Mr. Robert Archer reports

GREAT PANTHER SILVER ENDS OPTION AGREEMENT FOR CORICANCHA MINE BUT CONTINUES EVALUATION

Great Panther Silver Ltd. has given notice to Nyrstar that the company is ending the option agreement for a 100-per-cent interest in the Coricancha mine in Peru. However, Great Panther is continuing with its evaluation of the project and may still enter into negotiations for the purchase of the mine.

"We have completed a significant amount of evaluation work at the Coricancha mine over the past year," stated Robert Archer, president and chief executive officer. "Based upon the information generated to date, Great Panther's management has determined that the most prudent course of action is not to make the second option payment due on May 18. While this will have the effect of terminating the company's right to exclusivity on the Coricancha property, there is more data to be analyzed over the next few months that may result in further negotiations with Nyrstar towards an outright purchase. Consequently, we will continue with our evaluation until we have sufficient information to make a definitive decision in this regard."

Great Panther is also continuing to seek and evaluate other projects, acquisitions and growth opportunities in the Americas.

We seek Safe Harbor.