This news release constitutes a "designated news release" for
the purposes of the Company's prospectus supplement dated
October 15, 2021, to its short form
base shelf prospectus dated September 10,
2021.
VANCOUVER, BC, Sept. 13,
2022 /PRNewswire/ - Great Panther Mining Limited
(TSX: GPR) (NYSE-A:GPL) ("Great Panther" or the "Company")
announces that it has signed a non-binding Letter of Intent (the
"LOI") with Newrange Gold Corp. ("Newrange") to sell 100% of the
Company's Peruvian subsidiaries, Great Panther Silver Peru S.A.C.
and Great Panther Coricancha S.A.C., which hold the Coricancha Mine
in Peru, for a total purchase
price of US$750,000 (the
"Transaction") payable in cash.
Coricancha, located in the central Andes
of Peru approximately 90
kilometres east of Lima, is a past
producing mine with an extensive land package in the prolific
Central Polymetallic Belt in Peru.
The project is currently in care and maintenance and includes an
operational 600 tonne per day mill, an underground mine and
supporting infrastructure.
Completion of the Transaction is subject to certain conditions
including, but not limited to, the completion of definitive
documentation, completion of financing by Newrange and receipt by
the Company and Newrange of all necessary third-party consents and
approvals, including the approval of the Company's proposal
trustee, the court in the Company's proposal proceedings and, in
the case of Newrange, the approval of the TSX Venture Exchange.
ABOUT GREAT PANTHER
Great Panther Mining is a precious metals producer focused on
the operation of the Tucano Gold Mine in Brazil where the Company controls a land
package covering nearly 200,000 hectares in the prospective Vila
Nova Greenstone belt. Great Panther is listed on the Toronto Stock
Exchange under the symbol GPR and on the NYSE American under the
symbol GPL.
CAUTIONARY STATEMENT ON
FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and forward-looking information within the meaning of
Canadian securities laws (together, "forward-looking statements").
Such forward-looking statements include but are not limited to
statements regarding the terms and completion of the Transaction,
including the completion of definitive documentation, Newrange's
ability to obtain financing and the receipt of all necessary
third-party consents and approvals.
These forward-looking statements and information reflect the
Company's current views with respect to future events and are
necessarily based upon a number of assumptions that, while
considered reasonable by the Company, are inherently subject to
significant procedural, operational, business, economic and
regulatory risks and uncertainties, including the risk that the
Company will not be able to successfully negotiate definitive
documentation for the Transaction, the risk that certain conditions
precedent to completion of the Transaction will not be satisfied
and risks related to the Company's previously announced
restructuring process and its impact on the Company's operations
and financial conditions and uncertainty regarding the ability to
obtain protection against all collection and enforcement actions
during the judicial reorganization proceedings.
There is no assurance that these forward-looking statements will
prove accurate or that actual results will not vary materially from
these forward-looking statements. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated, described, or
intended. Accordingly, readers are cautioned not to place undue
reliance on forward looking statements. Forward-looking statements
and information are designed to help readers understand
management's current views of our near- and longer-term prospects
and may not be appropriate for other purposes. The Company does not
intend, nor does it assume any obligation to update or revise
forward-looking statements or information, whether as a result of
new information, changes in assumptions, future events or
otherwise, except to the extent required by applicable
law.
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SOURCE Great Panther Mining Limited