Great Panther Silver 3Q Rises, Shares Sliding

Great Panther Silver posted a higher third-quarter net profit, and the Canadian miner, which operates mainly in Mexico, expects output in the fourth quarter to rise 14 percent over the current period.

July-September net profit rose to C$3.4 million, or 2 Canadian cents a share, from C$3.1 million, or 3 Canadian cents, a year ago.

Vancouver, British Columbia-based Great Panther, which has its Mexican silver mining operations in Topia and Guanajuato, posted a 46 percent rise in revenue at C$16.3 million.

Fourth-quarter output was forecast at 550,000 silver equivalent ounces, compared with 484,550 silver equivalent ounces in the third quarter.

Recent discoveries of high grade silver and gold mineralization have been accessed in an extension of our Cata Mine in Guanajuato, which should contribute to higher grades and improved metal output in the coming quarters, Chief Executive Robert Archer said in a statement.