VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 4, 2007) - Great Panther Resources Limited (TSX:GPR) -
IN THE MATTER OF GREAT PANTHER RESOURCES LIMITED
CSA STAFF NOTICE 57-301
NOTICE OF DEFAULT
1. Great Panther Resources Limited (the "Company") has failed to file its audited financial statements, management's discussion and analysis, annual certifications and annual information form (collectively, the "Required Records") in respect of its financial year ended December 31, 2006 within the 90-day period provided for in National Instrument 51-102 Continuous Disclosure.
2. The Company has informed the British Columbia Securities Commission that this delay is primarily a direct result of:
- The procedures required to finalize the consolidation of its Mexican subsidiaries under Canadian GAAP, and its effect on its annual and quarterly information for 2006, the MD&A and the AIF.
- The Company operates three Mexican subsidiaries, and their complexity increased during 2006 upon them becoming producing companies.
- Implementing additional internal control and verification procedures.
- Regulatory changes related to the listing of the Company's shares on the Toronto Stock Exchange in November 2006, requiring the filing of annual financials within 90 days, as opposed to 120 days in previous years.
3. The Company expects to file the Required Records on or before April 30, 2007.
4. The Company understands that the securities commissions or regulators may impose an issuer cease trade order on May 31, 2007 if the Required Records have not been filed by May 31, 2007 and, further, the Company understands that an issuer cease trade order may be imposed at any time prior to May 31, 2007 if the Company fails to file the Default Status Reports required by CSA Staff Notice 57-301.
5. The Company intends to satisfy the requirements of CSA Staff Notice 57-301 Appendix B Default Status Reports as long as it remains in default of the requirements to file the Required Records.
6. The Company is not currently subject to insolvency proceedings.
7. The Company believes that there is no other material information concerning the affairs of the Company that has not been generally disclosed.
DATED: April 4, 2007
FOR FURTHER INFORMATION PLEASE CONTACT:
Great Panther Resources Limited
(604) 608-1744 (FAX)