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Great Panther Expands Near-Surface Silver-Gold Zones At Guanajuato

October 29, 2007
GREAT PANTHER RESOURCES LIMITED (TSX: GPR) is pleased to announce further results from surface diamond drilling at the Company's wholly-owned Guanajuato Mine in Guanajuato, Mexico. The final holes of the 2007 surface program expanded the previously discovered mineralization in the Promontorio area with intercepts such as 12.5 metres of 3.79 g/t gold and 71 g/t silver plus 4.41 metres of 6.26 g/t gold and 256 g/t silver in SG07-065, as well as intersecting new extensions of historic zones near the Cata plant such as 7.10 metres of 1.10 g/t gold and 155 g/t silver in hole SG07-54.

This portion of the 2007 drill program comprised 5,274 metres in twenty-three holes (SG07-046 to SG07-068) and tested the near surface parts of the Veta Madre system near the Tepeyac Shaft (south of the historic Valenciana workings), the Maravillas Shaft (north of the historic Cata workings) and additional drilling in the Promontorio Shaft area following up on the recent discovery of new mineralized zones in that area (Great Panther news release July 9, 2007). A final tally of 7,408 metres of surface drilling has been completed in 2007 at Guanajuato in 34 holes.

While previous drilling in the Promontorio area showed that mineralization here comprises at least seven parallel zones - the main Veta Madre, a hangingwall zone ('HW' -- above the Veta Madre) and five footwall zones ('FW' -- below the Veta Madre) -- the follow up drilling has indicated that some of these zones locally appear to coalesce into one large zone, or "clavo". This is best displayed in the aforementioned hole SG07-65 where sampling above and below an old stope on the Veta Madre returned 3.79 g/t gold and 71 g/t silver over 12.5 metres plus 6.26 g/t gold and 256 g/t silver over 4.41 metres, respectively immediately adjacent to the stope. As this hole was drilled somewhat obliquely to the orientation of the vein, the true width of the zone, including the mined out portion appears to be 9.79 metres. Other significant parts of the Veta Madre have been left in place as evidenced by the intersection of 2.25 g/t gold and 96 g/t silver over 5.75 metres in SG07-064.

Also following up on the last round of Promontorio drilling, additional assays were received from several of the previously drilled holes in this area and some of the mineralized zones were widened in the process. The best example of this is hole SG07-43 where 11.20 metres grading 2.83 g/t gold and 47 g/t silver was sampled adjacent to an old stope on the Veta Madre. The footwall side of the same stope assayed 2.39 g/t gold and 202 g/t silver over 3.55 metres (previously reported). As such, the true width of this zone, including the mined out portion, appears to be 9.54 metres, consistent with the 9.79 metre width observed in hole 65.

The HW zone at Promontorio was expanded southward in this program, and highlighted with intersections of 0.77 g/t gold and 216 g/t silver over 2.2 metres in SG07-059 and 2.14 g/t gold and 152 g/t silver over 8.34 metres in SG07-063. The FW zones were not significantly expanded in this program, however, and may be a local feature, possibly related to a dilational part of the Veta Madre structure. Additional intersections can be found in the table below.


Drill holes SG07-053 to 058, inclusive, tested the area close to the old Maravillas Shaft, just north of the plant at Cata. Results here were highlighted by the aforementioned 7.10 metres of 1.10 g/t gold and 155 g/t silver in hole SG07-54, while holes 53 and 55 returned similar grades over narrower intervals. The Tepeyac area did not return any significant results.

Highlights of Diamond Drilling:

PROMONTORIO ADDITIONAL ASSAYS
DDH # From (m) To (m) Length (m) True Width (m) Au (g/t) Ag (g/t) Zone
SG07-039 78.90 81.30 2.40 1.37 2.55 17 HW
SG07-042 135.15 144.00 8.85 3.72 1.10 144 FW #1c
and 150.25 154.35 4.10 1.72 1.09 159 FW #1d?
SG07-043 97.03 108.23 11.20 5.60 2.83 47 Veta Madre (HW part of old stope)
and 108.23 112.55 4.32 2.16     OLD STOPE
and 112.55 116.10 3.55 1.78 2.39 202 Veta Madre (FW part of old stope); previously reported
SG07-043a 190.05 192.30 2.25 1.12 1.56 195 F.W. #3
SG07-045 98.59 99.79 1.20 1.15 0.57 174 FW #1b (reinterpreted)
PROMONTORIO NEW DRILLING
SG07-059 83.91 85.00 1.09 0.93 1.72 28 HW
and 111.50 113.72 2.22 1.89 0.77 216 HW
and 181.70 182.78 1.08 0.92 2.53 37 FW 2
SG07-060 194.05 196.28 2.23 1.11 2.18 91 HW
and 206.05 207.50 1.45 0.72 3.25 33 HW
and 210.83 212.00 1.17 0.58 2.41 118 Veta Madre
SG07-061 133.50 134.65 1.15 1.09 0.99 162 HW
SG07-062 155.25 156.80 1.55 1.47 3.34 72 Veta Madre
SG07-063 118.25 122.80 4.55 3.19 1.92 69 HW
and 132.10 140.44 8.34 5.84 2.14 152 HW
SG07-064 46.15 46.72 0.57 0.29 2.14 341 HW
and 164.40 170.15 5.75 2.88 2.25 96 Veta Madre
including 165.55 168.80 3.25 1.63 3.58 156 Veta Madre
SG07-065 187.20 199.70 12.50 6.25 3.79 71 Veta Madre
and 199.70 202.35 2.65 1.33     OLD STOPE
and 202.35 206.76 4.41 2.21 6.26 256 Veta Madre
SG07-066 239.35 240.55 1.20 0.60 4.54 16 Veta Madre
GARRAPATA SHAFT AREA (PROMONTORIO NORTH)
SG07-067 328.70 331.64 2.94 2.06 1.89 561 Veta Madre
MARAVILLAS SHAFT AREA
SG07-053 94.07 94.70 0.63 0.63 1.26 115 Veta Madre
SG07-054 96.45 103.55 7.10 6.74 1.10 155 Veta Madre
including 96.45 99.90 3.45 3.28 2.03 261  
SG07-055 94.80 97.40 2.60 2.21 1.47 155 Veta Madre

All of the mineralization intersected in the 2007 surface program lies between 70 and 160 metres vertically below surface. The Promontorio Zones represent approximately 150 metres of strike length and 200 metres of down-dip extension. They are accessible by ramp and existing underground workings are currently being re-habilitated. As soon as possible, detailed drilling to define and further extend the Promontorio area mineralization will be carried out from underground. Mineralization in the Maravillas area will be assessed by the mine staff to determine how best to develop this area.

Samples were assayed at SGS in Durango and diamond drilling was contracted to Canrock Drilling, of San Luis de Potosi. Robert F. Brown, P.Eng and Vice President of Exploration for the Company is the Qualified Person for the Guanajuato Mine Project, under the meaning of NI43-101, and has reviewed these results. The Company's QA/QC program includes the regular insertion of blanks, duplicates and standards into the sample shipments.

Great Panther owns a 100% interest in the Guanajuato Mine Complex. Historically, the Guanajuato Mine was one of the largest silver producers in Mexico and encompasses the core of the Guanajuato District, which has produced 1.2 billion ounces of silver and 4.5 million ounces gold.

For further information please contact Brad Aelicks or Don Mosher 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 cgoldse 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, 2006 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.

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