GREAT PANTHER SILVER LIMITED (TSX: GPR; NYSE Amex: GPL; "Great Panther"; the "Company") has entered into a bought deal financing with a syndicate of underwriters led by Salman Partners Inc and including CIBC World Markets Inc, Stonecap Securities Inc, Dundee Securities Ltd, and Stifel Nicolaus Weisel Canada Inc.

The Company intends to issue 5,000,000 common shares at a price of $4.20 per common share ("Offering Price") for gross proceeds to Great Panther of $21 million (the "Offering"). The Offering is expected to close on or about April 12, 2011, and is subject to regulatory approval.

The Company has granted the underwriters an overallotment option exercisable for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the number of common shares issued pursuant to the Offering at the Offering Price. The common shares will be offered in all provinces of Canada, excluding Quebec, via a short-form prospectus and into the United States on a private placement basis.

The use of proceeds from the Offering will be further described in the final short form prospectus.

Closing of the offering is subject to certain conditions, including but not limited to, receipt of all necessary securities regulatory approvals, including the approval of the Toronto Stock Exchange and the NYSE Amex.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor may any sale of the securities described herein in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold in the United States absent an exemption from registration.

For further information please visit the Company's website at www.greatpanther.com, contact B&D Capital at telephone 604-685-6465, fax 604-899-4303 or e-mail info@greatpanther.com

ON BEHALF OF THE BOARD

"Robert A. Archer"

Robert A. Archer
President & CEO