisting of surface drilling is being
considered to test the Recompensa vein along 500 metres of strike
below the 1170 level and El Rincon development, and above the
Recompensa cross cut on the 1120 level. If successful, the El
Rincon Mine will be rehabilitated, and development on the vein
commenced from the Recompensa cross cut. Maps, sections and
previous news releases can be viewed on the Company's website at
www.greatpanther.com.
The Recompensa vein is the lowest elevation vein being exploited
at the Topia Mine. It is unique in the district considering the
high grade gold values associated with high silver, lead and zinc.
The vein is characterized by a quartz gangue with semi-massive
sulfides constituting pyrite, galena, sphalerite, arsenopyrite and
minor chalcopyrite. Topia District veins are more typically
characterized by quartz or barite-quartz gangue with galena,
sphalerite, minor pyrite, and trace to nil chalcopyrite.
Operations at Great Panther's Topia and Guanajuato Mines
returned to normal on May 6, after the government-ordered shutdown
related to the H1N1 flu virus. No cases of the flu have been
reported at either location.
Mine development samples from Topia are assayed in the on-site
laboratory for gold, silver, lead, zinc, and iron. Monthly, a
approximately 5% random set of pulps are assayed by SGS at the
Company's Guanajuato Mine site laboratory as duplicate quality
control. All Topia Mine surface sampling and drill core samples are
assayed by SGS at the Company's Guanajuato Mine site laboratory.
Robert F. Brown, P. Eng and Vice President of Exploration for the
Company, is the Qualified Person for the Guanajuato Mine Project,
under the meaning of NI43-101, and has reviewed these results. The
Company's QA/QC program includes the regular insertion of blanks
and standards into the sample shipments.
ON BEHALF OF THE BOARD
Robert A. Archer, President & CEO
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, 2008 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
Contacts: B&D Capital 604 685 6465 604 899 4303 (FAX)
info@greatpanther.com www.greatpanther.com
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