Great Panther Achieves Positive Corporate Cash Flow
12 May 2009 - 11:00PM
Marketwired
GREAT PANTHER RESOURCES LIMITED (TSX: GPR) (the "Company") will
report its revenues and earnings results for its quarter ended
March 31, 2009 on Tuesday 12 May, 2009.
"For the first time in the Company's history, an overall net
positive cash flow from operations was achieved," said Kaare Foy,
Great Panther's Executive Chairman.
FIRST QUARTER HIGHLIGHTS
- 75% increase in earnings from mining operations (before
amortization and depletion) to $2.6 million in the first quarter
2009 from $1.5 million for the fourth quarter 2008.
- Net cash provided by operating activities of $0.7 million in
the first quarter 2009 compared to $0.3 million used in operating
activities in the first quarter 2008.
- 11% increase in total quarterly production to 480,267 silver
equivalent ounces (Ag eq oz) in the first quarter 2009 from 431,639
Ag eq oz in the first quarter 2008.
- 6% and 14% increase in revenues for the three months ended
March 31, 2009 to $6.3 million compared to $5.9 million for the
three months ended March 31, 2008 and $5.5 million for the three
months ended December 31, 2008, respectively.
- 29% decrease in overall cash operating cost per silver ounce
(net of by-product credits) to US$6.49 for the first quarter 2009
from US$9.20 for the first quarter 2008.
- Positive adjusted EBITDA(1) of $1.0 million for the three
months ended March 31, 2009 compared with adjusted EBITDA loss of
$1.4 million for the three months ended March 31, 2008.
- Re-opened eight mines at Topia in late January 2009 which had
been closed during the fourth quarter 2008.
- Successfully negotiated more favourable terms for spot sales
of Topia's lead concentrate to Asian smelters.
- Underground drilling and mine development at Topia and
Guanajuato proved the continuity of high grade mineralization.
(1) Adjusted EBITDA is defined as earnings before interest
expense, taxes, depletion and amortization, and stock-based
compensation.
"These financial results mark a significant milestone in Great
Panther's development," stated Robert Archer, Great Panther's
President and CEO. "It is extremely rewarding to achieve cash
profitability for the first time in the face of such adverse market
conditions."
The Company's March 31, 2009 quarterly financial statements and
management discussion & analysis will be available on the
Company's website www.greatpanther.com and SEDAR.
ON BEHALF OF THE BOARD
Robert A. Archer, President & CEO
Kaare G. Foy, Executive Chairman
FORWARD LOOKING STATEMENTS
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.
To view the graph accompanying the release please click on the
following link: http://media3.marketwire.com/docs/GPR2006.pdf.
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
Great Panther Mining (TSX:GPR)
Historical Stock Chart
From Sep 2024 to Oct 2024
Great Panther Mining (TSX:GPR)
Historical Stock Chart
From Oct 2023 to Oct 2024