Mr. James Bannantine reports

GREAT PANTHER SILVER REPORTS THIRD QUARTER 2017 PRODUCTION RESULTS

Great Panther Silver Ltd. has provided production results for the third quarter (Q3) 2017 from its two wholly owned Mexican silver mining operations: the Topia mine in Durango and the Guanajuato mine complex (GMC), which includes the San Ignacio mine.

Third quarter 2017 production highlights (compared with third quarter 2016)

• Consolidated metal production increased 13 per cent to 1,080,483 silver equivalent (AgEq) ounces.
• Silver production increased 4 per cent to 532,803 silver ounces.
• Gold production increased 8 per cent to 5,848 gold ounces.
• Lead and zinc production increased 78 per cent and 74 per cent, respectively.
• Ore processed decreased 1 per cent, with 94,080 tonnes milled.

"Great Panther delivered good production results in the third quarter. The results are consistent with the previous quarter and fall in line with the company's annual guidance," stated James Bannantine, president and chief executive officer. "The increase in gold production compared to the second quarter 2017 is a direct result of the improved gold grades and recoveries."

                         CONSOLIDATED OPERATIONS SUMMARY       

                                               Q3 2017   Q3 2016     Q3 2017   Q2 2017

Ore processed (tonnes milled)                   94,080    95,282      94,080    98,576
Silver equivalent ounce production (1) (2)   1,080,483   953,632   1,080,483 1,102,290
Silver ounce production                        532,803   510,491     532,803   569,229
Gold ounce production                            5,848     5,423       5,848     5,543
Lead production (tonnes)                           442       248         442       405
Zinc production (tonnes)                           562       324         562       638

(1) Silver equivalent ounces for 2017 were calculated using a 70:1 Ag:Au ratio, and 
    ratios of 1:0.0559 and 1:0.0676 for the price/ounce of silver to price/pound of 
    lead and zinc, respectively.

(2) Silver equivalent ounces for 2016 were calculated using a 70:1 Ag:Au ratio, and 
    ratios of 1:0.0504 and 1:0.0504 for the price/ounce of silver to price/pound of 
    lead and zinc, respectively.


    

Guanajuato mine complex

Total metal production for the GMC was 755,008 AgEq ounces, which represents a modest 1-per-cent increase over the previous quarter, but a decrease of 4 per cent, when compared with the same quarter in the previous year. The decrease is attributed to lower tonnes milled due to narrower than anticipated veins at the San Ignacio mine and lower silver grades. These factors were partly offset by improved gold grades and recoveries.

                         GMC OPERATIONS SUMMARY               

                                         Q3 2017   Q3 2016   Q3 2017 Q2 2017

Ore processed (tonnes milled)             76,076    81,602    76,076  80,535
Silver equivalent ounce production (1)   724,630   755,008   724,630 715,423
Silver ounce production                  341,636   383,598   341,636 348,130
Gold ounce production                      5,471     5,306     5,471   5,247
Ag grade (g/t)                               155       164       155     150
Au grade (g/t)                              2.54      2.36      2.54    2.32
Ag recovery (%)                            89.8%     88.9%     89.8%   89.5%
Au recovery (%)                            88.1%     85.8%     88.1%   87.2%

(1) Silver equivalent ounces for 2017 and 2016 were calculated using a 70:1 
    Ag:Au ratio.

Topia mine

Total metal production decreased 8 per cent over the previous quarter due to lower silver grades and recoveries than anticipated. Compared with the third quarter of 2016, production increased 79 per cent, as metal production for the third quarter of 2016 was negatively impacted by two temporary plant shutdowns.

All tailings continued to be deposited at the phase I tailings storage facility (TSF) while the company continues the regulatory process to obtain the phase II permit from Semarnat (the Mexican environmental permitting agency).

                           TOPIA OPERATIONS SUMMARY                

                                             Q3 2017 Q3 2016   Q3 2017 Q2 2017

Ore processed (tonnes milled)                 18,004  13,680    18,004  18,041
Silver equivalent ounce production (1) (2)   355,853 198,624   355,853 386,867
Silver ounce production                      191,167 126,892   191,167 221,099
Gold ounce production                            377     117       377     296
Lead production (tonnes)                         442     248       442     405
Zinc production (tonnes)                         562     324       562     638
Ag grade (g/t)                                   362     322       362     414
Au grade (g/t)                                  0.97    0.49      0.97    0.74
Ag recovery (%)                                91.1%   89.7%     91.1%   92.0%
Au recovery (%)                                67.1%   54.3%     67.1%   68.6%

(1) Silver equivalent ounces for 2017 were calculated using a 70:1 Ag:Au ratio, 
    and ratios of 1:0.0559 and 1:0.0676 for the price/ounce of silver to 
    price/pound of lead and zinc, respectively.

(2) Silver equivalent ounces for 2016 were calculated using a 70:1 Ag:Au ratio, 
    and ratios of 1:0.0504 and 1:0.0504 for the price/ounce of silver to 
    price/pound of lead and zinc, respectively.

Outlook

The company is maintaining its guidance of 4.0 million to 4.1 million AgEq ounces (based on a 70:1 silver:gold ratio) for 2017.

As at the date of this release, the company has not yet received final approvals for the Topia phase II tailings facility. After meeting certain conditions, a formal application was submitted in July with the expectation that a formal response would be received within 60 business days of filing. Since the filing, there has been a lapse in a deadline for one aspect of the application: the environmental assessment study (IP), which now requires resubmission with the inclusion of expanded technical information. The company plans to file this by mid-October. A response to the resubmitted IP and the overall permitting is expected within two months of filing.

The company believes that it will be able to obtain the permit for the phase II tailings facility at Topia without interruption of operations, however, the deposition of dry tailings on the phase I TSF cannot continue indefinitely and the company cannot provide complete assurance that a disruption can be avoided.

The company is also maintaining its previously issued cash cost and all-in sustaining cost (AISC) guidance for 2017 of $5 (U.S.) to $6 (U.S.) per payable silver ounce, and $14 (U.S.) per $16 (U.S.) per payable silver ounce, respectively (1).

The company is currently working on an updated mineral resource estimate for the recently acquired Coricancha mine complex (CMC) in Peru, which is on care and maintenance. The updated mineral resource estimate is now expected to be completed in the current quarter.

The technical information contained in this news release has been reviewed and approved by Robert F. Brown, PEng, who is the qualified person (QP) for the Guanajuato mine complex, the Topia mine and the Coricancha mine complex 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.

About Great Panther Silver Ltd.

Great Panther Silver is a primary silver mining and exploration company listed on the Toronto Stock Exchange trading under the symbol GPR and on the New York Stock Exchange Market under the symbol GPL. Great Panther's current activities are focused on the mining of precious metals from its two wholly owned operating mines in Mexico: the Guanajuato mine complex, which includes the San Ignacio mine; and the Topia mine in Durango; and on advancing the development of the Coricancha mine complex in Peru. The company's activities also include the pursuit of additional mining opportunities in the Americas.

(1) Cash cost and AISC are non-IFRS (international financial reporting standards) measures. Refer to the non-IFRS measures section of the company's management's discussion and analysis for an explanation of these measures and reconciliation to the company's reported financial results in accordance with IFRS. As these are not standardized measures, they may not be directly comparable with similarly titled measures used by others.

We seek Safe Harbor.