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Great Panther Completes $12.3 Million Equity Offering Over subscribed

November 17, 2009
GREAT PANTHER RESOURCES LIMITED (TSX: GPR; the "Company") is pleased to announce that it has today closed an equity offering for gross proceeds of CDN$12,332,250. The offering was made in Canada by Short Form Prospectus and elsewhere under available exemptions.

The offering consisted of 17,617,500 units at CDN$0.70 per unit. Each unit comprised one common share and one-half of one transferable share purchase warrant, each whole warrant exercisable to purchase one common share for a period of 24 months from the closing date, at an exercise price of CDN$0.90. The common shares issued under the terms of the Short Form Prospectus are free trading from the closing date.

The Offering was marketed by a syndicate of agents led by Salman Partners Inc. and Dundee Securities Corporation, and included Fraser Mackenzie Limited. Agents' compensation consisted of cash commission of 6% of the proceeds and non-transferable Agents' warrants equal to 6% of the units sold, net of sales arranged by the Company. Each Agents' warrant is exercisable to purchase one common share for a period of 24 month from the closing date at a price of CDN$0.90 per common share.

"We are very pleased with the strong investor support for the Company as evidenced by the over-subscription," said Kaare Foy, Executive Chairman.

"The Company intends to use the net proceeds of the Offering to accelerate exploration drilling, mine development, the acquisition of new underground equipment, mine infrastructure refurbishment upgrades at both Topia and Guanajuato, and for general working capital purposes," said Bob Archer, President & CEO. "With approximately $15 million cash in the treasury, the Company will also be in a stronger position to consider new acquisitions."

This news release is not an offer of securities for sale in the United States. The securities described above have not been and will not be registered under the U.S. Securities Act of 1933, and may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, or an applicable exemption from the registration requirements thereof.

Great Panther's strategy is to be a growing and profitable silver mining company by increasing its low cost silver production and silver resources. The Company has two 100% owned operating mines in Mexico.

For further information, please visit the Company's website at greatpanther2012.q4web.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 parametres 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, 2008 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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