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IKN anticipates Great Panther Silver ( $GPL on Coricancha

It wasn't even a month ago that this humble corner of cyberspace ran its post on the Coricancha (CMC) PEA, delivered to and by Great Panther Silver ( (GPL) which told of the extra work, time and expense that would be needed by a serious mining company in order to make a reasonable decision on whether to put the shuttered mine back into production.

However, GPR is not a serious mining company. This from the company yesterday (IKN highlights):

VANCOUVER, Aug. 2, 2018 /CNW/ - GREAT PANTHER SILVER LIMITED (TSX: GPR; NYSE American: GPL) ("Great Panther"; the "Company") is pleased to provide an update on the progress of the trial stope and bulk sample program (the "Bulk Sample Program" or "BSP") at its 100% owned Coricancha gold-silver-lead-zinc-copper underground mine ("Coricancha"). Coricancha is located approximately 90 kilometres east of Lima, Peru, and has a 600 tonne per day processing plant, well established infrastructure, and is fully permitted for production.
Coricancha was placed on care and maintenance in 2013 and acquired by Great Panther in June of 2017. In December 2017, the Company released an updated mineral resource estimate for Coricancha. The Bulk Sample Program was initiated following the release of the results of the Preliminary Economic Assessment for Coricancha (the "PEA"), as detailed in the Great Panther news release dated May 31, 2018. The BSP will process about 6,000 tonnes of material and is expected to be finished in the first quarter of 2019. Its objective is to validate key mine and processing plant operating parameters in the PEA and further de-risk Coricancha. The Company will use these results as a basis for a formal decision to restart production.

Yup, they're running a Bulk Sample Program (BSP) and on the back of that, some time in Q1 they'll make a decision on whether to open the mine. Please compare the GPR plan, i.e. rushing to production decision in eight months max on the back of a BSP, to the recommendations of the 43-101 PEA. We quote:

CMC is highly sensitive to process plant head grades, gold and silver prices, and operating costs. Variances associated with these factors pose a high risk to the project economics.
Based on this TR, the Qualified Person recommends additional drilling and exploration activities designed to upgrade the existing Resource classifications and expand the current Mineral Resource inventory. Details on the extent of exploration programs are to be determined however are estimated to cost up to US$1M to US$2M per annum over the next two to three years. In addition, associated mine rehabilitation and development costs could be up to US$3M.
The Qualified Person also recommends additional technical studies aimed to reduce risks and increase the level of confidence regarding CMC advancement. Depending on the level of detail for technical work, these are estimated at US$600,000 to US$1,000,000 over the next one to two years.

The QP who put the PEA together knows that a tiny, 6,000 tonne BSP won't be anything close to enough to gauge the risk of turning Coricancha back on. They recommend study and caution, they know this one is difficult. The resource is not understood to anything near the extent necessary and what GPR plan to do is little more than go back into production on the back of a PEA and relying on inferred resources. Now, if it were a reasonably predictable orebody they might get away with it, but this is a deposit that's been a widowmaker for a decade, not even Nyrstar could make it work. But GPR isn't like that, they're going for the bluster. With this, GPR is showing the world exactly what it is, a bunch of cowboys who prefer to cut corners and BS investors rather than do things the right way.