Good news for holders of Great Panther Silver (GPR.to) (GPL)

It looks like the company has got its concentrate sales problems out of the way now. This must be why the stock is up and breaking trend this morning. Here's the link to the NR, here's the main bits of the content:

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 18, 2011) - GREAT PANTHER SILVER LIMITED (TSX:GPR)(NYSE Amex:GPL) (the "Company") is pleased to announce that it has commenced the shipment of silver-gold pyrite concentrates from its Guanajuato operation to a new buyer in Mexico. The first delivery of 100 tonnes started today and is the first of many shipments which will allow the Company to reduce the backlog of concentrates at its Guanajuato mine. While second quarter revenue was lower as a result of the unsold concentrates, it is considered to be a short-term issue. The additional new sales are expected to return strong revenues in the third and fourth quarters. Great Panther also operates the Topia silver-gold-lead-zinc mine located in Durango State, which sells its silver-rich lead and zinc concentrates under a separate contract.

The Guanajuato operation currently produces over 250 tonnes per month of silver-gold bearing pyrite concentrates. Great Panther has a one-year contract to sell Guanajuato concentrates through a metal trader to an overseas smelter. However, the smelter is fully supplied with concentrates and has reduced the quantity of purchases from Guanajuato. Consequently, the Company has sought out, and found, an alternative buyer. As of today, concentrates are being trucked to an efficient Mexican plant producing Dore bars (containing mostly silver and gold), which are marketed to a refinery where fine silver and gold is produced. The plant has surplus capacity over the requirements of its own mine and, from extensive test work, has been found to be suitable for the recovery of gold and silver from Guanajuato concentrates. Terms of the new sales agreement are competitive and should allow the backlog to be reduced to normal levels by year end, resulting in higher revenues in the third and fourth quarters of 2011.

So now that 1) they're selling what they produce correctly and 2) they've decided to be honest about their true costs and 3) there's a plant expansion close to coming on line, this stock might just turn out to be a buy at these levels...after all these years too. So subscribers, we'll go into to numbers in this weekend's IKN Weekly, see what's what and make a measured decision. DYODD.

Great Panther Silver (GPR.to) (GPL) stops the bullshit about its cash costs profile and makes dumbass analysts that swallowed their previous crap whole look stupid

An interesting 2q11 report out of Great Panther Silver (GPR.to) today (link here). Not because of the pisspoor bottom line results, because we at IKN were expecting that (see this post, July 12th, for the details on that). Not for the whiny "honest guv it wasn't our fault" excuses from CEO Archer, either (sidebar note: any GPR long actually asked the company WHY their concentrate has been rejected by buyers recently?).

No, the interesting bit is that GPR seems to have swallowed the honesty pill and is now reporting its cash costs in a more open and transparent way. By way of a re-cap, check out an excerpt of this April '11 post concerning its 2010 numbers:

Some numbers.

In 4q10, GPR said that its "cash cost" was U$8.41 per ounce of silver sold. 

This means its "cash cost" total for the quarter added up to U$3.111m (and if you don't believe me, check the company filings on SEDAR, they're all there).

However, its "Cost of Sales" for the quarter was $6.36m!

Yes, you read that right. When GPR touts its "cash cost" figure, what it doesn't explain is that it only covers less than half of its real costs.

So there's how GPR used to bullshit the braindead anal ysts, but today's 2q11 numbers show this:

2q11 silver production: 386,210 oz
2q11 cash cost: $11.84
Total of above: $4.57m
Reported cost of sales in 2q11 report: $4.61m

Close enough! Hey guys, about time you started telling the truth about your costs. Mind you it does make your previous estimates for 2011 costs look pretty freakin rum, no? After all you GPR people did say that you'd produce silver at between $6.50 and $8 per ounce this year. The reality is...

2q11 cash cost: $11.84/oz
1h11 cash cost: $10.69/oz

Feeling stupid yet, Christopher Barker of the Motley Dumbass? After all, since you told us about "your favourite silver play GPR" in April this year it's down over 20%, all during the world's most amazing silver price run to date.

Moral of this story DYO freakin' DD and do not believe 1) the numbers given to you by a company and more importantly 2) the braindead anal ysts who try to pass themselves off as professionals but just swallow the company spin whole.

UPDATE: Reacting to this post, your author receives this question as part of a mail from reader CV (a GPR long):

"...why do you have to rant so much about it...?"

Answer: Guy's gotta have a hobby.

UPDATE 2: Who is goldminingXpert? Do I know you? A quick mail would be appreciated if possible. And if Christopher Barker (aka TMFsinchiruna) is resorting to Ad Hom attacks instead of addressing his own obvious failings he so totally fails. Ego = poverty in this game, dumbass.

Endeavour Silver (EDR.to) (EXK) and Great Panther Silver (GPR.to) (GPL) 2q11 production critique in a straightforward and short sentence

They sucked.

Here's Endeavour's (EDR.to) quarterly numbers as published yesterday morning....

....and the quarter just gone is lacklustre compared, which showed itself in the pressure on the stock yesterday.

Meanwhile, even more sucky is the NR just out from Great Panther (GPR.to) that you can find here. From the data here's the silver production evolution....

...but even more interesting is this paragraph in the same NR:

The market for high grade precious metals concentrate sales became more difficult during the quarter as a result of a global surplus of concentrates due to the general upsurge in mine production in response to higher metal prices. Great Panther has secured a contract to sell the Guanajuato concentrates through a trader to an overseas smelter. However, the smelter has an oversupply of concentrates and has reduced the quantity of purchases, such that inventories of unsold concentrates at Guanajuato were higher than normal at the end of the quarter. While this will influence second quarter revenue, it is considered to be a short-term issue and negotiations with alternative buyers are being pursued.

So GPR.to has a whole bunch of unsold inventory from the quarter. Fair enough, but why haven't we heard anything like this from any other junior recently? A question of lower quality concentrates getting rejected by the market first, perhaps? DYODD. 

Disclosure: No position in either stock, cos little leagues get tiring after a while.

The unbearable lightness of being a Great Panther Silver pumper (GPR.to) (GPL)

The amount of brainless writings in the stock market is always a source of amusement for your author and, as is the way of these things, some subjects will always attract more than their fair share of dumbasses that swallow company lines whole, vomit them back at their sheep and have no idea what hit them afterwards when the whole trade goes haywire on them. Take for example Great Panther Silver (GPR.to) (GPL), the sub-500tpd dog in Mexico that's currently riding its luck with the silver spot price. That it's run up a squillion percent or so isn't enough for its fans, because they're still predicting massive share price growth for the stock (note: anal ysts bang on tables only when they're fully bought in and desperate for the suckers to push their price up). However, the reasons they're now using are wearing thin. Take for example Christopher Barker at Motley Fool (emphasis on fool) who wrote this purple prose yesterday:

"But negative cash costs are certainly not required for a silver mining stock to yield phenomenal investment gains. A well-timed production growth spurt, combined with exciting potential for continued exploration success, is capable of propelling a silver stock with even greater force. In the case of my favorite silver miner -- Great Panther Silver (AMEX: GPL  ) -- issued guidance for 2011 production costs between $6.50 and $8 per ounce is not likely to interrupt a growth trajectory that has seen the shares quadruple in value over the past year. Moreover, with major producer Pan American Silver (Nasdaq: PAAS  ) forecasting 2011 cash costs between $7 and $7.50 per ounce, Great Panther's cost structure remains an impressive achievement given that its production scale is about 10% that of Pan American."

"So what's wrong with that, Otto?" I hear you ask. Well the problem is that Christopher Barker has absolutely no idea on what he's talking about when it comes to "cash costs" and is simply taking the bullshit GPR.to figures and stats to back up his case. The reality of GPR is that its costs of production (a MUCH better way of measuring efficiency than a non-GAAP metric such as cash cost that is prone to really nasty attacks of scammy company bullshittery) are way higher per ounce than PAAS, or serious mining companies or the kind of dumbass propaganda that GPR puts out to pull the wool over the eyes of the marketplace.

Some numbers.

In 4q10, GPR said that its "cash cost" was U$8.41 per ounce of silver sold. 

This means its "cash cost" total for the quarter added up to U$3.111m (and if you don't believe me, check the company filings on SEDAR, they're all there).

However, its "Cost of Sales" for the quarter was $6.36m!

Yes, you read that right. When GPR touts its "cash cost" figure, what it doesn't explain is that it only covers less than half of its real costs. And even then, GPR isn't telling the whole story as its filings for "costs of sales " don't include depreciation or amortization...which is like saying "Yeah well, we mined the silver out the rock and so the in-situ asset isn't there any more...but that's not going to change our asset position" It's asinine! It's bullshit! And people like Christopher Barker who hasn't got a single clue about balance sheet /P+L reading and simply prefers to blather out the company spin just perpetuates this stupidity.

Put simply: How on earth can 1) A company claim $3.111m in "cash costs" on $13.809m in gross revenues but then only deliver a $782,000 net profit on a quarter? Because that's exactly what GPR did in 4q10, its last reported quarter. Don't ask me that question, ask Christopher Barker of The Motley Dumbass and when he's failed to explain why, tell him to....

Comparing the GPR cash cost metric to the PAAS cash cost metric is stupidity squared, because one of them is a fair representation of what goes on in the mining world and the other one is just laughable. PAAS may have its faults, but it's not trying to bullshit the market via its quarterlies.

Great Panther Silver (GPR.to) (GPL): I'm supposed to be impressed, right?

Today we had the 1q11 production numbers out of Great Panther Silver (GPR.to) (GPL) and if we add them to the numbers of previous quarters, the chart gets to look like this:

Over the last two years, production has moved up a bit...a little little bit... but hardly numbers that set the world on fire despite what this stocks ever-growing legion of pumpers (both paid for and otherwise) would have you believe. However, we got great news! Luckily things are about to change bigtime at GPR, according to the management at least. Here's the guidance for 2011 and 2012, as per the last MD&A:

2011 OUTLOOK
Great Panther’s three-year strategy to accelerate production to 3.8 million Ag eq oz by 2012 is now commencing its second year. New equipment has been delivered to the mines, new production areas are being added, plant performance continues to excel, plant capacity is being increased, resources have been increased and reserves defined, and exploration drill programs have made significant new discoveries of high grade mineralization.
The combined production target for 2011 has been set at 2.87 million Ag eq oz, consisting of 1.94 million oz silver, 11,200 oz gold, 1,170 tonnes lead and 1,430 tonnes zinc. Silver equivalents for 2011 have been established using prices of US$1,200/oz Au, US$20/oz Ag, US$0.90/lb Pb and Zn.

Good stuff eh? We're aiming for 1.94m oz Ag and 2.87m oz AgEq this year, which means the....errr....1q11 numbers of 411k oz Ag and 607k AgEq fall woefully short. But never mind because it's not as if GPR management has ever tried to bullshit the market about guidance in previous years, is it? This from the 2009 YE MD&A that set out guidance for 2010:

Great Panther has initiated its new strategy to accelerate production and increase resources at both Guanajuato and Topia. The new plan forecasts increases to 2.6 million Ag eq oz in 2010 and to 3.8 million Ag eq oz by 2012.

And in the end, GPR produced.....errr....2,255,803 oz Ag Eq in 2010...which only missed by 344,000 oz....hey, what's nearly a thousand ounces a day of underproduction between friends, anyhow?

And finally, I know nobody who pumps this way overpriced dog cares that much, but let's just point out one of the math trickeries GPR uses to set targets. This year, 2011, GPR aims for 2.87m oz AgEq and is using a gold/silver ratio (GSR) of 60:1 for its calculations. It doesn't care that the GSR is currently under 40:1. Why does this matter? It matters because for every 1000 of gold GPR produces, it's going to claim it's produced 60,000 oz of silver equivalent and will showboat the number accordingly every month. In reality, the number it should use is 40,000 oz (or even less). That kind of 'creative accountancy' really adds up over time, because as GPR is guiding to produce 11,200 oz gold in 2011, it's going to claim 672,000 oz AgEq for those gold ounces when in true money terms we're talking more like 448,000 oz. Do the math.

The market is currently telling us Great Panther Silver is worth North of half a billion dollars, according to its current market cap at least. Meanwhile, top executive insiders are selling out. I think the insiders are way smarter than the market and the ridiculous hype swirling round this overpriced, low tonnage, high cash cost dog, massive silver bull run or not. DYODD.

Today's retail mining shareholder quiz question

First, the background.

1) On Jan 1st 2011 the Executive Chairman of Great Panther Silver (GPR.to) (GPL), Kaare Foy, owned 117,400 shares of GPR along with 75,000 options priced at 70c.

2) On Feb 22nd he exercised those options, leaving him with 192,400 fully paid up shares.

3) Then he did this:

Date filed	operation type	no.of shares traded	price	shares held
24/02/2011	10 - Acquisition or disposition in the public market	-29,300	$3.20	163,100
24/02/2011	10 - Acquisition or disposition in the public market	-45,700	$3.21	117,400
24/02/2011	10 - Acquisition or disposition in the public market	+1,000	$3.22	118,400
23/03/2011	10 - Acquisition or disposition in the public market	-44,200	$4.12	100,000
23/03/2011	10 - Acquisition or disposition in the public market	-5,000	$4.19	95,000
23/03/2011	10 - Acquisition or disposition in the public market	-5,000	$4.19	90,000
23/03/2011	10 - Acquisition or disposition in the public market	-5,000	$4.20	85,000
23/03/2011	10 - Acquisition or disposition in the public market	-15,000	$4.22	70,000
23/03/2011	10 - Acquisition or disposition in the public market	-10,000	$4.23	60,000
23/03/2011	10 - Acquisition or disposition in the public market	-10,000	$4.24	50,000
23/03/2011	10 - Acquisition or disposition in the public market	-10,000	$4.25	40,000
27/03/2011	10 - Acquisition or disposition in the public market	-10,000	$4.23	30,000
27/03/2011	10 - Acquisition or disposition in the public market	-5,000	$4.35	25,000
27/03/2011	10 - Acquisition or disposition in the public market	-10,000	$4.40	15,000
27/03/2011	10 - Acquisition or disposition in the public market	-5,000	$4.42	10,000
27/03/2011	10 - Acquisition or disposition in the public market	-5,000	$4.45	5,000
27/03/2011	10 - Acquisition or disposition in the public market	-5,000	$4.50	0

Yup, in a touch over one month he sold the lot of them (and this is the exec chair we're talking about here, not some IR guy who got lucky and wants to buy his first 4X4 or something) and the dude now owns zero shares of GPR and zero options (according to SEDI at least).

And now, the promised question for all you out there in retail investorlandia:
x

CAN YOU TAKE A HINT?

dyodd, dudettes and dudes.

Caring for shareholders' wellbeing, Great Panther Silver (GPR.to) style

There's nothing that truly moves markets in the insider trades noted below because in the end they're not much more than small. Small as in absolute size and small as in small-minded, too.

Great Panther Silver Limited (GPR)						As of July 21st, 2010
Filing Date	Transaction Date	Insider Name	Ownership Type	Securities	Nature of transaction	# or value acquired or disposed of	Unit Price
Jul 21/10	Jul 21/10	Burne, Malcolm Alec	Direct Ownership	Options	51 - Exercise of options	-100,000	$0.450
Jul 21/10	Jul 21/10	Burne, Malcolm Alec	Direct Ownership	Common Shares	10 - Disposition in the public market	-8,000	$0.710
Jul 21/10	Jul 21/10	Burne, Malcolm Alec	Direct Ownership	Common Shares	10 - Disposition in the public market	-92,000	$0.700
Jul 21/10	Jul 21/10	Burne, Malcolm Alec	Direct Ownership	Common Shares	51 - Exercise of options	100,000	$0.450
Jul 16/10	Jul 15/10	Kopcheff, John	Direct Ownership	Options	51 - Exercise of options	-100,000	$0.450
Jul 16/10	Jul 15/10	Kopcheff, John	Direct Ownership	Common Shares	10 - Disposition in the public market	-8,500	$0.740
Jul 16/10	Jul 15/10	Kopcheff, John	Direct Ownership	Common Shares	10 - Disposition in the public market	-61,500	$0.730
Jul 16/10	Jul 15/10	Kopcheff, John	Direct Ownership	Common Shares	10 - Disposition in the public market	-30,000	$0.720
Jul 16/10	Jul 15/10	Kopcheff, John	Direct Ownership	Common Shares	51 - Exercise of options	100,000	$0.450

We see directors Burne and Kopcheff exercise 100,000 options each at 45c then immediately punt them to the market, perhaps cos there's a new round of "incentive" (haha) options about to be doled out to the lucky ones at director and these guys want to clear the decks. But doesn't it strike you as plain cheap of these people? They're much more interested in coining in a quick sub $30k payday than looking out for the wellbeing of shareholders and maintaining interest in the stock price. After all, on July 21st Burne's sales made up a touch under half the day's total volume traded in GPR and on the 15th, the 100k sold by Kopcheff was nearly all the 105,600 shares sold that day....you think that's good for the share price?

This is the kind of two-bit approach that turns serious people away from BS junior miners. These guys should tattoo "Screw you retail suckers" on their foreheads and be done with it.

Great Panther Silver (GPR.to): DON'T LOOK AT THE TRUE WIDTHS!!! DON'T!!! JUST LOOK AT THE HEADLINES, SUCKAZ!!!

This morning the serial mediocrity of Great Panther Silver (GPR.to) was reaffirmed by this NR. It actually starts quite brightly with a sheep-catching headline "Great Panther drills 1,681g/t silver over 3.15m at Topia" cos that's pretty darned good grading, isn't it? And you can bet serial pumper Mexico "Oh No Definitely No Hidden Agenda" Mike will be oozing all over it for his flock later today, too, along with the delinquents GPR uses to pump their stock like Jonathan Lebed. But if you dare to look closer at today's NR you see that this headline just aint all it's cracked up to be.

Yeah, really. Here's the drill results as presented in the NR with your author highlighting in red a couple of things:

----------------------------------------------------------------------------
                                   Width    TW     Au    Ag     Pb     Zn
Hole     Vein            From      To     m     m   (g/t) (g/t)     %      %
----------------------------------------------------------------------------
ST10-105 Don Benito    154.50  154.85  0.35  0.22    0.9   969   21.3   0.35
----------------------------------------------------------------------------
ST10-108 Don Benito     33.20   33.33  0.13  0.08  0.318   121   2.79   0.17
       Alto
----------------------------------------------------------------------------
ST10-109 Don Benito     76.70   76.80  0.10  0.09  0.334   161  11.90   1.41
       Alto
----------------------------------------------------------------------------
ST10-111 San Jorge      66.48   66.60  0.12  0.08  0.184   287   0.34   0.39
----------------------------------------------------------------------------
ST10-111 Cantarranas    78.18   78.32  0.14  0.10  0.790  1550   2.66  17.70
----------------------------------------------------------------------------
ST10-112 San Jorge      67.00   70.15  3.15  0.67   0.88  1681   2.40   5.32
----------------------------------------------------------------------------
ST10-112 Cantarranas    76.16   76.35  0.19  0.10  1.190  2820   3.29   4.04
----------------------------------------------------------------------------
ST10-113 Cantarranas    69.65   69.90  0.25  0.18  0.390  1150   1.35   2.34
----------------------------------------------------------------------------
ST10-117 San Gregorio   37.20   37.60  0.40  0.17  0.600  1030   3.31  10.10
       Bajo
----------------------------------------------------------------------------
ST10-117 San Gregorio   80.80   81.00  0.20  0.08  0.240   118   0.41   17.3
----------------------------------------------------------------------------
ST10-118 San Gregorio   37.00   37.10  0.10  0.05  0.400  1700   8.03   8.54
       Bajo
----------------------------------------------------------------------------
ST10-118 San Gregorio   71.80   72.40  0.60  0.28  0.400   349   0.46   8.53
----------------------------------------------------------------------------
ST10-118 San Gregorio   91.20   91.45  0.25  0.12  0.160   290   0.09   3.36
       Alto
----------------------------------------------------------------------------
ST10-119 San Gregorio   45.05   45.25  0.20  0.07  0.060   799   3.90  16.60
       Bajo
----------------------------------------------------------------------------
ST10-119 San Gregorio  109.55  110.70  1.15  0.38  0.173   442   0.72   8.05
----------------------------------------------------------------------------
ST10-120 San Gregorio  108.60  109.05  0.45  0.15  0.030   973   0.37   0.80
       Bajo
----------------------------------------------------------------------------
ST10-120 San Gregorio  119.10  119.50  0.40  0.14  0.200   167   0.29   5.87
----------------------------------------------------------------------------
ST10-122 El Rosario     62.45   63.05  0.60  0.20  0.050  2000   2.46   3.45
----------------------------------------------------------------------------
ST10-123 El Rosario    148.60  149.00  0.40  0.07  2.720    27   0.00   0.02
----------------------------------------------------------------------------
ST10-125 San Gregorio   95.35   96.65  1.30  0.74  0.533   370   0.38   5.28
----------------------------------------------------------------------------
ST10-126 El Rosario    107.75   110.8  3.05  1.65  0.398   294   1.76   0.81
----------------------------------------------------------------------------
ST10-127 El Desierto    30.12   30.22  0.10  0.05   11.8  1550   5.27   5.89
----------------------------------------------------------------------------
ST10-133 La Prieta     296.95  297.75  0.80  0.51  1.250    34   5.12   3.49
----------------------------------------------------------------------------
ST10-134 La Prieta     231.25  231.55  0.30  0.25   2.39    38   4.23   5.14
----------------------------------------------------------------------------

So we see that although the drillcore did return 3.15m at 1,681 g/t Au, the true width of the vein (remembering that drills are done at angles to the way the vein runs) is just 0.67m!! This is much more along the lines of the Topia deposit, typified by skinny skinny veins of decent grade (plenty of evidence in that table above, as well as all the previous results published) that brings the pisspoor revenues and results we've come to expect from this overhyped company.

There's a line that runs between "putting best foot forward" and "trying to con the sheep". GPR has crossed that line so many times there's little doubt as to the company promo tactics. Today's NR is just another in the series.

The stupidity of Great Panther Silver (GPR.to)

Just how stupid are the people running Great Panther Silver (GPR.to)? Here's how stupid. Today I received this in the mail from A Reader:

Great Panther Silver (TSX: GPR) just hit $0.83 and I believe this is the beginning of a huge breakout!

GPR earned $1.3 million in net income in just the 1Q of 2010! GPR plans to increase silver production by 20% each year with production in 2012 of 3.8 million Ag eq oz and a cash cost of only $4 per ounce!

Silver prices are up another $0.208 today to $18.37 per ounce and gold just hit a new all time high! Silver is still far from its all time high due to JP Morgan's short selling and manipulation, but I believe a huge short squeeze in silver is coming very soon!

GPR could become one of our biggest winners in history! It's my number one pick for 2010!

Here is GPR's current quote on Yahoo: http://finance.yahoo.com/q?s=gpr.to

Here is GPR's web site: http://www.greatpanther.com

That's what's called an internet pump job, people. But rather than take apart the argument let's kill the freakin' messenger, because for those that don't know Lebed Biz is run by Jonathan Lebed, an internet scamster of the worst kind. To give you an example, at the tender age of 15 he was canned by the SEC for running internet scam pump'n'dump schemes and he's been doing this crap ever since. In the words of the SEC citation on this crudball:

1. Introduction

On eleven separate occasions between August 23, 1999 and February 4, 2000, Lebed engaged in a scheme on the Internet in which he purchased large blocks of thinly traded microcap stocks and, within hours of making such purchases, sent numerous false and/or misleading messages, or "spam," over the Internet touting the stocks he had just purchased. Lebed then sold all of these shares, usually within 24 hours, profiting from the increased price his messages had caused. During the course of the scheme, Lebed realized a total net profit of $272,826

And here's a representative transaction highlighted by the SEC as typical of this scumbag's style:

A representative example of Lebed's trading activity is his trading in the stock of Man Sang Holdings, Inc. (ticker symbol "MSHI"). On January 5, 2000, Lebed purchased 18,000 shares of MSHI at prices ranging from $1.375 to $2.00 per share. The trading volume on December 30, 1999 was 100 shares with a closing price of $1.125 per share. On January 5, 2000, the volume was 60,700 shares at a closing price of $1.8125. At 11:46 p.m. on January 5, 2000, Lebed posted messages on Yahoo!Finance message boards claiming that MSHI was "the most undervalued stock in history" and would be trading at more than $20 per share "very soon." On January 6, 2000, in response to the messages posted by Lebed, the volume of trading skyrocketed to 1,074,900 shares at a high of $4.6875 per share. On that date, Lebed sold all 18,000 shares of MSHI at prices ranging from $3.8125 to $4.00 per share. His net profit was $34,959. MSHI issued no press releases and there was no news in the marketplace during this time period to account for the rise in price and volume.

And this is the kind of person the GPR.to lines up to promote its company with. As it happens I'm sure GPR.to isn't doing anything illegal, but as GPR has already paid scumball Lebed $20,000 to promote its name I do think that GPR.to is clearly run by stupid people with no common sense whatsoever and if their promotional tactics are taken as example, the board obviously has no idea about how to do things properly.

We don't invest in companies run by stupid people.

Great Panther Silver (GPR.to) to be re-named

It's now going to be called Great BigHairyDogWithLargeScammyFleas Silver.

GPR.to came out with its 1q10 production numbers today. There's a lot to laugh about, not least of which is that GPR recorded false numbers for its consolidated silver production by reporting 390,026 oz Ag instead of the actual (add-em-up) 357,131...this because they reported the 4q09 figure of 390,026 instead of the true 1q10 figure in the bullet points...dumbass IR dep't and boilerplate releases strike again.

That aside, here are three charts that go some way to explaining the pisspoverty of the 1q10: First overall silver production.....

...which sucked. Remember folks, this is the same GPR.to that told us in January 2010 that it (and I quote): "... has initiated its new strategy to accelerate production and increase resources at both Guanajuato and Topia. The new plan forecasts increases to 2.5 million Ag eq oz in 2010...".

You said it, owly. Next we have average daily mineral throughput, the combined number from its two operations:

Production dropped from 4q09 and is back under 500tpd (sidebar note...why anyone takes a 500tpd miner seriously is beyond me anyhow). GPR doesn't make much noise about why that should be in the NR, but what it will mean is that cash costs at GPR.to are bound to rise again, taking away any semblance of a net profit even with silver running at prices that are extremely profitable for any silver miner that actually knows what they're doing. Finally here's the estimated Ag head grade for the mineral......

....which again doesn't come as much surprise to those of us that have followed this dog for a while. In late 2008, GPR decided to weather the financial storm by mining only the high grade areas of its Guanajuato asset. This has depleted overall head grades and now, however much they'd like to lipstick the pig, it's payback time.

Great BigHairyDogWithLargeScammyFleas Silver (GPR.to) is not a serious company. The only people that reco it are those that are on the company payroll (step forward Bob Moriarty, Mexico Mike, Peter Grandich (natch) other shadies and agenda-pushers) and the chances of yet another dilutive financing to keep this loss-making joke afloat in the next few weeks are roughly 100%. Avoid like the plague.

Fortuna Silver (FVI.to) and Great Panther Silver (GPR.to); an excerpt from the weekly

Here's a slice of IKN47 that went out yesterday. After a discussion on the latest developments over at Fortuna (FVI.to) we did a quick comparative of FVI and Great Panther (GPR.to), in one aspect at least.

FVI and GPR: A quick comparative. You’ll note that in the above discussion of FVI we haven’t gone into much detail about the quarterly results just announced. The reason for that is now there are several larger houses covering FVI and they all came out with update reports on the numbers and the conference call last week (the FVI IR dep’t sent them all to their mailing list, so if you’d like a copy ask them to put you on the list, or if you like ask me and I’ll forward). So now that FVI is getting love from the big boys there’s not that much point for this little boy to just cover the same ground, but one thing I’d like to address here is a comparative of GPR.to (a company that got its financials criticized in IKN46 last week) and FVI (that has just had glowing words thrown at it by the same author).

I’ve been one corner of a mail exchange this week between...let’s just say “some people in mining”... and one line used by one of the participants in the exchange was that some of the key numbers in the 4q09 operation results at GPR and at FVI were rather similar. Here’s a little table that shows those results:

GPR & FVI: selected 4q09 financials
($m)	GPR	FVI
revenues	9.85	16.36
MOI	4.2	10.38
Net Income	1	1

The person who pointed to these numbers was trying to make a case for GPR, defending the company (and also wondering why GPR has dropped around 10% since its earnings report, while FVI has moved up over 12%). After all, what we have are two companies with similar amounts of shares outstanding (revolving around 110m), but the different share prices mean that FVI has a market cap three times the size of GPR. Once that is taken into account, the relatively smaller production and mining income (like for like, with amorts and deprec included in both sets of numbers) makes GPR look like quite the bargain, doesn’t it?

Well, doesn’t it?

No, it doesn’t. Firstly, there’s the whole cash cost subterfuge that we looked into last week (I don’t like the wool being pulled over my eyes by a 500tpd miner....sorry, I’m like that). Next, Great Panther has been a producer with two operating mines for a number of years. This means that it should (in fact, in my view ‘must’) be able to pass Rule One*, something it failed to do over the course of 2009. Meanwhile, Fortuna is a company that’s half producer/half explorer and in the 2009 period has had cash to pay out for its San José project while making money at Caylloma.

Finally and more importantly, if we look a little more closely at the two sets of company numbers the perspective changes. The statement of cash flows is where to go to find out the relevant information, and here’s a second little table that shows the real difference between the two companies at this stage of their lives:

GPR& FVI: 2009 cash flow information ($m)
	GPR	FVI
net cash provided by ops	1.299	13.686
net cash used in investment	1.757	16.979

This is, of course, also tied up in the abovementioned investment activities happening at FVI San José, but it does show just how much more money FVI is committing to its future growth, with most of it coming from the cash generated by Caylloma. In 2009, GPR operations brought in a touch under $1.3m. By way of investment (drilling at its sites, etc) it spent a touch over $1.75m. Meanwhile, Caylloma provided $13.7m to the FVI cash bucket and the company spent $17m on investment activity. That’s an enormous, basically-factor-of-ten difference, ladies and gentlemen, and the investment getting ploughed into FVI included a full $11m that went on progressing San José to its current stage, a whisker before its PFS publication and virtual certain decision to build this very profitable looking mining operation (on paper, at least).

The real difference between the $100m market cap company and the $300m market cap company is written in that small box above. FVI is simply a different animal; bigger, more dynamic, more profitable and growing faster.

*Make a profit

Great Panther Silver (GPR.to) reports its quarter (and its full year)

that's about the size of it

And guess what? Yup, they suck again.

When you go over to the press release and peruse those numbers, why not ask yourself exactly how GPR generates its cash cost number of U$4.80/oz Ag but only records a net profit of $1m in a quarter that sees it sell nearly $10m of metal.

Why is that? Seriously, the GPR avg silver Eq price for the quarter is $15.38/oz. And cash costs at $4.80/oz. You'd think they'd clear over $10 an ounce, right?

Think about it.

The 2009 Small Silver Sweepstakes: The Results

Yes indeed, 2009 is all over and so the results are in on our tracking of best small silver mining company in 2009. Here's the chart:

click to enlarge

• And the winner is....ENDEAVOUR SILVER (EDR.to)! Congrat guys on a great achievement and a 230% gain in 2009.

• An excellent second place (silver medal...geddit?) goes to my personal favourite silver miner, Fortuna Silver (FVI.v). You guys should be proud of yourselves, too.

• The honour of third is won by Great Panther Resources (GPR.to). Maybe not my number one personal pick, but there's no knocking success. Well done indeed.

Oh....who's that bringing up the rear? In last of ten places and the only featured stock to have made a net loss in 2009 is ECU Silver (ECU.to)! This means that GATA membership is half price in 2010, people. Don't forget what Bill Murphy pledged to the world early in 2009:

If this stock (ECU.to) is not at $3 US, or CDN, by the end of the year, I will cut the Café’s subscription price in half for 2010, or $100 versus the now $199 … which means I will lose hundreds of thousands of dollars if this dog does not hunt … am putting my money and my mouth where my money is.

All I can say to that is "ROFL". So Bill, either you make that shiny new cut price $100 annual sub nice and easily available to your long suffering members or you can quite simply, once and for all

Ka-Ching! Insiders cashing in

Small Ka-Ching! at Great Panther (GPR.to)

Great Panther Resources Limited (GPR)						As of October 8th, 2009
Filing Date	Transaction Date	Insider Name	Ownership Type	Securities	Nature of transaction	# or value acquired or disposed of	Unit Price
Oct 08/09	Oct 07/09	Brown, Charles Parsons	Indirect Ownership	Common Shares	10 - Disposition in the public market	-19,500	$0.900
Sep 21/09	Sep 21/09	Brown, Charles Parsons	Indirect Ownership	Common Shares	10 - Disposition in the public market	-13,000	$0.830

Doubleplay Ka-Ching! at Jaguar Mining (JAG.to)(JAG)

Jaguar Mining Inc. (JAG)						As of October 8th, 2009
Filing Date	Transaction Date	Insider Name	Ownership Type	Securities	Nature of transaction	# or value acquired or disposed of	Unit Price
Oct 08/09	Oct 08/09	Roller, James m	Direct Ownership	Common Shares	10 - Disposition in the public market	-8,000	$10.010 USD
Oct 08/09	Oct 08/09	Roller, James m	Direct Ownership	Common Shares	51 - Exercise of options	8,000	$4.000
Oct 08/09	Oct 08/09	Roller, James m	Direct Ownership	Options	51 - Exercise of options	-8,000	$4.000
Oct 08/09	Oct 07/09	Zwerneman, Robert	Direct Ownership	Common Shares	10 - Disposition in the public market	-5,000	$10.030 USD
Oct 08/09	Oct 07/09	Zwerneman, Robert	Direct Ownership	Common Shares	10 - Disposition in the public market	-1,300	$10.010 USD
Oct 08/09	Oct 07/09	Zwerneman, Robert	Direct Ownership	Common Shares	10 - Disposition in the public market	-3,400	$10.000 USD
Oct 08/09	Oct 07/09	Zwerneman, Robert	Direct Ownership	Common Shares	10 - Disposition in the public market	-5,300	$9.880
Oct 08/09	Oct 07/09	Zwerneman, Robert	Direct Ownership	Common Shares	10 - Disposition in the public market	-10,000	$9.855 USD
Oct 08/09	Oct 07/09	Zwerneman, Robert	Direct Ownership	Common Shares	51 - Exercise of options	25,000	$5.250
Oct 08/09	Oct 07/09	Zwerneman, Robert	Direct Ownership	Options	51 - Exercise of options	-25,000	$5.250

Oddlot Ka-Ching at Keegan (KGN) (cos they might not notice if i do it like this, right?), quickly followed by the cute options top-up...nice work if ya can get it, right?

Oct 08/09	Oct 01/09	Fretwell, Gordon	Direct Ownership		50 - Grant of options	25,000	$3.750
Oct 07/09	Oct 07/09	Fretwell, Gordon	Direct Ownership	Common Shares	10 - Disposition in the public market	-1,000	$5.050
Oct 07/09	Oct 07/09	Fretwell, Gordon	Direct Ownership	Common Shares	10 - Disposition in the public market	-1,000	$5.010
Oct 07/09	Oct 07/09	Fretwell, Gordon	Direct Ownership	Common Shares	10 - Disposition in the public market	-500	$5.060
Oct 07/09	Oct 07/09	Fretwell, Gordon	Direct Ownership	Common Shares	10 - Disposition in the public market	-500	$5.060
Oct 07/09	Oct 07/09	Fretwell, Gordon	Direct Ownership	Common Shares	10 - Disposition in the public market	-1,000	$5.092
Oct 07/09	Oct 07/09	Fretwell, Gordon	Direct Ownership	Common Shares	10 - Disposition in the public market	-1,000	$5.092
Oct 05/09	Oct 02/09	Fretwell, Gordon	Direct Ownership	Common Shares	10 - Disposition in the public market	-5,000	$3.950
Oct 05/09	Oct 02/09	Fretwell, Gordon	Direct Ownership	Common Shares	10 - Disposition in the public market	-5,000	$3.920

But at least none of the above tries to use the companies as their own regular salary top-up and fleece-em system, unlike scammy things such as TVI Pacific (TVI.to): This is the kind of pattern that throws up serioud red flags. This company puts the benefit of its shareholders, way down the list of priorities (approx eg, 1: mgmt, 2: purchasers, 3: creditors, 4: the cat, ......83: you suckaz) be in no doubt.

Oct 08/09	Sep 30/09	Ridsdel, John Bramwell	Indirect Ownership	Warrants	53 - Grant of warrants	349,740
Oct 08/09	May 24/06	Ridsdel, John Bramwell	Indirect Ownership	Warrants	00 - Opening Balance-Initial SEDI Report
Oct 08/09	Sep 30/09	Ridsdel, John Bramwell	Indirect Ownership	Common Shares	10 - Acquisition in the public market	3,497,395	$0.043
Oct 08/09	Sep 30/09	James, Clifford Michael	Indirect Ownership	Warrants	53 - Grant of warrants	3,458,132
Oct 08/09	May 22/03	James, Clifford Michael	Indirect Ownership	Warrants	00 - Opening Balance-Initial SEDI Report
Oct 08/09	Sep 30/09	James, Clifford Michael	Indirect Ownership	Warrants	53 - Grant of warrants	4,591,811
Oct 08/09	Sep 30/09	Cramm, C. Brian	Direct Ownership	Common Shares	10 - Acquisition in the public market	290,698	$0.043
Oct 08/09	Sep 30/09	James, Clifford Michael	Indirect Ownership	Common Shares	10 - Acquisition in the public market	3,458,132	$0.043
Oct 08/09	Sep 30/09	James, Clifford Michael	Indirect Ownership	Common Shares	10 - Acquisition in the public market	4,591,811	$0.043
Oct 07/09	Sep 30/09	James, Clifford Michael	Indirect Ownership	Common Shares	11 - Disposition carried out privately	-714,286	$0.070

DYODD, dude.