Mr. James Bannantine reports

GREAT PANTHER SILVER INCREASES MINERAL RESOURCE ESTIMATE AT THE GUANAJUATO MINE COMPLEX

Great Panther Silver Ltd. has provided an updated mineral resource estimate for the company's Guanajuato mine complex (GMC) in Guanajuato, Mexico. For the purpose of resource estimation, the GMC includes the operating Guanajuato and San Ignacio mines.

"We are excited to announce an almost doubling of the estimated measured and indicated mineral resource at the GMC to over 13 million silver equivalent ounces," stated James Bannantine, president and chief executive officer. "This is a strong testament to our ability to continue to develop new mineral resources at the GMC and expand its potential. In this regard, we have over 24,000 metres of drilling planned for the GMC in 2018, which we believe will continue to add to the mineral resource inventory."

• Estimated measured and indicated (M&I) mineral resources at the GMC increased 91 per cent from the previous mineral resource (news release of Feb. 21, 2016) to 13,619,794 silver equivalent ounces (AgEq oz) due to increases in both resource categories at both San Ignacio and Guanajuato mines.
• Estimated measured mineral resources at the GMC increased 100 per cent to 11,113,236 AgEq oz from the previous measured mineral resource with San Ignacio mine increasing by 121 per cent to 9,283,955 AgEq oz and Guanajuato mine increasing by 33 per cent to 1,829,281 AgEq oz.
• Estimated indicated mineral resources at the GMC increased 58 per cent to 2,506,558 AgEq oz with San Ignacio mine increasing by 69 per cent to 2,078,368 AgEq oz and Guanajuato mine increasing by 22 per cent to 428,190 AgEq oz.
• Estimated inferred mineral resources at the GMC remain essentially unchanged with 6,997,306 AgEq oz.
• The current mineral resource update includes 54 additional underground drill holes (10,251 metres) at the Guanajuato mine and 41 additional underground drill holes (7,860 metres) at the San Ignacio mine drilled after the Aug. 31, 2016, mineral resource update.
• The methodology used to calculate the 2017 updated mineral resource is consistent with the methodology applied in previous years.

During 2017, exploration at the San Ignacio mine consisted of both surface and underground drilling. This drilling resulted in the extension and continued delineation of the Melladito and Nombre de Dios zones and a significant increase in measured and indicated mineral resources.

At San Ignacio, plans for 2018 include 5,000 metres of surface exploration drilling designed to test the down dip extension of the main productive structures and along the Nombre de Dios structure, and 5,000 metres of underground delineation drilling to upgrade and expand resources in these areas.

At the Guanajuato mine, underground exploration in 2017 was focused on the Cata, Los Pozos, Guanajuatito, San Cayetano, Santa Margarita and Valenciana mining areas. An underground drill program of approximately 14,000 metres is planned for 2018, which will continue to focus on increasing mineral resources in these same areas.

  2017 MINERAL RESOURCE ESTIMATE UPDATE FOR THE GUANAJUATO MINE COMPLEX (1) 
  
Measured                                                                     
Mine            Tonnes  Ag (g/t)        Ag (oz)   Au (g/t)    Au (oz)   AgEq (g/t)     AgEq (oz)

San Ignacio    801,468      142      3,655,447       3.09     79,724          360     9,283,955 
Guanajuato     170,978      227      1,245,568       1.50      8,268          333     1,829,281 
Total measured 972,445      157      4,901,014       2.81     87,991          355    11,113,236
                                                                             
Indicated                                                                    
Mine               Tonnes   Ag (g/t)      Ag (oz)  Au (g/t)   Au (oz)   AgEq (g/t)    AgEq (oz)

San Ignacio       196,949       139      878,805      2.68    16,991          328    2,078,368 
Guanajuato         43,929       215      383,530      1.25     2,088          303      428,190   
Total indicated   240,878       153    1,262,335      2.42    19,079          324    2,506,558 
                                                                             
Measured and indicated                                                       
Mine               Tonnes   Ag (g/t)      Ag (oz)  Au (g/t)   Au (oz)   AgEq (g/t)    AgEq (oz)

San Ignacio       998,417       141    4,534,252      3.01    96,715          354   11,362,323
Guanajuato        214,907       224    1,629,098      1.45    10,356          327    2,257,472 
Total M&I       1,213,324       156    6,163,350      2.74    107,070         349   13,619,794
                                                                             
Inferred                                                                     
Mine               Tonnes   Ag (g/t)      Ag (oz)  Au (g/t)   Au (oz)   AgEq (g/t)    AgEq (oz)

San Ignacio       573,431       130    2,395,220      2.44    44,911          302    5,565,972 
Guanajuato        158,846       136      694,917      2.04    10,432          280    1,431,334 
Total inferred    732,277       131    3,090,137      2.35    55,343          297    6,997,306 
                                                                             
(1) Mineral resource estimates use an effective date of Aug. 31, 2017; and all used a metal 
    price outlook of $17 (U.S.) per ounce silver and $1,300 (U.S.)/oz gold.

Notes for San Ignacio mine mineral resource estimate

(1) Cut-offs are based on the marginal operating costs per mining area being $71 (U.S.)/tonne.

(2) Block model grades converted to U.S. dollar/t value using process plant recoveries of 84
    per cent Ag, 84 per cent Au and net smelter terms negotiated for pyrite concentrates.    

(3) Rock density for Intermediate 2.64 tonnes per cubic metre, Melladito 2.63 t/cubic m, 
    Intermediate BO 2.65 t/cubic m, Nombre de Dios 2.64 t/cubic m, Nombre de Dios 1.5 2.63 t/
    cubic m, Nombre de Dios 2S 2.62 t/cubic m, Nombre de Dios II 2.62 t/cubic m, and Veta 400 
    is 2.66 t/cubic m.

(4) Totals may not agree due to rounding.

(5) Grades in metric units.

(6) Contained silver and gold in troy ounces.

(7) Minimum true width 1.0 m.

(8) Ag:Au ratio of 70.6 was used for AgEq (oz).

Notes for Guanajuato mine mineral resource estimate

(1) Cut-offs are based on the marginal operating costs per mining area being $76 (U.S.)/tonne for 
    Cata, $70 (U.S.)/tonne for Santa Margarita/San Cayetano, $68 (U.S.)/tonne for Los Pozos, $93
    (U.S.)/tonne for Guanajuatito, $80 (U.S.)/tonne for Promontorio and $80 (U.S.)/tonne for 
    Valenciana.

(2) Block model grades converted to U.S. dollar/t value using process plant recoveries of 87 per
    cent Ag, 86.8 per cent Au and net smelter terms negotiated for pyrite concentrates.

(3) Rock density for all veins is 2.68 t/cubic m.

(4) Totals may not agree due to rounding.

(5) Grades in metric units.

(6) Contained silver and gold in troy ounces.

(7) Minimum true width 1.0 m.

(8) Ag:Au ratio of 70.6 was used for AgEq (oz).

The estimates were classified per the CIM Definition Standards on Mineral Resources and Mineral Reserves and, as such, are consistent with the requirements of National Instrument 43-101. The mineral resource estimate was completed under the supervision of Matthew C. Wunder, PGeo, the company qualified person. The mineral resource estimates were completed using MicroMine 3-D geological software, and the inverse distance cubed estimation technique for estimation of grade to each of the block model blocks. The stated mineral resources are a categorized compilation of blocks greater than the marginal operational costs of the various mining areas.

The company's quality assurance/quality control program includes the regular insertion of blanks, duplicates and standards into the sample shipments; diligent monitoring of assay results; and necessary remedial actions. Sample assaying was completed at the independent SGS-GTO lab in Guanajuato, GTO, Mexico. Silver assaying was conducted with AAS12B technique, with overlimits (300 grams per tonne) completed by FAG323. Gold assaying was conducted with FAA313 technique, with overlimits (10 g/t) completed by FAG323. Where necessary, lead, zinc, copper, arsenic and antimony assays were conducted using atomic absorption spectroscopy.

The technical information contained in this news release has been reviewed and approved by Matthew C. Wunder, PGeo, who is the qualified person for the Guanajuato mine complex under the meaning of NI 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 NYSE American 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 and the Topia mine. The company is also evaluating the restart of the Coricancha mine in Peru, which it acquired in 2017, and continues to pursue the acquisition of additional mining operations or projects in the Americas.

We seek Safe Harbor.