Mr. Robert Archer reports

GREAT PANTHER SILVER REPORTS 30% INCREASE IN METAL PRODUCTION FOR 2015 TO RECORD 4.16 MILLION SILVER EQUIVALENT OUNCES

Great Panther Silver Ltd. is providing its fourth quarter and annual 2015 production results from its two wholly owned Mexican silver mining operations: the Guanajuato mine complex, which includes the San Ignacio mine, and the Topia mine.

2015 production highlights (compared with full year 2014)

• Record annual metal production: metal production of 4,159,121 silver equivalent ounces, a 30-per-cent increase;
• Exceeded 2015 production guidance: metal production for the year exceeded the annual guidance, which was increased in the third quarter to 3.8 million to 3.9 million AgEq ounces;
• Record annual silver and gold production: silver production increased 25 per cent to 2,386,028 silver ounces, while gold production rose 32 per cent to 21,740 gold ounces;
• Record tonnes milled: ore processed increased 12 per cent to 375,332 tonnes.

Fourth quarter 2015 production highlights (compared with fourth quarter 2014)

• Metal production increased 10 per cent to 1,002,584 AgEq ounces;
• Silver production was up 1 per cent to 553,189 Ag ounces;
• Gold production rose 17 per cent to 5,637 Au ounces;
• Ore processed increased 2 per cent to 94,874 tonnes.

"Continued strong performance in the fourth quarter capped off a transformative year for Great Panther," stated Robert Archer, president and chief executive officer. "We delivered new annual records for silver, gold and total metal production, and beat our already upwardly revised guidance by about 300,000 AgEq ounces. The ongoing ramp-up in production at San Ignacio, with higher gold grades, was the major factor in this year-over-year increase. In addition, Topia exceeded one million AgEq ounces for the first time. Operational efficiencies and grade control improved significantly, and I would like to congratulate our entire team for a banner year. The increase in production at higher grades allowed us to lower our costs substantially such that Great Panther is well positioned to withstand this period of depressed metal prices and take advantage of future price rises."

                           CONSOLIDATED OPERATIONS SUMMARY       

                                               Q4 2015   Q4 2014    FY 2015    FY 2014

Ore processed (tonnes milled)                   94,874    92,574     375,332     335,199
Silver equivalent ounce production (1) (2)   1,002,584   911,048   4,159,121   3,187,832
Silver ounce production                        553,189   550,010   2,386,028   1,906,645
Gold ounce production                            5,637     4,822      21,740      16,461
Lead production (tonnes)                           278       285       1,198       1,154
Zinc production (tonnes)                           425       406       1,850       1,675

(1) Silver equivalent ounces for 2015 were calculated using a 65:1 Ag:Au ratio, and ratios 
    of 1:0.050 and 1:0.056 for the price/ounce of silver to price/pound of lead and zinc.
(2) Silver equivalent ounces for 2014 were calculated at consistent prices of $18.50 (U.S.) 
    per ounce, $1,110 (U.S.) per ounce (60:1 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 metal production at the GMC during the fourth quarter of 2015 increased by 11 per cent, to 751,927 AgEq ounces, compared with Q4 2014. When compared with the previous full year, the GMC increased total metal production by 40 per cent to 3,081,258 AgEq ounces, reflecting the continuing ramp-up at San Ignacio. In addition, the continued increase in throughput, coupled with the higher gold grades at San Ignacio, resulted in a 33-per-cent increase in gold production for the year to 21,126 Au ounces.

                                GMC OPERATIONS SUMMARY                  

                                             Q4 2015   Q4 2014     FY 2015     FY 2014

Ore processed (tonnes milled)                 79,651    76,839     309,944     267,812
Silver equivalent ounce production (1) (2)   751,927   677,316   3,081,258   2,193,403
Silver ounce production                      394,655   396,284   1,708,061   1,239,009
Gold ounce production                          5,496     4,684      21,126      15,906
Ag grade (g/t)                                   175       178         192         161
Au grade (g/t)                                  2.39      2.07        2.35        2.03
Ag recovery (%)                                87.9%     90.1%       89.2%       89.5%
Au recovery (%)                                89.7%     91.8%       90.2%       90.8%

(1) Silver equivalent ounces for 2015 were calculated using a 65:1 Ag:Au ratio.
(2) Silver equivalent ounces for 2014 were calculated at consistent prices of $18.50 
    (U.S.) per ounce of silver and $1,110 (U.S.) per ounce of gold (60:1 ratio), and 
    applied to the recovered metal content of the concentrates produced.

San Ignacio generated 52 per cent of the overall metal production at the GMC in Q4 2015, and 50 per cent of the total ore processed, compared with 20 per cent and 24 per cent in the fourth quarter of 2014, respectively. The increase at San Ignacio was achieved through expanding production from the wider South Extension zones, which also contributed higher gold grades.

In the fourth quarter 2015, 2,174 metres of surface drilling were completed on the southern extension of the ore zones at San Ignacio with the objective of upgrading the existing mineral resource and guiding continued development.

Topia mine

Total metal production in the fourth quarter of 2015 at Topia was 250,657 AgEq ounces, reflecting an increase of 7 per cent compared with the fourth quarter of 2014. Similarly, metal production for the full year 2015 was 8 per cent higher, at 1,077,863 AgEq ounces. Both increases were achieved as a result of higher ore grades and slightly higher silver recoveries as well as a strong focus on grade control.

                              TOPIA OPERATIONS SUMMARY                

                                             Q4 2015   Q4 2014     FY 2015   FY 2014

Ore processed (tonnes milled)                 15,223    15,735      65,387    67,387
Silver equivalent ounce production (1) (2)   250,657   233,732   1,077,863   994,429
Silver ounce production                      158,534   153,726     677,967   667,635
Gold ounce production                            140       138         614       555
Lead production (tonnes)                         278       285       1,198     1,154
Zinc production (tonnes)                         425       406       1,850     1,675
Ag grade (g/t)                                   357       338         356       343
Au grade (g/t)                                  0.48      0.45        0.48      0.45
Ag recovery (%)                                90.6%     89.9%       90.7%     89.9%
Au recovery (%)                                60.4%     61.4%       60.6%     56.4%

(1) Silver equivalent ounces for 2015 were calculated using a 65:1 Ag:Au ratio, and 
    ratios of 1:0.050 and 1:0.056 for the price/ounce of silver to price/pound of 
    lead and zinc.
(2) Silver equivalent ounces for 2014 were calculated at consistent prices of $18.50 
    (U.S.) per ounce, $1,110 (U.S.) per ounce (60:1 ratio), 90 U.S. cents per pound 
    and 85 U.S. cents per lb for silver, gold, lead and zinc, respectively, and 
    applied to the recovered metal content of the concentrates produced.

Outlook

Given the significant increase in production in 2015 and the continued low metal price environment, the company will primarily focus on operational efficiencies and strong grade control in 2016, and build on the successful achievements in these areas in 2015. In addition, the significant growth in 2015 has brought production levels close to plant capacity at the GMC. As such, consolidated production for 2016 is anticipated to be in the range of 4.0 million to 4.2 million AgEq ounces (using a 70:1 silver:gold ratio), similar to that in 2015.

On Jan. 14, the company announced a theft of explosives at the GMC and that an investigation by the authorities had been initiated. Production has not been affected, but should this matter result in a future disruption that could potentially impact the company's guidance, an appropriate update will be provided at that time.

Although overall production at the GMC is planned to remain at similar levels to 2015, San Ignacio is expected to account for a larger proportion of the throughput. Topia is also expected to produce at similar levels as in 2015.

Consolidated cash costs are anticipated to be in the range of $5 (U.S.) to $7 (U.S.) per ounce of payable silver, while all-in sustaining costs are projected to be $13 (U.S.) to $15 (U.S.) per ounce of payable silver.

Drilling at Guanajuato in 2016 will focus on increasing the resource base at the main Guanajuato mines and at San Ignacio.

The technical information contained in this news release has been reviewed and approved by Robert F. Brown, PEng, and 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 NI 43-101. Aspects relating to mining and metallurgy are overseen by Ali Soltani, chief operating officer for Great Panther.

We seek Safe Harbor.