Great Panther Purchases Surface Rights for San Ignacio Project
GREAT PANTHER SILVER LIMITED (TSX:GPR)(NYSE MKT:GPL)(NYSE Amex:GPL) "the Company") today announced it has signed a definitive agreement for the purchase of a 100% interest in certain surface rights on its wholly-owned San Ignacio Project ("San Ignacio") in Guanajuato, Mexico. The surface rights agreement was signed on August 17, 2012 and the title transfer is expected to be completed within two weeks.
A total of 19.4 hectares has been purchased, thereby allowing sufficient space for access to and construction of a portal for the development of a ramp, for waste dumps, and for auxiliary infrastructure. With the acquisition of the surface rights, the Company can now proceed with the application for permits required for the underground development.
Highlights
- Great Panther Silver began actively exploring the San Ignacio Project in 2010 and initiated a diamond drilling program in October of that year, discovering new silver-gold zones with the first drill hole;
- An updated NI 43-101 compliant Mineral Resource Estimate was released in May 2012 resulting in an inferred mineral resource at San Ignacio of 6,894,000 Ag eq oz in 826,000 tonnes at 121g/t Ag and 2.28g/t Au;
- A total of 29,789 metres of drilling have been completed to date on the project and recent drilling has extended mineralization beyond the limits of the current resource; and
- Due to the proximity of San Ignacio to the Guanajuato Mine Complex (20 kilometres by road), any mineral extracted from it will be processed at the Company's Cata Plant .
Next Steps
- Phase V drill program is being planned consisting of approximately 7,000 metres of drilling including approximately 6,000 metres of detailed infill drilling;
- Permitting is anticipated to be completed by Q1, 2013;
- New portal and ramp construction expected to begin early Q2, 2013;
- First vein development to be extracted by Q4, 2013; and
- Production anticipated to begin to ramp up early in 2014
To read the entire news release follow the link below:
August 21, 2012 (Source: Great Panther Silver Ltd.)
Disclosure: Great Panther Silver is a Vulture Bargain Candidate of Interest (VBCI). Members of the GGR team are actively accumulating and may hold long positions in GPL or GPR.T.
