Mr. Robert Archer reports

GREAT PANTHER SILVER UPDATES MINERAL RESOURCES AT TOPIA MINE

Great Panther Silver Ltd. has provided an update to the mineral resource estimate (MRE) at the company's 100-per-cent-owned Topia silver-gold-lead-zinc mine operation in Durango, Mexico.

Highlights of the updated mineral resource estimate:

• Measured and indicated (M&I) mineral resources increased by 41 per cent, year over year, to 346,200 tonnes grading 624 grams per tonne (g/t) silver, 1.31 g/t gold, 4.50 per cent lead and 4.19 per cent zinc, containing 11.58 million silver equivalent (AuEq) ounces.
• Inferred mineral resources increased by 29 per cent, year over year, to 357,400 tonnes grading 592 g/t silver, 1.31 g/t gold, 3.44 per cent lead and 3.96 per cent zinc, containing 11.05 million AgEq ounces.

"The significant increase in the Topia mineral resource estimate reflects continual refinements and improvements in our resource model," stated Robert Archer, president and chief executive officer. "The improved modelling, successful in-vein development and better reconciliation between the geological model and actual mine output resulted in an increase in estimated tonnage and contained ounces, in spite of a notable drop in the silver price. In addition, our operations team continues to convert inferred resources to M&I resources through underground development and sampling, underpinning the long mine life at Topia."

                MINERAL RESOURCE ESTIMATE 
Topia mine mineral resource estimate, effective date Nov. 30, 2014

Category                        Tonnage   Ag g/t   Au g/t   Pb %   Zn % 

Total measured                  180,400      606     1.44   4.26  4.52
Total indicated                 165,800      644     1.17   4.75  3.82
Total measured and indicated    346,200      624     1.31   4.50  4.19
Total inferred                  357,400      592     1.31   3.44  3.96

Notes:

1. CIM definitions were followed for mineral resources.
2. Mineral resources are reported using different net smelter return (NSR) 
   cut-off values for the different mines as follows: $167 per ton (U.S.) 
   for the 1522 mine, $197 (U.S.) per ton for Argentina, $153 (U.S.) per
   ton for Durangueno, $189 (U.S.) per ton for Hormiguera, $196 (U.S.) per 
   ton for Recompensa, $173 (U.S.) per ton for El Rosario, and $204 (U.S.)
   per ton for La Prieta.
3. Area-specific bulk densities are as follows: Argentina -- 3.06 tonnes
   per cubic metre; 1522 -- 3.26 tonnes per cubic metre; Durangueno -- 
   3.12 tonnes per cubic metre; El Rosario -- 3.00 tonnes per cubic metre; 
   Hormiguera -- 2.56 tonnes per cubic metre; La Prieta -- 2.85 tonnes per
   cubic metre; Recompensa -- 3.30 tonnes per cubic metre.
4. A minimum mining width of 0.30 metre was used.
5. Mineral resources are estimated using metal prices of: $1,200 (U.S.)
   per ounce Au, $17.00 (U.S.) per ounce Ag, 90 U.S. cents per pound Pb and 
   95 U.S. cents per pound Zn. Silver equivalent calculations used the same 
   metal pricing and 2014 recoveries of 89.9 per cent for Ag, 56.4 per cent 
   for Au, 94.0 per cent for Pb and 92.3 per cent for Zn. Totals may not 
   agree due to rounding.   

                 CONTAINED METAL (ALL VEINS) 

Category           Tonnage      Ag oz     Au oz       Pb lb       Zn lb        AgEq oz 

M&I resource        346,200   6,950,000   14,560   34,320,000   31,950,000   11,580,000
Inferred resource   357,400   6,810,000   15,060   27,140,000   31,240,000   11,050,000

               PERCENTAGE CHANGE 2014 OVER 2013 

Category            2014 AgEq oz   2013 AgEq oz   Change

M&I resource         11,580,000      8,190,000     +41%
Inferred resource    11,050,000      8,560,000     +29%

The updated MRE was classified according to the CIM definition standards on mineral resources and mineral reserves and, as such, is consistent with the requirements of NI 43-101. It has an effective date of Nov. 30, 2014, and replaces the previous estimate completed by Great Panther Silver Ltd. (R.F. Brown and L. Sprigg) in 2013. Reporting delays were caused by challenges relating to the complexity of the multiple vein zones at Topia.

This MRE provides an update for 40 veins from nine mining areas. It is based on an approximate average net smelter return (NSR) cut-off value of $180 (U.S.) per tonne, corresponding to 2014 mining, processing, concentrate shipment and treatment, and general and administrative costs for each mining area. Capping of grades and a minimum true width of 0.30 metre were individually applied to each of the veins making up the summary in the "Mineral resource estimate" table.

While most of the current resource base came from Great Panther's diamond drilling and underground development, the resource estimated for certain veins on the property (for example, Argentina) came largely from the verification of Penoles's sampling on levels that are planned for access in 2015 and later, and are still intact. The majority of Great Panther's mining to date has come from new mine development on veins reported in these estimates. The new total contained metal for the mineral resource categories is shown in the "Contained value (all veins)" table.

Due to the steep topography and the nature of the narrow veins at Topia, surface drilling is typically widely spaced and is used as a guide for underground development by locating and confirming structural continuity and grade, while development by drifting, sampling and some underground drilling along the veins defines the M&I mineral resource. Accordingly, surface drilling is used to determine inferred resources.

The 40 veins or vein segments from which this MRE was derived, were wire framed using Leapfrog software. A minimum 0.30-metre width was set to the wire frames. Geological interpretation of the veins was based on detailed level mapping along the veins, surface and underground drilling, and the insights of the site mine geologist. The block modelling was conducted using MicroMine software and the inverse distance cubed grade estimation method. The grade of samples less than 0.30 metre in length/width was diluted to the minimum true width of 0.30 metre. The NSR calculation was then completed on diluted and capped block model assays.

Analysis of underground mine samples is completed on site, with check assays and drill core sample assays performed by the independent SGS Minerals Services laboratory at the company's Guanajuato mine complex, Mexico. The company's quality assurance/quality control program includes the regular insertion of blanks and standards into the sample shipments, diligent monitoring of assay results and necessary remedial actions. Silver was completed with AAS12B technique, with overlimits (300 g/t) completed by FAG323. Gold was completed with FAA313 technique, with overlimits (10 g/t) completed by FAG323. Lead, zinc, copper, arsenic and antimony assays were completed using atomic absorption spectroscopy. At the Topia mine laboratory, silver, gold, lead, zinc and iron assays are completed using atomic absorption spectroscopy. Silver (300 g/t) and gold (10 g/t) overlimits are completed by fire assay. Robert F. Brown, PEng, and vice-president of exploration for Great Panther Silver and its wholly owned Mexican subsidiary, Minera Mexicana El Rosario SA de CV, is designated as the qualified person for the Topia mine under the meaning of NI 43-101, and has reviewed this news release.

We seek Safe Harbor.