GREAT PANTHER SILVER LIMITED TSX: GPR • NYSE Amex: GPL 2100 - 1177 West Hastings Street Vancouver, BC V6E 2K3, Canada Toll Free: (888) 355-1766 Phone: (604) 608-1766 Fax: (604) 608-1768 E-Mail: info@greatpanther.com Web Site: www.greatpanther.com Shares Outstanding: 137.4 million Fully Diluted: 142 million Active Float: 80 million (60%) 52 Week Trading Range: Canada: Hi: C$4.90 • Low: C$1.79 US: Hi: $5.04 • Low: $1.78

      Great Panther Silver expects metal production growth of approximately 20% year on year from its two wholly owned Mexican silver operations. The Company estimates metal production in the range of 2.50 to 2.75 million Ag eq oz for fiscal 2012. In terms of contained metals, the Company’s estimated ranges are as follows:
      •  Silver: 1.72 to 1.90 million ounces, up from approximately 1.51 million ounces in 2011.
      •  Gold: 10,000 to 11,000 ounces, up from approximately 7,800 ounces in 2011.
      •  Lead: 2.50 to 2.80 million pounds, up from approximately 2.00 million pounds in 2011.
      •  Zinc: 3.30 to 3.60 million pounds, up from approximately 2.90 million pounds in 2011.
      This news follows an impressive list of 2011 accomplishments, including an initial mineral resource estimate at its 100%-owned San Ignacio Project in Guanajuato, Mexico: 611,000 tonnes of inferred mineral resources grading at 127g/t silver and 2.05g/t gold totaling 4,494,000 silver equivalent ounces, using a 118g/t Ag eq cut-off grade.
      “The initial resource estimate at San Ignacio is an excellent start in proving up this new discovery for Great Panther, and we have accelerated our drilling program as a result,” says Archer.
      Great Panther Silver plans to add a second drill to its scheduled 2012 drilling program. Permitting procedures are underway for the collaring of a portal to drive a ramp down to the veins in order to conduct underground exploration, including mapping, sampling and detailed drilling. The property is within easy trucking distance to the plant at the main Guanajuato Mine Complex so any mineralization encountered in the early stages of development can be conveniently taken to the plant where excess capacity exists.
      The company is also enjoying increased visibility and trading volumes having been added to the S&P/TSX Index, the Russell Global Index and the junior gold miners’ index.
      “Membership in these indices is a testament to the continued growth of Great Panther Silver, both at our mines and in the markets, and will help raise our profile with institutional investors,” said Robert Archer, Great Panther’s President & CEO.
      For investors, Great Panther Silver, which operates two 100%-owned silver mines in mining-friendly Mexico, provides strong leverage to future increases in the price of silver. The fact that the company has gold as a production by-product, providing a comfortable hedge against volatile silver prices, is a significant plus. Nor does it hurt that Great Panther Silver is run by an internationally-recognized board of directors and a seasoned management team. Archer previously worked for such major mining companies as Newmont, Placer Dome and Noranda.

      Great Panther Silver’s Guanajuato Mine Complex is located in Mexico’s second-largest producing silver district of the same name where more than one billion ounces of silver have been produced over the past 400 years. The company’s property on this world-class silver-gold deposit has a 4.2 kilometer strike length. The underground mine has 25 shafts, over 100 kilometers of underground tunnels, three ramps, and a plant that has the capacity to double current production rates to about 1,050 tonnes per day.
      In 2011, Great Panther also announced the discovery of additional high grade silver-gold mineralization in an extension of the Cata Mine in the core of the Guanajuato Mine Complex. The program was successful in extending silver-gold mineralization below the current level of mining and the existing mineral resource/reserve estimate. Highlights from drilling include drill hole intersections from UG11-135 that returned 29.44g/t gold and 6,447g/t silver over a width of 3.20 meters, and UG11-137 that returned 7.38g/t gold and 2,114g/t silver over a width of 5.40 meters.
      “The discovery of new high grade mineralization at depth at Cata is very significant as it not only emphasizes the ongoing potential for new discoveries, but the excellent silver and gold grades will go a long way to boosting our overall grades from this part of the mine,” stated Archer.
      At Guanajuatito, the new 160 meter level is being developed and the decline access ramp will be extended to the 200 and 240 meter levels during 2012. Development on the 455 meter level at Santa Margarita is underway and this will be followed by access to the 475 meter level to facilitate the production increase from these gold-rich veins, contributing significantly to the increased gold production.
      Ore throughput is estimated to increase to 200,000 tonnes in 2012, from 170,000 tonnes in 2011, due to planned expansions of output at the Guanajuatito and Santa Margarita zones. Guanajuato production targets include 1.11 to 1.23 million ounces of silver and 9,000 to 9,800 ounces of gold for a silver equivalent ounce total of between 1.65 and 1.82 million.
      The NI 43-101 compliant reserves for the historic Guanajuato Mine strongly indicate the project’s long-term viability. Guanajuato contains a measured and indicated mineral resource of 5,450,000 Ag eq oz, with inferred mineral resources estimated at 2,678,000 Ag eq oz. The company plans to update this resource during the first quarter of 2012, incorporating the numerous new discoveries made throughout the year.

      Great Panther Silver announced the acquisition of the Santa Rosa Project in July of 2011. The project is comprised of four mining concessions totaling 1,514 hectares and is located approximately 10-15 kilometers northeast of Guanajuato, Mexico. With the addition of Santa Rosa, Great Panther has increased its land position by 136% in Guanajuato, Mexico’s second largest producing silver district.
      “This is a strategic acquisition for Great Panther Silver, as the concessions have excellent exploration potential and are within trucking distance to the company’s Cata plant in Guanajuato”, stated Robert Archer, Great Panther’s President & CEO. “We know from our success at San Ignacio that new discoveries are still possible in this historic district and we are excited about the prospects for the Santa Rosa Project.”
      The property is host to several historic mines but has never had the benefit of modern exploration. During the course of due diligence, Great Panther completed considerable ground work and will begin a drilling campaign in early 2012.

      Great Panther Silver’s historic Topia silver-gold-lead-zinc mine property encompasses 6,500 hectares, dominating this mining district in the Sierra Madre Mountains of Durango State. Mining in the area dates back to 1538. The deposit is characterized by high-grade, narrow veins capable of supporting a 15-year mine life.
      The Topia resource now stands at 7.44 million silver equivalent ounces measured and indicated, and 11.91 million silver equivalent ounces inferred. A newly updated mineral resource/reserve estimate is expected later in 2012.
      Ore grades in 2012 are expected to be similar to 2011 as the expansion of the 15 small mines continues with a significant increase in throughput to 58,000 tonnes, up from 47,000 tonnes in 2011. Production targets at Topia include between 610,000 and 670,000 ounces of silver, 1,000 to 1,200 ounces of gold, 2.5 to 2.8 million pounds of lead, and 3.3 to 3.6 million pounds of zinc for a silver equivalent ounce total of 850,000 to 930,000.
      The newly developed La Prieta Mine, Level 3 of the Argentina Mine, and new levels on the San Gregorio and El Rosario veins, plus planned expansions in most of the other small mines, will contribute to the increased throughput. The crushing and flotation sections of the processing plant are being improved to further increase capacity to approximately 300 tonnes per day, which is more than sufficient for current and future production expansions.

      Great Panther Silver plans to grow production by up to 20% this year. The Company is well capitalized with over $35 million in its treasury, and a growing cash flow sufficient to fund production, expanded mine development and exploration. Currently, unhedged precious metals production accounts for over 90% of revenues. Great Panther Silver also has its eye on potential future acquisitions.
      “Profitable growth is the key to maximizing long-term shareholder value,” says Archer. “We will grow production and earnings from mining operations, while maintaining a positive cash flow and actively pursuing promising exploration and development opportunities in Mexico and South America.”