Mr. Robert Archer reports

GREAT PANTHER SILVER CONFIRMS CONTINUITY OF SANTA MARGARITA GOLD-SILVER VEINS AND EXTENDS GUANAJUATITO MINERALIZED ZONE TO DEPTH AT GUANAJUATO

Underground drilling programs at Great Panther Silver Ltd.'s wholly owned Guanajuato mine have been successful in confirming continuity of the Santa Margarita gold-silver vein plus two footwall veins between the 435- and 500-metre levels, and in extending the Guanajuatito silver-gold mineralization below the 100-metre level down to the 390-metre level (see also news release on Jan. 27, 2011). At Santa Margarita, the first-phase infill drill program consists of drilling on 25-metre centres between the 435- and 500-metre levels. Initially, drilling is taking place between the 0S to 250S sections, to be followed by 250S to 450S. The main Santa Margarita (SM) structure is a well-delineated breccia zone one to three metres wide. Initial results have confirmed the high-grade gold values typical of the SM structure (mostly electrum, a naturally occurring gold-silver alloy), and drilling has regularly encountered two stockwork-dominant footwall zones that are persistent between drill holes. The two footwall zones plus part of the main vein are classified as inferred in the current mineral resource estimate and will be upgraded in the resource update presently being prepared.

Intersections on the Santa Margarita structure include 44.76 grams per tonne gold and 46 g/t silver over a true width of 1.14 metres in drill hole UGSM11-005. The SM footwall 1 (SMBo1) stockwork zone is located adjacent to or within four to eight metres below the Santa Margarita structure. Intersections on the SMBo1 zone include 17.15 g/t gold and 36 g/t silver over a true width of 3.28 metres in UGSM11-003. The SM footwall 2 (SMBo2) stockwork zone is located about 20 metres below the Santa Margarita structure. Intersections on the SMBo2 zone include 6.04 g/t gold and seven g/t silver over a true width of 1.74 metres in UGSM11-007. An updated longitudinal section showing the drill holes has been added to the company website. Highlights from the seven drill holes completed so far in 2011 are shown in the attached table.

Production mining continues between the 435- and 390-metre levels at Santa Margarita with continuing ramp development to access the 475-metre level plus exploratory drifting on the 455-metre level. Production stoping from the new areas will commence in the first quarter of 2012 when total gold production at Guanajuato is anticipated to increase by an average of 200 ounces per month, an increase of 33 per cent over the average of 2011. The new mineralization at Guanajuatito has been defined over a strike length of approximately 100 metres and 300 metres vertically (approximately 400 metres down the dip). Drilling is being conducted from drill stations located at or near the 120-metre level in a hangingwall crosscut ramp. Highlights from 28 drill holes completed in 2011 are shown in the attached table.

Two mineralized zones are interpreted from the data -- the Veta Madre zone and a slightly deeper footwall zone. Typically, the mineralized portion of the zones pinches and swells with true widths varying from less than one metre to 5.38 metres. Intersections of the Veta Madre include assays of 268 g/t silver and 0.91 g/t gold over a true width of 3.36 metres in UGG11-045. Intersections of the footwall zone include assays of 1,493 g/t silver and 13.28 g/t gold over a true width of 5.38 metres in UGG11-029, and 866 g/t silver and 2.92 g/t gold over a true width of 1.14 metres in UGG11-047. An updated longitudinal section showing the drill holes has been added to the company website.

Ramp access has been provided to the 120- and 160-metre production levels. Production stoping is established on the 120-metre level, and the initial ore development is under way on the 160-metre level. Ramp development will continue to provide access to the 200- and 240-metre levels in 2012. In addition, a new haulage drift will be driven on the 390-metre level from the current Valenciana exploration drive. The 390-metre level development will provide access to the deeper and richer mineralization later in 2012 such that ore may be hauled by underground truck haulage to the Cata shaft for hoisting to the processing plant. Monthly production from the 120-metre level stope contributes 5,000 silver equivalent ounces (AgEq ounces), and production from the Guanajuatito zones is expected to increase to 25,000 AgEq ounces by the end of 2012. The hangingwall exploration drive continues to be driven both northwest and southeast to accommodate additional drill stations at 50-metre intervals to test the mineralized zones in the Guanajuatito mine area from the 100-metre level down to the 390-metre level (approximately 400 metres downdip) and along 500 metres of strike. Exploration drilling on the Guanajuatito zones will continue through most of 2012 with potential to add more resources along strike, in both directions, while the zones remain open at depth.

HIGHLIGHTS OF INFILL DRILLING FROM SANTA MARGARITA AND ASSOCIATED FOOTWALL ZONES

Hole No.          From     To     Width     True width  Vein      Au      Ag 
                    (m)    (m)       (m)           (m)          (g/t)   (g/t)

UGSM11-001       36.15  38.40      2.25           2.05    SM    9.05      11
UGSM11-001       42.05  43.55      1.50           1.37 SMBo1    3.07       7
UGSM11-001       62.35  65.75      3.40           3.09 SMBo2    0.41     101
UGSM11-002       35.60  38.10      2.50           2.50    SM    2.06      10
UGSM11-002       44.20  50.65      6.45           6.45 SMBo1    2.08      12
UGSM11-003       46.85  48.60      1.75           1.66    SM   27.04     112
UGSM11-003       48.60  52.05      3.45           3.28 SMBo1   17.15      36
UGSM11-004       29.75  32.55      2.80           2.41    SM    3.32     667
UGSM11-004       36.30  39.15      2.85           2.45 SMBo1    2.29      26
UGSM11-004       63.00  64.50      1.50           1.29 SMBo2    2.50       5
UGSM11-005       31.05  32.20      1.15           1.14    SM   44.76      46
UGSM11-005       36.85  42.00      5.15           5.10 SMBo1    5.56      11
UGSM11-005       55.25  56.30      1.05           1.04 SMBo2    0.94       3
UGSM11-006       37.30  39.95      2.65           2.12    SM   34.22      45
UGSM11-006       51.65  52.65      1.00           0.80 SMBo1   19.68      25
UGSM11-006       59.85  61.10      1.25           1.00 SMBo2    1.23       2
UGSM11-007       38.95  41.25      2.30           1.33    SM   16.13      50
UGSM11-007       44.40  47.70      3.30           1.91 SMBo1    0.76      20
UGSM11-007       55.70  58.70      3.00           1.74 SMBo2    6.04       7

Santa Margarita zone; SMBo1: SM footwall 1 zone; SMBo2: SM footwall 2 zone  

                                                                            
             HIGHLIGHTS OF DEEP GUANAJUATITO DRILL HOLES
                                                                            
Hole No.          From     To     Width     True width  Vein      Au      Ag 
                    (m)    (m)       (m)           (m)          (g/t)   (g/t)

UGG11-022      152.65  154.65      2.00           1.92    VM    0.51     170
UGG11-025      215.00  218.90      3.90           3.82    FW    1.48     219
UGG11-026       92.25   93.35      1.10           0.95    VM    0.70     136
UGG11-029      214.75  220.30      5.55           5.38    FW   13.28   1,493
UGG11-030      228.00  230.95      2.95           2.74    FW    0.51     180
UGG11-038       29.55   30.65      1.10           1.03    VM    0.65     205
UGG11-040       14.00   17.20      3.20           1.79    VM    0.77     115
UGG11-043      224.65  228.90      4.25           3.83    FW    0.49     174
UGG11-045      235.10  239.15      4.05           3.36    VM    0.91     268
UGG11-045      243.80  246.30      2.50           2.08    FW    0.81     224
UGG11-047      239.50  241.00      1.50           1.14    FW    2.92     866
UGG11-050      259.25  265.50      6.25           4.88    FW    0.48     151

VM: Veta Madre zone; FW: footwall zone.                                     

Robert F. Brown, PEng, vice-president of exploration for the company, is the qualified person for the Guanajuato mine under the meaning of NI 43-101. A full quality assurance/quality control program is being followed, including the regular insertion of splits, blanks and standards into the core sampling sequence. Analysis of the drill core samples was conducted at the Guanajuato mine on-site laboratory, independently operated by SGS. Aspects from both mines relating to mining and metallurgy are overseen by Charles Brown, chief operating officer for Great Panther and its Mexican subsidiary, Minera Mexicana El Rosario SA de CV.

We seek Safe Harbor.