Great Panther Silver Announces $21 Million Bought Deal Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 24, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

GREAT PANTHER SILVER LIMITED GPR(NYSE Amex:GPL) ("Great Panther"; the "Company") has entered into a bought deal financing with a syndicate of underwriters led by Salman Partners Inc and including CIBC World Markets Inc, Stonecap Securities Inc, Dundee Securities Ltd, and Stifel Nicolaus Weisel Canada Inc.

The Company intends to issue 5,000,000 common shares at a price of $4.20 per common share ("Offering Price") for gross proceeds to Great Panther of $21 million (the "Offering"). The Offering is expected to close on or about April 12, 2011, and is subject to regulatory approval.

The Company has granted the underwriters an overallotment option exercisable for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the number of common shares issued pursuant to the Offering at the Offering Price. The common shares will be offered in all provinces of Canada, excluding Quebec, via a short-form prospectus and into the United States on a private placement basis.

The use of proceeds from the Offering will be further described in the final short form prospectus.

Closing of the offering is subject to certain conditions, including but not limited to, receipt of all necessary securities regulatory approvals, including the approval of the Toronto Stock Exchange and the NYSE Amex.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor may any sale of the securities described herein in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold in the United States absent an exemption from registration.

ON BEHALF OF THE BOARD

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, 2010 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.