Great Panther Resources Limited TSX: GPR

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2008) - GREAT PANTHER RESOURCES LIMITED (TSX:GPR) (the "Company") today reported revenues and earnings results for its year ended December 31, 2007.

HIGHLIGHTS

Mine Production & Development

- 2007 earnings from mining operations (before amortization and depletion of mineral properties, plant and equipment) were $1.4 million compared to a loss of $50,000 in 2006.

- 147% increase in mineral sales revenue to $17.5 million for the year ended December 31, 2007 from $7.1 million for the previous year.

- 109% increase in total production for both mines for the year to 1,336,629 ounces of Silver Equivalent (oz of Ag Eq) from 638,860 Ag Eq oz in 2006.

- 29% increase in production at Topia to 625,726 Ag Eq oz from 483,775 Ag Eq oz in 2006.

- 358% increase in production at Guanajuato to 710,903 Ag Eq oz from 155,085 Ag Eq oz in 2006.

Exploration

- New underground development and deep diamond drilling in 2007 and early 2008 at the Guanajuato Mine confirmed the depth extension of high grade gold and silver mineralization below the old workings to a depth of approximately 600 metres.

- Phase I surface drilling during 2007 on the La Gloria zone at the Mapimi Project yielded an upgraded and expanded NI 43-101 compliant global resource base of 28.6 million Ag Eq oz, comprising an Indicated Mineral Resource of 22.3 million Ag Eq oz and an Inferred Mineral Resource of 6.3 million Ag Eq oz.

Corporate

- Management team strengthened during 2007 with appointments of Charles Brown as Chief Operating Officer, Raakel Iskanius as Chief Financial Officer and Ing. Francisco Ramos Sanchez as Vice President of Business Development.

Financial

- Raised $9.4 million from the exercise of options and warrants.

- Positive working capital as of December 31, 2007 of $10.7 million.

- Repaid all debt related to the acquisition of a 100% interest in the Topia Mine.

Selected Financial Data

(CAD$000's)

This summary of selected financial data should be read in conjunction with the management discussion and analysis ("MD&A") of the audited consolidated operating results and financial condition of the company for the three and 12 months ended December 31, 2007 and 2006.

 
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                                        Three Months         Twelve Months
                                               Ended                 Ended
                                         December 31           December 31
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                                    2007        2006       2007       2006
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Revenue                         $  5,267  $    3,876  $  17,487  $   7,069
 
Investment in mineral
 property exploration
 (expensed)(1)                    (1,862)     (2,279)    (6,803)    (3,968)
 
Earnings (loss)                   (6,515)     (7,785)   (19,701)   (15,084)
 
Cash used in operating
 activities                       (3,495)     (3,948)   (12,484)   (11,433)
 
Cash generated by financing
 activities                        6,420       1,330     11,996     21,083
 
Cash invested in mineral
 property costs, plant and
 equipment                           (56)     (1,115)    (3,362)    (5,737)
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                                         December 31,          December 31,
Financial Position                              2007                  2006
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Cash and cash equivalents                      5,358                 9,208
 
Current assets                                12,965                14,755
 
Current liabilities                            2,305                 2,222
 
Working capital                               10,660                12,533
 
Total assets                                  31,053                32,132
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(1) Cumulative mineral property exploration expenditures at December 31,
    2007 are $14.8 million, and are not included in total assets.
 

"We are extremely pleased with our progress during the year on several fronts. Our mineral sales revenue grew to over $17 million, we achieved our first ever mining profit, and most importantly, for the future, the new underground development and drilling activities we have undertaken are showing positive results," stated Kaare Foy, Great Panther's Executive Chairman.

"Both Kaare and I are thankful for all of the hard work that our growing management team has put in over the past year and we look forward to more success as we embark on a new growth phase as an operating and exploration business," added Robert Archer, Great Panther's President and CEO.

Results for the year ended December 31, 2007 may be viewed on SEDAR and the Company's website www.greatpanther.com.

ON BEHALF OF THE BOARD

Robert A. Archer, President & CEO

Kaare G. Foy, Executive Chairman

ABOUT GREAT PANTHER RESOURCES LIMITED

Great Panther's mission is to become a leading primary silver producer by acquiring, developing and profitably mining precious metals in Mexico. We are committed to conducting ourselves with fairness and integrity, and managing all business activities in an environmentally responsible and cost-effective manner, while contributing to the well-being of the communities in which we live and work. Great Panther is one of the fastest growing primary silver producers in Mexico with strong leverage to future rises in the price of silver. The Company owns a 100% interest in two operating mines and two high quality exploration projects in Mexico, and employs almost 600 people. With strong, established local management and infrastructure, Great Panther's immediate goal is to realize positive cash flow through progressively increasing production.