Great Panther Resources Limited has combined experienced management, access to capital and high quality projects in Mexico. Silver and gold prices gained 26% and 21% respectively in 2003 and GPR intends to leverage this through the acquisition and development of high quality silver and gold projects.

Great Panther Resources Limited    GPR   (TSVX)

Great Panther's Mexican subsidiary is Minera Mexicana el Rosario S.A. de C.V.

Topia Mine Project, Durango. Independent engineering evaluation by MineStart Management Ltd. of North Vancouver has recommended that the Company exercise its option to acquire a 100% interest in the property and proceed with the strategic development for the resumption of mining. In addition, the evaluation recommends an operations evaluation of the mill for safety, maintenance, equipment characteristics, controls and capacity limitations and of the tailings system for stability, operating characteristics and capacity.  The engineering evaluation included an examination and analysis of Peñoles’ past production records of the mine, field measurements and sampling of the tailings pile, and metallurgical test work at PRA Labs in Vancouver, which led the author, Bryan Slim, P.Eng., to estimate the tailings to be an inferred resource of one million tonnes at 70 g/t silver and 0.4 g/t gold, 0.3% lead and 0.7% zinc. The recovery potential, apart from lead, is in excess of 75%. Mr. Slim recommends, “such a resource should be examined for early cash flow while mine reserves are being developed”. Composite assay grades from the 2004 exploration drilling were noted to show good similarity to the 38 year average mill feed of 437 g/t silver, 0.87 g/t gold, 3.0% lead and 4.2 % zinc for which Peñoles achieved overall recoveries of 86, 55, 94 and 85% respectively.

San Antonio Project, Chihuahua. San Antonio lies within the well-known Guadalupe y Calvo Mining District in southwest Chihuahua. The Company can earn a 100% interest in four core claims by making staged cash payments over 3 years totaling US$1,130,000 with no NSR and no work commitments. GPR has initiated the input of historical mine records, areas of historical reserve estimation and the 2004 drilling results into a 3D interactive data base in order to identify areas for further investigation for reserve potential. Although Peñoles’ historical reserve estimates do not conform to NI 43-101, Great Panther is using them as guidance in underground development. The Company is also revising its cash flow analyses and production forecasts with the goal of commencing the reprocessing of tailings material as soon as possible, followed by the processing of primary ore from the mine as production stopes are developed. The project is road accessible and is about 8 hours driving time from the City of Hidalgo del Parral and 10 hours from Chihuahua City. The closest town, Baborigame, lies 25 kilometres away and contains most basic supplies. The project can be worked year-round.

Estimates of historical production for the Guadalupe y Calvo District range from 1.2 million ounces of gold and 8 million ounces of silver (reference CRM 1994) to 2 million ounces of gold and 28 million ounces of silver (Buchanan, 1981) - neither of which conform to NI43-101 standards. Great Panther's San Antonio Project covers 10,091 hectares and contains a large mineralizing system that may be related to a nearby intrusive. High-grade gold-copper veins covering a 3km2 area are evidence of the intensity of the mineralization and have been mined on a small scale. Preliminary sampling of the Sary Vein has returned values up to 31.7g/t (0.9 oz/t) Au and 2.97% Cu over 0.9 metres. Detailed sampling of the Santo Niño Vein returned 7.75g/t Au over an average width of 3.03 metres and a strike length of 25 metres.

Between the veins lies an extensive stockwork zone that the Company believes has significant bulk tonnage potential. The intense argillic and iron oxide alteration in this zone has produced a large colour anomaly that can be followed on surface. In addition, the strong copper-to-gold ratio and high sulphide content make this target amenable to both geochemical and geophysical exploration techniques. Notwithstanding all of this, the San Antonio Property has never been explored by modern methods and, more particularly, never drilled.  Following the signing and registering of the formal option agreements, work on the project commenced in April of 2004. Great Panther's 2004 exploration program will consist of geological mapping and sampling, prospecting, soil sampling, geophysics and diamond drilling. The first phase of mapping and sampling will place emphasis on delineating the veins along strike and determining the extent of the stockwork zone. Diamond drill targets will be defined for follow up in late summer.  A large claim, surrounding the others, has been staked by Great Panther's Mexican subsidiary, Minera Mexicana el Rosario, and is owned 100% by the Company.

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