Great Panther Silver Ltd. expects total metal production next year to climb 20 percent on increased output from two Mexican mines, the Canada-based company said Thursday.

Great Panther, which forecasts metal production in fiscal 2012 of 2.5 million to 2.75 million silver equivalent ounces, said silver production will be 1.72 million to 1.92 million ounces, up from about 1.51 million ounces this year.

Silver equivalents for 2012 have been established using prices of $1,680 per troy ounce for gold and $28 per troy ounce for silver. 

Gold production next year will be 10,000 ounces to 11,000, up from about 7,800 ounces this year.

Shares were up 4.7 in early trading.