Great Panther Announces First Mineral Resource Estimate for Cata Clavo Zone at Guanajuato Mine

Market Wire, June, 2009

GREAT PANTHER RESOURCES LIMITED (TSX: GPR) is pleased to report that Wardrop, a Tetra Tech Company, of Vancouver, B.C., has completed the first NI 43-101 compliant mineral resource estimate on the zone known as the 'Cata Clavo' at the Company's wholly-owned Guanajuato Mine in Guanajuato, Mexico. The new resource estimate of 5,032,000 silver equivalent ounces (Ag eq oz) represents only a very small part of the 4.2 kilometre strike length of the Guanajuato deposit owned by the Company. Other zones, namely Guanajuatito and Rayas, are currently being mined and do not yet have a compliant resource. Further exploratory and delineation drilling are planned for these zones in order to establish additional resources in the future.

The Cata Clavo was the target of Great Panther's deep drilling program in 2008 and is separated into three zones, namely, the Veta Madre, Alto 1, and Alto 2. The upper limit of the Veta Madre zone is set at the floor of the 430 metre level as it has been extensively mined out above this level, and all zones extend at least 100 metres vertically below the 430 metre level. The mineralized zones used in the resource represent only this 100 metre vertical height and a strike length of approximately 150 metres.

Using a cut-off net smelter return value of US$37.50/tonne, the capped indicated mineral resource contains 5,032,000 ounces silver equivalent, while the uncapped indicated mineral resource contains 6,491,000 ounces silver equivalent. Capped inferred resources are estimated at 285,000 ounces silver equivalent.

In order to define the mineral resource, an estimated net smelter return ("NSR") was calculated for each resource block. The NSR assumed metal prices of US$12.50/oz Ag and US$890/oz Au, relevant 2009 concentrate sales contract terms, typical plant performance metal recoveries and concentrate grades, and mining dilution of 15%. Total operating costs for the mining of the Cata Clavo orebody, including mining, milling, and general and administration costs, are currently US$52/tonne. Experience gained from mining the Cata Clavo by the cut-and-fill mining method determined that the appropriate cut-off value for defining the resource be set at $US37.50/tonne NSR. For reference, Wardrop also estimated the resources using a $50.00/tonne NSR cut-off and both are presented in the table below.

The mineral resource estimation utilized geology and assay data from both exploration diamond drill-holes (37 holes at approximately 50-metre centers) and 50 production diamond drill-holes (detailed infill). Capping was applied separately to the exploration and production drill-holes. Assays from the exploration drill-holes were capped at 1,300g/t silver and 7.5g/t gold. Assays from the production drill-holes were capped at 4,000g/t silver and 15.5g/t gold. The impact of capping is negligible on the resource estimates for the Veta Madre and Alto 2 zones, but reduces the grade estimates by more than 45% for the higher grade Alto 1 zone. Since there has been little underground exposure and mining of the Alto 1 vein to date, there is no experience to justify raising the capping values at this time and hence it is considered that there is much upside potential for this vein.

Indicated capped mineral resources at a cut-off NSR value of US$37.50/tonne are estimated to be 351,000 tonnes at grades of 359g/t silver and 1.19g/t gold, while uncapped grades are 462g/t Ag and 1.55g/t Au. The capped estimate contains 4,071,000 oz silver and 13,000 oz gold, or 5,032,000 silver equivalent ounces (Ag eq oz). The uncapped estimate contains 5,239,000 oz silver and 17,000 oz gold, or 6,491,000 Ag eq oz. In addition, capped inferred resources of 24,000 tonnes grading 296g/t silver and 0.98g/t gold are estimated, containing 231,000 oz silver and 765 oz gold, or 285,000 Ag eq oz.

Since early 2008, mine development and stoping, using mechanized cut-and-fill mining, has been carried out in the Veta Madre zone of the Cata Clavo between the 430 and 417 levels (immediately above the mineral resource area). During the 7-month period to the end of April 2009 (effective date of the mineral resource), a total of 19,894 tonnes of ore has been mined from this area at average mill-head grades of 308g/t silver and 1.44g/t gold. In the same period, an additional 16,551 tonnes, with an average grade of 354g/t silver and 1.58g/t gold has been processed from the mining of the Veta Madre zone above the 460 level of the Cata Clavo (within the indicated mineral resource). The ongoing mine development on the three zones generally confirms the Cata Clavo mineral resources and the resultant grades from mining and processing compare favorably to the Wardrop indicated mineral resource grades of 339g/t silver and 0.99g/t gold for the Veta Madre (see table below).

Indicated and inferred mineral resources at the Cata Clavo as estimated by Greg Mosher, P.Geo, qualified person, and reviewed by Gilles Arseneau, PhD, at Wardrop are tabulated below:

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                             CUT-OFF             Ag  Ag CAP     Au  Au CAP
INDICATED                       (US$)  TONNES  (g/t)   (g/t)  (g/t)   (g/t)
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ALTO 2                         50.00   34,000   396     349   1.46    1.43
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ALTO 2                         37.50   39,000   359     318   1.36    1.33
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ALTO 1                         50.00   82,000   883     467   3.26    1.75
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ALTO 1                         37.50   96,000   776     419   2.85    1.55
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MADRE                          50.00  182,000   377     377   1.09    1.09
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MADRE                          37.50  215,000   339     339   0.99    0.99
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TOTAL INDICATED @ $50 NSR             298,000   518     398   1.73    1.31
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TOTAL INDICATED @ $37.50 NSR          351,000   462     359   1.55    1.19
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                             CUT-OFF             Ag  Ag CAP     Au  Au CAP
INFERRED                        (US$)  TONNES  (g/t)   (g/t)  (g/t)   (g/t)
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ALTO 2                         50.00    3,000   518     370   1.58    1.43
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ALTO 2                         37.50    4,000   473     340   1.48    1.35
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ALTO 1                         50.00    6,000   233     233   0.69    0.69
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ALTO 1                         37.50    8,000   209     209   0.62    0.62
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MADRE                          50.00    9,000   389     389   1.25    1.25
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MADRE                          37.50   11,000   340     340   1.10    1.10
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TOTAL INFERRED @ $50 NSR               19,000   366     337   1.14    1.11
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TOTAL INFERRED @ $37.50 NSR            24,000   319     296   1.01    0.98
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