Great Panther Silver Limited (GPR:TSX; GPL:NYSE.MKT) has reported positive results for a Preliminary Economic Assessment (PEA) at the Coricancha gold-silver-lead-zinc-copper underground mine and mill complex. This site is located about 90 kilometers east of Lima, Peru.
"We are very pleased with the results of the Coricancha PEA as it confirms the potential for average annual production of three million silver-equivalent ounces and estimates an after-tax internal rate of return in excess of 80%, with low capital costs,” explained James Bannantine, president and CEO.
The PEA entailed an in-depth review of a number of development facets like ore and waste handling, environmental and social aspects, underground development and mining methodologies, and so forth.
Infrastructure already in place at this site is a crushing and grinding plant, flotation and bio-oxidation plant, electrical and water supply, and existing mine access.
In order to de-risk the project, Great Panther will begin a trial stope and bulk sample program. By early 2019, the company expects to be able to make a decision about re-starting Coricancha.
A restart could be funded entirely from the company’s cash reserves with a fairly small initial capital investment. The company can leverage its experience and expertise in working with underground, narrow vein mines on Coricancha.
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