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 |   | | Introduction
In April of 2006, Great Panther Limited entered into an option agreement with Minera Apolo S.A. de C.V. to acquire a 100% interest in the Mapimi property (at that time known as the Km 66 Property). Under the agreement, Great Panther is required to make 6 staged cash payments and share issuances totalling US$3,000,000 and 500,000 shares over a period of 4 years to the current property owners to acquire a 100% interest in the property. In addition, the agreement provides for a royalty to be paid to the vendors in the amount of 3% NSR, each 0.5% of which, up to a maximum of 2%, can be purchased for US$500,000. The property is not subject to any other known royalties, back-in rights, payments, or other agreements or encumbrances. Resource Estimate During 1997 and 1998, Coeur d'Alene Mines completed 10,500 metres of drilling in 102 holes and calculated a preliminary estimate of minimum geological potential to be 25,000,000 tonnes at an average grade of 50 g/t silver, 0.7% lead, 1.3% zinc, and 0.1 g/t gold. Details of these calculations were not provided in Coeur d'Alene's report and this estimate is considered as historical in nature. It does not follow the requirements for reserves and resources outlined in NI 43-101. In September 2006, a NI43-101 compliant reserve estimate was prepared for Great Panther by Wardrup Engineering, outlining an inferred resource of 4,969,000 tonnes containing 22.3 million oz Ag Eq at a 50g/t Ag equivalent Mineralization Mapimi is geologically similar to Goldcorp's Penasquito deposit. Both are hosted in fractured and brecciated Carocal Formation siltstones within and adjacent to intrusive-related breccia bodies. Probable and proven reserves at Penasquito are almost 10M oz of gold and 575M oz of silver, 1.67M tonnes of lead and 3.62 M tonnes of zinc. The mineralization at Mapimi is associated with hydrothermal breccias and stockworks related to a cluster of rhyolite domes. An upper, oxidized portion (~40-60m) of the mineralization at Mapimi consists of jarosite and hematite; with sulphides consisting of pyrite, silver sulfosalts, sphalerite and galena at depth. The breccias have a general orientation of N40E, and a steep northwest dip. The largest breccia to date has known dimensions of 250 x 45 meters but is open in all directions. So far 18 breccia bodies have been identified in 5 main sectors. The focus during the late 1990's was on the Carmen, La Gloria, and Palmitas sector breccias, with no drilling done on the others. As the topography of the area is very subdued, other breccias may well have been overlooked and the extensive property contains excellent potential for additional mineralization. Recent Exploration
Mapimi is viewed as an advanced stage exploration project that could be developed quickly with the goal of defining a new resource amenable to open pit mining, thereby significantly enhancing Great Panther's growing portfolio of silver projects. Technical Reports
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