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

Great Panther Resources Limited (GPR)

Company Web Site: www.greatpanther.com
(NI) 43-101 reports from projects located in: Mexico (MX)
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-01-12. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-03-10.
External Links: Yahoo News and Quotes  |  StockCharts  |  Stockhouse
Recent Production
2009 : 2009 production: 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): 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 2010-03-10
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Lead Zinc
    Mapimi MX $3.95 0 77% 23% 28.63 K oz     10.49 M oz     40.62 K t     91.33 K t
    Topia MX $1.78 0 50% 50% 11.42 K oz     8.11 M oz     20.17 K t     15.12 K t
    Guanajuato MX $0.68 0 95% 5% 14.35 K oz     4.29 M oz
    San Antonio MX $0.00 0 0 0

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-10
Metric / Metal Gold Silver Lead Zinc
    Metal Totals 54.41 K oz     22.89 M oz     60.79 K t     106.45 K t
    Metal Prices in US$ (from 2010-03-10) $1,107.10 per oz     $16.99 per oz     $1.02040 per lb     $1.05740 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $0.46     $2.99     $1.05     $1.91
    Percentage of Total Metal Value 7.22%     46.63%     16.40%     29.75%
    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-Mar-10
    Metal Value per Share (MVpSh)    US$6.41
    Average Ore Value per Tonne    US$92.12
    Metal Value Leverage (MVL)    7.30
    Market Capitalization as % of Metal Value    13.7%
    Recent Stock Price    C$0.9   (TSX/TSXV close on 2010-03-10.)
Conversion rate used: 1 Cnd$ = 0.974756 US$ )
    Fully Diluted Share Count    130.17 M    ( Great Panther: Share Structure Web page (January 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    $4.99   US$  |   5.12   C$
    Silver Eq Oz Estimate    49.09 M oz   ( 22.89 M oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $2.33   US$  |   2.39   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.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver	Lead	Zinc
Mapimi	MX	$3.95	0	77%	23%	28.63 K oz	10.49 M oz	40.62 K t	91.33 K t
Topia	MX	$1.78	0	50%	50%	11.42 K oz	8.11 M oz	20.17 K t	15.12 K t
Guanajuato	MX	$0.68	0	95%	5%	14.35 K oz	4.29 M oz
San Antonio	MX	$0.00	0	0	0

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-10
Metric / Metal	Gold	Silver	Lead	Zinc
Metal Totals	54.41 K oz	22.89 M oz	60.79 K t	106.45 K t
Metal Prices in US$ (from 2010-03-10)	$1,107.10 per oz	$16.99 per oz	$1.02040 per lb	$1.05740 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$0.46	$2.99	$1.05	$1.91
Percentage of Total Metal Value	7.22%	46.63%	16.40%	29.75%
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-Mar-10
Metal Value per Share (MVpSh)	US$6.41
Average Ore Value per Tonne	US$92.12
Metal Value Leverage (MVL)	7.30
Market Capitalization as % of Metal Value	13.7%
Recent Stock Price	C$0.9 (TSX/TSXV close on 2010-03-10.) Conversion rate used: 1 Cnd$ = 0.974756 US$ )
Fully Diluted Share Count	130.17 M ( Great Panther: Share Structure Web page (January 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	$4.99 US$ \| 5.12 C$
Silver Eq Oz Estimate	49.09 M oz ( 22.89 M oz are in ground)
Market Capitalization per oz of Silver Equilavent	$2.33 US$ \| 2.39 C$

See terms for more about GoldMinerPulse metrics.

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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.12 13.58 K oz 1.200 g/t 352.00 K t
Silver $0.53 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.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.12	13.58 K oz	1.200 g/t	352.00 K t
Silver	$0.53	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

Metal MVpSh Contained Metal Quantity Ore Grade Ore 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.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore 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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.18    20.62 K oz     0.100 g/t     6.41 M t
   Silver $1.02    7.84 M oz     38.000 g/t     6.41 M t
   Lead $0.51    29.50 K t       4,600.000 g/t     6.41 M t
   Zinc $1.34    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

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.18	20.62 K oz	0.100 g/t	6.41 M t
Silver	$1.02	7.84 M oz	38.000 g/t	6.41 M t
Lead	$0.51	29.50 K t	4,600.000 g/t	6.41 M t
Zinc	$1.34	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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.07    8.01 K oz     0.130 g/t     1.92 M t
   Silver $0.35    2.65 M oz     43.000 g/t     1.92 M t
   Lead $0.19    11.11 K t       5,800.000 g/t     1.92 M t
   Zinc $0.29    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

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.07	8.01 K oz	0.130 g/t	1.92 M t
Silver	$0.35	2.65 M oz	43.000 g/t	1.92 M t
Lead	$0.19	11.11 K t	5,800.000 g/t	1.92 M t
Zinc	$0.29	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

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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.02    2.76 K oz     0.732 g/t     117.24 K t
   Silver $0.42    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 $0.10    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.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.02	2.76 K oz	0.732 g/t	117.24 K t
Silver	$0.42	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	$0.10	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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.04    4.84 K oz     0.989 g/t     152.36 K t
   Silver $0.53    4.09 M oz     834.000 g/t     152.36 K t
   Lead $0.15    8.90 K t       58,400.000 g/t     152.36 K t
   Zinc $0.10    5.67 K t       37,200.000 g/t     152.36 K t
Estimate notes: See notes for Measured + Indicated above.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.04	4.84 K oz	0.989 g/t	152.36 K t
Silver	$0.53	4.09 M oz	834.000 g/t	152.36 K t
Lead	$0.15	8.90 K t	58,400.000 g/t	152.36 K t
Zinc	$0.10	5.67 K t	37,200.000 g/t	152.36 K t
Estimate notes: See notes for Measured + Indicated above.

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.02    2.82 K oz     1.570 g/t     55.86 K t
   Silver $0.08    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 $0.05    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.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.02	2.82 K oz	1.570 g/t	55.86 K t
Silver	$0.08	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	$0.05	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

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.01    1.00 K oz     1.390 g/t     22.37 K t
   Silver $0.02    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.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.01	1.00 K oz	1.390 g/t	22.37 K t
Silver	$0.02	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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