January 11, 2010 / 9:15 PM / 9 years ago

UPDATE 1-Great Panther's 2009 production beats own estimates

* Says Q4 production up 26 pct from year-ago quarter

* Backs 2010 production target

* Shares rise as much as 10 pct

Jan 11 (Reuters) - Great Panther Silver Ltd (GPR.TO) reported 2009 metal production that beat its earlier estimates by 6 percent, helped by improved performance at the Canadian company’s two Mexican mines, and backed its 2010 production outlook.

The company posted yearly production of 2,202,456 silver equivalent ounces, higher than the previous target of 2.07 million ounces, and backed its 2010 production outlook of 2.5 million ounces.

Metal production for the fourth quarter rose 26 percent to 625,288 silver equivalent ounces, as its mines at Topia and Guanajuato reportedly continued to ramp up operations.

Silver production for the quarter was up 9 percent at 390,026 ounces, while gold production was up 53 percent at 2,456 ounces, from the year-ago period.

The company expects to produce 3.8 million silver equivalent ounces by 2012.

Shares of the Vancouver, British Columbia-based company were up 4 Canadian cents at C$1.03 in late afternoon trade Monday on the Toronto Stock Exchange. They touched a high of C$1.09 earlier in the day. (Reporting by Gowri Jayakumar in Bangalore; Editing by Maju Samuel)

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