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Great Panther Silver Reports Third Quarter 2012 Financial Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/14/12 -- Great Panther Silver Limited (TSX:GPR)(NYSE MKT:GPL) ("Great Panther" or the "Company") today reported financial results for the Company's three and nine months ended September 30, 2012. The full version of the Company's financial statements and Management's Discussion and Analysis can be viewed on the Company's website at www.greatpanther.com, or SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in Canadian dollars unless otherwise indicated.

"Great Panther continues to enjoy a strong balance sheet and has made significant investments in our operations in 2012," stated Robert Archer, CEO. "Grade variability continues to be a challenge at both mines, especially at Topia, and is a major focal point for our mine planners in order to reduce our unit cash costs going forward. Quarterly revenue was impacted by lower year-over-year metal prices and a large in-transit shipment of concentrate from Guanajuato, however the latter simply defers revenue recognition until the fourth quarter of 2012."


(in 000s except                                                             
 ounces, amounts                               9 Months     9 Months        
 per share and                                    ended        ended        
 per ounce)       2012 Q3  2011 Q3  Change Sep 30, 2012 Sep 30, 2011  Change
Revenue          $ 15,286 $ 16,278     -6% $     43,350 $     40,298      8%
Gross profit                                                                
 (Earnings from                                                             
 operations)     $  5,791 $  8,320    -30% $     15,887 $     20,884    -24%
Net income       $  1,758 $  3,415    -49% $      6,795 $     12,925    -47%
 EBITDA(1)       $  4,961 $  7,752    -36% $     13,093 $     18,459    -29%
Earnings per                                                                
 share - basic   $   0.01 $   0.03    -67% $       0.05 $       0.10    -50%
Earnings per                                                                
 share - diluted $   0.01 $   0.02    -50% $       0.05 $       0.10    -50%
Silver ounces                                                               
 produced         371,857  343,768      8%    1,106,106    1,140,618     -3%
 produced(2)      592,586  484,550     22%    1,705,974    1,654,719      3%
Silver payable                                                              
 ounces           314,146  364,684    -14%    1,026,192      907,037     13%
Total cash cost                                                             
 per silver                                                                 
 ounce (USD)(1)  $  13.16 $   9.02     46% $      11.22 $      10.34      8%
Average realized                                                            
 silver price                                                               
 (USD)(3)        $  31.92 $  35.38    -10% $      31.61 $      36.36    -13%


--  Revenues for the third quarter of 2012 totalled $15.3 million, a
    decrease of 6% over the same period in 2011 as a result of a decrease in
    both silver equivalent ounces sold and realized metal prices. An in-
    transit shipment of concentrate at the end of the quarter accounted for
    the decrease in ounces sold, representing approximately 108,000 Ag eq oz
    with an approximate revenue value of $3.3 million that will be
    recognized in the fourth quarter of this year. Revenues increased 6%
    over the second quarter of 2012 due to higher metal prices and an
    increase in silver equivalent ounces sold; 

--  Gross profit for the third quarter of 2012 was $5.8 million compared to
    $8.3 million for the same period in 2011. The decrease in gross profit
    is attributable to lower revenues and an increase in cost of sales. The
    increase in cost of sales is attributable to higher site costs at
    Guanajuato and Topia, and lower grades at Topia which resulted in lower
    metal production and higher unit cost of sales. Silver grades at Topia
    were 316g/t for the third quarter of 2012, a 25% decrease from the
    silver grades realized in the third quarter of 2011. While revenues were
    negatively impacted by lower silver, lead and zinc prices compared to
    third quarter 2011, this was partially offset by higher gold production
    at Guanajuato. In addition, higher amortization and depletion charges
    were realized in the quarter as a result of an increased investment in
    mine development and capital equipment over the past year. From the
    second quarter to the third quarter of 2012, gross profit increased by
    $2.0 million, primarily as a result of higher average realized metal

--  Total cash cost per silver ounce for the third quarter of 2012 was
    US$13.16, a 46% increase compared to US$9.02 for the same period in 2011
    and a 15% increase compared to US$11.42 in the second quarter of 2012.
    The increases were primarily due to lower grades at Topia which resulted
    in higher unit production costs, and increased smelting and refining
    charges. These were offset by decreases in cash cost per ounce at the
    Guanajuato mine due to higher by-product revenues from increased gold

--  General and administrative expenses for the third quarter of 2012
    totalled $3.0 million, as compared to $2.0 million for the same period
    in 2011 and $2.1 million for the second quarter in 2012. Both increases
    were primarily the result of $0.7 million in share-based payment expense
    and a $0.2 million capital tax assessment in Mexico related to prior
    years. The comparative periods did not include any share-based payment

--  Net income for the third quarter of 2012 totalled $1.8 million, compared
    to $3.4 million for the same quarter in 2011 and $0.4 million in the
    second quarter of 2012. The decrease from the third quarter in 2011 was
    the result of decreased gross profit of $2.5 million, increases in
    general and administrative expenses of $1.0 million and an increase in
    exploration and evaluation expenses of $0.4 million. These were offset
    by a foreign exchange loss of $0.6 million in the third quarter of 2012,
    which compared to a loss of $3.1 million in the comparative period. The
    increase in net income over the second quarter of 2012 was the result of
    an increase in gross profit of $2.0 million and a decrease in income tax
    expense of $0.2 million, offset by an increase of $0.9 million in
    general and administrative expenses, primarily due to share-based
    payment expenses; 
--  Adjusted EBITDA(4) was $5.0 million for the third quarter of 2012,
    compared to $7.8 million for the same period in 2011 and $3.7 million
    for the second quarter of 2012. The decrease from the third quarter of
    2011 primarily reflects a decrease in gross profit and an increase in
    general and administrative expenses as noted above. The increase from
    the second quarter of 2012 was the result of higher gross profit, partly
    offset by higher general and administrative expenses; 

--  At September 30, 2012 the Company had cash and cash equivalents of $26.8
    million, a decrease of $1.9 million from the quarter ended June 30,
    2012. During the third quarter of 2012 the Company generated net cash
    flows from operating activities of $5.9 million. Net cash outflows from
    investment activities were $7.8 million during the third quarter of
    2012, primarily related to the development of mineral properties,
    capitalized exploration and evaluation, and the purchase of plant and
    equipment relating to the two operating mines. Investment activities for
    the three month period also include the initial cash payment of $1.0
    million for the purchase of the El Horcon Project; and 

--  At September 30, 2012 the Company's net working capital position
    remained strong at $45.9 million, although it constituted a decrease
    compared to $49.9 million at June 30, 2012. The decrease from the prior
    quarter end is accounted for by capital expenditures and increased
    inventories due primarily to the in-transit shipment at the end of the


--  Processed ore increased 9% to 58,307 tonnes compared to the third
    quarter of 2011, and increased 10% over the second quarter of 2012 due
    to a concerted effort to increase production; 

--  Metal production increased 22% to 592,586 silver equivalent ounces ("Ag
    eq oz") compared to the third quarter of 2011 and increased 7% over the
    second quarter of 2012; 

--  Gold production increased 102% to 3,015 ounces compared to the third
    quarter of 2011; 

--  Silver production increased 8% to 371,857 ounces compared to the third
    quarter of 2011; 

--  Cash cost per silver ounce increased 46% to US$13.16 compared to the
    third quarter of 2011 due primarily to increased site labor and
    contractor operating costs; 

--  Processed ore at Guanajuato increased 6% over the third quarter of 2011
    due in part to the move to a seven day work week for the Guanajuato mine

--  Guanajuato ore grades of 188g/t Ag and 2.22g/t Au, or 321g/t Ag eq were
    up 32% over the third quarter of 2011; 

--  Guanajuato achieved strong metallurgical recoveries of 90.9% and 91.9%
    for silver and gold respectively due largely to the addition of a re-
    grind mill earlier in the year; 

--  Ore processed at Topia was up 22% from the third quarter of 2011 to
    14,593 tonnes due to the processing of some of the stockpiled ore from
    the first half of the year; and 

--  Topia ore grades were down 19% to 442g/t Ag eq compared to the same
    period in the prior year. 


--  On August 21, 2012, the Company announced it had signed a definitive
    agreement for the purchase of a 100% interest in certain surface rights
    on its wholly-owned San Ignacio Project in Guanajuato, Mexico. A total
    of 19.4 hectares has been purchased, thereby allowing sufficient space
    for access to and construction of a portal for the development of a
    ramp, for waste dumps, and for auxiliary infrastructure.  

--  On September 5, 2012, the Company completed the purchase of a 100%
    interest in the El Horcon Silver-Gold Project ("El Horcon") in Jalisco
    State, Mexico for total cash consideration of US$1,600,000. El Horcon is
    a past producing mine and the property covers 7,908 hectares in 17
    contiguous mining concessions along the regional Guanajuato structural
    trend. It is located within trucking distance, 60 kilometres northwest
    of the Company's Guanajuato Mine Complex, allowing for the potential to
    become a satellite mine for the Company's Guanajuato operations. 


Based upon continued grade variability and higher smelting and refining charges at both mines, especially at Topia, which have resulted in higher unit operating costs, cash cost per silver ounce guidance has been adjusted to a range of USD$11.00 to USD$12.00 from a range of USD$9.50 to USD$10.50.

2012 Production and Cash Cost                   2012 Guidance  2012 Guidance
 per Silver Ounce Guidance         2011 Actual       Low Case      High Case
Tonnes milled                          216,181        215,000        230,000
Silver Ounces                        1,495,372      1,450,000      1,550,000
Gold Ounces                              8,016         10,000         11,000
Lead Tonnes                                941            900          1,000
Zinc Tonnes                              1,314          1,300          1,500
Silver Equivalent Ounces             2,200,013      2,200,000      2,400,000
Cash costs per silver ounce                                                 
 (USD)                                 $ 10.84        $ 11.00        $ 12.00

With the acquisition of key surface rights at San Ignacio, the Company has applied for the permits required for underground development and permitting is expected to be completed by the first quarter of 2013. The construction of the portal and development of a ramp will commence immediately after the receipt of permits.

Great Panther continues to seek out opportunities to add production in the districts within which it is already operating. Consequently, the Company expects to commence a drill program in the first quarter of 2013 with the goal of delineating a resource at the recently acquired El Horcon Project located 60 kilometres northwest of the Guanajuato mine.


The Company will hold a conference call to discuss the financial results on November 15, 2012, at 7:00 AM Pacific Standard Time, 10:00 AM Eastern Standard Time. Hosting the call will be Mr. Robert Archer, Chief Executive Officer and Mr. Jim Zadra, Chief Financial Officer.

Interested shareholders, analysts, investors and media are invited to join the live conference call by dialing in just prior to the start time.

Dial in number (Toll Free): 1-877-407-9205                                  
Dial in number (International): +1-201-689-8054                             
No passcode is required                                                     

A replay of the teleconference call will be available until November 29, 2012 by dialing the numbers below. In addition, the call will be archived on the Company's website.

Replay number (Toll Free): 1-877-660-6853                                   
Replay number (International): +1-201-612-7415                              
Replay Passcodes (both are required for playback):                          
Account #: 286                                                              
Conference ID #: 401683                                                     


The financial results discussed in this press release have been prepared in accordance with IFRS standards applicable to the preparation of financial information as required for all publicly traded companies in Canada. Readers should note that some comparative figures in this press release and the Company's financial statements and Management's Discussion and Analysis ("MD&A") have been restated to reflect IFRS. Please refer to the Company's Consolidated Financial Statements and MD&A for the year ended December 31, 2011 for a detailed description of the Company's accounting policies under IFRS and for disclosures and reconciliation of the impact of IFRS on previously reported results.


The discussion of financial results in this press release includes reference to EBITDA, Adjusted EBITDA and Cash Cost per Silver Ounce which are non-IFRS measures. The Company provides these measures as additional information regarding the Company's financial results and performance. Please refer to the Company's MD&A for the three and nine months ended September 30, 2012 for a definition and reconciliation of these measures to reported IFRS results.


Great Panther Silver Limited is a profitable, primary silver mining and exploration company listed on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE MKT trading under the symbol GPL. The Company's current activities are focused on the mining of precious metals from its two wholly-owned operating mines in Mexico, including the development stage San Ignacio Project. In addition, the Company is also pursuing acquisition opportunities throughout Latin America to add additional mines to its portfolio of properties. Great Panther's mission is to become a leading primary silver producer by acquiring, developing and profitably mining precious metals.

All shareholders have the ability to receive a hard copy of the Company's complete audited financial statements free of charge upon request. Should you wish to receive Great Panther Silver's Financial Statements or the Annual Report on Form 20-F in hard copy, please contact us at the Company toll free at 1-888-355-1766 or 604-608-1766, or e-mail [email protected].

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 parameters 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, 2011 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.

GREAT PANTHER SILVER LIMITED                                                
(Expressed in thousands of Canadian dollars)                                
September 30, 2012 and December 31, 2011 (Unaudited)                        
                                                September 30,  December 31, 
                                                         2012          2011 
Current assets                                                              
  Cash and cash equivalents                      $     26,827  $     39,437 
  Marketable securities                                    88            80 
  Trade and other receivables                          17,202        14,076 
  Income taxes recoverable                                 58           374 
  Inventories                                           7,844         4,591 
  Prepaid expenses, deposits and advances               1,252         1,732 
                                                       53,271        60,290 
Non-current assets                                                          
  Mineral properties, plant and equipment              60,129        41,946 
  Intangible assets                                       657           708 
                                                 $    114,057  $    102,944 
Liabilities and shareholders' equity                                        
Current liabilities                                                         
  Trade and other payables                       $      7,178  $      6,350 
  Finance lease obligations                                 -           130 
  Current tax liability                                   182             - 
                                                        7,360         6,480 
Non-current liabilities                                                     
  Reclamation and remediation provision                 2,069         2,154 
  Deferred tax liability                                3,500         1,824 
                                                       12,929        10,458 
Shareholders' equity                                                        
  Share capital                                       122,404       121,536 
  Reserves                                              7,444         6,465 
  Deficit                                             (28,720)      (35,515)
                                                      101,128        92,486 
                                                 $    114,057  $    102,944 
GREAT PANTHER SILVER LIMITED                                                
(Expressed in thousands of Canadian dollars, except per share data)         
For the three and nine months ended September 30, 2012 and 2011 (Unaudited) 
                                     Three months ended   Nine months ended 
                                          September 30,       September 30, 
                                         2012      2011      2012      2011 
Revenue                             $  15,286 $  16,278 $  43,350 $  40,298 
Cost of sales                                                               
  Production costs                      7,566     6,581    21,747    16,605 
  Amortization and depletion            1,668     1,377     5,428     2,809 
  Share-based payments                    261         -       288         - 
                                        9,495     7,958    27,463    19,414 
Gross profit                            5,791     8,320    15,887    20,884 
General and administrative expenses                                         
  Administrative expenses               2,199     1,997     6,967     5,228 
  Amortization and depletion               67        36       136        94 
  Share-based payments                    723         -     1,036         - 
                                        2,989     2,033     8,139     5,322 
Exploration and evaluation expenses                                         
  Exploration and evaluation                                                
   expenses                               582       279     1,601       652 
  Share-based payments                     73         -        73         - 
                                          655       279     1,674       652 
Income before the undernoted            2,147     6,008     6,074    14,910 
Finance and other income (expense)                                          
  Interest income                          88       128       364       289 
  Finance costs                            (8)      (17)      (27)     (308)
  Foreign exchange gain (loss)           (614)   (3,143)    2,269    (2,498)
  Other income                             22       331        58       646 
                                         (512)   (2,701)    2,664    (1,871)
Income before income taxes              1,635     3,307     8,738    13,039 
Income tax recovery (expense)                                               
  Current                                (315)      108      (315)     (114)
  Deferred                                438         -    (1,628)        - 
                                          123       108    (1,943)     (114)
Net income for the period           $   1,758 $   3,415 $   6,795 $  12,925 
Other comprehensive income (loss),                                          
 net of tax                                                                 
  Foreign currency translation           (224)     (223)      (30)     (721)
  Change in fair value of available-                                        
   for-sale financial assets                8       (28)        1      (134)
                                         (216)     (251)      (29)     (855)
Total comprehensive income for the                                          
 period                             $   1,542 $   3,164 $   6,766 $  12,070 
Earnings per share                                                          
  Basic                             $    0.01 $    0.03 $    0.05 $    0.10 
  Diluted                           $    0.01 $    0.02 $    0.05 $    0.10 
GREAT PANTHER SILVER LIMITED                                                
(Expressed in thousands of Canadian dollars)                                
For the three and nine months ended September 30, 2012 and 2011 (Unaudited) 
                                     Three months ended   Nine months ended 
                                          September 30,       September 30, 
                                         2012      2011      2012      2011 
Cash flows from operating                                                   
  Net income for the period         $   1,758 $   3,415 $   6,795 $  12,925 
  Items not involving cash:                                                 
    Amortization, depletion and                                             
     accretion expense                  1,735     1,413     5,564     2,903 
    Unrealized foreign exchange                                             
     (gains) losses                      (109)    2,006    (2,443)    2,198 
    Income tax expense (recovery)        (123)     (108)    1,943       114 
    Share-based payments                1,057         -     1,397         - 
    Other non-cash items                  (80)     (111)     (359)       19 
                                        4,238     6,615    12,897    18,159 
  Interest received                        66        93       328       254 
  Interest paid                            (3)       (6)       (6)      (35)
  Income taxes received (paid)            388       318      (146)     (166)
  Net cash from operating activities                                        
   before changes in non-cash                                               
   working capital                      4,689     7,020    13,073    18,212 
  Changes in non-cash working                                               
    Trade and other receivables           713    (3,187)   (3,090)   (4,942)
    Income taxes recoverable              197       (36)      316       (57)
    Inventories                        (2,152)      748    (2,763)   (3,079)
    Prepaid expenses, deposits and                                          
     advances                           2,571       223       480      (628)
    Trade and other payables             (147)     (147)      584       (94)
    Current tax liability                  13      (338)       13        33 
  Net cash from operating activities    5,884     4,283     8,613     9,445 
Cash flows from investing                                                   
    Purchase of intangible assets        (200)     (133)     (426)     (454)
    Purchase of mineral properties,                                         
     plant and equipment               (7,580)   (6,314)  (21,460)  (15,726)
    Proceeds from disposal of                                               
     mineral properties, plant and                                          
     equipment                              -         -        86         - 
    Restricted cash                         -       (14)        -        31 
    Net cash used in investing                                              
     activities                        (7,780)   (6,461)  (21,800)  (16,149)
Cash flows from financing                                                   
    Repayment of capital lease                                              
     obligations                          (13)      (65)     (130)     (287)
    Repayment of promissory notes           -         -         -      (448)
    Repayment of convertible loan                                           
     notes                                  -         -         -       (61)
    Proceeds from exercise of                                               
     options                              157       394       479     2,308 
    Proceeds from exercise of                                               
     warrants                               -       505         -     4,056 
    Issuance of shares for cash, net                                        
     of issue costs                         -         -         -    22,500 
    Net cash from financing                                                 
     activities                           144       834       349    28,068 
Effect of foreign currency                                                  
 translation on cash                      (96)     (342)      228      (257)
Increase (decrease) in cash and cash                                        
 equivalents                           (1,848)   (1,686)  (12,610)   21,107 
Cash and cash equivalents, beginning                                        
 of period                             28,675    36,760    39,437    13,967 
Cash and cash equivalents, end of                                           
 period                             $  26,827 $  35,074 $  26,827 $  35,074 

(1) "Adjusted EBITDA" and cash cost per silver ounce are non-IFRS measures. Refer to the "Non-IFRS Measures" section of the Company's MD&A for a complete definition and reconciliation to the Company's financial statements.

(2) Silver equivalent ounces in 2012 were established using prices of US$28 per oz, US$1,680 per oz, US$0.85 per lb and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates that were produced by the two operations.

(3) Average realized silver price is prior to treatment, refining and smelting charges.

(4) "Adjusted EBITDA" is a non-IFRS measure. Refer to the "Non-IFRS Measures" section of this Press Release and Company's MD&A for a complete definition and reconciliation to the Company's financial statements.

Great Panther Silver Limited
Rhonda Bennetto
Vice President Corporate Communications

Great Panther Silver Limited
Robert A. Archer
Chief Executive Officer
[email protected]

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Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...