GoldMinerPulse Report on Great Panther Resources Limited: (NI) 43-101 Metal Valuation Report

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Great Panther Resources Limited (GPR)

Company Web Site: www.greatpanther.com

This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-08-05. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-09-02.

External Links: Yahoo News and Quotes  |  StockCharts  |  Stockhouse

Recent Production

  • 2010 : Q2 only: 410,583 ounces silver, 1,474 ounces of gold, 297 tonnes of lead, a record, and 357 tonnes of zinc.
  • 2009 : Full year: 1,456,830 ounces silver, 7,151 ounces gold, 871 tonnes lead, and 1,057 tonnes zinc.
  • 2008 : Full year production totaled 1,809,720 silver equivalent ounces (Ag Eq Oz).
  • 2007 : 2007 Silver: 1.34M Ag Eq oz for the full year.
Source(s): 2010 Q2 production from July 12, 2010 press release.
2009 production data from Jan 11, 2010 Press Release.
2008 production data from GREAT PANTHER EXCEEDS 2008 PRODUCTION TARGET WITH RECORD-BREAKING FOURTH QUARTER, January 13, 2009.

Hedge Notes:

From p. 14 of 42 in the INTERIM MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2008:

Great Panther does not have access to any lines of credit nor does the Company have any off-balance sheet financing arrangements. At this time, Great Panther does not use hedges or other financial derivatives.

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-09-02

Project/Deposit CC MVpSh  PP%  MI%  I% GoldSilverLeadZinc
    MapimiMX$3.97077%23%28.63 K oz    10.49 M oz    40.62 K t    91.33 K t    
    TopiaMX$1.90049%51%11.42 K oz    8.11 M oz    20.17 K t    15.12 K t    
    GuanajuatoMX$0.78095%5%14.35 K oz    4.29 M oz              
    San AntonioMX$0.00000                    
 
GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / MetalGoldSilverLeadZinc
    Metal Totals54.41 K oz    22.89 M oz    60.79 K t    106.45 K t    
    Metal Prices in US$ (from 2010-09-02)$1,251.30 per oz    $19.69 per oz    $0.96240 per lb    $0.94810 per lb    
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below)
$0.52    $3.44    $0.99    $1.70    
    Percentage of Total Metal Value7.82%    51.79%    14.82%    25.57%    
    PP% | MI% | I%0 | 73% | 27%    0 | 69% | 31%    0 | 66% | 34%    0 | 78% | 22%    
 
GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
    Metal Value per Share (MVpSh)   US$6.65
    Average Ore Value per Tonne   US$96.12
    Metal Value Leverage (MVL)    8.34
    Market Capitalization as % of Metal Value   12.0%
    Recent Stock Price   C$0.84   (TSX/TSXV close on 2010-09-02.)
  Conversion rate used: 1 Cnd$ = 0.949244 US$ )
    Fully Diluted Share Count   130.84 M    ( Great Panther: Share Structure Web page (August 2010). )
    PP% | MI% | I%   0 | 71% | 29%
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade   78.6 g/t
    Market Capitalization
    per oz of Silver In Ground
   $4.56   US$  |   4.80   C$
    Silver Eq Oz Estimate   44.20 M oz   ( 22.89 M oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent
   $2.36   US$  |   2.49   C$
 
See terms for more about GoldMinerPulse metrics.

GoldMinerPulse Coverage Status:

  • GoldMinerPulse coverage of Great Panther Resources Limited is complete pending a final internal review.


Guanajuato    -  ^top^

(NI) 43-101 Report:

Title: TECHNICAL REPORT ON THE CATA CLAVO ZONE, GUANAJUATO MINE PROPERTY, MEXICO
Date: 2009-10 (66 pages)

Project Location: Guanajuato, Mexico

Map View: View Guanajuato Mines on a Google Map.

Most Optimistic Resource Estimates (MORE):

   •Indicated
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$0.13    13.58 K oz     1.200 g/t     352.00 K t    
   Silver$0.61    4.06 M oz     359.000 g/t     352.00 K t    
Estimate notes: See p. 8 of 66 in the NI 43-101 report dated October 2009.
   •Inferred
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$0.01    0.77 K oz     1.000 g/t     24.00 K t    
   Silver$0.03    228.40 K oz     296.000 g/t     24.00 K t    
Estimate notes: See p. 8 of 66 in the NI 43-101 report dated October 2009.


Mapimi    -  ^top^

(NI) 43-101 Report:

Title: Technical Report on the Mapimi Project, Mexico
Date: 2008-05-08 (54 pages)

Project Location: Durango, Mexico  /  Mining Region: Sierra Madre Oriental

Map View: View Mapimi Property on a Google Map.

Most Optimistic Resource Estimates (MORE):

   •Indicated
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$0.20    20.62 K oz     0.100 g/t     6.41 M t    
   Silver$1.18    7.84 M oz     38.000 g/t     6.41 M t    
   Lead$0.48    29.50 K t       4,600.000 g/t     6.41 M t    
   Zinc$1.20    75.04 K t       11,700.000 g/t     6.41 M t    
Estimate notes: See Table 16.18 Uncapped ID2 Indicated Mineral Resources at 50 AgEQ Cut-Off on p. 50 of 54 in the (NI) 43-101 report dated May 2008.
50 g/t AgEQ cut-off
   •Inferred
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$0.08    8.01 K oz     0.130 g/t     1.92 M t    
   Silver$0.40    2.65 M oz     43.000 g/t     1.92 M t    
   Lead$0.18    11.11 K t       5,800.000 g/t     1.92 M t    
   Zinc$0.26    16.29 K t       8,500.000 g/t     1.92 M t    
Estimate notes: See Table 16.19 Uncapped ID2 Inferred Mineral Resources at 50 AgEQ Cut-Off on p. 50 of 54 in the (NI) 43-101 report dated May 2008.
50 g/t AgEQ cut-off


San Antonio    -  ^top^

(NI) 43-101 Report:

Title: Summary Report on the San Antonio Gold Prospect, Municipio of Guadalupe y Calvo, Chihuahua
Date: 2003-11 (57 pages)

Project Location: Chihuahua, Mexico  /  Mining Region: Sierra Madre Occidental

Map View: View San ANtonio project on a Google Map.


Topia    -  ^top^

(NI) 43-101 Report:

Title: Topia Mine Project Resource Estimate for the Argentina Veins
Date: 2009-10 (57 pages)

Updates: The in-site metal counts for the other veins at Topia are taken from Great Panther Increases Resources At The Topia Mine.

Project Location: Durango, Mexico  /  Mining Region: Sierra Madre Occidental

Map View: View the Topia Mine on a Google Map.

Most Optimistic Resource Estimates (MORE):

   •Measured + Indicated
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$0.03    2.76 K oz     0.732 g/t     117.24 K t    
   Silver$0.49    3.23 M oz     858.000 g/t     117.24 K t    
   Lead$0.14    8.35 K t       71,200.000 g/t     117.24 K t    
   Zinc$0.09    5.64 K t       48,100.000 g/t     117.24 K t    
Estimate notes: See Table 1.2 Uncapped Mineral Resources at US$75 NSR Cut-off on p. 8 of 57 of the NI 43-101 report dated October 2009.
   •Inferred
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$0.05    4.84 K oz     0.989 g/t     152.36 K t    
   Silver$0.61    4.09 M oz     834.000 g/t     152.36 K t    
   Lead$0.14    8.90 K t       58,400.000 g/t     152.36 K t    
   Zinc$0.09    5.67 K t       37,200.000 g/t     152.36 K t    
Estimate notes: See notes for Measured + Indicated above.
   •Measured + Indicated
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$0.03    2.82 K oz     1.570 g/t     55.86 K t    
   Silver$0.09    619.59 K oz     345.000 g/t     55.86 K t    
   Lead$0.04    2.18 K t       39,100.000 g/t     55.86 K t    
   Zinc$0.04    2.70 K t       48,300.000 g/t     55.86 K t    
Estimate notes: See Tue Jul 21, 2009, Great Panther Increases Resources At The Topia Mine.
   •Inferred
MetalMVpShContained Metal QuantityOre GradeOre Quantity
   Gold$0.01    1.00 K oz     1.390 g/t     22.37 K t    
   Silver$0.03    174.79 K oz     243.000 g/t     22.37 K t    
   Lead$0.01    0.74 K t       33,100.000 g/t     22.37 K t    
   Zinc$0.02    1.11 K t       49,700.000 g/t     22.37 K t    
Estimate notes: See Tue Jul 21, 2009, Great Panther Increases Resources At The Topia Mine.

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