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Great Panther halts UCS openpit, guidance lowered

25th May 2021

By: Creamer Media Reporter

     

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Toronto-listed Great Panther Mining has temporarily halted mining activities in Urucum Central South (UCS) at Tucano, in Brazil, after having detected movements in the west wall of the south-central portion of the openpit.

Heavy rainfall, well above seasonal average, triggered higher phreatic levels in the west wall impacting slope stability, the company said in a statement on Tuesday.

“We are working with our consultants to make operations safe, with the expectation that mining for the higher-grade ore in the UCS pit will start back up again in the third quarter of this year,” stated Great Panther president and CEO Rob Henderson.

As a consequence, 2021 consolidated guidance was reduced by 10 000 oz to between 125 000 and 140 000 gold-equivalent ounces. Tucano would produce between 100 000 oz and 110 000 oz. All-in sustaining costs would increase to between $1 450/oz and $1 550/oz.

Edited by Creamer Media Reporter

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