VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/13/13 -- GREAT PANTHER SILVER LIMITED (TSX: GPR)(NYSE MKT: GPL) ("Great Panther"; the "Company") today reported financial results for the Company's year ended December 31, 2012. The full version of the Company's financial statements and Management's Discussion and Analysis can be viewed on the Company's website at www.greatpanther.com, or SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in Canadian dollars unless otherwise indicated.
"We are pleased to report record revenues and revenue growth of 6% despite a decline in average silver prices," stated Robert Archer, CEO. "While we remained profitable, we saw a decrease in profitability due to lower metal prices, increases in our operating costs and greater expenditures in exploration and development activities. These additional expenditures resulted in the discovery of new silver-gold mineralization in the Guanajuato Mine Complex and the development of the underground infrastructure to connect the lower levels of the Guanajuatito Mine with the main ore hoisting shaft at Cata. Our focus for 2013 is to improve the profitability of our operations, and to commence the development of our San Ignacio Project in preparation for anticipated production in 2014."
FOURTH QUARTER AND FISCAL YEAR 2012 FINANCIAL SUMMARY
--------------------------------------------------------------------------Highlights(in 000s except ounces, amounts Year Ended Year Ended per share and Dec 31, Dec 31, per ounce) 2012 Q4 2011 Q4 Change 2012 2011 Change--------------------------------------------------------------------------Revenue $ 17,789 $ 17,520 2% $ 61,139 $ 57,818 6%Gross profit (Earnings from mining operations) $ 3,318 $ 6,032 -45% $ 19,206 $ 26,916 -29%Net income (loss) $ (1,285) $ (1,419) 9% $ 5,510 $ 11,506 -52%Adjusted EBITDA(1) $ 3,800 $ 6,265 -39% $ 16,893 $ 24,723 -32%Earnings (loss) per share - basic $ (0.01) $ (0.01) 0% $ 0.04 $ 0.09 -56%Earnings (loss) per share - diluted $ (0.01) $ (0.01) 0% $ 0.04 $ 0.08 -50%Silver ounces produced 453,934 354,754 28% 1,560,040 1,495,372 4%Silver equivalent ounces produced(2) 672,690 545,294 23% 2,378,603 2,200,013 8%Silver payable ounces 446,077 425,225 5% 1,472,269 1,332,262 11%Total cash cost per silver ounce (USD)(1) $ 14.58 $ 11.92 22% $ 12.24 $ 10.84 13%Average realized silver price (USD)(3) $ 31.94 $ 30.86 3% $ 30.93 $ 34.71 -11%--------------------------------------------------------------------------1. "Adjusted EBITDA" and cash cost per silver ounce are non-IFRS measures.Refer to the "Non-IFRS Measures" section of the Company's MD&A2. Silver equivalent ounces in 2012 were established using prices of US$28per oz, US$1,680 per oz, US$0.85 per lb, and US$0.85 per lb for silver,gold, lead & zinc, respectively, and applied to the recovered metal contentof the concentrates that were produced by the two operations3. Average realized silver price is prior to treatment, refining andsmelting charges
