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Re: News Release - Friday, September 14, 2007
Great Panther Outlines Expansive Geophysical Anomalies and
Updates Phase 1 Drilling Program on Mapimi Silver-Lead-Zinc
Property
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GREAT PANTHER RESOURCES LIMITED (TSX: GPR) is pleased to announce that
Phase I of the Company's integrated exploration program on the Mapimi
Project (formerly Km 66) in northeastern Durango State, Mexico has
outlined kilometre-scale geophysical targets in addition to the growing
silver-lead-zinc resource being delineated by diamond drilling.
Twenty nine core holes, representing 6,298 metres, were completed in
the Phase I program on the Mapimi Project with Phase II drilling
anticipated to commence in mid-October. Drilling has so far focused
primarily on the La Gloria zone and results of the first 19 holes were
released on April 16 and May 9, 2007. A parallel zone, called Las
Palmitas, lies roughly 100 metres to the west and contains a small
resource while the third batch of ten core holes (SK07-020 to SK07-029
totaling 2,449 metres) discovered a similar parallel zone 100 metres to
the east. The latter, named La Gloria East, was located using the Aero
Quest airborne magnetic survey data and to date contains somewhat
erratic mineralization, but is still open to the north.
Highlights of the third batch of drill holes in the Phase I drilling
program include 166 g/t silver equivalent (Ag Eq) over 19.46 metres in
hole SK07-020; 107 g/t Ag Eq over 36.60 metres and 256 g/t Ag Eq over
55.60 metres in hole SK07-028; and 110 g/t Ag Eq over 47.52 metres and
147 g/t Ag Eq over 13.00 metres in hole SK07-029, all in La Gloria,
while La Gloria East returned slightly lower grades over narrower
intervals. The last ten holes of the program continued to intersect
multiple mineralized intervals within La Gloria and several of the
holes were drilled on the fringes of the mineralization, in order to
determine its limits. Additional details of the intersections,
including individual assays for silver, gold, lead and zinc are
presented in the table of results below and an updated map of the
various mineralized zones can be found on the Company's website at
www.greatpanther.com.
Results from the entire 29-hole Phase I drill program are now being
used to update and expand the existing NI 43-101 Inferred Mineral
Resource (Great Panther news release September 11, 2006), of 22.3
million ounces of silver equivalent, 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).
This resource was calculated by Wardrop Engineering from previous data
on the La Gloria and Las Palmitas Zones only, so it is anticipated that
the additional holes into these zones plus the discovery of La Gloria
East will result in a significant increase in the size of the resource.
The 550 line kilometre airborne survey completed over the property
earlier in 2007 outlined a number of features interpreted to reflect
large zones of hydrothermal breccia. One of these features contains
the zones of known silver-lead-zinc mineralization, which is hosted in
brecciated sediments adjacent to rhyolite dykes. In the La Gloria East
Zone, the rhyolite itself is mineralized. Recognizing the extensive
nature of these magnetic features (most more than 1,000 metres in
diameter), Great Panther contracted Peter Walcott and Associates Ltd.
of Vancouver to conduct an induced polarization (IP) geophysical survey
focused over the known mineralized zones and the priority airborne
magnetic features. In addition, the size of the property was enlarged
by staking from the previous 3,508 hectares to approximately 15,000
hectares (the exact area will be determined upon receipt of the formal
concession titles) as these are district-scale features.
A total of 103 line kilometres of ground IP has now been completed over
four kilometre-scale targets identified from the airborne magnetics.
The La Gloria zones (including Las Palmitas and La Gloria East) show up
as distinct IP anomalies; a magnetic high, dubbed the Bulls-Eye Zone,
is overprinted by a much larger, 2000 metre long by up to 800 metre
wide, chargeability high; and a northern magnetic feature is associated
with a fairly linear 1000 metre long IP anomaly. The fourth airborne
magnetic feature, west of the La Gloria zone did not return any
significant IP results. Preliminary ground follow-up of these
anomalous zones has revealed Au, Ag and Pb mineralization in outcrop
over the Bulls-Eye Zone while visible Cu and Pb mineralization have
been sampled over the North Anomaly (assays pending). It is interesting
to note that the mineralization at La Gloria sits at the southern tip
of the extensive Bulls-Eye Anomaly and is reflected by only modest IP
readings.
Highlights of recent drilling include:
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Ag
From To Length Au Ag Pb Zn Eq
Hole No. Zone (m) (m) (m) (g/t) (g/t) % % (g/t)
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SK07-020 La Gloria 3.02 22.48 19.46 0.11 36 0.53 1.75 166
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La Gloria
East 151.95 160.04 8.09 0.04 35 0.41 0.41 68
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SK07-021 La Gloria
East 18.20 25.65 7.45 0.34 65 0.47 0.44 104
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and 151.80 161.60 9.80 0.07 3 0.05 0.79 60
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SK07-022 La Gloria
East 192.5 198.73 6.23 0.05 39 0.07 0.97 100
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and 207 209.45 2.45 0.07 32 0.06 2.45 197
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SK07-023 La Gloria 96.50 101.55 5.05 0.03 15 0.18 0.55 55
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and 106.00 121.15 15.15 0.01 2 0.03 0.75 54
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SK07-024 La Gloria 52.70 60.25 7.55 0.06 36 0.93 0.49 89
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SK07-025 La Gloria 150.68 156.46 5.78 0.01 1 0.00 1.63 113
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and 175.00 179.94 4.94 0.27 20 0.80 0.60 88
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and 188.00 191.80 3.80 0.44 28 0.86 0.84 118
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SK07-026 La Gloria
East 60.35 69.61 9.26 0.05 23 0.50 0.81 88
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SK07-028 La Gloria 0.00 36.60 36.60 0.21 65 0.87 0.39 107
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and 36.60 92.20 55.60 0.06 4 0.09 3.63 256
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and 135.00 148.18 13.18 0.13 14 0.50 1.13 106
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SK07-029 La Gloria 3.00 50.52 47.52 0.12 98 1.11 0.02 110
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and 55.20 68.20 13.00 0.04 7 0.09 2.01 147
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La Gloria
East 184.40 189.25 4.85 0.19 23 0.12 1.22 111
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and 254.50 262.54 8.04 0.10 17 0.18 0.58 62
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- Silver equivalent ounces (Ag Eq Oz) were calculated using prices of
US$600/oz for gold, US$12.00/oz for silver, US$0.60/lb for lead, and
US$1.50/lb for zinc and recoveries of 70%, 76%, 80% and 80%,
respectively.
Great Panther management is highly encouraged by the Phase I program.
The close coincidence of magnetic and IP anomalies with mineralization
at the La Gloria zones, and the apparent association between geophysics
and surface mineralization within two other very large targets bodes
well for continued exploration success. Geological mapping,
accompanied by rock and soil sampling is continuing and results will be
compiled and interpreted in advance of the Phase II drill program
wherein these anomalies will be tested. Plan maps showing the outline
of mineralized zones, airborne magnetic features, IP anomalies, and
drill hole locations are posted on the Great Panther website.
The drilling program was conducted by BDW Drilling of Guadalajara,
Mexico and all core samples were sent to SGS Labs in Durango for
analyses. QA/QC includes the inclusion of standard and blank samples,
along with duplicates into the sample stream, and the use of a second
assay lab, ALS Chemex, for check assays. 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 Fri Sep 14, 2007 at 10:17:41 AM Pacific Time
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