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Great Panther Mining announces Tucano operational update

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Global Mining Review,

Great Panther Mining Ltd, a growing gold and silver producer focused on the Americas, has reported that wall movements have been detected in the west wall of the south-central portion of the Urucum Central South (UCS) opencast at Tucano, the company's wholly-owned mining operation in Brazil. Heavy rainfall, well above seasonal average, triggered higher phreatic levels in the west wall impacting slope stability. In order to ensure health and safety for workers, mining activities in UCS were temporarily halted. The mill will continue to receive ore from the Urucum North opencast and from stockpiles.

"We are working with our consultants to make operations safe, with the expectation that mining of the higher-grade gold ore in the UCS pit will start back up again in 3Q21," stated Rob Henderson, President and CEO of Great Panther. "As a consequence, 2021 consolidated guidance is being reduced by 10 000 oz to 125 000 – 140 000 gold equivalent ounces."

Activities are underway to improve wall stability, including unloading additional waste material and improving drainage from the upper benches. The Company expects this additional waste movement will impact ore mining in UCS throughout 2Q21 and 3Q21. These activities are being carried out with monitoring of movement by radar and within strict safety protocols. Water levels are being monitored closely, and preparations are being made for horizontal drainage holes that may be required in the lower part of the west wall.

The company's preliminary assessment is that 2021 production at Tucano will be reduced by approximately 10 000 gold (Au) oz to 100 000 – 110 000 oz Au. 2H21 is expected to account for 60% of this guidance. All-in-sustaining costs (excluding corporate general and administrative expenses) (AISC) are expected to increase to US$1450 – US$1550/oz Au sold.

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