VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 8, 2006) - GREAT PANTHER RESOURCES LIMITED (TSX:GPR) is pleased to announce that it has signed a letter of intent with Altair Ventures Inc. (TSX VENTURE:AVX.P) whereby Altair will have the option to earn a 70% interest in Great Panther's San Antonio Property in Chihuahua, Mexico. Terms of the agreement call for Altair to make staged payments and share issuances to Great Panther totaling US$200,000 and 200,000 shares over 3 years. Altair must also spend a total of US$1,000,000 in exploration on the project over the same period. Great Panther will be the operator of the exploration program.
The 11,946 hectare San Antonio property lies in the Guadalupe y Calvo Mining District of southwest Chihuahua State, Mexico in the prolific Sierra Madre Belt. Great Panther's work to date on the property has outlined the presence of a gold-copper system more than 14 square kilometres in size. Multiple targets have been identified at San Antonio within a variety of geological settings, including gold-copper veins, gold-copper breccias and stockworks, and silver-lead-zinc veins.
As San Antonio is primarily a gold-copper project, it is considered a non-core asset for Great Panther and the Company has decided to focus its efforts and financial resources on its silver mines and development projects. As such, the Company is pleased to have Altair Ventures as a partner in advancing the project further. As Robert Archer, President & CEO of Great Panther is also non-executive Chairman of Altair and a shareholder of both companies, the agreement has been approved by Great Panther's independent directors.
Robert F. Brown, P.Eng. and Vice-President of Exploration for Great Panther, is designated as the Qualified Person for the San Antonio Project under the meaning of NI 43-101, and has reviewed this news release.
ON BEHALF OF THE BOARD
Kaare G. Foy, Chairman & CFO
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 parametres 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)