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Enter Symbol
or Name
USA
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Great Panther Silver Ltd
Symbol GPR
Shares Issued 139,541,040
Close 2014-10-29 C$ 0.86
Market Cap C$ 120,005,294
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Great Panther drills 7.45m of 1,133 g/t Ag at Ignacio

2014-10-30 08:35 ET - News Release

Mr. Robert Archer reports

GREAT PANTHER SILVER INTERSECTS 7.45 METRES ASSAYING 1,133G/T SILVER AND 6.86G/T GOLD IN SAN IGNACIO MINE SURFACE DRILL PROGRAM

Great Panther Silver Ltd. has released results of high-grade gold and silver intercepts from the first six holes in the current surface diamond drill program at its San Ignacio satellite mine. Results are highlighted by a 7.45-metre (5.26-metre true width) intersection of 1,133 grams per tonne (g/t) silver and 6.86 g/t gold in hole ESI14-120. This zone contained a 0.5-metre section of mineralization that assayed 11,951 g/t silver and 48.2 g/t gold, the highest assays ever received from the San Ignacio property.

The first hole in the program, ESI14-117, returned an intercept of 244 g/t silver and 7.42 g/t gold over 8.95 metres (7.75 metres true width), while hole ESI14-118 returned 130 g/t silver and 4.94 g/t gold over 7.70 metres (6.98 metres true width), both in the Intermediate vein. These holes appear to represent the southerly strike extension of the mineralization in 2013 hole ESI13-106 that returned 24.60 metres (15.81 metres true width) of 263 g/t silver and 7.27 g/t gold.

"This is an exceptional start to the drill program," stated Robert Archer, president and chief executive officer. "While we were confident of extending the mineralization to the south of the existing resource block, many of these intercepts are of grades and widths better than those within the mineral resource estimate for the Intermediate vein."

The current 3,500-metre surface drill program commenced early in October and is focused on the Intermediate and Melladito veins south of the present mineral resource block for 300 metres, and under historic workings dating back to the 19th century. The six holes drilled to date (see the associated table and updated longitudinal sections on the company's website) have extended the mineralization for 130 metres south of the existing resource block. In addition, the southerly extension of the Nombre de Dios vein will be tested, and some fill in of the Nombre de Dios II vein will be completed. The known strike extent of the veins on the property is approximately 4,000 metres so there is still significant expansion potential beyond this program. A second drill has been added in order to finish the program before year-end.

The San Ignacio mine entered commercial production in June as a satellite operation to the main Guanajuato mine. It is currently operating at approximately 200 tonnes per day, with ore being trucked 22 kilometres to the company's Cata processing plant. As mineralization is close to surface, access and mine development is provided by a main ramp with auxiliary production levels. The closest of the new exploration holes, ESI14-117, is only about 45 metres south and at the same elevation as the existing production level. Consequently, these new results can be used for follow-up underground drilling and development in 2015.

 
                       DRILL RESULTS
                                      True                  
                 From         Width  width    Au     Ag   AgEq
Drill hole ID     (m)  To (m)   (m)    (m) (g/t)  (g/t)  (g/t)

ESI14-117      132.75  141.70  8.95   7.75  7.42    244    689
including      137.75  141.20  3.45   2.99 11.25    262    936
ESI14-117      150.90  151.90  1.00   0.97  5.85    257    608
ESI14-118      143.25  150.95  7.70   6.98  4.94    130    426
including      143.25  143.85  0.60   0.54 10.33    205    825
including      145.25  149.35  4.10   3.72  6.27    158    534
ESI14-118      159.30  160.35  1.05   0.99  3.33     83    283
ESI14-119      101.60  104.10  2.50   2.35  2.97    139    318
including      101.60  102.10  0.50   0.47  7.58    129    584
ESI14-119      107.85  108.60  0.75   0.61  2.66     31    191
ESI14-120      118.90  126.35  7.45   5.27  6.86  1,133  1,545
including      121.85  126.35  4.50   3.18 10.11  1,787  2,394
including      122.90  124.95  2.05   1.45 17.66  3,740  4,799
including      123.55  124.05  0.50   0.35 48.24 11,951 14,845
ESI14-120      128.75  129.95  1.20   0.20  1.67     97    197
ESI14-121      106.60  107.80  1.20   0.98  2.44    108    254
ESI14-122      108.45  110.50  2.05   1.93  4.34    273    533
including      108.45  110.00  1.55   1.46  5.42    301    626

Robert F. Brown, PEng, and vice-president of exploration for the company, is the qualified person for the San Ignacio mine and has reviewed these results. The company's QA/QC (quality assurance/quality control) program includes the regular insertion of blanks, duplicates and standards into the sample shipments; diligent monitoring of assay results; and necessary remedial actions.

We seek Safe Harbor.

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