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Great Panther Records 1Q Profit Despite Topia Suspension

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Great Panther Silver Ltd. (TSX: GPR; NYSE MKT: GPL) reports net income of $3 million, or 2 cents per share, for the first quarter, a turnaround from a net loss of $3.4 million, also 2 cents, in the same quarter of 2016. Higher prices for precious metals and favorable foreign-exchange rates offset the impact of lower production and sales volumes due to temporary suspension of Topia’s milling operations, the company says. Great Panther also recorded a non-cash $1.8 million foreign-exchange gain. Production decreased 28% to 730,186 silver-equivalent ounces, with silver output down 32% to 366,435 ounces. Robert Archer, president and chief executive, says the quarterly profit was “particularly notable given that we suspended processing at Topia to complete plant upgrades and prepare for the transition to a new tailings storage facility, and therefore only had nominal production from Topia during the quarter. The Topia upgrades were completed under budget and commissioning of the plant is expected to be complete by mid-May.”

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