Great Panther Silver Updates Mineral Resources at Topia Mine

GREAT PANTHER SILVER LIMITED(TSX:GPR)(NYSE MKT:GPL) (the "Company") announces thatRoscoe Postle Associates Inc.("RPA") ofVancouver, B.C.has delivered an update to the ongoing mineral resource development at the Company's 100% owned Topia Silver-Gold-Lead-Zinc Mine inDurango, Mexico. The 2012 Measured & Indicated ("M & I") Mineral Resources total 156,000 tonnes at 806g/t silver, 1.47g/t gold, 6.48% lead and 4.29% zinc (5.60 million silver equivalent ounces). In addition, RPA estimates 273,000 tonnes of 837g/t silver, 0.8g/t gold, 5.7% lead and 3.9% zinc (9.54 million silver equivalent ounces) in the Inferred category.

"The updated resource estimate at Topia reflects a more robust model and a better reconciliation with what has actually been mined," statedRobert Archer, CEO. "Although the total number of ounces is reduced from the last estimate in 2011, we have greater confidence in the current model and there is still a lot of drilling to be done in the future, whereby we are confident that we can add those ounces back in again."

The estimates were classified according to the CIM Definition Standards on Mineral Resources and Mineral Reserves and, as such, are consistent with the requirements of NI43-101. The estimates replace those completed by RPA in 2011 for theArgentinaand various other veins on the property. The breakdown for the 2012 RPA mineral resource estimates on the Topia property is given in Table 1 below. The estimate has decreased over that reported in 2011 (see Company news releaseMarch 7, 2011and Tables 1 and 2), however a direct comparison of the present and past RPA mineral resources is not accurate due to differing metal prices and minimum Net Smelter Return ("NSR") values between the two dates. Nonetheless, the overall percentage decrease is shown in Table 3 below.

Aside from normal mine depletion, the decrease in mineral resources can be attributed to a combination of factors, some of which resulted in some pre-existing resource blocks being dropped out of the model. For example, 1) changing metal prices and less silver equivalent contribution from base metals, 2) increased costs and cut-off NSR, 3) increasing the mining dilution provision in the NSR calculation from 50 to 100%, 4) better reconciliation guiding metal capping, 5) a lowering of conversion factors for Inferred Mineral Resource estimations, and 6) fill-in drilling in the Argentina East block demonstrated insufficient continuity of mineralization, which resulted in a portion of Inferred Mineral Resources from this area being removed. This overall decrease has been partially countered by some excellent exploration successes at El Rosario,San Pablo, Oxi, Oxidada, and Higueras. The mineral resource estimates as reported herein are non-diluted.

The 2012 RPA mineral resource estimate provides updates for the following veins:Argentina(west, central, east, and footwall portions in theArgentina Mine),Santa Cruz,Don Benito(north, south, intermediate, and west veins in the 1522 and Crucero 9N Mines), Recompensa, Intermediate and Oliva (Recompensa and Rincon Mines), Cantarranas (Hormiguera Mine),San JorgeandSan Miguel(San Miguel Mine),San Gregorio(San Gregorio, Mina 7, and Durangueno Mines), El Rosario, and La Prieta veins, plus new mineral resource estimates for the Oxidada, Oxi, Higueras, andSan Pabloveins (allDurangueno Mine).

The effective date for the resource isJune 30, 2012, with delays being caused by scheduling issues and challenges relating to the complexity of the multiple vein zones at Topia. The estimate was based on a minimum NSR value ofUS$170/tonne (corresponding to the H1 2012 mining, processing costs, and 50% of the general and administrative ("G&A") costs). This is applicable at Topia since the G&A costs areUS$39/tonne. Operating costs for theTopia Mineveins, as of the effective date, wereUS$151/tonne ore mined and processed, and any additional resources to the mining plan would require no increase in G&A costs and reduced unit mining costs. The 2012 RPA mineral resource estimate assumed (1) actual concentrate transport, and smelter treatment and refining charges in effect through 2012; (2) RPA long term estimates of metal prices as of Q4, 2012 and typical plant recoveries for 2012 (see Table 1); and (3) minimum true width of 0.3 metres. Capping was individually applied to each of the veins making up the summary in Table 1.

While most of the current resource base came fromGreat Panther Silver'sdiamond drilling and underground development, the resources estimated in certain veins (e.g.Argentina) on the property came largely from the verification of Peñoles' sampling, on levels that are planned for access later in 2013 and are still intact. The majority ofGreat Panther Silver'smining to date has come from new mine development on veins reported in these estimates. There is lesser production from other veins that are not included in this update and these may be estimated in future resource updates. The new total contained metal for the mineral resource categories is shown in Table 2 below.

Table 1. 2012 Summary Mineral Resource Update:

Notes:

1. Specific gravity used varies from vein to vein.
2. Totals may not agree due to Rounding.
3. Tonnages and grades in metric units.
4. Contained silver and gold in troy ounces.

Table 2. Contained metal (all veins):

Table 3. Percentage change 2012 over 2011:

Due to the steep topography and the nature of the narrow veins at Topia, surface drilling is typically widely spaced and is used as a guide for underground development by locating and confirming structural continuity and grade, while development by drifting, sampling and some underground drilling along the vein defines the measured and indicated mineral resources. Accordingly, the surface drilling is used to determine inferred resources.

Areas of interest for the summer 2013 Topia Mine surface drill program will be the Oliva vein (west portion) and, in the same area, the eastern portion of the Recompensa vein and several intermediate veins of interest noted in the 2010 program. Also more detailed drilling on the Higueras,San Pablo, and Oxidada veins, and along with strike extensions of the El Rosario vein will continue to better define theTopia Minemineral resources.

Analysis of mine samples is completed on site, with check assays performed by SGS Minerals Services in the Company'sGuanajuato, Mexicolaboratory. The Company's QA/QC program includes the regular insertion of blanks, splits and standards into the sample shipments.Robert F. Brown, P. Eng. and Vice-President of Exploration forGreat Panther Silverand its wholly owned Mexican subsidiary,Minera Mexicana El Rosario, S.A. de C.V., is designated as the Qualified Person for theTopia Mine Projectunder the meaning of NI 43-101, and has reviewed this news release.