Mr. Robert Archer reports

GREAT PANTHER SILVER REPORTS FIRST QUARTER 2015 PRODUCTION RESULTS

Great Panther Silver Ltd. has released its production results for the first quarter of 2015 at its two wholly owned Mexican silver mining operations, the Guanajuato mine complex (GMC), which includes the new San Ignacio satellite mine, and the Topia mine.

First quarter 2015 consolidated production highlights (compared with fourth quarter and first quarter 2014):

• Metal production increased 8 per cent and 48 per cent, respectively, to a record 987,887 silver-equivalent ounces.
• Silver production rose 9 per cent and 61 per cent, respectively, to a record 597,111 silver ounces.
• Gold production decreased 2 per cent and rose 28 per cent, respectively, to 4,703 gold ounces.
• Ore processed increased 7 per cent and 37 per cent, respectively, to a quarterly record of 99,252 tonnes.

"Great Panther's mines had an excellent start to the year, setting several new records for metal produced and ore processed, and putting us on track to meet our annual guidance," stated Robert Archer, president and chief executive officer. "These records primarily reflect the continuing ramp-up at San Ignacio as well as a 17-per-cent quarter-over-quarter increase in metal production at Topia. The larger-than-normal increases compared to Q1 of last year were also influenced by the reduced output in that quarter due to the illegal mining activities at Guanajuato. San Ignacio is now producing at a rate of about 370 tonnes per day and represented 30 per cent of metal production at the GMC in the first quarter of this year compared to 20 per cent in the fourth quarter of 2014. We anticipate the ramp-up at San Ignacio to continue as we expand into the new South extension zone discovered last fall."

       
                            CONSOLIDATED Q1 OPERATIONS

                                               Q1 2015       Q1 2014       Q4 2014

Ore processed (tonnes milled)                   99,252        72,631        92,574
Silver-equivalent ounce production             987,887       667,349       911,048
Silver ounce production                        597,111       370,668       550,010
Gold ounce production                            4,703         3,666         4,822
Lead production (tonnes)                           279           308           285
Zinc production (tonnes)                           441           431           406

(1) Silver-equivalent ounces for 2015 are calculated using a 65-to-1 
silver-to-gold ratio, and ratios of 1 to 0.050 and 1 to 0.056 for the price/ounce 
of silver to lead and zinc price/pound.
(2) Silver-equivalent ounces for 2014 were calculated at consistent prices of 
$18.50 (U.S.) per ounce, $1,110 (U.S.) per ounce (60-to-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

Total ore processed during the first quarter at the GMC was a record 82,026 tonnes, representing an increase of 48 per cent compared with the same period in 2014. Metal production for Q1 2015 was also a record, at 713,371 AgEq ounces, and represented an increase of 74 per cent compared with the same period in the prior year. This was primarily due to the positive contribution of San Ignacio since production began in June, 2014, but also reflected the elimination of illegal mining activities, which negatively impacted production at Guanajuato in Q1 2014. Plant throughput and metal production increased 7 per cent and 5 per cent, respectively, over Q4 2014, reflecting the continuing ramp-up at San Ignacio.

       
                             GMC Q1 OPERATIONS SUMMARY  
 
                                                Q1 2015       Q1 2014      Q4 2014

Ore processed (tonnes milled)                    82,026        55,280       76,839
Silver-equivalent ounce production              713,371       408,942      677,316
Silver ounce production                         417,770       199,059      396,284
Gold ounce production                             4,548         3,498        4,684
Ag grade (g/t)                                      177           128          178
Au grade (g/t)                                     1.92          2.19         2.07
Ag recovery (%)                                   89.7%         87.3%        90.1%
Au recovery (%)                                   89.9%         90.1%        91.8%

(1) Silver-equivalent ounces for 2015 are calculated using a 65-to-1 
silver-to-gold ratio, and ratios of 1 to 0.050 and 1 to 0.056 for the price/ounce 
of silver to lead and zinc price/pound.
(2) Silver-equivalent ounces for 2014 were calculated at consistent prices of 
$18.50 (U.S.) per ounce, $1,110 (U.S.) per ounce (60-to-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.

At San Ignacio, production was initiated on the wider South extension of the Melladito vein while continuing to increase from previously prepared stopes on the Intermediate vein. As a result, San Ignacio accounted for 30 per cent of the metal production at the GMC in the first quarter of 2015 and represented a 64-per-cent increase compared with the fourth quarter of 2014.

During the first quarter of 2015, silver grades recovered substantially compared with the same period of 2014 and were relatively consistent when compared with the previous quarter.

Gold grades were slightly lower at the GMC when compared with the same period last year and the fourth quarter of 2014. The shortfall is attributed primarily to local grade variability at San Ignacio and in the gold-rich Santa Margarita zone of Guanajuato. The higher grades expected in the South extension at San Ignacio have not yet made an impact.

At San Ignacio, exploration and development were focused in the South extension in support of further definition of the new ore zones discovered in late 2014. Underground drilling at Guanajuato was conducted at the Valenciana mine to explore the Veta Madre and two footwall zones. The drilling results are under review and further follow-up is expected in the second quarter of 2015.

Topia mine

Ore processed at Topia was consistent with the corresponding quarter last year, but increased 9 per cent to 17,225 tonnes when compared with the fourth quarter of 2014. Record metal production of 274,515 AgEq ounces in the first quarter 2015 represented increases of 6 per cent and 17 per cent, respectively, compared with the first and fourth quarters of 2014.

Topia achieved the new quarterly production record due to a combination of operational improvements that yielded better silver grades and improved recoveries. Efforts at the mines were directed at dilution control and placement of new development headings into production. At the plant, two new flotation cells were placed into operation.

      
                              TOPIA Q1 OPERATIONS SUMMARY  
 
                                                  Q1 2015        Q1 2014       Q4 2014

Ore processed (tonnes milled)                      17,225         17,351        15,735
Silver-equivalent ounce production                274,515        258,407       233,732
Silver ounce production                           179,341        171,609       153,726
Gold ounce production                                 155            168           138
Lead production (tonnes)                              279            308           285
Zinc production (tonnes)                              441            431           406
Ag grade (g/t)                                        357            344           338
Au grade (g/t)                                       0.44           0.56          0.45
Ag recovery (%)                                     90.8%          89.4%         89.9%
Au recovery (%)                                     63.5%          53.8%         61.4%

(1) Silver-equivalent ounces for 2015 are calculated using a 65-to-1 silver-to-gold 
ratio, and ratios of 1 to 0.050 and 1 to 0.056 for the price/ounce of silver to lead 
and zinc price/pound.
(2) Silver-equivalent ounces for 2014 were calculated at consistent prices of $18.50 
(U.S.) per ounce, $1,110 (U.S.) per ounce (60-to-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.

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 Topia mine 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 SA de CV.

We seek Safe Harbor.