30% Increase In Metal Production 

VANCOUVER, BC - Great Panther reported 2015 production results from its two wholly-owned Mexican silver mining operations: the Guanajuato Mine Complex ("GMC"), which includes the San Ignacio Mine, and the Topia Mine.

2015 Production Highlights: Record annual metal production:  Metal production of 4,159,121 silver equivalent ounces ("Ag eq oz"), a 30% increase; Exceeded 2015 production guidance:  Metal production for the year exceeded the annual guidance, which was increased in the third quarter to 3.8 to 3.9 million Ag eq oz; Record annual silver and gold production:  Silver production increased 25% to 2,386,028 silver ounces ("Ag oz"), while gold production rose 32% to 21,740 gold ounces ("Au oz”); Record tonnes milled:  Ore processed increased 12% to 375,332 tonnes; Fourth Quarter 2015 Production Highlights: Metal production increased 10% to 1,002,584 Ag eq oz; Silver production was up 1% to 553,189 Ag oz; Gold production rose 17% to 5,637 Au oz; Ore processed increased 2% to 94,874 tonnes.

"Continued strong performance in the fourth quarter capped off a transformative year for Great Panther", stated Robert Archer, President & CEO.  "We delivered new annual records for silver, gold, and total metal production and beat our already upwardly revised guidance by about 300,000 Ag eq oz.  The ongoing ramp up in production at San Ignacio, with higher gold grades, was the major factor in this year-over-year increase.  In addition, Topia exceeded one million Ag eq oz for the first time.  Operational efficiencies and grade control improved significantly and I would like to congratulate our entire team for a banner year.  The increase in production at higher grades allowed us to lower our costs substantially such that Great Panther is well-positioned to withstand this period of depressed metal prices and take advantage of future price rises."

Total metal production at the GMC (Guanajuato Mine Complex) during the fourth quarter of 2015 increased by 11%, to 751,927 Ag eq oz, compared to Q4 2014.  When compared to the previous full year, the GMC increased total metal production by 40% to 3,081,258 Ag eq oz, reflecting the ongoing ramp up at San Ignacio.  In addition, the continued increase in throughput, coupled with the higher gold grades at San Ignacio, resulted in a 33% increase in gold production for the year to 21,126 Au oz.

San Ignacio generated 52% of the overall metal production at the GMC in Q4 2015, and 50% of the total ore processed, compared to 20% and 24% in the fourth quarter of 2014, respectively.  The increase at San Ignacio was achieved through expanding production from the wider South Extension zones, which also contributed higher gold grades.

In the fourth quarter 2015, 2,174 meters of surface drilling were completed on the southern extension of the ore zones at San Ignacio with the objective of upgrading the existing mineral resource and guiding continued development.

Topia Mine total metal production in the fourth quarter of 2015 at Topia was 250,657 Ag eq oz, reflecting an increase of 7% compared to the fourth quarter of 2014.  Similarly, metal production for the full year 2015 was 8% higher, at 1,077,863 Ag eq oz.  Both increases were achieved as a result of higher ore grades and slightly higher silver recoveries as well as a strong focus on grade control.