December 15, 2011 / 2:17 PM / in 7 years

UPDATE 1-Great Panther Silver forecasts higher 2012 output

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Dec 15 (Reuters) - Great Panther Silver expects total metal production growth of about 20 percent in 2012 helped by the planned capacity expansion at its Mexican operations and as the company anticipates to continue mining high grade ore.

The company, which has mining operations in Topia and Guanajuato in Mexico, expects silver production of 1.72-1.90 million ounces in 2012, up from about 1.51 million ounces of silver in 2011.

The Canadian miner expects gold production in 2012 to be about 10,000-11,000 ounces, up about 28-40 percent from 2011.

The Vancouver, British Columbia-based company said it is on track to achieve the fourth-quarter output of 550,000 silver equivalent ounces forecast earlier.

Shares of Great Panther, which have shed about a quarter of their value in the last one month, closed at C$1.99 on Wednesday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Hezron Selvi)

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