VANCOUVER, BRITISH COLUMBIA, Dec 03, 2013 (Menafn – Marketwired via COMTEX) –GREAT PANTHER SILVER LIMITED (nyse mkt:GPL) (“theCompany”) announces the completion of the updated mineral resourceestimates at the Company’s wholly-owned Guanajuato Mine Complex(“Guanajuato Mine”) in Guanajuato, Mexico. This update does notaffect the San Ignacio Inferred resource estimate, which remains asreported in 2012.

Updated Measured and Indicated (“M&I”) mineral resources at the
Guanajuato Mine Complex comprise 504,700 tonnes at a grade of 174g/t
silver (“Ag”) and 1.65g/t gold (“Au”), containing 4,430,000 silver
equivalent ounces (“Ag eq oz”), using a 50g/t silver equivalent (“Ag
eq”) cut-off;
Inferred mineral resources at the Guanajuato Mine Complex are estimated
to comprise 434,000 tonnes at a grade of 140g/t Ag and 2.32g/t Au,
containing 3,900,000 Ag eq oz. Different cut-off grades were used for
the seven mineralized zones as indicated in the table below.

“We are pleased that ongoing underground drilling and developmentcontinues to extend the mineralized zones in advance of production,”stated Robert Archer, President & CEO. “Although the M&I resourcedeclined from previous levels, the Inferred resource increasedsubstantially so we will be focusing our efforts on upgrading theseounces into the M&I category in 2014. The Inferred resource is basedstrictly upon drilling whereas the M&I resource also incorporatesmine development and underground sampling. As such, theclassification of a particular resource can often be a timing issuebased upon mine development schedules. What is important for anunderground operation like Guanajuato is that we are replacing ouncesas they are being mined, as a ‘rolling resource’.”

Results of the recently completed development along the Veta Madre onthe 525 metre level (lowest level) of the Cata Clavo included a 50metre strike length grading 794g/t silver and 1.85g/t gold across anaverage true width of 3.6 metres. Underground drilling continues toexplore the Veta Madre at Cata Clavo below the 525 level.

The 2013 Guanajuato Mine Complex mineral resource estimate containsMeasured and Indicated mineral resources of 4,430,000 Ag eq ozincluding 3,348,000 Ag eq oz in the Measured category and 1,081,000Ag eq oz in the Indicated category (see table below). Inferredmineral resources are estimated at 3,900,000 Ag eq oz. These arecontained in the Cata Clavo, Los Pozos, Santa Margarita, SanCayetano, Promontorio, Valenciana and Guanajuatito zones. TheGuanajuatito zone has been expanded with the addition of theNorthwest and Southeast zones (see Company news release datedFebruary 15, 2013), illustrating that additional mineralization isbeing found and added to inventory with systematic and focuseddrilling. A new zone, designated Los Pozos SE, has been added due tosuccessful exploration immediately southeast of the Los Pozos zone.Additionally, initial Inferred mineral resource estimates have beenadded for the San Cayetano (Rayas shaft area south of SantaMargarita), Valenciana, and Promontorio zones.

Overall, from the last mineral resource estimate (effective dateJanuary 31, 2012), the Measured and Indicated classificationdecreased 21.6% (-1,219,000 Ag eq oz), while the Inferred mineralresource increased 55.8% (1,397,000 Ag eq oz). Management iscommitted to maintaining or increasing mineral resources at theGuanajuato Mine, a commitment shown through focused drilling, andthrough better understanding of the complex structurally controlledmineralized zones.

Mining of four zones, namely Cata, Los Pozos, Santa Margarita andGuanajuatito, currently accounts for most of the Guanajuato metalproduction. This updated mineral resource will help in guidingdevelopment and with improving grades at the mines. Undergrounddrilling will resume in 2014 with three drill rigs to delineate newresources on the upper extensions of Los Pozos SE (Veta Madre) andSanta Margarita, and the down dip extensions of the Cata Clavo zones.

Development and exploration are ongoing to expand mineral resources1) along the Santa Margarita structure (hanging wall zone to VetaMadre) both to the southeast strike extension and between the 390 and270 levels (above present mining), 2) at Guanajuatito (Veta Madre anda footwall zone) both laterally (50-120 level) and in deep extensions(245-390 levels), 3) at Valenciana (Veta Madre and both footwall andhanging wall zones as well as exploration both at depth and proximalto old workings), 4) at San Cayetano (Veta Madre), 5) at Cata in theupper areas along strike both to the SE and NW, and 6) at Promontorio(Veta Madre and both footwall and hanging wall zones).

Through a collaborate effort, a Special Projects team from theCompany’s Geology, Mining, and Planning Departments is reviewing allpreviously mined areas for opportunities in further exploitation.This has been a particularly successful effort as new opportunitiescan be turned into “un-official” mineral resources and mined withinmonths due to existing access. Examples include the exploitation ofhigh grade material from an old Los Pozos stope above the 250 level,along with expansion of the stope itself, and the further definitionof mineralization presently being exploited on the Santa Margaritavein from the 390, 365, and 345 levels.

The updated mineral resource estimate for the Guanajuato Mine isvalid as of July 31, 2013. Block model graphics, maps, sections andprevious news releases can be viewed on the Company’s website atwww.greatpanther.com. The estimates were classified according to theCIM Definition Standards on Mineral Resources and Mineral Reservesand, as such, are consistent with the requirements of NI 43-101. Themineral resource estimate was completed by Linda Sprigg, RPGeo AIG,consultant mineral resource geologist for the Company and a QualifiedPerson (“Q.P.”), and Robert Brown, P.Eng., and Company Q.P.

Guanajuato Mine Complex: Mineral Resource Estimations and Contained Silver
Equivalent, Gold, and Silver
TonnageGrade g/tContained kOz
AreaktAg EqAuAgAg EqAuAg
Sub Total Cata84.94081.343281,1143.65894
Sub Total Pozos138.92290.781821,0233.48814
Sub Total Santa Margarita853354.7251914 12.90140
Sub Total Guanajuatito53.21740.641352981.10232
Total Measured3622881.821793,348 21.14 2,080
Sub Total Cata33.14201.383374481.47359
Sub Total Pozos35.81480.551161710.63133
Sub Total Santa Margarita232963.3982192.4473
Sub Total Guanajuatito50.71500.651112441.06180
Total Indicated142.62361.221631,0815.60745
Sub Total Cata118.14111.353301,5615.13 1,254
Sub Total Pozos174.72130.731691,1944.11947
Sub Total Santa Margarita1083264.42611,133 15.34213
Sub Total Guanajuatito103.91620.651235422.16412
Total Measured Indicated504.72731.651744,430 26.74 2,825
Sub Total Cata12.74891.533981990.62162
Sub Total Pozos173410.653021860.35165
Sub Total Santa Margarita14.33402.182091571.0196
Sub Total Guanajuatito88.82890.992298242.82654
Sub Total San Cayetano41.53073.69854104.93114
Total Valenciana127.22692.581141,101 10.57467
Total Promontorio132.42412.84701,024 12.09298
Total Inferred4342802.321403,900 32.38 1,957
1. CIM Definitions were followed for Mineral Resources.
2. Measured and Indicated Mineral Resources are reported at a cut-off grade
of 50g/t Ag Eq.
3. Inferred Mineral Resources are reported at area-specific cut-offs as
follows: Cata 176g/t Ag Eq, Guanajuatito 164g/t Ag Eq, Pozos 178g/t Ag
Eq, San Cayetano 169g/t Ag Eq, Santa Margarita 166g/t Ag Eq, Valenciana
167g/t Ag Eq, and Promontorio 166g/t Ag Eq.
4. Bulk Density is 2.68t/m3.
5. Totals may not agree due to rounding.
6. Ag Eq is given by the formula Ag Eq = Ag 60 x Au.

Both drill core and underground chip samples were assayed independentlyby SGS at the Company’s Guanajuato Mine site laboratory. Aspectsrelating to mining and metallurgy are overseen by Juan Manuel Flores,V.P. Operations for Great Panther and its Mexican subsidiary, MineraMexicana El Rosario, S.A. de C.V. Robert F. Brown, P.Eng., and VicePresident of Exploration for the Company, is the Qualified Person forthe Guanajuato Mine Project under the meaning of NI 43-101 and hasreviewed these results. The Company’s QA/QC program includes theregular insertion of blanks, duplicates, and standards into thesample shipments.


Great Panther Silver Limited is a primary silver mining andexploration company listed on the Toronto Stock Exchange tradingunder the symbol GPR, and on the NYSE MKT trading under the symbolGPL. The Company’s current activities are focused on the mining ofprecious metals from its two wholly-owned operating mines in Mexico,Topia and Guanajuato. Great Panther is also in the process ofdeveloping its San Ignacio Project with a view to production in 2014,and has two exploration projects, El Horcon and Santa Rosa. TheCompany is also pursuing additional mining opportunities within LatinAmerica, with the goal of adding to its portfolio of mineralproperties.

For further information, please visit the Company’s website atwww.greatpanther.com or e-mail [email protected]

This news release contains forward-looking statements within themeaning of the United States Private Securities Litigation Reform Actof 1995 and forward-looking information within the meaning ofCanadian securities laws (together, “forward-looking statements”).Such forward-looking statements may include but are not limited tothe Company’s plans for production at its Guanajuato and Topia Minesin Mexico, exploring its other properties in Mexico, the overalleconomic potential of its properties, the availability of adequatefinancing and involve known and unknown risks, uncertainties andother factors which may cause the actual results, performance orachievements expressed or implied by such forward-looking statementsto be materially different. Such factors include, among others, risksand uncertainties relating to potential political risks involving theCompany’s operations in a foreign jurisdiction, uncertainty ofproduction and cost estimates and the potential for unexpected costsand expenses, physical risks inherent in mining operations, currencyfluctuations, fluctuations in the price of silver, gold and basemetals, completion of economic evaluations, changes in projectparameters as plans continue to be refined, the inability or failureto obtain adequate financing on a timely basis, and other risks anduncertainties, including those described in the Company’s AnnualInformation Form for the year ended December 31, 2012 and MaterialChange Reports filed with the Canadian Securities Administratorsavailable at www.sedar.com and reports on Form 40-F and Form 6-Kfiled with the Securities and Exchange Commission and available atwww.sec.gov.

Great Panther Silver Limited
Robert Archer
President & CEO

Great Panther Silver Limited
Rhonda Bennetto
Vice President Corporate Communications
[email protected]

SOURCE: Great Panther Silver Limited



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