Mr. Robert Archer reports

GREAT PANTHER SILVER CORRECTS YEAR OVER YEAR COMPARISON IN MINERAL RESOURCE ESTIMATES AT THE GUANAJUATO MINE COMPLEX

Great Panther Silver Ltd. has provided a correction to its Jan. 29, 2015, news release entitled, "Great Panther Updates Mineral Resource Estimate at the Guanajuato mine complex." A transposition error resulted in the incorrect computation of the percentage changes, year over year, in the resources as reported in the aforementioned news release. There was no error in the reported 2014 resource estimates. The updated mineral resource estimate reported for 2014 at the Guanajuato mine complex in Guanajuato, Mexico, including updates on the Guanajuato and San Ignacio mines and the El Horcon project, remains unchanged. The summary table of the 2014 mineral resource estimate for the GMC can be found on the news release mentioned above.

From the last mineral resource estimate for the GMC (effective date July 31, 2013), the measured and indicated classification decreased by 2 per cent (minus 117,100 silver equivalent ounces) rather than the 37-per-cent increase reported previously. The inferred mineral resource decreased by 35 per cent (minus 4,149,250 silver equivalent ounces) rather than the 22-per-cent decrease previously reported. Both categories were impacted by the use of lower metal prices in the current update.

The mineral resource estimates were classified according to the CIM Definition Standards on Mineral Resources and Mineral Reserves and, as such, are consistent with the requirements of National Instrument 43-101. The mineral resource estimates were completed by Robert Brown, PEng, qualified person.

The company's 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. Sample assaying was completed at the independent SGS-GTO lab in Guanajuato, Mexico. Silver assaying was completed with AAS12B technique, with overlimits (300 grams per tonne) completed by FAG323. Gold assaying was completed with FAA313 technique, with overlimits (10 grams per tonne) completed by FAG323. Where necessary lead, zinc, copper, arsenic and antimony assays were completed using atomic absorption spectroscopy.

The technical information contained in this news release has been reviewed and approved by Robert F. Brown, PEng, vice-president of exploration for the company, who is the qualified person for the Guanajuato mine complex and the mineral resource estimates under the meaning of National Instrument 43-101. Aspects relating to mining and metallurgy are overseen by Ali Soltani, chief operating officer for Great Panther and its Mexican subsidiary, Minera Mexicana El Rosario S.A. de C.V.

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