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Press Release: Great Panther Reports Third Quarter Production and Updates Exploration & Development Programs

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to report third quarter (“Q3″) production and updates the exploration and development programs at its two wholly-owned Mexican silver mining operations, Topia and Guanajuato.

The combined metal production totaled 588,454 silver equivalent ounces (“Ag eq oz”), an increase of 2% over the last quarter and within 1% of the production for Q3 2009. The mines produced 2,201 ounces of gold, 382,220 ounces of silver, 271 tonnes of lead, and 352 tonnes of zinc. In this first year of the Company’s 3-year growth strategy, the focus continues to be on underground development of new production areas and delineation of new resources and reserves. As such, some changes are being made to the mining methods and schedule at Guanajuato, which have temporarily deferred some silver production, while production from Topia remains on target. The combined year to date metal production at September 30, 2010 was 1.69 million Ag eq oz.

As part of its strategy to expand production to 3.8 million Ag eq oz by 2012, the Company completed an 8,815 metre surface diamond drilling program at Topia and escalated the drilling programs at Guanajuato. A new NI 43-101 compliant mineral resource/reserve update for each mine is being prepared by Scott Wilson Roscoe Postle Associates Ltd. for publication later in the fourth quarter (“Q4″).

The following summarizes the main highlights for the third quarter:

  • Metal production of 588,454 Ag eq oz; down by 1% from Q3 2009;
  • Silver production of 382,220 oz Ag; down 4% from Q3 2009;
  • Gold production of 2,201 oz Au; up 13% from Q3 2009;
  • Metal production at Topia of 210,172 Ag eq Oz, 28% higher than Q3 2009;
  • Record metallurgical gold recovery of 90.5% at Guanajuato;
  • Encouraging results from 6,643 metres (in Q3) of exploration drilling at Guanajuato and Topia;
  • Several new drilling programs initiated at Guanajuato; and
  • Significant new NI43-101 compliant mineral resource and reserve update expected in Q4.

(Silver equivalents for 2010 are established using prices of US$1000/oz Au, US$16/oz Ag, US$0.80/lb Pb and Zn.)

Guanajuato Mine

The Guanajuato Mine recorded an improved quarter as gold production from the Santa Margarita vein was sharply increased over previous quarters. Metal production from the mine totaled 250,629 oz Ag plus 2,042 oz Au, or 378,283 Ag eq oz, from processing 35,761 tonnes of ore with an average grade of 248g/t Ag and 1.96g/t Au.

In addition, significant development has been completed to facilitate exploratory drilling for the underground exploration of the Guanajuatito, Valenciana and Rayas areas. During the quarter, the exploratory lateral and ramp development advance totaled 605 metres; 143 metres for the Deep Rayas drill program, 260 metres for the Valenciana (1414 stope) program, and 202 metres for the Guanajuatito program.

The Guanajuato plant achieved record gold recovery and excellent silver recovery of 90.5% and 87.8%, respectively. In early September, a metallurgical consultant reviewed plant operations over a 10-day period. Numerous improvements and modifications were made to the flotation circuit and more work is in progress to ensure continuous improvement.

Production stoping of the Santa Margarita vein progressed well and gold grades and production improved sharply. Gold production increased by more than 750 ounces as compared to the previous quarter. The new exploratory drilling results below the current workings are very encouraging (refer to News Release of September 7, 2010), and included gold assays of 20.4 and 24.0g/t over 1.85 and 1.50 metres, respectively. A total of 3,098 metres of deep diamond core drilling was completed in the third quarter to explore the down dip extension of the Santa Margarita and Veta Madre structures. Gold production is expected to increase further in the fourth quarter.

Production from the new Los Pozos area on the 310 and 345 metre levels continued to improve and accounted for 45% of the silver production. It will be increased further in the fourth quarter with production from the two mechanized levels equipped with a drill jumbo and scissor deck bolting truck. Access development to a third production stoping area at the 380 metre level will commence in Q4. Exploratory and ore definition drilling totaled 161 metres for Los Pozos and adjacent structures.

The Cata Clavo production was lower in the third quarter as the 460 metre level stoping reached its planned mining limits while mining of the 490 metre level was lower than planned. Mine planning for the deeper area is being revised under the guidance of consulting geotechnical and mining engineers. Cable bolting for improved rock support and safety, as well as modifications to the standard cut-and-fill method, will support much improved production in this area through 2011 and 2012. These changes are being initiated in Q4. Exploratory drilling to test adjacent structures to the north of the main Cata zone totaled 707 metres.

Mining of the Guanajuatito North Zone, in the northwest part of the mine property, between the 80 and 50 metre levels was stopped during the quarter as the economic parts of the zone were exhausted at these levels. Production from this mining area will remain closed until new resources are established from a new drilling program. Exploration cross cut and drift development has been sufficiently advanced such that exploration drilling below the 100 metre level is already underway. Diamond core drilling totaled 670 metres during the quarter. Over the course of 2010 and 2011, more than 600 metres of ramp and lateral development will have been completed to provide access to carry out up to 9,000 metres of diamond drilling from stations spaced at 100 metre centres. Drilling will explore and define the mineralized vein structures at Guanajuatito between the 100 metre level and the 390 metre level, along a 600 metre strike length. Sampling of drift development by the previous mine owner along the Veta Madre structure at the 390 metre level in this area returned economic assays.

Exploratory ramp development and a small drilling program, below the 35 metre level at Promontorio, in the southeast part of the mine property, has been initiated with positive results leading to a small mining program which will be accelerated in Q4.

An underground drill rig is being mobilized to the 1414 stope area between the Valenciana and Cata mine areas at the 320 metre level. Exploitation by the previous operator focused on a stockwork system of high grade silver veins above the 320 level. The 1414 stoping area is approximately 200 metres long and 20 metres wide. Drilling will focus on the immediate down dip portion below the 320 level. While this is being drilled, development along the 320 level will advance sufficiently so as to commence the deep Valenciana drilling early in 2011. The deep drilling will test the Veta Madre structures in the Valenciana area below the 390 level, and along a 600 metre strike length.

A surface drilling program has been initiated at the San Ignacio property, located approximately 5 kilometres west-northwest of Guanajuato. The initial 2,000 metre core drilling program will test three main mineralized structures from 100 to 200 metres below surface. The drilling will be completed in an area where surface sampling on the Plateros Vein returned 1.3g/t gold and 124g/t silver over a 1.3 metre width, sampling on the Melladito Vein returned 0.48g/t gold and 106g/t silver over a 1.0 metre width, and sampling on the Nombre de Dios Vein returned 1.83g/t gold and 164g/t silver over a 1.8 metre width.

Topia Mine

Topia recorded another excellent quarter with metal production of 131,591 oz of silver, 159 oz of gold, 597,993 lbs of lead, and 775,996 lbs of zinc from milling 10,278 tonnes of ore. This equates to 210,172 Ag eq Oz, 2% higher than the second quarter of 2010 and 28% higher than Q3 2009. Ore grades averaged 441g/t Ag, 0.58g/t Au, 2.81% Pb and 3.72% Zn.

Plant performance remained strong and continued to show improvement with metal recoveries of 90.2% for Ag, 82.3% for Au, 94.0% for Pb and 92.0% for Zn. In addition to processing the 10,178 tonnes from the Company’s mines, 2,036 tonnes were custom milled for a local miner, thereby increasing revenue and keeping unit costs down.

Mine development continued to extend known areas and provide access to new mining areas. Mining of the San Gregorio and El Rosario veins is continuing to expand and is now providing 40% of the silver production. Mining of the Don Benito vein is developing well and now provides 16% of silver production. A new production level has been initiated to add to production from the gold-rich Recompensa vein and will improve gold production in 2011.

At the Topia Mine, a total of 8,815.4 metres of surface drilling has just been completed. Earlier results of drilling, including one intercept of 1,681 gpt Ag over 3.15 metres, were published in July (refer to News Release of July 20, 2010), from the Cantarranas and San Jorge veins (Hormiguera mine), San Gregorio vein (San Gregorio mine), El Rosario vein (El Rosario mine), Don Benito vein (exploration area) and La Prieta vein (recently purchased La Prieta mine). Data from the latest drilling are being compiled and will be reported upon early in the fourth quarter.

Outlook

While some rescheduling of the mining at Guanajuato has been necessary in order to advance underground development, Great Panther’s strategy to accelerate production to 3.8 million Ag eq oz in 2012 remains firmly in place. New equipment has been delivered to the mines, more productive mining methods are being implemented, plant performance continues to excel and exploration drill programs have been expanded and are already indicating very positive results.

A new NI 43-101 compliant mineral resource/reserve update is being prepared by Scott Wilson Roscoe Postle Associates Ltd. for publication later in Q4. The previous mineral resource estimate at Guanajuato focused only on the deep Cata zones. The new mineral resource/reserve estimate will include an update of the Cata deep zones plus new estimates for the Los Pozos and Santa Margarita zones. At Topia, the previous mineral resource estimate focused on the Argentina vein, while the new mineral resource/reserve estimate will include an update of the Argentina vein, as well as 12 new estimates for the following veins: Cantarranas (Hormiguera Mine and east extension), Don Benito (1522 Mine), El Rosario, San Gregorio (and the extension of Durangueno), Recompensa, Oliva west, Animas, La Prieta, San Jorge, and Higuera. Significant improvements in the mineral resource update are expected. In addition, the Company will publish its first NI 43-101 compliant mineral reserve.

Robert F. Brown, P.Eng. and Vice President of Exploration for the Company is the Qualified Person for both the Guanajuato Mine and the Topia Mine, under the meaning of NI 43-101. Aspects of both mines relating to mining and metallurgy are overseen by Charles Brown, Chief Operating Officer for Great Panther and its Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V.

For further information, please visit the Company’s website at www.greatpanther.com, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail info@greatpanther.com.

ON BEHALF OF THE BOARD

“Robert A. Archer”

Robert A. Archer, President & CEO

Source: Company Website

Press Release: Great Panther Commences Surface Drill Program at San Ignacio Mine Property in Guanajuato

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to announce the commencement of a surface drilling program at the San Ignacio Mine property, Guanajuato. The property is located approximately 5 kilometres west-northwest of the City of Guanajuato, where Great Panther operates its flagship Guanajuato Silver-Gold Mine. The property was part of the package purchased by Great Panther in 2005 but, due to the Company’s focus on the main mine complex, it has not conducted any work at San Ignacio until this year. The past-producing San Ignacio Mine was put on care-and-maintenance by the previous owners in 2001 due to low metal prices but the infrastructure is still intact.

The San Ignacio Mine property covers part of the La Luz vein district, which is parallel to, and west of, the principal Veta Madre structure that hosts the main Guanajuato mines (see map on website at http://www.greatpanther.com/i/pdf/SanIgnacio-LocationMap-Sep10.pdf). The La Luz district marks the site of the first discovery of silver in the area, in the year 1548, which led to the discovery of the Veta Madre silver-gold deposits in 1550. It comprises a swarm of generally north-northwest striking, west dipping quartz veins and breccias with associated low sulphidation silver-gold mineralization, along an approximate 8 kilometre long trend.

Great Panther’s San Ignacio Mine property covers approximately 4 kilometres of strike length on the La Luz vein system and is contiguous with Endeavour Silver’s Bolanitos Mine property that is currently in production. The San Ignacio Mine exploited only about 500 metres of strike length along one of the three known structures on the property and there is no record of any previous exploration elsewhere on the claim block. Production records from 1977 to 2001 indicate that a total of 617,455 tonnes at a grade of 113g/t Ag and 1.01g/t Au were extracted from this small portion of the property at an average rate of approximately 85 tonnes per day. This is similar to the grade that was mined at Guanajuato prior to Great Panther’s purchase of the mines in 2005 but the Company has more than doubled this grade since then with increased grade control and improved mining methods. As there is no processing facility at San Ignacio, ore was trucked back to the Cata Plant in the main mine complex in Guanajuato, approximately 20 kilometres by road.

A program of geological mapping and rock sampling completed in 2010 by Great Panther indicates that the three known structures on the San Ignacio property are up to 4 kilometres long and contain irregular silica breccia “veins” hosting gold and silver mineralization. The initial interpretation is that the surface at San Ignacio, at an elevation of approximately 2,300 metres above sea level (“masl”), is generally above the upper limits of the epithermal gold-silver systems found in the area. Mineralization at Great Panther’s main mine complex on the Veta Madre structure extends from a surface elevation of approximately 2,200 masl in the Valenciana area to a depth of 1,500 masl in the recent deep drilling in the Rayas area (see news release September 7, 2010).

The initial 2,000 metre core drilling program at San Ignacio will complete a section across the three main structures and test them from 100 to 200 metres below surface. The drilling will be completed in an area where sampling on the Plateros Vein returned 1.3g/t gold and 124g/t silver over a 1.3 metre width, sampling on the Melladito Vein returned 0.48g/t gold and 106g/t silver over a 1.0 metre width, and sampling on the Nombre de Dios Vein returned 1.83g/t gold and 164g/t silver over a 1.8 metre width.

Robert F. Brown, P. Eng. and Vice President of Exploration for the Company is the Qualified Person for the Guanajuato Mine, under the meaning of NI 43-101. A full QA/QC program will be followed including the regular insertion of splits, blanks, and standards into the core sampling sequence. Analysis of the drill core samples will be conducted at the Guanajuato Mine on-site laboratory, independently operated by SGS.

For further information, please visit the Company’s website at www.greatpanther.com, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail info@greatpanther.com.

ON BEHALF OF THE BOARD

“Robert A. Archer”

Robert A. Archer, President & CEO

Source: Great Panther Silver Site

Press Release: Great Panther Makes New Discovery at 590 Metres Depth at Guanajuato and Expands Santa Margarita Vein

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to report that the deep drilling program in the Rayas area of the Guanajuato mine has significantly expanded the size of the gold-rich Santa Margarita vein and has intersected a new zone of high grade silver-gold mineralization at a vertical depth of almost 600 metres.

The drilling is being conducted at 50 metre centres from the 390 metre level of the mine and has so far extended the known strike length of the Santa Margarita vein to more than 175 metres and the depth extent to at least 125 metres below the current mining on the 415 metre level. The shallower holes are providing information for imminent mine development and production, while all holes will provide valuable data for mine planning and resource estimation.

Highlights of the recent drilling include 20.42g/t Au and 24g/t Ag over 1.85 metres in hole EUG10-060, and two intercepts of 24.37g/t Au and 24g/t Ag over 1.5 metres and 20.13g/t Au and 23g/t Ag over 2.55 metres, in hole EUG10-061. The latter intercept is contained within a wider interval grading 7.08g/t Au and 9g/t Ag over 8.20 metres, only 6 metres from the first vein. It is not yet clear if this separate zone in hole EUG10-061 represents a new structure or a branch of the Santa Margarita structure. The 1:1 ratio of gold to silver indicates that the mineralization is present as electrum, a naturally-occurring gold-silver alloy with equal amounts of the two metals.

Drilling on section 250S, the southernmost section drilled to date and 200 metres south of holes EUG10-060 and EUG10-061, returned deep intersections on both the Santa Margarita and Veta Madre structures. Vertical drill hole EUG10-057 intersected the Santa Margarita structure and returned 2.15 metres grading 576g/t silver and 1.33g/t gold at a depth equivalent to the 590 metre level, making this the deepest silver-gold intersection to date in this part of the mine.

The Veta Madre structure, parallel to Santa Margarita, is often not as well mineralized when the latter is well mineralized. As such, drill hole EUG10-054, on section 250S, did not return any significant values in the Santa Margarita structure, but intersected 5.1 metres grading 287g/t silver and 1.23g/t gold in the Veta Madre at a depth equivalent to the 548 metre level. This represents the deepest mineralization on the Veta Madre to date. Together with several historic holes drilled close to section 220S to the north, this portion of the Veta Madre structure appears to host a sub-horizontal lens of economic mineralization that is still open to the south.

Development and partial exploitation by the former mine owners in this part of the mine only extended to the 475 level along some parts of the Veta Madre from 300S to 500S. As such, this level will provide future access to the deeper portions of the Santa Margarita and Veta Madre structures.

The recent drilling results are significant in that several new epithermal systems appear to be developing in the deepest parts of the multi-phase epithermal system known to exist at Guanajuato. The Santa Margarita structure varies from a quartz-dominant breccia with <1% pyrite to intensely altered, breccia/stockwork in a volcanic/intrusive host rock with 2-3% blotchy pyrite. The upper parts of the system are gold rich with electrum (for example EUG10-060 and 061) while deeper intersections are silver rich (for example EUG10-057).

While the two types of mineralization appear to correlate structurally, the geological characteristics of the deeper intercept are different than those of the Santa Margarita vein higher in the mine. In several holes on section 250S, a quartz porphyry is becoming more prevalent and, in the hole 057 intercept, clasts of the porphyry are caught up in the vein material. Quartz porphyries are common in many vein-type deposits world-wide and are generally considered by geologists to be a positive sign for gold and/or silver mineralization. This porphyry is known to be associated with silver-gold mineralization in the past-producing Sirena Mine to the south (owned by Fresnillo Plc.), and there is still approximately 250 metres of as-yet untested ground to the property boundary.

As such, the intercept in hole EUG10-057 may represent a separate mineralized pulse, and is open to the south and to depth but, until more information becomes available, it is still being considered as part of the Santa Margarita system.

“These recent results from the deep drilling program at Rayas are confirming our long-standing belief that the mineralizing system at Guanajuato has a lot of life left in it”, stated Robert Archer, President & CEO. “The expansion of the gold-rich Santa Margarita vein will not only increase our resource base but should provide for consistent and higher gold production for the foreseeable future. The discovery of a new silver-gold zone near the 600 metre level is very exciting as it, in itself, opens up a whole new area of the mine. We have only tested 250 metres of strike length in the deep Rayas area to date, of a planned 600 metres. The Guanajuato Mine property covers 4,200 metres of strike length, and next year, we will be testing the depth extent of the historically rich Valenciana Mine.”

The 12,000 metres of underground drilling in the Rayas area began in February 2010. Initial drilling on sections 100S and 150S also intersected the Santa Margarita structure at the 450 level down to the 540 level (see news release of June 6, 2010). Highlights from the recent drilling are listed in the table below, and longitudinal and cross section maps can be found on the Company’s website at www.greatpanther.com.

Hole Location Section From (m) To (m) Width (m) TW (m) Au (g/t) Ag (g/t) Zone
EUG10-047 Rayas 200S 195.65 197.70 2.05 1.8 5.17 9 S.M.
EUG10-049 Rayas 200S 170.40 173.40 3.00 2.9 4.96 29 S.M.
EUG10-053 Rayas 250S 181.65 182.85 1.20 1.2 0.33 116 V.M
EUG10-054 Rayas 250S 183.90 189.00 5.10 4.9 1.23 287 V.M.
EUG10-057 Rayas 250S 202.40 204.55 2.15 1.5 1.33 576 S.M.(?)
EUG10-058 Rayas 150S 172.50 179.05 6.55 5.5 6.23 11 S.M.
EUG10-060 Rayas 50S 172.30 174.15 1.85 1.6 20.42 24 S.M.
EUG10-061 Rayas 50S 146.85 148.35 1.50 1.4 24.37 24 S.M.
and 154.00 162.20 8.20 7.9 7.08 9 S.M.
including 154.00 156.55 2.55 2.4 20.13 23 S.M.

Development of new drill stations is ongoing along a hanging wall drift on the 390 level from 250S to 450S. While this work is being completed, the drill has been moved from the drill station at 250S to a station at 000S, where sections 050S and 000S are being drilled.

Robert F. Brown, P. Eng. and Vice President of Exploration for the Company is the Qualified Person for the Guanajuato Mine, under the meaning of NI 43-101. A full QA/QC program is being followed including the regular insertion of splits, blanks, and standards into the core sampling sequence. Analysis of the drill core samples is conducted at the Guanajuato Mine on-site laboratory, independently run by SGS. Aspects of the mine relating to mining and metallurgy are overseen by Charles Brown, Chief Operating Officer for Great Panther and its Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V.

For further information, please visit the Company’s website at www.greatpanther.com, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail info@greatpanther.com.

ON BEHALF OF THE BOARD

“Robert A. Archer”

Robert A. Archer, P.Geo.
President & CEO

Source: Company Website

Press Release: Great Panther Silver Reports Increased Revenue, Earnings From Mining Operations And Record Net Income In Second Quarter

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to announce the unaudited financial results for the Company’s quarter ending June 30, 2010. The full version of the financial statements and the management discussion and analysis can be viewed on the Company’s web site at www.greatpanther.com or on SEDAR at www.sedar.com.

“Great Panther enjoyed a strong second quarter, setting several new records, while continuing to focus on mine development and exploration drilling,” said Robert Archer, President & CEO. “With new equipment still arriving, modified mine plans being initiated, and almost 9,000 metres of diamond drilling completed in the quarter, we should see continued improvements in production, unit costs and financial performance through the balance of 2010.”

Second Quarter Highlights

  • 15% increase in overall metal production to 574,740 silver equivalent ounces (“Ag eq oz”) in the second quarter 2010 from 499,845 Ag eq oz in the second quarter 2009.
  • 23% increase in silver production from 333,358 oz Ag in the second quarter 2009 to a record 410,583 oz Ag in the second quarter 2010.
  • 31% increase in silver production from Guanajuato to a record 288,825 oz from 220,742 oz in the second quarter 2009.
  • 19% increase in metal production from Topia to 205,350 Ag eq oz compared to 172,550 Ag eq oz in the second quarter 2009.
  • Record metallurgical silver and gold recoveries at Guanajuato and record metallurgical silver, lead and zinc recoveries at Topia.
  • 39% increase in revenue for the three months ended June 30, 2010 to $9.3 million compared to $6.7 million for the three months ended June 30, 2009 due to higher metal prices and an increase in payable silver ounces.
  • 43% increase in earnings from mining operations to $4.3 million in the second quarter 2010 from $3.0 million in the second quarter 2009.
  • Record net income of $1.6 million for the three months ended June 30, 2010 compared to a net loss of $0.2 million for the same period in 2009.
  • The Company invested $2.3 million in capital expenditures and $1.8 million in mineral property exploration expenditures during the quarter as it continued the implementation of its three-year growth strategy which commenced during the fourth quarter 2009. The Company plans to invest $13 million in capital expenditures and $6.3 million in mineral property exploration expenditures in 2010.
  • The Company reported positive assay results from the expanded 7,800-metre (initially 6,000 metres) surface drill program at Topia. The program will provide for additional mineral resources to direct mine development and expansion decisions over the next several years and the Company anticipates mineral resource estimates for an additional four to five Topia area mines.
  • Early results from the on-going underground drilling and development program in the Los Pozos and Santa Margarita zones in the Rayas area of the Guanajuato mine demonstrated the continuity of silver and gold mineralization. This will allow the Company to construct a new mineral resource estimate and provide greater definition for the mine plan in these areas.

Outlook

Great Panther has revised its overall production estimate for 2010 to 2.4 million silver equivalent ounces, a 9% increase over 2009 production, to reflect production shortfalls and reduced ore grades at Guanajuato, particularly during the first quarter of the year. Improvements have been evident in the second quarter and further improvements are expected throughout the balance of the year. In addition, underground development has advanced ahead of plan to provide for exploration drilling for Deep Rayas (drilling in progress), Guanajuatito and Valenciana (drilling to start in the third and fourth quarters respectively).

The long term forecast of achieving 3.8 million Ag eq oz by 2012 is unchanged. The impact of the new equipment is enabling increased development and production improvements throughout 2010 and positive exploration drill results are being used to estimate new resources in support of the 3-year growth strategy.

The Topia operation has made a very encouraging start to 2010 with record production and year to date unit costs of US$7.61 per oz of silver, net of by-product credits, and is well on its way to achieving its targets. At Guanajuato, year to date production is below plan mainly due to grades being lower than estimated in the first quarter. When combined with increased development costs during the first half of the year, this has resulted in Guanajuato’s year to date cash cost per silver ounce, at US$7.08, being higher than the guidance of US$4.50 to US$5.00. The mining plans have been revised, and should result in continuous improvement through the third and fourth quarters. New mineralized zones are being prepared for production on the Los Pozos and Santa Margarita veins while mining of the higher grade Alto veins of the Cata Clavo will commence in the fourth quarter.

The Company’s emphasis will be on maintaining profitability while developing and exploring to continually increase metal production. Great Panther’s production strategy is to increase silver production year-on-year at continually decreasing unit costs.

“The second quarter of this year saw the achievement of new all-time records in both silver production and corporate net profits, with record metallurgical recoveries at both mines”, said Kaare Foy, the Company’s Executive Chairman. “The on-going implementation of our three-year growth strategy will provide us with increased resource levels and increased production.”

Great Panther Silver Limited is one of the fastest growing primary silver producers in Mexico with strong leverage to future rises in the price of silver. The Company owns a 100% interest in two operating mines in Mexico. The Company’s mission is to become a leading primary silver producer by acquiring, developing and profitably mining precious metals in Mexico.

For further information, please visit the Company’s website at www.greatpanther.com, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail info@greatpanther.com.

ON BEHALF OF THE BOARD

“Robert A. Archer”

Robert A. Archer, President & CEO

“Kaare G. Foy”

Kaare G. Foy, Executive Chairman

  1. “Earnings from mining operations” is a non-GAAP measure and is defined as mineral sales less cost of sales (excluding amortization and depletion).
  2. “Adjusted EBITDA” is a non-GAAP measure in which standard EBITDA (earnings before interest expense, taxes, and depreciation and amortization) is adjusted for stock-based compensation expense and non-recurring items.
  3. The non-GAAP measure of cash cost per ounce of silver is used by the Company to manage and evaluate operating performance at each of the Company’s mines and is widely reported in the silver mining industry as a benchmark for performance, but does not have a standardized meaning.
  4. Silver equivalent ounces in 2010 were established using prices of US$1,000/oz Au, US$16/oz Ag, US$0.80/lb Pb and US$0.80/lb Zn.

Source: Company Website, you will find the full financial report here

Press Release: Great Panther Drills 1,681g/T Silver Over 3.15 Metres at Topia Mine

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to report further assays, from the now expanded 7,200 metre (from the initial 6,000 metre) surface drill program on the Topia mine veins. The following core drilling results are from the Cantarranas and San Jorge veins (Hormiguera mine), San Gregorio vein (San Gregorio mine), El Rosario vein (El Rosario mine), Don Benito vein (exploration area) and La Prieta vein (recently purchased La Prieta mine). Highlights are reported in the table below, while plan and longitudinal maps with all of the 2010 surface drilling results reported to date are located on the Company website at www.greatpanther.com. The program will provide for additional mineral resources to direct mine development and expansion decisions over the next several years and the Company anticipates mineral resource calculations for an additional four to five Topia area mines by September 2010.

Results include drill hole ST10-112 which intersected a multiple vein structure which may represent the junction of the San Jorge vein merging with the Cantarranas vein. The San Jorge structure returned 3.15 metres (0.67 metres true width) averaging 1,681g/t silver, 0.88g/t gold, 2.40% lead, and 5.32% zinc while the Cantarranas vein returned 0.19 metres (0.10 metres true width) averaging 2,820g/t silver, 1.19g/t gold, 3.29% lead, and 4.04% zinc. In all, three holes have been drilled to intersect the Cantarranas vein and the footwall San Jorge vein, approximately 40 metres below the Hormiguera mine level. A new mine access cross-cut is being driven and is expected to intersect the San Jorge and Cantarranas veins at this same level within weeks. Highlights from the other two drill holes include ST10-113, which returned 1,150g/t silver, 0.39g/t gold, 1.35% lead, and 2.34% zinc over a width of 0.25 metres (0.18 meters true width) in the Cantarranas vein and ST10-111, which intersected both the San Jorge and Cantarranas veins with the latter returning 1,550g/t silver, 0.79g/t gold, 2.66% lead, and 17.70% zinc over 0.14 metres (0.10 metres true width). The above holes were drilled to guide mine development and provide drill data to support the resource upgrade, and further drilling is planned several hundred metres east to test the vein continuity along strike.

Drilling along the San Gregorio vein was focused to test the extreme western portion of the San Gregorio/Mina 7 mining area, as well as to test the vertical extent of potentially economic mineralization (see the updated maps on the Company web-site). A highlight from the San Gregorio vein was drill hole ST10-119 which intersected 442g/t silver, 0.17g/t gold, 0.72% lead, and 8.05% zinc over 1.15 metres (0.38 metres true width). This western area also includes a footwall vein (San Gregorio Bajo), located approximately 30 metres north of the San Gregorio vein. A highlight from the San Gregorio Bajo vein in drill hole ST10-117 was the intersection of 0.40 metres (0.15 metres true width) averaging 1,030g/t silver, 0.60g/t gold, 3.31% lead, and 10.10% zinc.

Drill testing of the western extent of the El Rosario vein in the El Rosario Nuevo mine area has confirmed that the productive part of the vein extends to at least the 1,600-metre elevation, approximately 80 metres below the current mine workings. Drill intersections were similar in nature to what is encountered in the underground development, namely barite-hosted silver-lead-zinc mineralization which swells and pinches from about 2 metres to thin structures. Highlights include hole ST10-126, which intersected 3.05 metres (1.65 metres true width) averaging 294g/t silver, 0.398g/t gold, 1.76% lead, and 0.81% zinc, and hole ST10-122, which intersected 0.60 metres (0.20 metres true width) averaging 2,000g/t silver, 0.05g/t gold, 2.46% lead, and 3.45% zinc.

For the table, please visit the original press release

The Company’s first drilling at the La Prieta mine initially focused on the potential down-dip continuation and eastward strike extension of the La Prieta vein, and subordinate El Desierto splay vein. Four holes drilled below the present exploitation returned negligible values in a fault and fracture zone interpreted to be the traces of the two veins. Two of four holes drilled from an eastern drill station were lost due to bad ground, and the final two holes intersected both veins, with strong gold-lead-zinc mineralization. Holes ST10-133 and 134 intersected the La Prieta vein approximately 100 metres east of the development on the 1,300-metre level, with a best intersection averaging 38g/t silver, 2.39g/t gold, 4.23% lead, and 5.14% zinc over 0.30 metres (0.25 metres true width). The reason for the lower silver values here is unknown at present and the drill has been returned to La Prieta to follow up with additional holes while the Company awaits assay results from completed drilling at the Don Benito, Cantarranas, Oliva (west) and Recompensa veins.
Following up on initial indications of strong silver-lead mineralization in the Don Benito vein in hole ST10-105 (see news release May 27, 2010 and table above), holes ST10-106 to ST10-110 inclusive, intersected the main Don Benito vein as well as a hanging wall mineralized structure but with economically insignificant grades. Three exploration holes, ST10-114 to ST10-116, along the Argentina vein, 1 to 1.5 kilometres east of the present mining, similarly intersected vein material with economically insignificant grades.

Mineral resource calculations will commence on all viable areas with the completion of drilling in August. Added mineral resources will play an important role in the Company’s plans to increase production 20% per year from 2010 to 2012. Dependent upon drill results, the Company anticipates mineral resource calculations for another four to five Topia area mines by September 2010.

Robert F. Brown, P. Eng., Vice President of Exploration for the Company is the Qualified Person for both the Guanajuato mine and the Topia mine, under the meaning of NI 43-101. A full QA/QC program is being followed including the regular insertion of splits, blanks, and standards into the core sampling sequence. Assaying of the Topia core samples is done at the Company’s Guanajuato Mine on-site laboratory operated independently by SGS. Aspects of both mines relating to mining and metallurgy are overseen by Charles Brown, Chief Operating Officer for Great Panther and its Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V.

For further information, please visit the Company’s website at www.greatpanther.com, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail info@greatpanther.com.

ON BEHALF OF THE BOARD

“Robert A. Archer”

Robert A. Archer, President & CEO

Press Release: Great Panther Reports Record Silver Production in Second Quarter

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to report record silver production from its two wholly-owned Mexican silver mining operations at Topia and Guanajuato.

The combined silver production totaled 410,583 ounces, a quarterly record. In addition, the mines produced 1,474 ounces of gold, 297 tonnes of lead, a record, and 357 tonnes of zinc. Expressed in terms of silver equivalent ounces (“Ag eq oz”), metal production was 574,740 Ag eq oz.

Records were set at both operations in the second quarter (“Q2″) of 2010 and highlights include:

  • 15% increase in overall metal production compared to Q2 2009 to 574,740 Ag eq oz.
  • 23% increase in combined silver production compared to Q2 2009 to a record 410,583 oz Ag.
  • 19% increase in metal production from Topia compared to Q2 2009 to 205,350 Ag eq oz.
  • 27% increase in lead production from Topia compared to Q2 2009 to a record 297 tonnes.
  • 32% increase in zinc production from Topia compared to Q2 2009 to 357 tonnes.
  • 31% increase in silver production from Guanajuato compared to Q2 2009 to a record 288,825 oz.
  • Record metallurgical silver and gold recoveries at Guanajuato.
  • Record metallurgical silver, lead and zinc recoveries at Topia.
  • Successful start to implementation of the Company’s 2010 — 2012 growth strategy.
  • Further mobile equipment deliveries at both operations continue to provide mining efficiencies. The new equipment delivered during the first half of the year is expected to lead to a significant increase in production during the second half of 2010.
  • Positive exploration drilling results reported from Guanajuato and Topia during the second quarter of 2010. Updated resource estimates anticipated for both mines by the fourth quarter of 2010.

(2010 Silver equivalents are established using prices of US$1000/oz Au, US$16/oz Ag, US$0.80/lb Pb and Zn.)

Guanajuato Mine

The Guanajuato mine recorded a much improved quarter as the silver grade of ore mined and processed increased to 291g/t, up by 25% from the first quarter of 2010. Metals produced totaled a record 288,825 Ag oz plus 1,453 Au oz, or 369,390 Ag eq oz from processing 34,379 tonnes of ore with an average grade of 291g/t Ag and 1.35 g/t Au.

The gold grade of ore was lower due to low production from the Santa Margarita vein. Production stoping of the Santa Margarita vein is underway during the third quarter and gold grades and production are expected to improve sharply. A newly acquired 2-yard underground loader has been assigned to this important gold production area. Production from the Los Pozos area continued to increase.

Mining of the Cata Clavo continued on the 490 and 470 levels where stoping was initiated on the Veta Madre, and development of the higher grade Alto veins continued. Stoping continued from the 460 level towards the 438 level.

Mining at Guanajuatito focused on the North Zone where stoping continued from the 80 level. Production was hampered by inconsistent grades where some of the vein was uneconomic.

At Rayas, development focused on recent discoveries, the Los Pozos and Santa Margarita vein structures. Mining of Los Pozos continued with stoping initiated on the 298 and 310 levels and development on the 345 level. Production from this area continues to increase and will improve further in the third quarter.

The gold-rich Santa Margarita vein continued to be explored by ramp development below the 390 level. Stoping has been initiated on the 435 level and gold production is expected to increase substantially in the third quarter.

Initial results from diamond drilling to explore the Los Pozos structure between the 310 and 390 levels were reported on June 08, 2010 (see News Release of same date). Of six drill holes reported, four intersected ore grade mineralization including drill hole UG10-100, which intercepted mineralization over a true width of 10.48 metres, grading 1.41 g/t Au and 452 g/t Ag. Geological mapping and chip sampling of the Los Pozos structure at the 345 level indicates a strike length of 60 metres with true widths of 8 to 10 metres.

The same News Release reported the initial results from the diamond drill program to explore the deeper extensions of the Rayas structures including the Santa Margarita vein. Six of the seven drill holes reported intersected the Santa Margarita vein to depths of 80 metres below the current mining on 435 level with one of the intercepts being an average of 8.62g/t Au and 46g/t Ag over a true width of 4.53 metres.

The Guanajuato plant achieved record gold and silver recoveries of 86.6% and 89.9%, respectively. The Company’s senior metallurgical consultant visited the Guanajuato and Topia plants with both plant managers. This team reviewed each plant to indentify further opportunities to improve metallurgical performance. During the second quarter, a second cyclone system was initiated at Guanajuato, replacing an old screw classifier. Towards the end of the quarter, the bed of the crushing circuit screen was replaced such that the mill feed size has been reduced to facilitate improved grinding performance.

More underground mobile equipment was received during the second quarter including a second scissor-lift utility truck and a 2-yard underground loader. All equipment is being dismantled and lowered through the Rayas shaft and reassembled in the mine. Additional equipment, including a second drill jumbo and a 16-tonne capacity underground haulage truck, is scheduled for delivery in the third quarter. It is expected that the full impact of the new equipment will be experienced in the second half of 2010.

Topia Mine

Topia recorded another excellent quarter with metal production of 121,758 oz of silver, 185 oz of gold, 654,323 lbs of lead (a record), and 787,692 lbs of zinc, from milling 9,176 tonnes of ore. This equates to 205,350 Ag eq oz, 19% higher than the second quarter of 2009. Ore grades averaged 446g/t Ag, 0.76g/t Au, 3.39% Pb and 4.22% Zn.

Ore was mined from twelve separate small mines. Production from the San Gregorio and El Rosario veins contributed more than one third of the silver production and new exploratory development on the San Gregorio vein continues to be successful.

Additional new underground mobile equipment was acquired including two 2-yard loaders and a single-boom electric-hydraulic drill jumbo. The additional equipment will facilitate the deep development of the Argentina Mine and the opening of new production areas.

Plant performance was excellent and continued to show improvement with metal recoveries of 92.4% for Ag, 82.9% for Au, 95.4% for Pb and 92.2% for Zn. The recoveries for silver, lead and zinc were records for the Topia mine. In addition to processing the 9,176 tonnes from the Company’s mines, 2,513 tonnes were custom milled for a local miner, thereby increasing revenue and keeping unit costs down.

The surface diamond drill programme to extend the mining potential of known veins and explore other veins continued and initial results were reported in the News Release of May 27, 2010. Highlights from drilling the gold-rich, Recompensa vein were reported. All four drill holes reported intersected the Recompensa vein, extending the known length of the mineralization to 500 metres and another 50 to 60 metres below existing workings. Drill hole ST10-101 intersected five separate veins including the main Recompensa vein which returned values of 9.12g/t Au, 601g/t Ag, 12.8 % Pb and 15.3 % Zn, over a true width of 0.27 metres. The Company is expected to release assay results from exploratory drilling of other veins in the near future.

Outlook

Great Panther Silver is successfully implementing its strategy to accelerate production with increases of 20% per year to 3.8 million Ag eq oz in 2012. New equipment is being delivered to the mines, and exploration drill programs are in progress. The impact of the new equipment is expected to enable continuous production improvements throughout 2010 and exploration drill results will be used to estimate new resources to support the 3-year growth strategy.

Robert F. Brown, P.Eng., Vice President of Exploration for the Company is the Qualified Person for both the Guanajuato Mine and the Topia Mine, under the meaning of NI 43-101. Aspects of both mines relating to mining and metallurgy are overseen by Charles Brown, Chief Operating Officer for Great Panther and its Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V.

For further information, please visit the Company’s website at www.greatpanther.com, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail info@greatpanther.com.

ON BEHALF OF THE BOARD

“Robert A. Archer”

Robert A. Archer, President & CEO

Source: Company website, click here to go to the Great Panther website

Interactive charts on CashInfo.org, watch Great Panther (TSX:GPR) and going short on all-time highs

You can now view interactive charts from 24hgold.com on this website! This will keep you in touch with just a few mining stocks, which have been carefully selected. Just visit our: portfolio

Watch Great Panther (TSX:GPR)

We are a shareholder of this company for almost a year now. Great Panther is primary silver producer. We knew this company was a solid buy, and you can still buy into this company at about the same price as in September 2009. Please read the year report of 2009 via this link The report confirmed to us that Great Panther will gain much value the coming years. Despite the fact that the price of silver has gone up quite a lot, the price of this stock hasn’t, that just means there is only more upward potential in share value.

How does CashInfo.org select great investments

CashInfo.org only buys stock with the principals of value investment in mind. We are a big fan of Warren Buffet, one of the richest persons in the world and a true value investor. And remember that Warren Buffet has bought a lot of silver in 1997 at $ 4,96 per ounce, and he holds on to it. This also means that once we bought into our carefully selected companies we intend to hold them for as long as possible. Only when a stock is massively overvalued we might be tempted to sell. Otherwise, we hold on to them for many years to come! We read every quarter/year report there is in the companies we own and the companies we follow.

The new Selection

Starting four months ago with started with 39 companies on our list, after hard labour we narrowed the list down to a 4 company short-list. We will probably buy stock this coming week, the moment we do we will reveal the name of the lucky company at once. The gold price has become quite predictable this summer, I say we reach a new all time high on Monday, than within 48 hours selling pressure (and price manipulation) will cause a sharp decline back to the $1230 range. This will be the moment we buy.

Going short

It’s tempting to consider other trading instruments with this volatile market. When you go short whenever, or a near all-time high is reached you provide a hedge for your mining stock, and since it it most likely to go down again after each upward spike it might be fun to experiment a bit. So last week we bought a sprinter Gold Short of the ING bank in the Netherlands noted on the EuroNext options exchange in Amsterdam, there are many leverage products alike this one offered by other banks in other countries, please read their information thorough since the product might differ. Sprinters are leveraged products that allow investors to benefit from accelerated returns generated by the price movements of their underlying value. Sprinters are available across asset classes and ING commits to offer Sprinters on a broad range of underlying values. In addition to attractive spreads, ING strives to consistently provide an excellent level of service to its clients.  Buying June 18 @ € 6,30 and selling June 24 @ € 8,33 hope I can try this trick again this week.

Great Panther Silver (TSX:GPR) press release

Tue Jun 8, 2010
Great Panther Updates Los Pozos and Santa Margarita Development, Plus Rayas Deep Drilling Program at Guanajuato


GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to report on the progress of underground development at the Los Pozos and Santa Margarita Zones, as well as the underground drilling program in the Rayas area of the Guanajuato mine.

Development on the Los Pozos structure at the 345 level has exposed the zone along 60 metres of strike length (see plan map on the Company’s website at www.greatpanther.com). Four cross cuts have defined the Los Pozos Zone as having an average horizontal width of approximately 10.4 metres (7.3 metres True Width (“TW”)). Chip channel sampling of the four cross cuts ranges from 12.5 metres (8.8 metres TW) grading 3.27g/t gold and 958g/t silver (X-cut 356N) to 9.5 metres (6.7 metres TW) grading 0.57g/t gold and 155g/t silver (X-cut 315N).

Six new underground drill holes, UT09-100 to 101 and UGC10-018 to 021, were completed (see new plan and section maps) both above and below the 345 level in the Los Pozos structure. Underground drilling at Los Pozos is being conducted at 25-metre centres (along strike and down dip) to define the zone for imminent mineral resource calculation and mine planning. At least four more sections will be drilled above and below the 345 level before proceeding to the 390 level to continue the downward projection of Los Pozos. Highlights from the drilling to date, on section 325N, include 10.48 metres @ 1.41g/t gold and 452g/t silver in hole UG10-100; on section 350N, highlights include 10.35 metres @ 0.84g/t gold and 265g/t silver in hole UGC10-018; 8.3 metres @ 0.48g/t gold and 168g/t silver in hole UGC10-019, and 17.55 metres @ 0.93g/t gold and 292g/t silver in hole UGC10-020 (see table below, and section and longitudinal maps on Company website). Ramping is continuing down from the 310 sub-level to the 345 level.

Los Pozos Drilling Highlights:

Hole From (m) To (m) Width (m) TW (m) Au (g/t) Ag (g/t)
UGC10-018 26.95 37.30 10.35 10.35 0.84 265
UGC10-019 26.45 34.75 8.30 8.00 0.48 168
UGC10-020 37.30 54.85 17.55 14.40 0.93 292
UG10-100 6.20 16.68 10.48 10.48 1.41 452

Development on the gold-rich Santa Margarita structure in the Rayas area of the mine has been conducted by ramping in the mineralization. Further to the last news release on Santa Margarita (January 25, 2010), channel sampling along another “leg” of the ramp (see new map on GPR website) has returned a strike length of 34 metres grading 21.0g/t gold and 33g/t silver over a ramp width of 3.45 metres (2.5 metres TW). The ramp is presently at the 435 level where a sub-level will be developed to begin exploitation.

New underground equipment has been acquired for Guanajuato to support increased development and production. The Los Pozos Zone has been fully equipped for mechanized cut-and-fill mining with a new drill jumbo, a new scissor deck utility truck as well as recently acquired 3.5-yard loaders. The access ramp is being extended from the 310 level to the 345 level and will be extended to the 390 level, while stope preparation is well underway on the 310 and 298 levels. At Santa Margarita, a new 2-yard loader has been acquired to facilitate greater development advance and stope preparation in this gold-rich zone. Production from both areas is expected to improve significantly in the second half of 2010 to support the year-on-year increase of at least 20% from the Guanajuato operations.

The initial phase of approximately 12,000 metres of underground drilling in the Rayas area began in February 2010. Initial drilling targeted at the Veta Madre structure on section 100S also intersected the Santa Margarita structure at the 450 level down to the 540 level. To date, sections 100S and 150S have been drilled with some excellent values in both the Santa Margarita and the Veta Madre veins (see table below, and longitudinal and cross section maps on the Company’s website). Highlights from the Santa Margarita drilling on section 100S include 3.06 metres @ 6.16g/t gold and 6g/t silver along with a footwall zone of 2.00 metres @ 3.00g/t gold and 6g/t silver in hole EUG10-038; 3.23 metres @ 7.93g/t gold and 11g/t silver in hole EUG10-040 along with a footwall zone of 2.97 metres @ 3.13g/t gold and 14g/t silver; and 1.82 metres @ 18.63g/t gold and 25g/t silver in hole EUG10-041. These three holes represent a vertical extension of the Santa Margarita vein of approximately 80 metres below the current ramp development.

Highlights from the Santa Margarita drilling on section 150S include 5.0 metres @ 8.62g/t gold and 46g/t silver in hole EUG10-042, and 1.43 metres @ 1.78g/t gold and 516g/t silver in hole EUG10-045. Hole EUG10-043, on section 150S, also intersected 3.14 metres @ 1.00g/t gold and 400g/t silver in the Veta Madre structure. The Rayas drilling is now on section 200S and will continue southeast through areas of known economic significance in the Veta Madre Zone.

Rayas Area Drilling Highlights:

Hole From (m) To (m) Width (m) TW (m) Au (g/t) Ag (g/t) Zone
EUG10-038 156.94 160.00 3.06 2.96 6.16 6 S.M.
162.00 164.00 2.00 1.93 3.00 6 S.M. F.W.
EUG10-040 156.10 159.33 3.23 2.93 7.93 11 S.M.
163.00 165.97 2.97 2.69 3.13 14 S.M. F.W.
177.72 178.80 1.08 0.98 1.53 24 V.M.
183.02 183.98 0.96 0.87 1.48 312 V.M.
EUG10-041 157.79 159.61 1.82 1.82 18.63 25 S.M.
EUG10-042 165.00 170.00 5.00 4.53 8.62 46 S.M.
EUG10-043 175.95 179.09 3.14 3.03 1.00 400 V.M.
EUG10-044 161.70 163.00 1.30 1.30 0.35 110 S.M.
EUG10-045 173.40 174.83 1.43 1.38 1.78 516 S.M.

“We are very encouraged by these early results from the underground drilling and development that are ongoing in the Los Pozos and Santa Margarita Zones”, stated Robert Archer, president & CEO. “The continuity of silver and gold mineralization will allow us to construct a new mineral resource estimate and provide greater definition for our mine plan in these areas.”

Robert F. Brown, P.Eng. and Vice President of Exploration for the Company is the Qualified Person for both the Guanajuato Mine and the Topia Mine, under the meaning of NI 43-101. Assaying of core and underground channel samples is done in the Guanajuato Mine on-site laboratory operated independently by SGS. A full QA/QC program is being followed including the regular insertion of splits, blanks, and standards into the core sampling sequence. Aspects of both mines relating to mining and metallurgy are overseen by Charles Brown, Chief Operating Officer for Great Panther and its Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V.

For further information, please visit the Company’s website at www.greatpanther.com, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303 or e-mail info@greatpanther.com.

ON BEHALF OF THE BOARD

“Robert A. Archer”

Robert A. Archer
President & CEO

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, 2009 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.