September 16, 2009 / 9:18 PM / in 8 years

UPDATE 1-Great Panther sees annual rev to cross C$50 mln by 2012

* Sees capital expenditure of C$22 mln for next 3 yrs

* Sees 2010 production at 2.5 mln silver eq ounces * Says on track to meet 2009 production target

Sept 16 (Reuters) - Canadian miner Great Panther Resources Ltd GPR.TO said it expects annual revenue in excess of C$50 million by 2012 as it plans to boost precious metals production from its two mines in Mexico.

The Vancouver, British Columbia-based company said it was on track to meet or exceed its 2009 production target of 2.1 million silver equivalent ounces and sees 2010 production at 2.5 million ounces.

Great Panther also forecast its production to hit 3 million silver equivalent ounces in 2011 and 3.8 million in 2012.

The company expects capital expenditure of about C$22 million over the next 3 years, with an additional C$14 million in exploration spending to boost its production.

Plant throughput is expected to approach 1,200 tonnes per day at its Guanajuato mine and 220 tonnes per day in Topia, the company said in a statement.

Shares of the company closed at 97 Canadian cents Wednesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Pradeep Kurup)

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