VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 10, 2010) - GREAT
PANTHER SILVER LIMITED (TSX:GPR) (the "Company") is pleased to report that a
6,000 metre surface drill program has begun at the Topia Mine in Durango,
Mexico. The program is part of the 65,000 metre drilling campaign announced by
the Company (Sept. 16, 2009) that aims to build Great Panther's resource base
to approximately 40 million silver equivalent ounces by 2012.
A priority for the drilling will be to provide for additional
mineral resources to direct mine development and expansion decisions over the
next several years. As such, 65% of the drilling will focus on strike and depth
extensions of veins with high silver grades. There are also numerous segments
of known veins on the Topia Mine property that are under-explored, and with
minimal drilling may be upgraded to viable exploitation targets. The 6,000 metre
core drilling program is expected to take approximately four months to
complete. A new mineral resource update is scheduled for completion by
September 2010 and is expected to include estimates for 4 to 5 new vein
segments, to complement the mineral resource on the Argentina vein (see July
21, 2009 news release).
The priority targets to guide development over the next several
years will be the Recompensa vein (Recompensa Mine), Cantarranas vein
(Hormiguera and Descubridora Mines), La Prieta vein (La Prieta Mine), Madre
Alto veins (El Ochenta Mine), San Gregorio vein (San Gregorio Mine), and the El
Rosario vein (El Rosario Mine). Many of the drill holes targeted at the above
mines will be within 50 metres below and 100 metres along strike of present
development. In all, approximately 55 core holes will be completed in the drill
campaign.
Various under-explored targets include the 1,500 metre eastern
extension of the Argentina vein (El Condor and Manzanillas areas), the upward
extension of the Don Benito vein between 1,650 and 1,750 metres elevation in an
area of historical workings, and the Hipolito and La Dura veins (Las Trancas
area). The drilling will be completed by HD Drilling of San Luis de Potosi,
Mexico using a man-portable hydra-core rig to provide easier access on the
steep mountain terrain around Topia. With a few exceptions, the drill holes
will all be less than 200 metres in length.
Mineral resource estimations will commence on all viable areas upon
the completion of drilling. Added mineral resources will play an important role
in the Company's plans to increase production by 20% per year from 2010 to
2012. Dependent upon drill results, the Company foresees mineral resource estimations
for another four to five Topia area mines by September 2010.
Topia operations produced 661,000 silver equivalent ounces (Ag Eq
Oz) in 2009 from processing 30,000 tonnes of ore grading more than 500 grams
per tonne silver. It reported measured and indicated resources totaling
5,458,218 Ag Eq Oz and Inferred Resources of 5,692,957 Ag Eq Oz. Topia
production is planned to increase to 1.1 million Ag Eq Oz within three years
with the expected increase in mineral resources.
Robert F. Brown, P Eng. and Vice President of Exploration for the
Company is the Qualified Person for the Topia Mine, under the meaning of NI
43-101. A full QA/QC program will be followed including the regular insertion
of splits, blanks, and standards into the core sampling sequence. Aspects
of all mines relating to mining and metallurgy are overseen by Charles Brown, Chief Operating Officer for Great Panther and its Mexican subsidiary, Minera
Mexicana El Rosario, S.A. de C.V.
For further information, please visit the Company's website
at www.greatpanther.com.
ON BEHALF OF THE BOARD
Robert A. Archer, President & CEO
This news
release contains forward-looking statements within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
forward-looking information within the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements may
include but are not limited to the Company's plans for production at its
Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico,
the overall economic potential of its properties, the availability of adequate
financing and involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements expressed or
implied by such forward-looking statements to be materially different. Such
factors include, among others, risks and uncertainties relating to potential
political risks involving the Company's operations in a foreign jurisdiction,
uncertainty of production and cost estimates and the potential for unexpected
costs and expenses, physical risks inherent in mining operations, currency
fluctuations, fluctuations in the price of silver, gold and base metals,
completion of economic evaluations, changes in project parameters as plans
continue to be refined, the inability or failure to obtain adequate financing
on a timely basis, and other risks and uncertainties, including those described
in the Company's Annual Report on Form 20-F for the year ended December 31,
2008 and reports on Form 6-K filed with the Securities and Exchange Commission and
available at www.sec.gov and Material Change Reports filed with the Canadian
Securities Administrators and available at www.sedar.com.
Standard & Poor's Listed
SEC 20-F Statement Filed