VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 3, 2008) - GREAT PANTHER RESOURCES LIMITED (TSX:GPR) is pleased to announce that 100% of its two-year "J" warrants issued in December 2005 have been exercised.
In addition, all agents' and finders' warrants issued in connection with the December 2005 placement have been fully exercised. Total proceeds of the "J" warrants, agents' and finders' warrants, were $7,949,511. These proceeds are in addition to the $4 million received from the exercise of 100% of the warrants attaching to the November 2005 placement, as announced on November 30, 2007.
As some of the proceeds from the exercise of the warrants were previously received, funds have been and will be used to fund mine development, resource delineation, and production increases at the Company's 100% owned producing mines at Topia and Guanajuato, to continue exploration and expansion of the resource base at the Mapimi Project in Durango, Mexico, and for general working capital purposes.
Great Panther is currently drilling two projects from surface and is conducting a deep underground drilling program at the Guanajuato Mine, where the first results have confirmed the depth continuity of high grade silver-gold mineralization (GPR news release, November 29, 2007).
ON BEHALF OF THE BOARD
Kaare Foy: Executive Chairman
GREAT PANTHER RESOURCES LIMITED
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 may 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, 2006 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) 899-4303 (FAX)