GREAT PANTHER SILVER LIMITED (TSX: GPR; NYSE American: GPL) (“Great Panther”; the “Company”) announces production results for the first quarter (“Q1”) 2018 from its two wholly-owned Mexican silver mining operations: the Guanajuato Mine Complex (“GMC”), which includes the San Ignacio Mine, and the Topia Mine in Durango.

First Quarter 2018 Production Highlights (Compared to First Quarter 20171)

  • Consolidated metal production increased 42% to 1,031,937 silver equivalent ounces (“Ag eq oz”)
  • Silver production increased 35% to 491,063 silver ounces (“Ag oz”)
  • Gold production increased 13% to 5,831 gold ounces (“Au oz”)
  • Ore processed increased 17% to 96,869 tonnes milled

“Great Panther’s first quarter production improved significantly compared to the first quarter last year when the Topiaplant was suspended for planned upgrades”, stated James Bannantine, President & CEO. “To date in 2018, our Mexican operations are performing steadily, with production in line with annual guidance, and we are continuing to make progress on the technical evaluation of the Coricancha Mine in Peru.”

Consolidated Operations Summary Q1 2018 Q1 2017 Change Q1 2018 Q4 2017 Change
Ore processed (tonnes milled) 96,869 82,456 17% 96,869 98,396 -2%
Silver equivalent ounce production2 1,031,937 727,372 42% 1,031,937 1,065,773 -3%
Silver ounce production 491,063 364,995 35% 491,063 514,218 -5%
Gold ounce production 5,831 5,177 13% 5,831 5,931 -2%
Lead production (tonnes) 433 n/a 433 441 -2%
Zinc production (tonnes) 533 n/a 533 551 -3%

(1) The Topia processing plant underwent upgrades in Q1 2017 and there was no processing during Q1 2017.
(2) Silver equivalent ounces were calculated using a 70:1 Ag:Au ratio, and ratios of 1:0.0559 and 1:0.0676 for the price/ounce of silver to price/pound of lead and zinc, respectively.

Guanajuato Mine Complex

In Q1 2018, total metal production for the GMC was 695,909 Ag eq oz, which represents a 4% decrease compared to both the fourth quarter (“Q4”) 2017 and Q1 2017.  The decrease was mainly attributed to lower tonnes milled and lower silver grades.  The lower tonnes milled are in part a reflection of the higher proportion of harder ores from the San Ignacio mine, which reduced processing capacity.  The lower average silver grade was due to the lower tonnage and grades mined from the Guanajuato mine, which has higher silver grades than the San Ignacio mine.  In addition, the silver grades from the Guanajuato mine were affected by variability in the mineral resource.  These factors were partly offset by improved gold grades and recoveries.

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GMC Operations Summary Q1 2018 Q1 2017 Change Q1 2018 Q4 2017 Change
Ore processed (tonnes milled) 78,919 82,456 -4% 78,919 80,896 -2%
Silver equivalent ounce production1 695,909 727,372 -4% 695,909 724,643 -4%
Silver ounce production 304,863 364,995 -16% 304,863 332,203 -8%
Gold ounce production 5,586 5,177 8% 5,586 5,606 0%
Ag grade (g/t) 135 155 -13% 135 144 -6%
Au grade (g/t) 2.50 2.30 9% 2.50 2.48 1%