July 23, 2009 (FinancialWire) — Great Panther Resources Limited (TSX: GPR) announced that Wardrop Engineering of Vancouver has delivered an update to the ongoing mineral resource development at the company’s 100% owned Topia Silver-Gold-Lead-Zinc Mine in Durango, Mexico.

The 2009 mineral resource estimate comprises Measured & Indicated Mineral Resources of 173,103 tons at 552g/t silver, 0.99g/t gold, 5.58% lead and 4.83% zinc (5,458,218 silver equivalent ounces) as well as 174,562 tons of 633g/t silver, 1.03g/t gold, 5.10% lead and 3.84% zinc (5,692,957 silver equivalent ounces) in the Inferred category. At current production levels, management considers the new resource to be sufficient for at least a 10 year mine life.

The 2009 mineral resource estimate provides an update for the Argentina vein only, while the estimate delivered by Wardrop in 2006 for some of the other veins on the property came largely from the verification of Penoles’ resources, and are still intact, as mining to date has come from new mine development on these veins (Resources for the “other veins” were estimated by Wardrop using metal prices as reported in the 2006 report).

The 2009 mineral resource estimate has increased over that reported in 2008 mainly due to:

- a re-interpretation of the drill hole data,

- new vein channel sampling data from exploration development on Level 2,

- a correction of the survey of old underground workings to surface topography,

- improved ore grades at Topia (522g/t silver; 0.58g/t gold; 3.26% lead and 4.20% zinc for the year to end of June),

- updated and improved metallurgical recoveries, and

- improved concentrate sales terms,

These contributed to a greater understanding and confidence in the interpretation of the Argentina vein.

The 2009 Argentina mineral resource calculation was based on a minimum NSR value of $US75/ton (75% of total operating costs). This is applicable at Topia since the general and administrative (”G&A”) costs are $US25/ton. Current operating costs for the Argentina vein are $US100/ton 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 2009 Argentina vein mineral resource value assumed:

(1) the June 1, 2009, concentrate sales contracts with Louis Dreyfus Commodities, which are effective until December 31, 2010;

(2) average metal prices for April 2009, typical plant recoveries, and grade capping all shown in Table 1; and

(3) 33% mine dilution.

The improved understanding of, and confidence in, the Argentina mineralization has led directly to a modest improvement in the measured and indicated mineral resource but a dramatic increase in the inferred mineral resource as shown in Table 3. This is largely due to the fact that more drill holes can now be incorporated into the inferred category.

At the current production rate of approximately 30,000 tons per year, and considering that not all resources may be mined, management expects the resources above to support a mine life at Topia of at least 10 more years. Great Panther has already been mining Topia for 3 1/2 years and the mine saw 47 years of continuous production prior to that. The company plans to continue the systematic replacement of annual production with new resources. This “rolling resource” is typical for underground mines as it is often not cost-effective to define a large resource/reserve in advance of mining.

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. As such, the surface drilling is used to determine inferred resources and additional Exploration Potential for the veins. With the increased confidence in the Argentina Vein data, some of the tons previously included as Exploration Potential have been upgraded to the Inferred category. Several other veins on the property have not yet been drilled and are not included in any category.

Exploration Potential has been estimated in-house for only the Don Benito and Argentina veins to demonstrate the potential mineral resources in these areas prior to mine development. According to NI 43-101, Exploration Potential must be reported as ranges and these are presented in the following table. The Exploration Potential is conceptual in nature and based on wide spaced exploration drilling at Argentina, and exploration drilling and two development levels at Don Benito. There has been insufficient exploration to define a mineral resource from these data to date and it is uncertain if further exploration will result in the Exploration Potential being delineated as a mineral resource.

These tonnages include some of the drilling and development completed during the spring of 2008 (see GPR news releases dated February 19, June 2 and June 23, 2008), plus ongoing underground drilling, and could represent another 4-5 years of mine life with further definition. The Argentina vein remains open to expansion at depth and for approximately 500 metres to the east below old mine workings. As well, development and stoping on the Cantarranas (Hormiguera and San Miguel Mines), El Rosario, San Gregorio, and Recompensa veins will lead to future mineral resource estimates. These estimates will be completed after the current surface core drilling program is completed in September 2009, which is focused on down dip continuity below the present development levels of the same veins.

Analysis of mine samples is completed on site, with check assays performed by SGS Minerals Services, in their Guanajuato, Mexico facilities. The company’s QA/QC program includes the regular insertion of blanks, splits and standards into the sample shipments. Aspects of the Topia Mine relating to mining and metallurgy are overseen by Charles Brown, chief operating officer for Great Panther and its wholly owned Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V. . Robert F. Brown, P. Eng. and vice-president of Exploration for Great Panther and MMR is designated as the Qualified Person for the Topia Mine Project under the meaning of NI 43-101, and has reviewed this news release.

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