October 6, 2009 / 12:45 PM / 9 years ago

UPDATE 1-Canada's Great Panther reports higher Q3 production

* Says Q3 production 34 pct above year-ago quarter

* Says ore grades continue to improve

* Says on track to meet 2009 production target

Oct 6 (Reuters) - Canadian miner Great Panther Resources Ltd (GPR.TO) reported a 34 percent rise in quarterly metal production, helped by strong performance at its two mines in Mexico, and said ore grades continued to improve.

The Vancouver, British Columbia-based company said it produced 597,057 silver equivalent ounces of metals during the third quarter, 34 percent higher than the year-ago quarter.

The production was up 19 percent sequentially.

The company’s silver production of 398,811 ounces was up 41 percent, while gold production was up 36 percent to 1,951 ounces from the year-ago period.

Great Panther said it was on track to meet or exceed its 2009 production target of 2.07 million silver equivalent ounces and sees 2010 production at 2.5 million ounces.

Shares of the company, which have gained about 40 percent in last three months, closed at 75 Canadian cents Monday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalor; Editing by Unnikrishnan Nair)

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