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Great Panther Updates Mineral Resource Estimates at the Guanajuato Mine Complex and San Ignacio Project; Extends Mineralization at San Ignacio

May 09, 2012

GREAT PANTHER SILVER LIMITED (TSX:GPR)(NYSE Amex:GPL) ("the Company") announces the completion of the updated mineral resource estimates at the Company's wholly-owned Guanajuato Mine Complex ("Guanajuato Mine") and San Ignacio Project ("San Ignacio") in Guanajuato, Mexico. As the San Ignacio Project is effectively a satellite of the Guanajuato Mine Complex (20 kilometres by road), and any mineralization extracted from the former will be processed at the Cata Plant, the resource is now being considered as part of the overall Guanajuato Mine mineral inventory.

  • Updated Measured and Indicated mineral resource at the Guanajuato Mine Complex contains 5,649,000 ounces of silver equivalent ("Ag eq oz"), replacing production from the Guanajuato Mine during the past 18 months;
  • Inferred mineral resources at the Guanajuato Mine are estimated at 2,503,000 Ag eq oz1;
  • Inferred mineral resources at San Ignacio are estimated at 6,894,000 Ag eq oz1,2;
  • This estimate for San Ignacio increases the tonnage by 35%, the silver content by 29%, gold content by 51% and Ag eq oz by 53% over the previous estimate2.
1 For now, Inferred resources from Guanajuato and San Ignacio are being reported separately as different parameters were used in their estimation.
2 Compared to the previous San Ignacio resource estimate, three vein zones were dropped from the current resource due to insufficient grade continuity. These may be added back in with further drilling.

At San Ignacio, surface drilling is ongoing with two drills and continues to extend the limits of the known mineralized zones beyond the resource model. Highlights in the known zones include 2.65 metres grading 533g/t silver and 7.59g/t gold, and 1.15 metres grading 249g/t silver and 2.99g/t gold.

In addition, new but as yet irregular, high grade silver-gold veins have also been discovered at San Ignacio. These zones returned intercepts of 794g/t silver and 3.70g/t gold over 2.22 metres; 422g/t silver and 10.50g/t gold over 0.60 metres; and 131g/t silver and 19.20g/t gold over 0.50 metres. None of these intercepts are contained within the aforementioned resource for San Ignacio.

Guanajuato Mine Complex

The 2012 Guanajuato Mine mineral resource estimate contains Measured and Indicated mineral resources of 5,649,000 Ag eq oz including 3,530,000 Ag eq oz in the Measured category and 2,119,000 Ag eq oz in the Indicated category (see tables below). Inferred mineral resources are estimated at 2,503,000 Ag eq oz. These are contained in the Cata Clavo, Los Pozos, Santa Margarita and Guanajuatito zones. The Guanajuatito zone, with its first estimate, has been significantly expanded from present mining on the 120 and 160 levels to the 390 level and is open to depth and along strike, illustrating that additional mineralization is expected to be found and could add to inventory with systematic and focused drilling.

Mining of the four zones, Cata, Los Pozos, Santa Margarita and Guanajuatito currently accounts for most of the Guanajuato metal production. Underground drilling is ongoing with five drill rigs to delineate new resources on the upper and depth extensions of Los Pozos, the southeast strike extension of Santa Margarita , and lateral and deep extensions at Guanajuatito, as well as deep exploration at Valenciana ( Veta Madre ) and Rayas ( Veta Madre ).

The updated mineral resource estimate for the Guanajuato Mine is valid as of January 31, 2012. Block model graphics, maps, sections and previous news releases can be viewed on the Company's website at The estimates were classified according to the CIM Definition Standards on Mineral Resources and Mineral Reserves and, as such, are consistent with the requirements of NI43-101.

Guanajuato Mine Complex: Mineral Resource Estimations and Contained Silver Equivalent, Gold, and Silver

Tonnage Grade g/t Contained koz
Area kt AgEq Au Ag AgEq Au Ag
Cata 141.6 477 1.69 374 2,171 7.70 1,703
Pozos 84.3 265 0.94 207 717 2.56 562
Santa Margarita 41.0 445 6.89 27 587 9.07 35
Guanajuatito 8.9 191 0.84 140 55 0.24 40
Totals Measured 275.8 398 2.21 264 3,530 19.57 2,340
Cata 45.2 388 1.33 308 565 1.93 447
Pozos 51.8 196 0.63 158 327 1.06 262
Santa Margarita 118.6 301 4.35 37 1,150 16.59 141
Guanajuatito 16.9 143 0.57 108 78 0.31 59
Totals Indicated 232.6 283 2.66 122 2,119 19.89 910
Cata 186.8 455 1.60 358 2,736 9.63 2,150
Pozos 136.1 239 0.83 188 1,044 3.62 824
Santa Margarita 159.6 338 5.00 34 1,737 25.67 176
Guanajuatito 25.9 159 0.66 119 133 0.55 99
Totals Meas + Ind 508.5 346 2.41 199 5,649 39.46 3,250
Cata 3.7 524 1.55 430 62 0.18 51
Pozos 2.4 171 0.51 140 13 0.04 11
Santa Margarita 65.3 404 4.34 140 848 9.11 294
Guanajuatito 151.8 324 1.17 252 1,580 5.73 1,231
Totals Inferred 223.2 349 2.10 221 2,503 15.06 1,587
  1. Measured & Indicated Mineral Resources are estimated using a cut-off grade of 50g/t Ag eq.
  2. Inferred cut-off grades are 145, 115, 150 and 180 g/t Ag eq for Cata, Pozos, SM and GTTO.
  3. Gold-silver equivalence ratio for block model purposes was 60.8:1.
  4. Prices of US$1,150/oz Au and US$17.67/oz Ag were used in calculations.
  5. A minimum true width of 1.5 m was used for estimates.
  6. Bulk density is 2.65 t/m3.
  7. Totals may not agree due to rounding.
  8. Measured and Indicated Mineral Resources are inclusive of Mineral Reserves.

San Ignacio Project

This updated (version 2) mineral resource estimate at San Ignacio supersedes the original estimate (see Company news release of October 11, 2011). The new Inferred mineral resource is estimated to contain 6,894,000 Ag eq oz in 826,000 tonnes averaging 121g/t silver and 2.28g/t gold (using a 125g/t Ag Eq cut-off). Version 2 fills in and expands the strike length of the mineralized zones to 650 metres. This estimate increases the tonnage by 35%, and the Ag eq oz by 53% over the previous estimate.

The mineral resource estimate has an effective date of March 31, 2012 and includes data up to drill hole ESI12-073. The estimate was classified as an Inferred Resource according to the CIM Definition Standards on Mineral Resources and Mineral Reserves and is consistent with the requirements of NI43-101. The mineral resource estimate was prepared by Michael Waldegger , P. Geo., Senior Resource Geologist, MFW Geoscience Inc., under contract to, and independent from, the Company.

Block model graphics, maps, sections and previous news releases can be viewed on the Company's website at

San Ignacio Project: Mineral Resource Estimate and Contained Silver Equivalent, Gold and Silver

San Ignacio Tonnage Grade g/t Contained koz
Vein kt AgEq Au Ag AgEq Au Ag
DIOS1 178 224 1.99 103 1,287 11.4 591
DIOS2 147 285 2.38 141 1,346 11.2 663
INT 330 309 2.71 144 3,274 28.8 1,526
MELL 171 180 1.68 77 987 9.3 425
Totals Inferred 826 260 2.28 121 6,894 60.7 3,205
  1. Company provided wireframes constructed to a minimum horizontal width of 1.0 metre.
  2. Reported Inferred cut-off grade 125g/t Ag Eq.
  3. Specific gravity of 2.63 based on 250 drill core samples captured by the wireframes.
  4. Totals may not agree due to Rounding.
  5. Tonnages and grades in metric units.
  6. Contained silver and gold in troy ounces.
  7. Silver equivalence was based on a 60.8 to 1 ratio of silver to gold value.

San Ignacio Project Drilling:

Surface drilling continues with two rigs; one along the major structures extending the explored area for 600 metres south of the mineral resource area and the second for 600 metres along structures north of the old San Jose de García shaft at the south end of the San Ignacio project. Drill holes ESI12-075 to 082 have been completed between 50-150 metres south of the aforementioned mineral resource and are tabulated below. This is an area that includes a shallow area of 19th century stoping along the Intermediate vein, but with Company drilling indicating down dip continuity of the vein.

The Melladito, Intermediate, Nombre de Dios, and Nombre de Dios 2 veins have all been intersected, as well as irregular high grade silver-gold veins that are presently left as "undefined" between the Intermediate and Nombre de Dios vein structures. These undefined zones returned intercepts such as 794g/t silver and 3.70g/t gold over 2.22 metres in hole ESI12-079, as well as 422g/t silver and 10.50g/t gold over 0.60 metres in ESI12-075 and 131g/t silver and 19.20g/t gold over 0.50 metres in ESI12-078.

Highlights for the Intermediate vein include ESI12-079 which intersected 2.65 metres grading 533g/t silver and 7.59g/t gold. The Nombre de Dios vein in ESI12-080 returned 1.15 metres grading 249g/t silver and 2.99g/t gold.

San Ignacio Project: Surface Drilling Results

Section Drill-Hole # Vein From

) To

) Width

) True Width (m ) Au


325N ESI12-076 undefined 75.20 75.80 0.60 0.56 0.55 357
ESI12-076 Intermediate 145.20 148.85 3.65 3.43 1.25 39
ESI12-077 undefined 91.80 92.95 1.15 0.94 6.36 131
ESI12-077 Intermediate 165.70 168.00 2.30 1.88 1.86 43
ESI12-078 undefined 114.00 114.50 0.50 0.38 19.20 131
ESI12-078** Intermediate 130.40 131.70 1.30 1.00 2.80 398
ESI12-079 undefined 111.74 113.96 2.22 1.92 3.70 794
ESI12-079 Intermediate 148.70 151.35 2.65 2.29 7.59 533
ESI12-079 Melladito 166.56 169.50 2.94 2.76 2.73 97
ESI12-080 Nombre de Dios 79.60 80.75 1.15 1.00 2.99 249
ESI12-080** Nombre de Dios FW 116.92 119.65 2.73 1.93 2.77 137
ESI12-082 Nombre de Dios 89.00 92.55 3.55 3.22 1.38 107
400N ESI12-075 undefined 102.10 102.70 0.60 0.49 10.50 422
ESI12-075 Intermediate 167.50 171.25 3.75 3.07 1.65 87
ESI12-081 Intermediate 184.95 186.25 1.30 1.06 1.57 124
ESI12-083 Nombre de Dios 172.95 173.45 0.50 0.38 0.87 128
Notes ESI12-078** Intermediate: Intersection is a remnant of an old stope.
ESI12-080** Nombre de Dios FW: Intersection is a remnant of an old stope.

Both drill core and underground chip samples were assayed independently by SGS at the Company's Guanajuato Mine site laboratory. Aspects 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. 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 Silver Limited is a profitable, primary silver mining and exploration company listed on the Toronto Stock Exchange, trading under the symbol GPR and on the NYSE Amex, trading under the symbol GPL. The Company's current activities are focused on the mining of precious metals from its two wholly-owned operating mines in Mexico. The Company also owns a development stage property, San Ignacio, which is approximately 20 kilometres by road from its Guanajuato processing plant, and an exploration stage property, Santa Rosa, which is located approximately 15 kilometres northeast of Guanajuato. In addition, the Company is also pursuing acquisition opportunities throughout Latin America to add additional mines to its portfolio of properties. Great Panther's mission is to become a leading primary silver producer by acquiring, developing and profitably mining precious metals.

For further information, please visit the Company's website at, or e-mail

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, 2011 and reports on Form 6-K filed with the Securities and Exchange Commission and available at and Material Change Reports filed with the Canadian Securities Administrators and available at

Contact: Robert Archer
Company Name: Great Panther Silver Limited
Contact Title: President & CEO
Phone: 1-888-355-1766

Contact: Rhonda Bennetto
Company Name: Great Panther Silver Limited
Contact Title: Vice President Corporate Communications
Phone: 1-888-355-1766


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