GREAT PANTHER SILVER LIMITED (AMEX: GPL; TSX: GPR) announced today financial results for the three and nine months ended September 30, 2011. Great Panther reported revenues for the nine months ended September 30, 2011 of $40.3 million, representing a 42% increase over the same period in the prior year. The Company also significantly grew earnings from mining operations to $20.9 million for the nine month period, a 97% increase over the comparable period in 2010. Revenues for the three months ended September 30, 2011 increased by 46% to a record $16.3 million, while earnings from mining operations increased by 78% to $8.3 million. Working capital increased to $53.8 million from $18.8 million at December 31, 2010.
In the release, Robert Archer, President and CEO stated: “We are extremely pleased that our financial results continue to show significant growth in our revenues and earnings. The partial draw-down of concentrate inventory at Guanajuato during the latter half of the third quarter resulted in near-normal shipments for the period and brought stability back to our revenue stream. Recent discoveries of high grade silver and gold mineralization have been accessed in an extention of our Cata Mine in Guanajuato, which should contribute to higher grades and improved metal output in the coming quarters. In addition, we are very excited about the prospects for our San Ignacio and Santa Rosa properties which are located within trucking distance to our Guanajuato Mine Complex. The initial resource estimate at San Ignacio is an excellent start in proving up this new discovery for Great Panther, and we have accelerated our drilling program as a result.”