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August 14, 2009 (FinancialWire) -- Great Panther Resources Limited (TSX: GPR | Quote | Chart | News | PowerRating) announced the unaudited financial results for the company's second quarter ending June 30, 2009. The full version of the financial statements and the management discussion and analysis can be viewed on the company's web site at www.greatpanther.com or on SEDAR at www.sedar.com.
The second quarter of 2009 continued the company's trend of production, revenue and earnings growth, while continuing to lower operating costs. "Great Panther has increased its overall net positive cash flow from operations in the second quarter through a continuing focus on profitability, while increasing metal output," said Robert Archer, Great Panther's president & CEO.
Second Quarter Highlights
- 15% increase in total quarterly production to 499,845 silver equivalent ounces (Ag eq oz) in the second quarter 2009 from 436,072 Ag eq oz in the second quarter 2008. Year to date production increased to 980,112 Ag eq oz in 2009 compared to 867,711 Ag eq oz in 2008.
- 69% and 52% increase in earnings from mining operations (before amortization and depletion) to $3.0 million for the three months ended June 30, 2009 and $5.6 million for the six months ended June 30, 2009 from $1.8 million and $3.7 million for the corresponding periods in 2008.
- 45% decrease in overall cash operating cost per silver ounce (net of by-product credits) to $5.73 for the second quarter 2009 from $10.35 for the second quarter 2008. Cash operating cost per silver ounce decreased to $6.11 for the six months ended June 30, 2009 from $9.83 for the same period in 2008.
- Positive Adjusted EBITDA(1) of $1.1 million for the three months ended June 30, 2009 and $2.1 million for the six months ended June 30, 2009 compared to Adjusted EBITDA losses of $1.7 million and $3.1 million for the corresponding periods in 2008.
- Net cash provided by operating activities was $0.5 million for the three months ended June 30, 2009. The same period in 2008 resulted in net cash used of $0.2 million. For the six months ended June 30, 2009, net cash provided by operating activities was $1.2 million compared to $0.5 million used in operating activities for the same period in 2008.
- Successfully negotiated new long term contracts, at more favourable terms, for the sales of Topia's concentrates until December 31, 2010. The new terms have already started to reduce costs at Topia.
- On June 30, 2009, announced completion of the first NI 43-101 compliant mineral resource estimate on the zone known as the 'Cata Clavo' at the Guanajuato Mine. The new Measured and Indicated resource estimate of 5,032,000 Ag eq oz represents only a very small part of the 4.2 kilometre strike length of the Guanajuato deposit.
- On July 21, 2009, announced increase in mineral resources for the Topia mine, supporting a ten year mine life. The 2009 mineral resource estimate comprises Measured & Indicated Mineral Resources of 173,103 tons at 552g/t silver, 0.99g/t gold, 5.58% lead and 4.83% zinc (5,458,218 Ag eq oz) as well as 174,562 tons of 633g/t silver, 1.03g/t gold, 5.10% lead and 3.84% zinc (5,692,957 Ag eq oz) in the Inferred category.
"It is most encouraging to see the increase in production, combined with efficiencies which have lead to lower costs, result in all-time record earnings from mining operations of $3 million for the quarter," said Kaare Foy, Great Panther's Executive chairman.
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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
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