Mr. Robert Archer reports

GREAT PANTHER SILVER REPORTS 13% INCREASE IN THIRD QUARTER 2014 PRODUCTION

Great Panther Silver Ltd. today released third-quarter production results at its two wholly owned Mexican silver mining operations, the Guanajuato mine complex, which includes the new San Ignacio satellite mine, and the Topia mine.

Consolidated third-quarter 2014 operations highlights (compared with third-quarter 2013):

• Achieved record metal production of 890,641 silver equivalent ounces, a 13-per-cent increase;
• Silver production increased 23 per cent to a record 565,965 silver ounces;
• Gold production decreased 11 per cent to 4,200 gold ounces;
• Ore processed rose 16 per cent to a quarterly record of 89,030 tonnes.

"Great Panther delivered continued growth in the third quarter, setting new records for total metal production and silver production as we ramped up the San Ignacio mine," stated Robert Archer, president and chief executive officer. "I would like to congratulate our operations teams for their outstanding efforts, particularly at Guanajuato, where we have achieved a significant recovery from the difficulties experienced earlier in the year. We are tracking to our production guidance of 3.0 to 3.1 million AgEq ounces for the year, and our main focus in the fourth quarter will be to continue to work on improving our efficiencies and lowering costs."

Metal production, in terms of Ag equivalent ounces, increased 13 per cent compared with the third quarter of 2013 and showed a robust 24-per-cent increase over the second quarter of 2014. This was primarily due to the production ramp-up at San Ignacio after initiating commercial production in June. In addition, silver grades improved significantly at Guanajuato over the second quarter of 2014.

              CONSOLIDATED Q3 OPERATIONS SUMMARY
                                                           
                         Q3 2014  Q3 2013     Q3 2014  Q2 2014
Ore processed 
(tonnes milled)           89,030   76,898      89,030   80,964
Silver equivalent ounce
production (1)           890,641  789,250     890,641  718,794
Silver ounce production  565,965  459,924     565,965  420,001
Gold ounce production      4,200    4,695       4,200    3,773
Lead production (tonnes)     259      300         259      302
Zinc production (tonnes)     443      411         443      395

(1) Silver equivalent ounces for 2014 are established using 
prices of $18.50 (U.S.) per ounce, $1,110 (U.S.) per ounce 
(60:1 ratio), 90 U.S. cents per pound and 85 U.S. cents per 
pound for silver, gold, lead and zinc, respectively, and 
applied to the recovered metal content of the concentrates 
produced. 

Guanajuato mine complex

Ore processed at the GMC, which includes San Ignacio, in the third quarter of 2014 was a record 72,047 tonnes, an increase of 19 per cent compared with the same period in 2013 and a 13-per-cent increase compared with the second quarter of 2014. Metal production for the quarter was also a record, at 636,556 Ag equivalent ounces, and represented an increase of 13 per cent and 35 per cent compared with the same period in the prior year and the second quarter of 2014, respectively. As noted previously, the ramp-up of San Ignacio was the primary contributor of growth. In addition, improved silver grades at Guanajuato over the second quarter of 2014 contributed to a more marked quarter-over-quarter increase in metal production.

	
                    GMC Q3 OPERATIONS SUMMARY
																		                                                      
                            Q3 2014  Q3 2013   Q3 2014  Q2 2014
Ore processed 
(tonnes milled)              72,047   60,536    72,047   63,646
Silver equivalent ounce
production (1)              636,556  561,544   636,556  470,589
Silver ounce production     391,979  289,671   391,979  251,687
Gold ounce production         4,076    4,531     4,076    3,648
Ag grade (g/t)                  186      166       186      139
Au grade (g/t)                 1.92     2.54      1.92     1.99
Ag recovery                   90.9%    89.4%     90.9%    88.4%
Au recovery                   91.6%    91.8%     91.6%    89.4%

(1) Silver equivalent ounces for 2014 are established using 
prices of $18.50 (U.S.) per ounce, $1,110 (U.S.) per ounce 
(60:1 ratio), 90 U.S. cents per pound and 85 U.S. cents per 
pound for silver, gold, lead and zinc, respectively, and 
applied to the recovered metal content of the concentrates 
produced. 

In its first full quarter of production, the San Ignacio mine contributed 14,160 tonnes of ore to the Guanajuato plant at mill grades of 131 grams per tonne silver and 2.26 grams per tonne gold. Metal production from San Ignacio accounted for 16 per cent of the overall metal production from the Guanajuato mine complex and included 50,650 Ag ounces and 887 Au ounces, or 103,897 Ag equivalent ounces. This represented an 18-per-cent increase compared with the second quarter of 2014 (the second quarter also included preproduction development ore).

Underground exploration drilling at Guanajuato concentrated on the Santa Margarita vein through a combination of infill and extension drill holes from the 345-, 435- and 475-metre levels. Favourable results from these holes support the development of a new ramp from the 475-metre level to access new production zones in the Veta Madre (San Cayetano area) and Santa Margarita vein systems. Additionally, underground drilling infrastructure was finalized at the deep Cata area, and drilling here is expected to commence early in the fourth quarter of 2014.

Surface diamond drilling at San Ignacio commenced in late September and will focus on expanding and upgrading the mineral resource on the Intermediate, Melladito and Nombre de Dios veins in areas adjacent to the ramp development and along strike to the south.

Topia mine

Ore processed at Topia increased 4 per cent to 16,983 tonnes when compared with the corresponding quarter in 2013 and decreased 2 per cent when compared with the second quarter of 2014. Total metal production increased 12 per cent and 2 per cent compared with the same period in 2013 and the second quarter of 2014, respectively, to 254,085 Ag equivalent ounces. Ore grades were 352 g/t silver, 0.41 gram per tonne gold, 1.62 per cent lead and 2.83 per cent zinc. While silver grades were down slightly from the same quarter the previous year, the increased tonnage led to record silver production of 173,986 ounces. Similarly, the 2-per-cent decrease in throughput compared with the second quarter of this year was more than offset by a 5-per-cent increase in silver grade.

                 TOPIA Q3 OPERATIONS SUMMARY
 
                         Q3 2014  Q3 2013   Q3 2014  Q2 2014
Ore processed
(tonnes milled)           16,983   16,362    16,983   17,319
Silver equivalent ounce
production (1)           254,085  227,706   254,085  248,205
Silver ounce production  173,986  170,254   173,986  168,314
Gold ounce production        124      164       124      125
Lead production (tonnes)     259      300       259      302
Zinc production (tonnes)     443      411       443      395
Ag grade (g/t)               352      358       352      336
Au grade (g/t)              0.41     0.55      0.41     0.40
Ag recovery                90.5%    90.4%     90.5%    89.8%
Au recovery                55.3%    56.4%     55.3%    56.1%

(1) Silver equivalent ounces for 2014 are established using 
prices of $18.50 (U.S.) per ounce, $1,110 (U.S.) per ounce 
(60:1 ratio), 90 U.S. cents per pound and 85 U.S. cents per 
pound for silver, gold, lead and zinc, respectively, and 
applied to the recovered metal content of the concentrates 
produced. 

Release of third-quarter 2014 financial results and conference call

The third-quarter 2014 financial results will be released after market close on Wednesday, Nov. 5, 2014, and a conference call and webcast will be held at 7 a.m. PST (10 a.m. EST) on Thursday, Nov. 6, 2014.

We seek Safe Harbor.