Great Panther (TSX:GPR, StockForum), a Vancouver-based silver and exploration firm with two producing mines in Topia and Guanajuato Mexico, provided an update today on the on-going tensions at its Guanajuanto Mine Complex in Mexico after an illegal worker was killed in a clash with guards at the facility last Wednesday.
According to the news release, at about 2 pm on March 9, 2014, approximately 60 people gained unauthorized entry to the company's main administration building and plant facility in Guanajuato and are presently illegally occupying the facilities.
Employees of the mine and contractors are offsite and safe, and no new reports of violence have emerged. However, the plant has been closed with the authorities on standby until the situation has been resolved.
Great Panther president and CEO, Robert Archer, commented, “First and foremost, we are thankful that our people are all off site and safe.”
He went on to illustrate, “It appears that a few members of the mining cooperative who sold the mine to Great Panther in 2005, when they were facing bankruptcy, are behind this illegal occupation of our facilities. It is unknown at this time whether these members of the cooperative have been involved with recent activities of illegal miners.”
Archer then concluded, “We will work with municipal, state and federal authorities to find a peaceful and expedient resolution to this situation, however, we are currently reviewing all options to regain custody of our facility and ensure the security of our operations and our people.”
Great Panther was in the news recently when an illegal worker was killed at the aforementioned mine in a clash with guards last Wednesday.
Shares fell 7.09% on the news to $1.31 per share.
Currently there are 138.5m outstanding shares with a market cap of $181.5 million.