Great Panther Resources Limited
TSX : GPR

Great Panther Resources Limited

April 02, 2007 16:30 ET

Great Panther Announces Delay in Filing Annual Financial Statements

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 2, 2007) - GREAT PANTHER RESOURCES LIMITED (TSX:GPR) ("Great Panther" or the "Company") announces today that as a result of the time needed to complete its annual consolidated financial statements and hence the audit thereof, there will be a delay in the filing of its audited annual financial statements, management discussion & analysis ("MD&A") and Annual Information Form ("AIF") for the year ended December 31, 2006, as required by National Instrument 51-102 Continuous Disclosure Obligations ("NI 51-102").

This delay is primarily a direct result of:

- The procedures required to finalize the consolidation of our Mexican subsidiaries under Canadian GAAP, and its effect on our annual and quarterly information for 2006, the MD&A and the AIF.

- The Company operates three Mexican subsidiaries, and their complexity increased during 2006 upon them becoming producing companies.

- Implementing additional internal control and verification procedures.

- Regulatory changes related to the listing of the Company's shares on the Toronto Stock Exchange in November 2006, requiring the filing of annual financials within 90 days, as opposed to 120 days in previous years.

The Company is working diligently with its auditors to finalize and file its reports as promptly as possible, and management expects this to be completed by April 30, 2007.

As a matter of course, the Company has previously established its own policy and practice whereby all relevant insiders have already adopted their customary self-imposed trading "blackout" period.

In addition, the Company has requested from the BCSC that a management cease-trade order related to Great Panther's shares be imposed formally on all above personnel. Such an order would not affect the ability of non-insiders of the Company to trade its securities.

Note that in accordance with Canadian Administrators ("CSA") Staff Notice 57-301, if the financial statements and MD&A are not filed by May 31, 2007, the Securities Commissions may impose a cease trade order. The Company does not believe that it will be affected by this aspect of the Policy, as it anticipates that all required filings will be made before that date.

ON BEHALF OF THE BOARD

Kaare G. Foy, Executive Chairman and Chief Financial Officer

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 the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements may include but are not limited to the Company's plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Annual Report on Form 20-F for the year ended December 31, 2005 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

SEC 20-F Statement Filed

Standard & Poor's Listed

Contact Information

  • Great Panther Resources Limited
    Kaare Foy
    (604) 608-1766
    (604) 608-1744 (FAX)
    Website: www.greatpanther.com