Mr. Robert Archer reports

GREAT PANTHER SILVER EXPANDS SILVER-GOLD MINERALIZATION AT SAN IGNACIO MINE PROPERTY, GUANAJUATO

Great Panther Silver Ltd., in its initial 2011 diamond drilling at the San Ignacio mine property, Guanajuato, has continued to intersect numerous zones of silver-gold mineralization, including the Melladito and Nombre de Dios zones. Accordingly, the company has awarded a contract for the phase II drill program to BDW Drilling and has received environmental permits for additional drill sites. The phase II drilling will consist of approximately 6,700 metres in 18 holes and will continue to test the strike and depth continuity of the mineralization. Applications are being made to permit a third phase of drilling to follow phase II.

Following the success of the first four drill holes (see news releases in Stockwatch dated Oct. 28, Nov. 15 and Dec. 21, 2010), ESI11-005 was angled easterly from the first site to test the southerly strike extent of the mineralization beyond holes ESI10-001 and -002. Hole ESI11-005 intersected five silver-gold mineralized zones, including the Melladito and Nombre de Dios zones, a new Melladito hangingwall zone that assayed 1,404 grams per tonne silver and 5.04 g/t gold over 0.9 metre and a zone between the two principal structures that returned 356 g/t silver and 3.77 g/t gold over 1.75 metres. A plan map showing the location of Great Panther Silver's San Ignacio drill holes, and interpretative cross-sections, are posted on the company website.

Hole ESI11-006 was drilled from a station 150 metres west of the first drill station to test the Plateros vein (the vein that hosted the former San Ignacio mine operation) near surface and the Melladito vein at depth. The most westerly vein intercept, which is not interpreted to be the Plateros vein, but possibly a new zone, returned 175 g/t silver and 1.67 g/t gold over 1.35 metres, while three deeper zones of silver-gold mineralization appear to correlate with the Melladito vein and the new high-grade hangingwall zone intersected in ESI11-005.

The third section of drill holes, including ESI11-007 and 008, was drilled easterly from a site approximately 50 metres north of the set-up for ESI10-003 and -004. Hole ESI11-007 intersected 10 mineralized zones including the Melladito zone that returned 421 g/t silver and 3.08 g/t gold over 3.80 metres, the Nombre de Dios zone that assayed 854 g/t silver and 4.20 g/t gold over 1.45 metres, and a footwall stockwork zone with 824 g/t silver and 2.10 g/t gold over 0.75 metre. Hole ESI11-008, drilled under ESI11-007, intersected three mineralized zones, including the Melladito and the Nombre de Dios zones and a Melladito hangingwall zone that returned 662 g/t silver and 1.75 g/t gold over 0.50 metre. All appear to demonstrate good vertical continuity as they have on the other drill sections. Overall, the mineralization has now been traced by drill core intercepts over a vertical depth of more than 300 metres and a strike length of more than 150 metres.

The company has started the permit application process, including preparation of an environmental impact assessment, in anticipation of a positive decision to establish a mine portal and drive a decline ramp from surface to access the veins for underground mining. During the course of development, any ore from the San Ignacio mine property will be trucked to Great Panther Silver's Guanajuato plant for processing, where the capacity currently exists to double ore throughput.

The San Ignacio mine property covers approximately four kilometres of strike length on the La Luz vein system, which is parallel to, and five kilometres west of, the principal Veta Madre structure that hosts Great Panther Silver's main Guanajuato mines (see map on website).

         HIGHLIGHTS OF DRILL HOLES ESI11-005 TO -008

Hole             From (m)   To (m)  Width (m)  Au (g/t)  Ag (g/t)

ESI-10-005         92.10    93.00       0.90      5.04     1,404
                  119.50   123.00       3.50      2.18        85
                  198.90   200.65       1.75      3.77       356
                  243.85   245.55       1.70      2.49       124
                  247.80   248.55       0.75      6.30       126
ESI-11-006         71.80    73.15       1.35      1.67       175
                  433.85   436.10       2.25      0.39       125
                  469.75   470.35       0.60      4.64       286
                  505.80   506.95       1.15      2.43       168
ESI-11-007        167.80   171.60       3.80      3.08       421
                  212.70   213.30       0.60      2.86       688
                  230.95   233.35       2.40      1.69       655
                  258.00   259.30       1.30      1.03       251
                  262.65   264.10       1.45      4.20       854
                  296.50   298.40       1.90      2.34       198
                  317.20   318.10       0.90      1.10       364
                  346.70   347.20       0.50      1.60       805
                  385.15   385.90       0.75      2.10       824
                  405.60   406.80       1.20      1.63       513
ESI-11-008        205.15   205.65       0.50      1.75       662
                  249.80   250.40       0.60      0.73        60
                  414.60   417.25       2.65      0.83       147

Robert Brown, PEng, and 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 is being conducted at the Guanajuato mine on-site laboratory, independently operated by SGS.

We seek Safe Harbor.