* Q4 EPS $0.01 vs $0.01 yr ago

* Q4 rev up 40 pct to $13.8 mln

* Q4 silver production 385,022 ounces

* Sees 2011 silver production at 1.94 mln ounces

March 16 (Reuters) - Great Panther Silver posted a 25 percent decline in net income, hit by higher mining costs and production below forecast, but said it expects to ramp up output this year.

In 2011, the miner expects to produce 1.94 million ounces of silver, up from the 1.5 million ounces it produced in 2010.

In the fourth quarter, it earned $800,000, or a cent per share, on revenue of $13.8 million.

Great Panther said it produced 385,022 ounces of silver in the quarter at a total cash cost of $8.41 an ounce, which was 75 percent more than last year.

Shares of the company opened up over 5 percent at C$3.94 on Wednesday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar; Editing by Joyjeet Das) (abhiram.nandakumar@thomsonreuters.com; abhiram.nandakumar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: abhiram.nandakumar.thomsonreuters.com@reuters.net)