VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 3, 2006) - GREAT PANTHER RESOURCES LIMITED (TSX VENTURE:GPR) is pleased to announce the appointment of Mr. Bill Vanderwall, B.Sc. as Exploration Manager for Mexico. Bill has an exemplary track record with twenty-seven years in the gold and silver mining industry, having spent approximately equal time in production and exploration. He is a proven mine-finder and has a strong emphasis on safety, having worked his entire career without a lost time accident.
Most recently, Bill was the Production Superintendent at the Getchell Mine in Nevada, a 1,000 ton per day high-grade underground gold mine and part of the Turquoise Ridge Joint Venture owned by the two largest gold mining companies in the world, Newmont Mining Corporation and Barrick Gold Corp. During his employment there, Bill's team consistently outperformed expectations by increasing production and replacing mined reserves through resource definition and exploration. In 2005, the Getchell Mine produced 21.9% more ounces than budgeted and at the end of the 3rd quarter of 2006 was already 18.1% over expectations. Also during this period, the entire mine crew worked without a lost time accident - more than a quarter million man-hours.
On the exploration front, Bill has held the positions of Exploration Manager in Argentina for Sunshine Mining, Country Manager in Guatemala and Mexico for Glamis Gold and Vice President of Exploration in West Africa for International Tournigan. In Argentina, Bill led the team whose evaluation resulted in the purchase of the Pirquitas Mine, which contains over 100 million ounces of silver. In Guatemala, he led a team of eight Guatemalan geologists that drill defined the Marlin Mine, which contains more than 2 million ounces of gold and 40 million ounces of silver. Also with Glamis, Bill held the positions of Chief Geologist at the Dee Underground Mine in Nevada and Chief Geologist at the San Martin Open Pit Mine in Honduras. In Ghana, West Africa, he led the team that evaluated and defined the Riyadh extension of the Prestea vein.
Bill graduated from Arizona State University in 1979 magna cum laude with a B.Sc. in Geology and a minor in mathematics. He is a member of the Society for Mining, Metallurgy and Exploration and the Society of Economic Geologists. In his new role with Great Panther, Bill will be responsible for the definition of new resources at the Company's producing mines in Guanajuato and Topia and at the advanced stage Km 66 Project, for general exploration on all of the company's projects and for the evaluation and generation of new projects.
Robert Archer, President & CEO, stated, "We are very pleased to have a geologist of Bill's calibre on the Great Panther team. His broad experience in Latin America and, particularly, in the successful definition of new resources in underground and open pit mines will ensure that the Company continues to achieve its goals of increasing production and resources."
In other news, Great Panther has received conditional approval to list on the main board of the Toronto Stock Exchange, subject to the Company fulfilling all of the requirements of the TSX. As soon as the Company has filed the final submission documents, a final date will be determined for the shares to trade on the main board and be de-listed from the Venture Exchange. The ticker symbol will continue to be "GPR".
Great Panther owns a 100% interest in the Guanajuato Mine Complex, historically, one of the largest silver producers in Mexico, and a 100% interest in the high grade Topia Silver-Lead-Zinc Mine in Durango. The Company is increasing production at both mines and intends to be a leading primary silver producer.
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 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, 2005 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.
SEC 20-F Statement Filed; Standard & Poor's Listed
FOR FURTHER INFORMATION PLEASE CONTACT:
Great Panther Resources Limited
Great Panther Resources Limited
(604) 685-9744 (FAX)