Great Panther Commences Drilling at Guanajuato Mine.

VANCOUVER, British Columbia -- GREAT PANTHER RESOURCES LIMITED (TSX VENTURE:GPR) ("the Company") is pleased to announce that the Phase II diamond drilling program at its Guanajuato Mine Property in Guanajuato, Mexico will commence immediately.

The surface drilling program, comprising a minimum of 3,500 metres in twenty holes, is designed to test three separate areas along 4 kilometres of strike length along the Veta Madre. In particular, the drill program will follow-up on the successful drilling at Guanajuatito, in the northwest part of the property, as well as test the Animas, and Garrapata areas, farther along strike to the southeast. Several additional holes will be kept in reserve for follow-up towards the end of the program.

At the Guanajuatito area the upcoming program will include 11 holes (2,675 metres), covering a strike length of 250 metres, from the Alisos Shaft to the northwest past the end of the Guanajuatito ramp. Drilling will consist of a set of holes spaced 50m and 100m vertically below the bonanza grade silver-gold mineralization intersected in holes GTT-05-004 to 006 completed in November 2005. GTTO-05-004 intersected the Veta Madre as a 7.3 metre breccia zone of which 5.8 metres (4.1 metres true width) assayed 692 g/t silver and 5.17 g/t gold. In GTTO-05-005 the Veta Madre was 3.4 metres thick with a 2.5 metre (1.77 metre true width) portion assaying 1,096 g/t silver and 4.15 g/t gold; and in GTTO-05-006 the Veta Madre was 7.5 metres thick with a 1.5 metre (1.06 metre true width) portion assaying 209 g/t silver and 1.55 g/t gold. All holes intersected a zone of low grade stockwork gold mineralization in the hanging wall of the Veta Madre that will be further tested by the upcoming program. Ongoing surface and underground geological mapping and sampling at Guanajuatito will help in interpreting the structural history.

The Animas area lies approximately 300 metres southeast of the Cata Shaft, the main production shaft for the mine complex and is accessible from the San Vicente North Ramp (SVNR). Four holes totaling 620 metres will be drilled into a 200 by 100 metre block of previously untested ground from the Secho Shaft to the northwest edge of the SVNR workings. Drill holes will test from level 100 to just above level 190, up-dip from the Todos Santos stopes where the previous owners were recently mining good grade ore. Old stoping on the northwest edge of the SVNR on level 55 was approximately 10m thick in stockwork mineralization. Eight channel samples taken by the Company in this area of level 55 returned values ranging from 0.19 g/t gold and 39 g/t silver to 6.27 g/t gold and 873 g/t silver.

At the Garrapata area five holes totaling 650 metres are proposed to test approximately 200 metres of strike length southeast from the Promontorio Shaft. One of the deepest holes in this set will test the upper part of a block of historical resources defined by the previous owners. As this block does not conform to National Instrument 43-101, the Company intends to test the existence and continuity of silver-gold mineralization in this area.

As underground development progresses throughout the mine complex, underground diamond drilling will be conducted as a continuation of the Phase II program. This will require the development of crosscuts and drill stations, and is currently being scheduled for the second quarter of 2006. Three dimensional mine modeling, already underway, will assist in planning this program.

The surface diamond drilling has been contracted to BDW Drilling Mexico, of Guadalajara. Robert F. Brown, P.Eng and Vice President of Exploration for the Company is the Qualified Person for the Guanajuato Mine Project, under the meaning of NI43-101.

Great Panther owns a 100% interest in the Guanajuato Mine Complex and is in the process of placing the mines back into production. Historically, the Guanajuato Mine was one of the largest silver producers in Mexico and encompasses the core of the Guanajuato District, which has produced 1.2 billion ounces of silver and 4.5 million ounces gold.

ON BEHALF OF THE BOARD

Robert A. Archer, P.Geo., President & CEO 

SEC 20-F Statement Filed; Standard & Poor's Listed

The TSX Venture Exchange does not accept responsibility for the ad equacy or accuracy of this release.

Great Panther Resources Limited (TSX VENTURE:GPR)