Great Panther Silver Updates Drilling Results for San Ignacio Property, Guanajuato; Grants Stock Options to New Personnel

Great Panther Silver Ltd. (TSX: GPR; AMEX: GPL) provided an update today on a further 12 surface diamond drill holes from their ongoing program at the Company’s wholly-owned San Ignacio Project in Guanajuato, Mexico. Drill-holes ESI11-039 to ESI11-050, inclusive, were drilled from section 450N to section 700N, confirming vein continuity with mineralized vein widths of up to nine metres, and in-filling the Intermediate zone extension to the south, and defining the Nombre de Dios zone. Assays from drill core continue to demonstrate higher gold:silver ratios than at the main Guanajuato Mine.

Highlights of the Intermediate zone drilling include 213g/t silver and 5.12g/t gold over a true width of 3.26 metres, and 201g/t silver and 6.34g/t gold over a true width of 4.96 metres in ESI11-039 (section 450N).

Presently, and through to February 2012, the drill rig is completing fill-in holes to upgrade the mineral resource estimate, anticipated near the end of the second quarter of 2012. A second drill will be added to the project in the first quarter 2012 to expand the drilling south of section 450N for approximately 800 metres, northwards of section 900N for approximately 300 metres, and to initially test a 600 metre strike portion on the southern San Antonio claim.

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