Mr. James Bannantine reports

GREAT PANTHER SILVER REPORTS FOURTH QUARTER AND ANNUAL 2017 PRODUCTION RESULTS AND PROVIDES 2018 OUTLOOK

Great Panther Silver Ltd. has released its fourth quarter and 2017 production results from its two wholly owned Mexican silver mining operations: the Topia mine in Durango and the Guanajuato mine complex, which includes the San Ignacio mine.

2017 production highlights (compared with full year 2016):

• Consolidated metal production increased 2 per cent to 3,978,731 silver equivalent ounces;
• Silver production decreased 3 per cent to 1,982,685 silver ounces;
• Gold production increased 1 per cent to 22,501 gold ounces, an annual record;
• Ore processed decreased 1 per cent to 373,709 tonnes;
• Topia achieved a record 1,086,663 Ag Eq oz in metal production, representing 21-per-cent growth.

Fourth quarter 2017 production highlights (compared with fourth quarter 2016):

• Consolidated metal production increased 21 per cent to 1,065,773 Ag Eq oz;
• Silver production increased 12 per cent to 514,218 Ag oz;
• Gold production increased 14 per cent to 5,931 Au oz;
• Ore processed increased 6 per cent, with 98,396 tonnes milled.

"Great Panther's 2017 production was consistent with the previous year, however, this was a considerable achievement given the work completed to accommodate the tailings expansion and plant improvements at the Topia mine in the first quarter of the year," stated James Bannantine, president and chief executive officer. "We are also pleased with the recent completion of the permitting process for the phase II tailings-storage facility at Topia. While the regulatory process took longer than we expected, our team did an outstanding job of maintaining operations by extending capacity while improving the state of the existing facility."

                        CONSOLIDATED OPERATIONS SUMMARY      

                                       Q4 2017   Q4 2016     FY 2017     FY 2016

Ore processed (tonnes milled)           98,396    92,869     373,709     376,739
Silver equivalent ounce production   1,065,773   883,772   3,978,731   3,884,960
Silver ounce production                514,218   460,571   1,982,685   2,047,260
Gold ounce production                    5,931     5,206      22,501      22,238
Lead production (tonnes)                   441       213       1,291       1,034
Zinc production (tonnes)                   551       315       1,758       1,496

Silver equivalent ounces for 2017 were calculated using a 70:1 Ag:Au ratio, and 
ratios of 1:0.0559 and 1:0.0676 for the price per ounce of silver to price per pound 
of lead and zinc, respectively.
Silver equivalent ounces for 2016 were calculated using a 70:1 Ag:Au ratio, and 
ratios of 1:0.0504 and 1:0.0504 for the price per ounce of silver to price per pound 
of lead and zinc, respectively.

Guanajuato mine complex

Total metal production in the fourth quarter of 2017 increased by 3 per cent, to 724,643 Ag Eq oz, compared with the fourth quarter of 2016, due to an increase in gold grades and gold recoveries. The increase in the average gold grade was attributed to increased production from San Ignacio which has as a higher gold-to-silver ratio. San Ignacio accounted for 62 per cent of the total ore processed at the GMC in Q4 2017, compared with 59 per cent in Q4 2016.

When compared with the previous full year, total metal production decreased by 3 per cent, to 2,892,068 Ag eq oz. The decrease was attributed to the lower silver grades reflecting lower tonnage mined from higher-silver-grade zones and grade variability in the mineral resource.

                            GMC OPERATIONS SUMMARY

                                     Q4 2017   Q4 2016     FY 2017     FY 2016

Ore processed (tonnes milled)         80,896    81,518     319,964     320,903
Silver equivalent ounce production   724,643   702,351   2,892,068   2,987,074
Silver ounce production              332,203   347,415   1,386,964   1,473,229
Gold ounce production                  5,606     5,071      21,501      21,626   
Ag grade (g/t)                           144       149         151         163   
Au grade (g/t)                          2.48      2.25        2.41        2.43   
Ag recovery (%)                         88.5%     88.7%       89.2%       87.9%  
Au recovery (%)                         87.0%     85.9%       86.9%       86.4%  

Silver equivalent ounces for 2017 and 2016 were calculated using a 70:1 Ag:Au ratio.

Topia mine

Total metal production during the fourth quarter of 2017 increased by 88 per cent, to 341,129 Ag eq oz, compared with the fourth quarter of 2016, mainly reflecting the planned processing suspension that commenced in December, 2016, to complete a plant refurbishment and the addition of a dry-tailings-handling facility.

When compared with the previous year, the total metal production increased by 21 per cent, to a record 1,086,663 Ag eq oz, due to a combination of higher grades and recoveries. The increases in grades and recoveries were achieved from more selective mining and a controlled blending of the run of mine ore with stockpiled ore.

                          TOPIA OPERATIONS SUMMARY 
              
                                     Q4 2017   Q4 2016     FY 2017   FY 2016

Ore processed (tonnes milled)         17,500    11,351      53,745    55,836
Silver equivalent ounce production   341,129   181,421   1,086,663   897,886
Silver ounce production              182,015   113,156     595,720   574,031
Gold ounce production                    325       136         999       612
Lead production (tonnes)                 441       213       1,291     1,034
Zinc production (tonnes)                 551       315       1,758     1,496
Ag grade (g/t)                           352       349         376       354
Au grade (g/t)                          0.95      0.63        0.89      0.56
Ag recovery (%)                         91.8%     88.8%       91.7%     90.4%
Au recovery (%)                         60.8%     59.4%       65.3%     60.6%

Silver equivalent ounces for 2017 were calculated using a 70:1 Ag:Au ratio, and 
ratios of 1:0.0559 and 1:0.0676 for the price per ounce of silver to price per pound
of lead and zinc, respectively.
Silver equivalent ounces for 2016 were calculated using a 70:1 Ag:Au ratio, and 
ratios of 1:0.0504 and 1:0.0504 for the price per ounce of silver to price per pound 
of lead and zinc, respectively. 

As announced last month, the company obtained all permits for the phase II tailings storage facility from the environmental authority and construction has since commenced. In the meantime, tailings continue to be deposited at the phase I facility which has sufficient capacity to allow for an orderly transition to the new phase II TSF.

Outlook

For 2018, production is expected to be in the range of 4.0 million to 4.1 million Ag eq oz (at a 70:1 silver-to-gold ratio). Cash cost per silver ounce and all-in sustaining cost per payable silver ounce guidance for 2018 is $5 (U.S.) to $6.50 (U.S.) and $12.50 (U.S.) to $14.50 (U.S.), respectively. It is cautioned that cash cost and AISC are very sensitive to the Mexican peso foreign exchange rate and metal prices through the computation of byproduct credits.

The focus for 2018 will be to maintain steady and efficient operations in Mexico, while advancing the company's Coricancha mine in Peru to set a platform for production growth in 2019 and 2020. While still in the early stage of evaluation, based upon historic production records, Coricancha has the potential to add three million Ag eq oz of annual production.

Last month, the company announced an updated National Instrument 43-101 mineral resource estimate for Coricancha, which was acquired in June of 2017, and is currently on care and maintenance. The company is completing optimization studies and evaluating alternative mining methods to reduce costs and project risk, and plans to release additional technical studies for the project in the second quarter of 2018.

The company also expects to release an updated National Instrument 43-101 mineral resource estimate for the GMC later this month.

The technical information contained in this news release has been reviewed and approved by Matthew Wunder, PGeo, vice-president, exploration, for the company and the qualified person for the Guanajuato mine complex, the Topia mine and the Coricancha mine under the meaning of NI 43-101. Aspects relating to mining and metallurgy are overseen by Ali Soltani, chief operating officer for Great Panther.

About Great Panther Silver Ltd.

Great Panther Silver is a primary silver mining and exploration company listed on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE American under the symbol GPL. Great Panther's current activities are focused on the mining of precious metals from its two wholly owned operating mines in Mexico: the Guanajuato mine complex and the Topia mine in Durango. The company is also evaluating the restart of the Coricancha mine in Peru, which it acquired earlier this year, and continues to pursue the acquisition of additional mining operations or projects in the Americas.

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