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Re: News Release - Thursday, November 01, 2007
Great Panther Commences Phase II Drilling Program on Mapimi
Silver-Lead-Zinc Property
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GREAT PANTHER RESOURCES LIMITED (TSX: GPR) is pleased to announce that
a 5,000 metre Phase II diamond drilling program has commenced on the
Company's Mapimi Project in northeastern Durango State, Mexico. The
Phase II drilling will include several fill-in holes on the La Gloria
zone, for resource estimation purposes, as well as initial testing of
two coincident geological, geochemical, and geophysical anomalies,
namely the Central (Bulls Eye) and North Zones. Wardrop Engineering is
presently conducting an updated NI 43-101 mineral resource estimation,
expected to be completed in December 2007.
Great Panther completed twenty-nine core holes, representing 6,298
metres, during the Phase I drilling program and all were focused on the
La Gloria zone in an effort to confirm, expand, and better delineate
previous reverse circulation and core drilling of Coeur d'Alene Mines
Corp., completed in 1997-98. Data from Coeur's drilling was used by
Wardrop Engineering to estimate the current NI 43-101 Inferred Mineral
Resource on the La Gloria and Las Palmitas Zones (Great Panther news
release September 18, 2006), of 22.3 million ounces of silver
equivalent (Ag Eq), contained in 4,969,800 tonnes at a grade of 59 g/t
Ag, 0.13 g/t Au, 0.81% Pb and 1.31% Zn (139 g/t Ag Eq).
Following up on an early spring 2007 airborne geophysical program, 103
kilometres of grid were cut and surveyed with induced polarization
(I.P.) geophysics. As reported in Great Panther news release dated
September 14, 2007, the results of the geophysics indicated that the La
Gloria zone sits at the southern tip of a 2,000 metre long, by up to
800 metre wide northeast - southwest oriented I.P. anomaly. A second,
more northerly, I.P. anomaly with a length of 1,000 metres, width up to
700 metres and oriented northwest - southeast was also delineated (see
maps on Great Panther's web-site at www.greatpanther.com). A program
of soil geochemistry, rock sampling, and geological mapping is
presently being completed in the grid area, and results are being used
to define targets for drill testing.
The North Zone is characterized by a strong chargeability anomaly,
coincident with the contact between rhyolite and the calcareous
sediments of the Caracol Formation, as well as the contact between
rhyolite and the Aurora Limestone. Adjacent to the chargeability
anomaly are a number of historic pits and adits, exposing waste rock
containing mineralization including pyrite, malachite, azurite,
stibnite and galena. Geochemistry of initial rock samples shows
anomalous results in Au, Ag, Cu, Pb and Zn, though the results of a
more extensive rock sampling program, including hand trenching across
prospective zones, are still pending.
The Central (Bullseye) Zone has been defined as both a strong
aeromagnetic and IP chargeability anomaly and is interpreted as a large
zone of sulphide mineralization associated with a magnetic intrusive
body. Surface mapping, sampling and hand trenching have exposed areas
of in-situ/crackle brecciation anomalous in Au, Ag, Cu, Pb and Zn.
Local mineralization includes pyrite, malachite and galena. Results
from this program are also pending.
The mineralization at La Gloria is associated with hydrothermal
breccias and stockworks related to a cluster of rhyolite domes
intruding sandstones, calcareous siltstones, and limestones of the
Cretaceous Caracol Formation. Similar host rocks, breccias and
mineralization are observed at the Central and North Anomalies, yet
neither has been drill tested. As such, there is significant potential
to add substantially to the resources of the Mapimi Property.
Work to date on the Mapimi Property has been highly encouraging as
drilling confirms and extends known silver-lead-zinc mineralization
while geophysical surveys indicate the potential for several other
similar zones lying under cover of shallow overburden. Great Panther
is earning a 100% interest in the Mapimi Property, subject to a 3% NSR.
The drilling program is being conducted by BDW Drilling of Guadalajara,
Mexico. Robert F. Brown, P.Eng. and Vice-President of Exploration for
Great Panther and its wholly owned subsidiary, Minera Mexicana El
Rosario, S.A. de C.V., is designated as the Qualified Person for the
Mapimi Project under the meaning of NI 43-101 and has reviewed this
news release.
For further information please contact Brad Aelicks or Don Mosher at
telephone 604 685 6465, fax 604 899 4303 or e-mail
info@greatpanther.com.
ON BEHALF OF THE BOARD
"Robert A. Archer"
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 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, 2006 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.
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Copyright (c) 2007 GREAT PANTHER RESOURCES LIMITED (GPR) All rights
reserved. For more information visit our website at
http://www.greatpanther.com/ or send mailto:info@greatpanther.com
Message sent on Thu Nov 1, 2007 at 11:05:37 AM Pacific Time
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