Great Panther Discovers and Develops 3 New Zones at Guanajuato

The discovery and delineation of the three zones described above are a reflection of the concerted and successful efforts of the Company's mine geologists and engineers to fully understand the structural complexity of the Guanajuato mineralized system, to review 400 years of past activities, and to re-evaluate the system in areas of previous exploitation and to depth. The vein widths and grades of the new discoveries are excellent and will allow the Guanajuato operations to further reduce the low cost of producing silver (US$5.06 per ounce Ag, net of by-products in the second quarter).

It is this type of success that gives Great Panther the confidence to embark on its new 3-year growth strategy to increase production to 3.8 million silver equivalent ounces at its two mines by the year 2012. The growth strategy includes an estimated total of 65,000 metres of exploration drilling which will concentrate on defining resources, looking for vein extensions and testing new targets. Based upon previous experience, the discovery cost per ounce is expected to be about US$0.50 or less. The focus will be on deep extensions of the Rayas Clavo, the famous Valenciana Mine, the Cata Clavo, the Guanajuatito Zone and new targets in between the major orebodies along the 4.2 kilometre trend of the Veta Madre structure (see News Release dated Sept. 16, 2009).

Samples were assayed by SGS at the Company's Guanajuato Mine site laboratory. Robert F. Brown, P. Eng and Vice President of Exploration for the Company, is the Qualified Person for the Guanajuato Mine Project, under the meaning of NI43-101, and has reviewed these results. The Company's QA/QC program includes the regular insertion of blanks, duplicates, and standards into the sample shipments.

Great Panther owns a 100% interest in the Guanajuato Mine Complex. Historically, the Guanajuato Mine was one of the largest silver producers in Mexico and encompasses the core of the Guanajuato District, which has produced 1.2 billion ounces of silver and 4.5 million ounces gold.

For further information please visit the Company's website at www.greatpanther.com.

ON BEHALF OF THE BOARD

Robert A. Archer, President & CEO

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements may include but are not limited to the Company's plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parametres as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Annual Report on Form 20-F for the year ended December 31, 2008 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.