Located in Durango State, Mexico, the Topia Silver Mine was opened in 1952 by Minera Mexicana Peñoles and operated continuously until 1999. The mine produced in excess of 15 million ounces of silver, 18,500 ounces of gold, 48,000 tonnes of lead and 44,500 tonnes of zinc. The Topia Mine acquisition includes a 200 tonne per day mill and complete mining infrastructure.

Historical reserves blocked out by Peñoles in 1988 provide an excellent base to guide resource definition and development work. A highly successful surface drilling program in 2004-05 indicated that the property has significant potential to host additional resources beyond existing mine workings. In addition, the historical tailings pile contains an inferred resource estimated at 1.0 M tonnes grading 70 g/t silver, 0.4 g/t gold, 0.3% lead and 0.7% zinc. Reprocessing of tailings could provide early cash flow while the mine itself is being prepared for the resumption of full-scale mining. Assuming that sufficient resources can be verified, it is the Company's intention to achieve a throughput of 200 tonnes per day by Q2 2006.

In continuing its aggressive growth strategy, Great Panther has signed a letter of intent to acquire a 100% interest in the producing Guanajuato Mines located in Guanajuato State, Mexico. Guanajuato is a world-class mining district with estimates of historical production ranging up to 1,500 million ounces of silver and 7 million ounces of gold. The Main block within the 1017-hectare property contains 25 shafts, 3 of which are still in operation, and hundreds of kilometres of underground workings. The acquisition includes a 1,200 tonne per day mill and extensive mining infrastructure. Historical resource estimates for the existing workings provide an excellent base for a new resource definition, which will begin in conjunction with mill refurbishing and mine rehabilitation in Q4 2005.  Resumption of production at Guanajuato is anticipated in Q1 2006. The exploration potential for continuation of known mineralization and discovery of new zones is considered excellent.

At Great Panther's Virimoa Gold project, located 17 kilometres southwest of the Topia Silver mine, surface sampling and a Phase 1 diamond drilling program have demonstrated that gold-silver-copper-zinc mineralization shows good continuity over substantial widths. The potential to host a large bulk-tonnage gold deposit is considered excellent.

Great Panther is also exploring the San Antonio Gold-Copper property located in Chihuahua State, where multiple high-grade gold-copper+/-silver veins occur within a 14 square-kilometre mineralizing system that has never been explored by modern methods.