Posts Tagged ‘silver’

Press Release: Avino Reaches Operational Milestone

Avino Silver and Gold Mines Ltd is pleased to announce that it has entered into an agreement with MRI Trading AG for the sale of all the copper concentrates produced from stockpiled material that remains on-site from previous mining. This material is currently being used to commission the refurbished 250tpd mill circuit in preparation for the treatment of the 10,000 tonne bulk sample from the underground development at San Gonzalo slated for later this year.

The terms of the agreement are to deliver 400 to 600 tonnes of concentrate containing approximately 50 to 70 tonnes of copper, 20,000 to 30,000 ounces of silver and 150 to 200 ounces of gold. To date six truckloads weighing over 200 tonnes have been delivered to the TMC warehouse at the Port of Manzanillo.

The sale of this concentrate will add to Avino’s cash position and help offset a portion of the on-going monthly operational costs.

In the month of July, the process plant treated approximately 4600 tonnes of ore for the production of 18 tonnes of copper, 8005 ounces silver and about 50 ounces of gold. These are plant operating figures and are subject to reconciliation once the concentrate shipment weights and assays have been finalized.

Underground development in July at San Gonzalo consisted of a total of 108 metres in both the 2306 and 2260 levels with the removal of 980 tonnes of development ore for future testing.

Founded in 1968, Avino has established a long record of mining and exploration in Mexico. The Company’s focus is to bring the property to production. Avino remains well funded.

ON BEHALF OF THE BOARD

“David Wolfin”
______________________________
David Wolfin
President

Source: Company website

Press Release: Great Panther Silver Reports Increased Revenue, Earnings From Mining Operations And Record Net Income In Second Quarter

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to announce the unaudited financial results for the Company’s quarter ending June 30, 2010. The full version of the financial statements and the management discussion and analysis can be viewed on the Company’s web site at www.greatpanther.com or on SEDAR at www.sedar.com.

“Great Panther enjoyed a strong second quarter, setting several new records, while continuing to focus on mine development and exploration drilling,” said Robert Archer, President & CEO. “With new equipment still arriving, modified mine plans being initiated, and almost 9,000 metres of diamond drilling completed in the quarter, we should see continued improvements in production, unit costs and financial performance through the balance of 2010.”

Second Quarter Highlights

  • 15% increase in overall metal production to 574,740 silver equivalent ounces (”Ag eq oz”) in the second quarter 2010 from 499,845 Ag eq oz in the second quarter 2009.
  • 23% increase in silver production from 333,358 oz Ag in the second quarter 2009 to a record 410,583 oz Ag in the second quarter 2010.
  • 31% increase in silver production from Guanajuato to a record 288,825 oz from 220,742 oz in the second quarter 2009.
  • 19% increase in metal production from Topia to 205,350 Ag eq oz compared to 172,550 Ag eq oz in the second quarter 2009.
  • Record metallurgical silver and gold recoveries at Guanajuato and record metallurgical silver, lead and zinc recoveries at Topia.
  • 39% increase in revenue for the three months ended June 30, 2010 to $9.3 million compared to $6.7 million for the three months ended June 30, 2009 due to higher metal prices and an increase in payable silver ounces.
  • 43% increase in earnings from mining operations to $4.3 million in the second quarter 2010 from $3.0 million in the second quarter 2009.
  • Record net income of $1.6 million for the three months ended June 30, 2010 compared to a net loss of $0.2 million for the same period in 2009.
  • The Company invested $2.3 million in capital expenditures and $1.8 million in mineral property exploration expenditures during the quarter as it continued the implementation of its three-year growth strategy which commenced during the fourth quarter 2009. The Company plans to invest $13 million in capital expenditures and $6.3 million in mineral property exploration expenditures in 2010.
  • The Company reported positive assay results from the expanded 7,800-metre (initially 6,000 metres) surface drill program at Topia. The program will provide for additional mineral resources to direct mine development and expansion decisions over the next several years and the Company anticipates mineral resource estimates for an additional four to five Topia area mines.
  • Early results from the on-going underground drilling and development program in the Los Pozos and Santa Margarita zones in the Rayas area of the Guanajuato mine demonstrated the continuity of silver and gold mineralization. This will allow the Company to construct a new mineral resource estimate and provide greater definition for the mine plan in these areas.

Outlook

Great Panther has revised its overall production estimate for 2010 to 2.4 million silver equivalent ounces, a 9% increase over 2009 production, to reflect production shortfalls and reduced ore grades at Guanajuato, particularly during the first quarter of the year. Improvements have been evident in the second quarter and further improvements are expected throughout the balance of the year. In addition, underground development has advanced ahead of plan to provide for exploration drilling for Deep Rayas (drilling in progress), Guanajuatito and Valenciana (drilling to start in the third and fourth quarters respectively).

The long term forecast of achieving 3.8 million Ag eq oz by 2012 is unchanged. The impact of the new equipment is enabling increased development and production improvements throughout 2010 and positive exploration drill results are being used to estimate new resources in support of the 3-year growth strategy.

The Topia operation has made a very encouraging start to 2010 with record production and year to date unit costs of US$7.61 per oz of silver, net of by-product credits, and is well on its way to achieving its targets. At Guanajuato, year to date production is below plan mainly due to grades being lower than estimated in the first quarter. When combined with increased development costs during the first half of the year, this has resulted in Guanajuato’s year to date cash cost per silver ounce, at US$7.08, being higher than the guidance of US$4.50 to US$5.00. The mining plans have been revised, and should result in continuous improvement through the third and fourth quarters. New mineralized zones are being prepared for production on the Los Pozos and Santa Margarita veins while mining of the higher grade Alto veins of the Cata Clavo will commence in the fourth quarter.

The Company’s emphasis will be on maintaining profitability while developing and exploring to continually increase metal production. Great Panther’s production strategy is to increase silver production year-on-year at continually decreasing unit costs.

“The second quarter of this year saw the achievement of new all-time records in both silver production and corporate net profits, with record metallurgical recoveries at both mines”, said Kaare Foy, the Company’s Executive Chairman. “The on-going implementation of our three-year growth strategy will provide us with increased resource levels and increased production.”

Great Panther Silver Limited is one of the fastest growing primary silver producers in Mexico with strong leverage to future rises in the price of silver. The Company owns a 100% interest in two operating mines in Mexico. The Company’s mission is to become a leading primary silver producer by acquiring, developing and profitably mining precious metals in Mexico.

For further information, please visit the Company’s website at www.greatpanther.com, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail info@greatpanther.com.

ON BEHALF OF THE BOARD

“Robert A. Archer”

Robert A. Archer, President & CEO

“Kaare G. Foy”

Kaare G. Foy, Executive Chairman

  1. “Earnings from mining operations” is a non-GAAP measure and is defined as mineral sales less cost of sales (excluding amortization and depletion).
  2. “Adjusted EBITDA” is a non-GAAP measure in which standard EBITDA (earnings before interest expense, taxes, and depreciation and amortization) is adjusted for stock-based compensation expense and non-recurring items.
  3. The non-GAAP measure of cash cost per ounce of silver is used by the Company to manage and evaluate operating performance at each of the Company’s mines and is widely reported in the silver mining industry as a benchmark for performance, but does not have a standardized meaning.
  4. Silver equivalent ounces in 2010 were established using prices of US$1,000/oz Au, US$16/oz Ag, US$0.80/lb Pb and US$0.80/lb Zn.

Source: Company Website, you will find the full financial report here

Press Release: Record Earnings and Cash Flows. Purest Silver Producer with 93% of Revenue from Silver Production

FIRST MAJESTIC SILVER CORP. (FR-T) (the “Company” or “First Majestic”) is pleased to announce the unaudited financial results for the Company’s second quarter ending June 30, 2010. The full version of the financial statements and the management discussion and analysis can be viewed on the Company’s web site at www.firstmajestic.com or on SEDAR at www.sedar.com.

Second Quarter 2010 Highlights ($CAD)
Change from Q2-2009
Gross Revenue
$31.8 million
Up 102%
Net Revenue
$29.0 million
Up 122%
Mine Operating Earnings
$13.1 million
Up 679%
Net Income after taxes
$8.9 million
Up 757%
Earnings Per Share — basic
$0.10 per share
Up 900%
Cash Flow Per Share (non-GAAP measure)
$0.14 per share
Up 1300%
Silver Ounces Produced (excluding equivalent ounces of gold and lead)
1,538,798 ounces Ag
Up 86%
Silver Equivalent Production
1,656,165 eq. oz.
Up 73%
Silver Equivalent Ounces Sold
1,623,844 eq. oz.
Up 51%
Total Cash Costs per ounce
US$ 8.20
Down 10%
Direct Cash Costs per ounce
US$ 6.16
Down 2%
Average Revenue per ounce sold
US$ 18.68
Up 48%

Results of Operations

Consolidated gross revenue (prior to smelting and refining charges and metal deductions) for the quarter ended June 30, 2010 was $31.8 million (US$30.3 million) compared to $15.8 million (US$13.5 million) for the quarter ended June 30, 2009 for an increase of $16.0 million or 102%. Compared to the first quarter ended March 31, 2010, consolidated gross revenue increased by $9.9 million or 45%. The increase in revenues in the second quarter of 2010 is primarily attributable to a 25% increase in silver ounces sold compared to the first quarter ended March 31, 2010. The increase in ounces sold are due to the launch of the new cyanidation plant at the La Encantada Silver Mine and the improving operating levels at the La Parrilla Silver Mine which combined, contribute a 86% increase in silver production compared to the second quarter of 2009.

In the second quarter of 2010, the Company sold 1,623,844 ounces of silver equivalent at an average price of US$18.68 per ounce compared to 1,073,129 ounces in the second quarter of 2009 at an average price of US$12.60 per ounce, representing an increase of 51% in shipments over the same quarter in 2009 and a 25% increase over the first quarter of 2010. In the first quarter of 2010, the Company sold 1,298,659 ounces of silver equivalents at an average price of US$16.23 per ounce.

Production of silver, excluding any equivalents from gold or lead, increased by 9% over the prior quarter and 86% compared to the second quarter of 2009. The Company produced 1,538,798 ounces of silver in the current quarter, 1,409,825 ounces of silver in the first quarter of 2010 (commercial and non-commercial production), and 827,720 ounces in the second quarter of 2009. In the second quarter of 2010, 93% of First Majestic’s revenue resulted from the sale of pure silver making the Company the purest silver producer relative to its peers.

The new plant at La Encantada achieved commercial production on April 1, 2010. The design of the new plant allows for the production of silver doré bars which are generally 93-97% silver with small amounts of lead, gold and other metals making up the balance of the contents of these bars. During the second quarter, furnaces were installed allowing for the discontinuation of concentrate production. The economic differences are significant and are beginning to reflect in the financial numbers. Management completed a review of the economics of lead production and concluded that, due to the relatively small amount of lead produced historically and the current lead prices, ore was more valuable if processed directly through cyanidation rather than being floated, and thus the flotation circuit was shut down in June 2010. As a result of the discontinuation of flotation, concentrate production decreased in the second quarter and lead as a byproduct decreased by 41% to 1,494,548 pounds. The economics of switching from concentrate production to doré production resulted in a savings for La Encantada of approximately US$2.61 per ounce in the second quarter of 2010 and a savings of $1.10 per ounce for consolidated operations. The new La Encantada cyanidation plant achieved average throughput of approximately 2,900 tonnes per day in the second quarter. This average throughput is expected to increase in the third quarter.

Total commercial production for the second quarter of 2010 increased by 22% compared to the first quarter of 2010. Total production (commercial and non-commercial) for the second quarter of 2010 increased 2% from the prior quarter and 73% from the same quarter of the prior year to 1,656,165 ounces of silver equivalents consisting of 1,538,798 ounces of silver, 541 ounces of gold and 1,494,548 pounds of lead. This compares to the 957,936 ounces of silver equivalents produced in the second quarter of 2009, which consisted of 827,720 ounces of silver, 746 ounces of gold, 1,493,162 pounds of lead, and compares with production in the first quarter of 1,619,403 ounces of silver equivalents consisting of 1,409,825 ounces of silver, 857 ounces of gold and 2,542,071 pounds of lead.

Net sales revenue (after smelting and refining charges, metals deductions, transportation and other selling costs) for the quarter ended June 30, 2010 was $29.0 million, an increase of 122% compared to $13.0 million for the second quarter of 2009. Net sales revenue for the quarter ended June 30, 2010 increased by 59% compared to $18.2 million in the first quarter of 2010. Smelting and refining charges and metal deductions decreased to 9% of gross revenue in the second quarter of 2010 compared to 17% of gross revenue in the second quarter of 2009, due to a shift in the production mix toward silver doré which is a major benefit from the new cyanidation plant at La Encantada.

The Company generated net income of $8.9 million in the second quarter of 2010, or earnings per common share (”EPS”) of $0.10 compared to a net income in the second quarter of 2009 of $1.0 million or EPS of $0.01. Net income for the second quarter of 2010 included non-cash stock-based compensation expense of $0.6 million and an income tax provision of $1.4 million. In the first quarter of 2010, net income was $3.0 million resulting in EPS of $0.03. If the revenues and expenses of the new plant were deemed commercial in the first quarter (recorded as income rather than capital) an additional $2.3 million of capitalized profits would have increased EPS in the first quarter to $0.06.

Direct cash costs per ounce of silver (a non-GAAP measure) for the second quarter of 2010 were US$6.16, compared to US$6.31 per ounce of silver in the second quarter of 2009 and US$4.94 per ounce of silver in the first quarter of 2010. The cost increase was attributed to an increase in the peso relative to the US dollar, as well as an increase in electricity and diesel costs compared to previous quarters.

Total cash costs per ounce (including smelting, refining, metal deductions, transportation and other selling costs, and by-product credits, which is a non-GAAP measure) for the second quarter of 2010 was US$8.20 per ounce of silver compared to US$9.15 per ounce of silver in the second quarter of 2009 and US$8.11 per ounce in the first quarter of 2010.

Mine operating earnings for the second quarter of 2010 increased by 679% to $13.1 million compared to mine operating earnings of $1.7 million for the second quarter of 2009 and are associated with an increase in net revenue during the second quarter of 2010. When compared to the first quarter of 2010, mine operating earnings increased by 78% from $7.4 million.

Operating income increased by 907%, or $11.2 million, to $10.0 million for the quarter ended June 30, 2010, from an operating loss of $1.2 million for the quarter ended June 30, 2009, due to the 51% increase in ounces sold and the 51% increase in average US$ revenue per ounce of silver sold. When compared to the first quarter of 2010, operating income increased by 114% from $4.7 million.

During the quarter ended June 30, 2010, the Company invested $2.6 million in its mineral properties and a further $3.0 million in additions to plant and equipment on a cash basis. This compares to $3.2 million invested in its mineral properties and a further $5.9 million in additions to plant and equipment on a cash basis in the second quarter ended June 30, 2009. When compared to the first quarter of 2010, the Company invested $3.4 million in its mineral properties and a further $1.4 million in additions to plant and equipment on a cash basis.

In Summary

First Majestic has experienced its first quarter of operating results incorporating the additional production, earnings and cashflow from the operations of its new plant at the La Encantada Silver Mine and, as expected, the results are clearly record breaking. The increased production of silver, reduced smelting and refining costs and firm silver prices are combining to provide the Company a quantum increase in earnings and cashflow for this past quarter.

“We would like to thank everyone who assisted in the construction, financing and launching of the impressive La Encantada processing plant and look forward to continued improvements in costs and output as we further increase our daily throughput and improve our operational efficiencies” commented Keith Neumeyer, President and CEO of First Majestic. “Management looks forward to continued improvements in production, earnings and cashflow as the La Encantada operation matures over the coming quarters”.
First Majestic is a producing silver company focused in México and is aggressively pursuing its business plan of becoming a senior silver producer through the development of its existing mineral property assets and the pursuit through acquisition of additional mineral assets which contribute to the Company achieving its aggressive corporate growth objectives.

FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.

FIRST MAJESTIC SILVER CORP.

“signed”

Keith Neumeyer, President & CEO

Source: Company website

Press Release: Minera Andes Reports Second Quarter 2010 Results

TORONTO, ONTARIO – August 13 2010 – Minera Andes Inc. (the “Corporation” or “Minera Andes”) (TSX: MAI and US OTC: MNEAF) is pleased to announce net income of $4.6 million ($0.02 per share basic and diluted) for the three month period ended June 30, 2010, compared to net income of $0.9 million ($0.00 per share basic and diluted) for the three months ended June 30, 2009. All amounts in this news release are in US dollars unless otherwise noted. Our financial statements and management’s discussion and analysis are available under the Corporation’s profile at www.sedar.com and www.sec.gov.

The increase in net income for the quarter was primarily due to an increase of $4.0 million in income on our investment in Minera Santa Cruz (”MSC”), which was partially offset by an increase of $0.3 million in total expenses for the quarter. This increase in expenses was a net result of a foreign currency exchange loss (due to a lower Canadian dollar) and an increase in legal expenses for the quarter, partially offset by a decrease in general and administrative costs.

Minera Andes has a 49% interest in the San José mine which is operated by MSC in the province of Santa Cruz, Argentina, an emerging gold/silver region home to many producing mines. Net proceeds realized by MSC from the sale of silver and gold for the quarter totaled $49.4 million as compared to $27.8 million for the first quarter of 2010, an increase of $21.6 million due to higher production and mill throughput as well as higher realized metal prices for both silver and gold. Net income at MSC for the second quarter was $11.3 million, an $8.9 million increase from the first quarter of this year. Silver and gold production came in at 1,220,794 ounces of silver and 19,707 ounces of gold, which were 48% and 20% higher respectively compared to the first quarter of this year. These figures are presented on a 100% basis.

The average weighted gross sale price for silver and gold sold for the quarter was $18.21 per ounce and $1,233 per ounce respectively, an increase of 8% and 12% respectively compared to the first quarter of this year. On a per ounce co-product basis the average production cash cost was $9.22 per ounce of silver and $602 per ounce of gold as compared to last quarter’s cash cost of $9.15 per ounce of silver and $599 per ounce of gold.

Minera Andes also has 100% ownership of the Los Azules copper deposit in San Juan, Argentina, and 100% ownership of a portfolio of exploration properties in the Deseado Massif region in Santa Cruz. Los Azules has inferred mineral resources of 900 million tonnes grading 0.52% copper, equivalent to 10.3 billion pounds of copper, as well as indicated resources of 137 million tonnes grading 0.73% copper, equivalent to 2.2 billion pounds of copper. The Deseado Massif is a highly prospective area host to major silver-gold deposits and producing mines.

As of June 30, 2010, Minera Andes had approximately $8 million in cash and cash equivalents, and continues to have no bank debt. Working capital at June 30, 2010 totaled $5.5 million.

About Minera Andes

Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: A 49% interest in Minera Santa Cruz SA, owner of the San José Mine, a large primary silver producer that produced 4,998,000 oz of silver and 77,070 oz gold in 2009; 100% ownership of the Los Azules copper deposit; and a portfolio of exploration properties in the highly prospective Deseado Massif region of Santa Cruz Province in southern Argentina. The company has no bank debt.

This news release has been submitted by Perry Ing, Chief Financial Officer of the Corporation.

For further information, please contact: Daniela Ozersky or visit our Web site: www.minandes.com.

Daniela Ozersky
Manager, Investor Relations
99 George St. 3rd Floor,
Toronto, Ontario, Canada. M5A 2N4
Toll-Free: 1-866-441-0690
Tel: 647-258-0395
Fax: 647-258-0408
E-mail: info@minandes.com

Source: Company Website

Press Release: Silver Wheaton reports record second quarter earnings

VANCOUVER, Aug. 11 /CNW/ – Silver Wheaton Corp. (”Silver Wheaton” or the “Company”) (TSX, NYSE:SLW) is pleased to announce its unaudited results for the second quarter ended June 30, 2010.

SECOND QUARTER HIGHLIGHTS

————————————————————————-

- Net earnings increased by almost 200% to a record US$53.3 million (US$0.16 per share), compared with US$18.4 million (US$0.07 per share) in 2009.

- Operating cash flows increased by more than 150% to US$67.0 million (US$0.20 per share)(1), compared with US$26.5 million (US$0.09 per share)(1) in 2009.

- Attributable silver equivalent production of 5.7 million ounces (5.3 million ounces of silver and 5,800 ounces of gold), representing an increase of 33% over the comparable period in 2009.

- Record silver equivalent sales of 5.1 million ounces (4.6 million ounces of silver and 7,600 ounces of gold), representing an increase of 74% over the comparable period in 2009.

- Total cash costs(1) of US$4.03 per silver equivalent ounce, compared with US$3.99 per ounce in 2009.

- Cash operating margin(1) increased by 44% to US$14.45 per silver equivalent ounce, compared with US$10.05 per ounce in 2009.

- Production at Goldcorp Inc.’s world-class gold-silver-lead-zinc Penasquito mine continued to ramp up on or ahead of schedule, with the second sulphide processing line achieving mechanical completion ahead of its previously expected third quarter completion date. Penasquito’s Line 1 is regularly operating at a designed daily throughput of 50,000 tonnes, and Line 2 is now in the commissioning phase and ramping up to add another 50,000 tonnes per day of capacity. Upon completion of the high pressure grinding circuit, Penasquito is anticipated to ramp up to full production capacity of 130,000 tonnes per day by early 2011. Annual production attributable to Silver Wheaton from the mine is expected to average approximately 7 million ounces of silver over the estimated 22 year mine life.

- Barrick Gold Corp.’s world-class gold-silver Pascua-Lama project remains on track to enter production in the first quarter of 2013. Detailed engineering and procurement is nearing completion with many major items now purchased. Once in production, Pascua Lama is forecast to be one of the largest and lowest cost gold mines in the world with average annual production attributable to Silver Wheaton, in its first five years, of approximately 9 million ounces of silver. Pascua-Lama is a long-life asset with an expected mine life in excess of 25 years.

- Acquired, by way of a private placement financing, 1.8 million units of Ventana Gold Corp. for total consideration of C$20.7 million (US $19.8 million). As part of this transaction, Silver Wheaton has been granted a right of first refusal over any silver streams relating to Ventana’s Colombian properties, including the highly prospective La Bodega project, which has the potential to host a world-class gold deposit with significant silver by product credits.

- Subsequent to quarter end, Goldcorp completed the sale of the San Dimas mine to Primero Mining Corp. (”Primero”). In conjunction with the sale, Silver Wheaton agreed to amend its silver purchase agreement relating to the mine. The term of the silver purchase agreement, which was set to expire in 2029, has been extended to life of mine. During the first four years following closing of the transaction, Primero will deliver to Silver Wheaton a per annum amount equal to the first 3.5 million ounces of payable silver produced at San Dimas and 50% of any excess, plus Silver Wheaton will receive an additional 1.5 million ounces of silver per annum to be delivered by Goldcorp. Beginning in the fifth year after closing, Primero will deliver to the Company a per annum amount equal to the first 6 million ounces of payable silver produced at San Dimas and 50% of any excess. Goldcorp will continue to guarantee the delivery by Primero of all silver produced and owing to the Company until 2029, and a payment of US$0.50 per ounce for any shortfall below 215 million cumulative silver ounces delivered to Silver Wheaton by the end of 2031. Primero has provided Silver Wheaton with a right of first refusal on any metal stream or similar transaction it enters into.

—————————————
(1) Refer to discussion on non-GAAP measures at the end of this press release.

“Another very solid quarter resulted in record sales and earnings,” said Peter Barnes, Chief Executive Officer of Silver Wheaton. “With Goldcorp’s Penasquito mine in Mexico, the first of our cornerstone assets, continuing to ramp up silver production ahead of schedule, we look forward to an even stronger second half to the year and maintain our annual attributable silver equivalent production guidance of 23.5 million ounces. In the face of continued global economic uncertainty, the price of silver performed very well in the quarter, leading to record cash operating margins of US$14.45 per ounce, and clearly demonstrating the advantages of Silver Wheaton’s business model of low fixed operating costs.”

“Two transactions, both having potential to further increase Silver Wheaton’s industry leading production growth profile, were also completed in the quarter. First, in connection with Goldcorp’s sale of its San Dimas mine to Primero Mining, an emerging mid-tier gold producer, Silver Wheaton agreed to amend its silver purchase agreement to the benefit of both parties. The final agreement provides Silver Wheaton with a Goldcorp guarantee, extends the agreement from a fixed term to life-of-mine and, most importantly, incentivizes Primero Mining to increase silver production at this high-quality, low-cost, mine.”

“Second, Silver Wheaton acquired a right of first refusal over any silver streams relating to Ventana Gold Corp.’s Colombian properties, including its flagship high-grade gold-silver La Bodega project, one of the most exciting gold discoveries in the last decade. As Ventana continues to advance this potential world-class project closer to production and evaluates project financing options, we anticipate working towards completing a silver streaming agreement.”

This earnings release should be read in conjunction with Silver Wheaton’s unaudited MD&A and Financial Statements, which are available on the Company’s website at www.silverwheaton.com and have been posted on SEDAR at www.sedar.com.

A conference call will be held Thursday, August 12, 2010, starting at 11:00 am (Eastern Time) to discuss these results. To participate in the live call use one of the following methods:

    <<
    Dial toll free from Canada or the US:             1-888-231-8191
    Dial from outside Canada or the US:               1-647-427-7450
    Pass code:                                        80637046
    Live audio webcast:                               www.silverwheaton.com

    Participants should dial in five to ten minutes before the call.

    The conference call will be recorded and you can listen to an archive of
    the call by one of the following methods:

    Dial toll free from Canada or the US:             1-800-642-1687
    Dial from outside Canada or the US:               1-416-849-0833
    Pass code:                                        80637046
    Archived audio webcast:                           www.silverwheaton.com
    >>

About Silver Wheaton

Silver Wheaton is the largest silver streaming company in the world. Forecast 2010 production, based upon its current agreements, is 22.2 million ounces of silver and 20,000 ounces of gold, for total production of 23.5 million silver equivalent ounces. By 2013, annual production is anticipated to increase significantly to approximately 38 million ounces of silver and 59,000 ounces of gold, for total production of over 40 million silver equivalent ounces. This growth is driven by the Company’s portfolio of world-class assets, including silver streams on Goldcorp’s Penasquito mine and Barrick’s Pascua-Lama project.

Silver Wheaton has included, throughout this document, certain non-GAAP performance measures, including total cash costs of silver and gold on a sales basis, as well as operating cash flows per share and cash operating margin. These non-GAAP measures do not have any standardized meaning prescribed by GAAP, nor are they necessarily comparable with similar measures presented by other companies. Cash costs are presented as they represent an industry standard method of comparing certain costs on a per unit basis. Cash operating margin is defined as the realized selling price less total cash cost per silver equivalent ounce. The Company believes that certain investors use this information to evaluate the Company’s performance. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. During the three months ended June 30, 2010, the Company’s total cash costs, which were equivalent to the Company’s cost of sales in accordance with GAAP, were US$3.97 per ounce of silver and US$300 per ounce of gold (three months ended June 30, 2009 – US$3.97 per ounce of silver and US$300 per ounce of gold).

Source: Company website, you can find all the numbers here as well.

Press Release: Silver Wheaton finalizes amended silver purchase agreement in conjunction with Goldcorp’s sale of the San Dimas mine

VANCOUVER, Aug. 6 /CNW/ – Silver Wheaton Corp. (”Silver Wheaton” or the “Company”) (TSX, NYSE:SLW) is pleased to announce that, further to the Company’s June 2, 2010 press release, it has amended its silver purchase agreement relating to the San Dimas mine (”San Dimas”). The agreement was amended pursuant to the August 6, 2010 completion of Goldcorp Inc.’s (”Goldcorp”) sale of San Dimas to Primero Mining Corp. (”Primero”), formerly known as Mala Noche Resources (see Goldcorp and Primero press releases dated August 6, 2010). Key amendments to the silver purchase agreement are as follows:
– The term of the silver purchase agreement, which previously ended in
2029, has been increased to life-of-mine;
– During the first four years following closing, Primero will deliver
to Silver Wheaton a per annum amount equal to the first 3.5 million
ounces of payable silver produced at San Dimas and 50% of any excess,
plus Silver Wheaton will receive an additional 1.5 million ounces of
silver per annum to be delivered by Goldcorp;
– Beginning in the fifth year after closing, Primero will deliver to
Silver Wheaton a per annum amount equal to the first six million
ounces of payable silver produced at San Dimas and 50% of any excess;
– Goldcorp will continue to guarantee:
i. The delivery by Primero of all silver produced and owing to
Silver Wheaton, until 2029; and,
ii. A payment of US$0.50/oz for any shortfall below 215 million
cumulative silver ounces delivered to Silver Wheaton by the
end of 2031.
– Primero has provided Silver Wheaton with a right of first refusal on
any metal stream or similar transaction it enters into; and
– Silver Wheaton has obtained an increased security package over the
properties and assets of Primero.Under the terms of the amended silver purchase agreement, Silver Wheaton will continue to pay the lesser of US$4.04 (subject to an inflationary adjustment) or the prevailing market price per ounce of silver delivered.
About San Dimas

San Dimas has been in continuous production for well over 100 years and operates in the lowest cost quartile of gold-silver producers in the world. Over the substantial mine life to date, the operating team at San Dimas has demonstrated an exceptional track-record of converting resources into reserves and the mine continues to exhibit excellent exploration upside.

Current exploration programs at San Dimas are focused on locating the western extension of the Central Block region, where the majority of mining currently takes place. These programs met with considerable success late in 2009, and continue into 2010, positioning the mine for a new phase of long-term production growth.

About Silver Wheaton

Silver Wheaton is the largest silver streaming company in the world. Forecast 2010 production, based upon its current agreements, is 22.2 million ounces of silver and 20,000 ounces of gold, for total production of 23.5 million silver equivalent ounces. By 2013, annual production is anticipated to increase significantly to approximately 38 million ounces of silver and 59,000 ounces of gold, for total production of over 40 million silver equivalent ounces. This growth is driven by the Company’s portfolio of world-class assets, including silver streams on Goldcorp’s Penasquito mine and Barrick’s Pascua-Lama project.

Press Release: Minera Andes Announces Production at the San José Mine for the Second Quarter 2010

TORONTO, ONTARIO – July 21, 2010 – Minera Andes Inc. (the “Corporation” or “Minera Andes”) (TSX: MAI and US OTC: MNEAF) announces the San José mine production results for the second quarter of 2010. During the second quarter, the San José mine produced 1,220,794 ounces of silver and 19,707 ounces of gold, of which 49% is attributable to Minera Andes.

SAN JOSÉ MINE PRODUCTION COMPARISON (100% BASIS)*

Production Q2
2010
Q1
2010
Q2
2009
Ore production (tonnes)116,25996,484119,184
Average head grade silver (g/t)368293400
Average head grade gold (g/t)5.815.925.65
Silver produced (ounces)1,220,794823,1071,264,616
Gold produced (ounces)19,70716,43018,078
Silver equivalent production (ounces2,403,2141,808,9072,349,296
Net silver sold (ounces)1,294,677739,1591,709,190
Net gold sold (ounces)22,16814,32521,930

*49% of the San José mine production is attributable to Minera Andes Inc.

Compared to the first quarter of 2010, the 2010 second quarter silver production was 48% higher and gold production was 20% higher. The increase in silver and gold production was primarily the result of higher mine production and mill feed tonnage compared to the first quarter. Mill throughput in the second quarter of 2010 was 20% higher than the previous quarter. In the second quarter the silver head grade increased 26% compared to the first quarter, and the gold head grade was 2% lower than the first quarter. The improved silver grades are related to ongoing development of the Kospi vein. Compared to the second quarter of 2009, the second quarter 2010 silver production decreased 3% and gold increased 9%.

Average daily mill throughput during the second quarter of 2010 was approximately 1,280 tonnes per day, which is 15% below the mill capacity of 1,500 tonnes per day. According to Minera Santa Cruz, our operating joint venture entity managed by Hochschild Mining plc (”MSC”), the mill operated below capacity due to lower mine production. As previously reported, mine production has been adversely impacted by delays in underground mine development.

MSC has further advised us that the development delays also impacted production grades because access to certain higher grade stoping areas was delayed. Consequently, second quarter 2010 mill feed grades continue to be lower than the average 2009 head grades. However, MSC has advised Minera Andes that they expect the grades to improve during the second half of the year

Milling operations are performing satisfactorily with recoveries in line with budget expectations. A series of modifications were made to the mill during 2009 and the first half of 2010 that resulted in improved operating efficiencies. A small Merrill Crow circuit was also installed in the fourth quarter of 2009 that is resulting in the recovery of incremental silver ounces and slightly improved silver recoveries. Aside from normal sustaining capital, which includes mine development and exploration, the Corporation is not aware of any new capital projects at San José.

Second quarter production cost information will be provided jointly with second quarter financial results.

Sales of silver and gold were 75% and 55% higher, respectively, in second quarter of 2010 compared to the first quarter as a result of increased ore production and a decrease in products inventory. Compared to the same quarter last year, sales of silver in the second quarter of 2010 were 24% lower while gold sales were at about the same level. This was due to lower ore production in the second quarter of 2010, differences in head grades and inventory liquidations in the second quarter of 2009.

This news release is submitted by James K. Duff, Chief Operating Officer of Minera Andes Inc.

About Minera Andes
Minera Andes is an exploration company exploring for gold, silver and copper in Argentina with three significant assets: A 49% interest in Minera Santa Cruz SA, which owns the San José Mine, one of the world’s largest primary silver producers that produced 4,998,000 million oz silver and 77,080 oz gold in 2009; 100% ownership of the Los Azules porphyry copper deposit in San Juan province, Argentina; and, a portfolio of exploration properties in the highly prospective Deseado Massif region of Santa Cruz Province in southern Argentina. Minera Andes had approximately $15 Million USD in cash and no bank debt as at March 31, 2010.

For further information, please contact: Daniela Ozersky or visit our Web site: www.minandes.com.

Daniela Ozersky
Manager, Investor Relations
99 George St. 3rd Floor,
Toronto, Ontario, Canada. M5A 2N4
Toll-Free: 1-866-441-0690
Tel:647-258-0395
Fax: 647-258-0408
E-mail: info@minandes.com

Avino Press Release: Further Developments At San Gonzalo

Avino Silver and Gold Mines (”Avino”) is pleased to announce results of further underground development at its San Gonzalo project at the Avino property in Durango Mexico.

Avino’s mine contractor DMG have been driving two declines, the upper level 1 (2306 m) elevation and the lower level 2 (2260 m elevation). Both levels have intersected the San Gonzalo vein, Level 2 has intersected the San Gonzalo vein and a splay vein. These are known as San Gonzalo vein 1 and San Gonzalo. They are shown on a plan map on Avino’s website.

Avino’s previous news release June 4, 2010 gave results of channel sampling on lines 1 through 15 on the initial drifting (Level 2 2260m) along Veta San Gonzalo 1 (24.73 m length 2.15 m average width, 1.27 g/t gold, 341 g/t silver, 5274 ppm lead, 2273 ppm zinc, 442 ppm copper).

This heading was extended to a further 22 m to S.E. along the San Gonzalo 1 vein. Line 16 was not on the vein but Lines 17 through Line 21 gave assay results across the vein as follows:-

Line	Width	Au	     Ag	     Pb	    Zn	    Cu
	(m)	(g/tonne)
17	1.50	1.874	     886    5919    3827   1070
18	1.90	1.526	     896    6272    6091   1057
19	1.70	1.621	      32   21825   33562   1340
20	2.20	0.828	     363    4907    4367    754
21	0.75	5.091	     534   12000   10800   7160
Avg:	1.61	1.752	     532    9651   11438   1605

Level 2 (2260 m) also explored San Gonzalo Vein (see plan map on Avino website). This vein is narrower but there are values in both footwall and hanging wall. Values have therefore been averaged across a minimum mining width of 1.2 metres as shown over a strike length of 28.45 metres.

Line	Width	Gold	Silver	Lead	Zinc	Copper
	(m)	(g/tonne)
1	1.20	0.145	  35	1302	 5090	 177
2	1.20	1.157	 661	2862	 3648	 326
3	1.20	0.213	 148	1845    15460	 461
4	1.20	0.518	 101	1143	 4174	 756
5	1.20	0.491	  47	3366    13743	 711
6	1.20	0.351	  45	 917    12538	1818
7	1.20	1.006	  68	8741    43950	 939
8	1.20	0.850	 269	5275    18734	1336
9	1.20	0.439	 115	1991	 6155	7689
10	1.20	0.404	  85	1864	 7890	 582
11	1.20	0.387	 124	2975    11495	 842
12	1.20	0.535	 246	3230    10167	 847
13	1.20	0.185	  38	 786	 8879	 408
14	1.20	0.446	  64	 765	 9339	 533
15	1.20	0.468	 122	2887	12315	 414
16	1.20	0.681	 149	3317	15233	 528
17	1.20	0.564	 155	1498	 8715	 213
18	1.20	0.572	 134	3220	12250	 200
19	1.20	0.716	 190	2140	 7143	 162
20	1.20	0.631	 228	3545	10430	 118
Avg:	1.20	0.538	 151	2683	11867	 703


The Upper Level 1 (2306 m) has been driven Northwest along the San Gonzalo Vein and has broken in to the old San Gonzalo workings.

The San Gonzalo vein in this location is narrow. Channel Samples L1 through L14 were collected across the vein along a strike length of 16.88 m. Over this length the vein averaged 0.73 m wide, 0.562 Gold, 108 Silver, 992 Lead, 2653 Zinc, 487 Copper (all values ppm).

The exploration drift on the Lower Level 2 (2260 m) along the San Gonzalo 1 vein is currently also being advanced to the northwest towards a possible intersection with the San Gonzalo vein.

All samples were assayed at SGS Labs Durango. The assay method for gold is FAA 313 which is gold by fire assay withAAS finish, For silver, the method is AAS 21E which is a 3 acid digestion followed by AAS finish. For silver assays greater than 300g/t, the FAG 313 is applied which is fire assay followed by a gravimetric finish. ICP 14B is used for lead, zinc and copper. This is an aqua regia digestion followed by ICP-AES finish. For assays greater than 10,000ppm, ICP 90Q is used which is the ore grade version using a sodium peroxide fusion followed by ICP-AES finish.

ON BEHALF OF THE BOARD

“David Wolfin”
______________________________
David Wolfin
President

Source: Company Website

Press Release: Great Panther Drills 1,681g/T Silver Over 3.15 Metres at Topia Mine

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to report further assays, from the now expanded 7,200 metre (from the initial 6,000 metre) surface drill program on the Topia mine veins. The following core drilling results are from the Cantarranas and San Jorge veins (Hormiguera mine), San Gregorio vein (San Gregorio mine), El Rosario vein (El Rosario mine), Don Benito vein (exploration area) and La Prieta vein (recently purchased La Prieta mine). Highlights are reported in the table below, while plan and longitudinal maps with all of the 2010 surface drilling results reported to date are located on the Company website at www.greatpanther.com. The program will provide for additional mineral resources to direct mine development and expansion decisions over the next several years and the Company anticipates mineral resource calculations for an additional four to five Topia area mines by September 2010.

Results include drill hole ST10-112 which intersected a multiple vein structure which may represent the junction of the San Jorge vein merging with the Cantarranas vein. The San Jorge structure returned 3.15 metres (0.67 metres true width) averaging 1,681g/t silver, 0.88g/t gold, 2.40% lead, and 5.32% zinc while the Cantarranas vein returned 0.19 metres (0.10 metres true width) averaging 2,820g/t silver, 1.19g/t gold, 3.29% lead, and 4.04% zinc. In all, three holes have been drilled to intersect the Cantarranas vein and the footwall San Jorge vein, approximately 40 metres below the Hormiguera mine level. A new mine access cross-cut is being driven and is expected to intersect the San Jorge and Cantarranas veins at this same level within weeks. Highlights from the other two drill holes include ST10-113, which returned 1,150g/t silver, 0.39g/t gold, 1.35% lead, and 2.34% zinc over a width of 0.25 metres (0.18 meters true width) in the Cantarranas vein and ST10-111, which intersected both the San Jorge and Cantarranas veins with the latter returning 1,550g/t silver, 0.79g/t gold, 2.66% lead, and 17.70% zinc over 0.14 metres (0.10 metres true width). The above holes were drilled to guide mine development and provide drill data to support the resource upgrade, and further drilling is planned several hundred metres east to test the vein continuity along strike.

Drilling along the San Gregorio vein was focused to test the extreme western portion of the San Gregorio/Mina 7 mining area, as well as to test the vertical extent of potentially economic mineralization (see the updated maps on the Company web-site). A highlight from the San Gregorio vein was drill hole ST10-119 which intersected 442g/t silver, 0.17g/t gold, 0.72% lead, and 8.05% zinc over 1.15 metres (0.38 metres true width). This western area also includes a footwall vein (San Gregorio Bajo), located approximately 30 metres north of the San Gregorio vein. A highlight from the San Gregorio Bajo vein in drill hole ST10-117 was the intersection of 0.40 metres (0.15 metres true width) averaging 1,030g/t silver, 0.60g/t gold, 3.31% lead, and 10.10% zinc.

Drill testing of the western extent of the El Rosario vein in the El Rosario Nuevo mine area has confirmed that the productive part of the vein extends to at least the 1,600-metre elevation, approximately 80 metres below the current mine workings. Drill intersections were similar in nature to what is encountered in the underground development, namely barite-hosted silver-lead-zinc mineralization which swells and pinches from about 2 metres to thin structures. Highlights include hole ST10-126, which intersected 3.05 metres (1.65 metres true width) averaging 294g/t silver, 0.398g/t gold, 1.76% lead, and 0.81% zinc, and hole ST10-122, which intersected 0.60 metres (0.20 metres true width) averaging 2,000g/t silver, 0.05g/t gold, 2.46% lead, and 3.45% zinc.

For the table, please visit the original press release

The Company’s first drilling at the La Prieta mine initially focused on the potential down-dip continuation and eastward strike extension of the La Prieta vein, and subordinate El Desierto splay vein. Four holes drilled below the present exploitation returned negligible values in a fault and fracture zone interpreted to be the traces of the two veins. Two of four holes drilled from an eastern drill station were lost due to bad ground, and the final two holes intersected both veins, with strong gold-lead-zinc mineralization. Holes ST10-133 and 134 intersected the La Prieta vein approximately 100 metres east of the development on the 1,300-metre level, with a best intersection averaging 38g/t silver, 2.39g/t gold, 4.23% lead, and 5.14% zinc over 0.30 metres (0.25 metres true width). The reason for the lower silver values here is unknown at present and the drill has been returned to La Prieta to follow up with additional holes while the Company awaits assay results from completed drilling at the Don Benito, Cantarranas, Oliva (west) and Recompensa veins.
Following up on initial indications of strong silver-lead mineralization in the Don Benito vein in hole ST10-105 (see news release May 27, 2010 and table above), holes ST10-106 to ST10-110 inclusive, intersected the main Don Benito vein as well as a hanging wall mineralized structure but with economically insignificant grades. Three exploration holes, ST10-114 to ST10-116, along the Argentina vein, 1 to 1.5 kilometres east of the present mining, similarly intersected vein material with economically insignificant grades.

Mineral resource calculations will commence on all viable areas with the completion of drilling in August. Added mineral resources will play an important role in the Company’s plans to increase production 20% per year from 2010 to 2012. Dependent upon drill results, the Company anticipates mineral resource calculations for another four to five Topia area mines by September 2010.

Robert F. Brown, P. Eng., Vice President of Exploration for the Company is the Qualified Person for both the Guanajuato mine and the Topia mine, under the meaning of NI 43-101. A full QA/QC program is being followed including the regular insertion of splits, blanks, and standards into the core sampling sequence. Assaying of the Topia core samples is done at the Company’s Guanajuato Mine on-site laboratory operated independently by SGS. Aspects of both mines relating to mining and metallurgy are overseen by Charles Brown, Chief Operating Officer for Great Panther and its Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V.

For further information, please visit the Company’s website at www.greatpanther.com, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail info@greatpanther.com.

ON BEHALF OF THE BOARD

“Robert A. Archer”

Robert A. Archer, President & CEO

Press Release: Great Panther Reports Record Silver Production in Second Quarter

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to report record silver production from its two wholly-owned Mexican silver mining operations at Topia and Guanajuato.

The combined silver production totaled 410,583 ounces, a quarterly record. In addition, the mines produced 1,474 ounces of gold, 297 tonnes of lead, a record, and 357 tonnes of zinc. Expressed in terms of silver equivalent ounces (”Ag eq oz”), metal production was 574,740 Ag eq oz.

Records were set at both operations in the second quarter (”Q2″) of 2010 and highlights include:

  • 15% increase in overall metal production compared to Q2 2009 to 574,740 Ag eq oz.
  • 23% increase in combined silver production compared to Q2 2009 to a record 410,583 oz Ag.
  • 19% increase in metal production from Topia compared to Q2 2009 to 205,350 Ag eq oz.
  • 27% increase in lead production from Topia compared to Q2 2009 to a record 297 tonnes.
  • 32% increase in zinc production from Topia compared to Q2 2009 to 357 tonnes.
  • 31% increase in silver production from Guanajuato compared to Q2 2009 to a record 288,825 oz.
  • Record metallurgical silver and gold recoveries at Guanajuato.
  • Record metallurgical silver, lead and zinc recoveries at Topia.
  • Successful start to implementation of the Company’s 2010 — 2012 growth strategy.
  • Further mobile equipment deliveries at both operations continue to provide mining efficiencies. The new equipment delivered during the first half of the year is expected to lead to a significant increase in production during the second half of 2010.
  • Positive exploration drilling results reported from Guanajuato and Topia during the second quarter of 2010. Updated resource estimates anticipated for both mines by the fourth quarter of 2010.

(2010 Silver equivalents are established using prices of US$1000/oz Au, US$16/oz Ag, US$0.80/lb Pb and Zn.)

Guanajuato Mine

The Guanajuato mine recorded a much improved quarter as the silver grade of ore mined and processed increased to 291g/t, up by 25% from the first quarter of 2010. Metals produced totaled a record 288,825 Ag oz plus 1,453 Au oz, or 369,390 Ag eq oz from processing 34,379 tonnes of ore with an average grade of 291g/t Ag and 1.35 g/t Au.

The gold grade of ore was lower due to low production from the Santa Margarita vein. Production stoping of the Santa Margarita vein is underway during the third quarter and gold grades and production are expected to improve sharply. A newly acquired 2-yard underground loader has been assigned to this important gold production area. Production from the Los Pozos area continued to increase.

Mining of the Cata Clavo continued on the 490 and 470 levels where stoping was initiated on the Veta Madre, and development of the higher grade Alto veins continued. Stoping continued from the 460 level towards the 438 level.

Mining at Guanajuatito focused on the North Zone where stoping continued from the 80 level. Production was hampered by inconsistent grades where some of the vein was uneconomic.

At Rayas, development focused on recent discoveries, the Los Pozos and Santa Margarita vein structures. Mining of Los Pozos continued with stoping initiated on the 298 and 310 levels and development on the 345 level. Production from this area continues to increase and will improve further in the third quarter.

The gold-rich Santa Margarita vein continued to be explored by ramp development below the 390 level. Stoping has been initiated on the 435 level and gold production is expected to increase substantially in the third quarter.

Initial results from diamond drilling to explore the Los Pozos structure between the 310 and 390 levels were reported on June 08, 2010 (see News Release of same date). Of six drill holes reported, four intersected ore grade mineralization including drill hole UG10-100, which intercepted mineralization over a true width of 10.48 metres, grading 1.41 g/t Au and 452 g/t Ag. Geological mapping and chip sampling of the Los Pozos structure at the 345 level indicates a strike length of 60 metres with true widths of 8 to 10 metres.

The same News Release reported the initial results from the diamond drill program to explore the deeper extensions of the Rayas structures including the Santa Margarita vein. Six of the seven drill holes reported intersected the Santa Margarita vein to depths of 80 metres below the current mining on 435 level with one of the intercepts being an average of 8.62g/t Au and 46g/t Ag over a true width of 4.53 metres.

The Guanajuato plant achieved record gold and silver recoveries of 86.6% and 89.9%, respectively. The Company’s senior metallurgical consultant visited the Guanajuato and Topia plants with both plant managers. This team reviewed each plant to indentify further opportunities to improve metallurgical performance. During the second quarter, a second cyclone system was initiated at Guanajuato, replacing an old screw classifier. Towards the end of the quarter, the bed of the crushing circuit screen was replaced such that the mill feed size has been reduced to facilitate improved grinding performance.

More underground mobile equipment was received during the second quarter including a second scissor-lift utility truck and a 2-yard underground loader. All equipment is being dismantled and lowered through the Rayas shaft and reassembled in the mine. Additional equipment, including a second drill jumbo and a 16-tonne capacity underground haulage truck, is scheduled for delivery in the third quarter. It is expected that the full impact of the new equipment will be experienced in the second half of 2010.

Topia Mine

Topia recorded another excellent quarter with metal production of 121,758 oz of silver, 185 oz of gold, 654,323 lbs of lead (a record), and 787,692 lbs of zinc, from milling 9,176 tonnes of ore. This equates to 205,350 Ag eq oz, 19% higher than the second quarter of 2009. Ore grades averaged 446g/t Ag, 0.76g/t Au, 3.39% Pb and 4.22% Zn.

Ore was mined from twelve separate small mines. Production from the San Gregorio and El Rosario veins contributed more than one third of the silver production and new exploratory development on the San Gregorio vein continues to be successful.

Additional new underground mobile equipment was acquired including two 2-yard loaders and a single-boom electric-hydraulic drill jumbo. The additional equipment will facilitate the deep development of the Argentina Mine and the opening of new production areas.

Plant performance was excellent and continued to show improvement with metal recoveries of 92.4% for Ag, 82.9% for Au, 95.4% for Pb and 92.2% for Zn. The recoveries for silver, lead and zinc were records for the Topia mine. In addition to processing the 9,176 tonnes from the Company’s mines, 2,513 tonnes were custom milled for a local miner, thereby increasing revenue and keeping unit costs down.

The surface diamond drill programme to extend the mining potential of known veins and explore other veins continued and initial results were reported in the News Release of May 27, 2010. Highlights from drilling the gold-rich, Recompensa vein were reported. All four drill holes reported intersected the Recompensa vein, extending the known length of the mineralization to 500 metres and another 50 to 60 metres below existing workings. Drill hole ST10-101 intersected five separate veins including the main Recompensa vein which returned values of 9.12g/t Au, 601g/t Ag, 12.8 % Pb and 15.3 % Zn, over a true width of 0.27 metres. The Company is expected to release assay results from exploratory drilling of other veins in the near future.

Outlook

Great Panther Silver is successfully implementing its strategy to accelerate production with increases of 20% per year to 3.8 million Ag eq oz in 2012. New equipment is being delivered to the mines, and exploration drill programs are in progress. The impact of the new equipment is expected to enable continuous production improvements throughout 2010 and exploration drill results will be used to estimate new resources to support the 3-year growth strategy.

Robert F. Brown, P.Eng., Vice President of Exploration for the Company is the Qualified Person for both the Guanajuato Mine and the Topia Mine, under the meaning of NI 43-101. Aspects of both mines relating to mining and metallurgy are overseen by Charles Brown, Chief Operating Officer for Great Panther and its Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V.

For further information, please visit the Company’s website at www.greatpanther.com, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail info@greatpanther.com.

ON BEHALF OF THE BOARD

“Robert A. Archer”

Robert A. Archer, President & CEO

Source: Company website, click here to go to the Great Panther website

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