"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."
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!