VANCOUVER, BRITISH
COLUMBIA–(Marketwired – July 2, 2014) – GREAT
PANTHER SILVER LIMITED (TSX:GPR)(NYSE MKT:GPL) (the “Company”)
is providing an update to its Mineral Resources at its 100% owned San
Ignacio Silver-Gold Mine in Guanajuato,
Mexico (the “April 2014 Mineral Resource
Estimate”).

The April 2014
Mineral Resource Estimate totals 1.245 million silver equivalent ounces
(“Ag eq oz”) of Indicated Mineral Resources and 5.645 million Ag eq
oz of Inferred Mineral Resources at a cut-off of 125 grams per tonne
(“g/t”) silver equivalent.

The Indicated Mineral
Resource is a new addition, comprising 103,000 tonnes at 165g/t silver and
3.54g/t gold and incorporates detailed infill drilling completed in the fourth
quarter of 2013 (see news release December 16, 2013), and data
from mine development along the Intermediate vein. The Inferred Mineral
Resource totals 737,000 tonnes at 115g/t silver and 2.04g/t gold. The breakdown
for the estimate is provided in Table 1.

Table 1: Mineral
Resource Estimate

Notes:

1. Base
   case cut-off grade of 125g/t silver equivalent
2. Silver
   equivalent calculated using a 60 to 1 ratio of silver to gold value
3. Rock
   Density for all veins is 2.63t/m³
4. Totals
   may not agree due to rounding
5. Grades
   in metric units
6. Contained
   silver and gold in troy ounces
7. Vein
   names abbreviated as follows: INT = Intermediate vein; DIOS1 = Nombre de
   Dios1 vein; DIOS2 = Nombre de Dios2 vein; and MELL = Melladito vein

Recent drilling enabled
upgrading a portion of the Inferred Mineral Resource from the Intermediate vein
to the Indicated Mineral Resource category. The upgrade resulted in an 18%
decrease in Inferred Resources when compared to the 2012 estimate as noted in
Table 2. Inferred Mineral Resources are unchanged for the Melladito and Nombre
de Dios 1 and 2 veins.

Table 2: Percentage
change 2014 over 2012

The goal of recent
exploration work was to increase confidence in the Mineral Resources of the
Intermediate vein. The Company completed 13 infill drill holes into the vein
development (see news release dated December 16, 2013) and
collected 112 chip samples from 200 metres of underground mine development.
Overall Mineral Resources at San Ignacio considered 91 drill holes completed
between sections 450N and 1100N (up to hole ESI13-116), as well as 112
underground chip samples.

The mineralization at San
Ignacio is hosted in classic epithermal quartz-calcite veins. The geologic
interpretation was based on diamond drilling and surface and underground
mapping. Veins were modelled to a 1.5 metre minimum width and raw assays were
composited to the intersection width of the wireframes. The drill-hole and
underground composites were used in the estimate of block grades using the
Inverse Distance to the second power (ID²). Volumes were converted
to tonnages using 2.63t/m³, which were based on results from density
tests completed on 313 drill core samples captured by the wireframes.

This Mineral Resource
Estimate has an effective date of April 6, 2014 and was
classified as Indicated and Inferred according to the CIM Definition Standards
on Mineral Resources and Mineral Reserves and is consistent with the
requirements of NI 43-101. Analysis of underground mine samples and drill-core
samples was performed by SGS Minerals Services in the Company’s Guanajuato,
Mexico laboratory.

Areas of interest for the
2014 drill program will be the extension of the drilling south along the
Intermediate vein and some infill drilling on the Melladito and Nombre
de Dios 1 and 2 veins.

Block model graphics, maps,
sections and previous news releases can be viewed on the Company’s website at www.greatpanther.com.

The Company’s QA/QC program
includes the regular insertion of blanks, duplicates and standards into the
sample shipments. Robert F. Brown, P.Eng., and Vice-President
of Exploration for Great Panther Silver
and its wholly owned Mexican subsidiary, Minera Mexicana El Rosario, S.A.
de C.V., and Michael Waldegger, P.Geo., Senior Resource
Geologist, MFW Geoscience Inc., are designated as the Qualified Persons
for the San Ignacio Mine Project under the meaning of NI 43-101 and
have reviewed this news release.

ABOUT GREAT PANTHER

Great
Panther Silver Limited is a primary silver mining and exploration company
listed on the Toronto Stock Exchange trading under the symbol GPR,
and on the NYSE MKT trading under the symbol GPL. The Company’s current
activities are focused on the mining of precious metals from its two
wholly-owned operating mines in Mexico,
Guanajuato and Topia.
Great Panther is in the process of developing its San Ignacio Project
with a view to production in 2014, and has two exploration projects, El Horcon
and Santa Rosa.
The Company is also pursuing additional mining opportunities within the Americas,
with the goal of adding to its portfolio of mineral properties.

For further information,
please visit the Company’s website at www.greatpanther.com,
or e-mail [email protected].

CAUTIONARY NOTE ON
FORWARD-LOOKING STATEMENTS

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 Canadian securities laws (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 Information Form for the year ended December 31,
2013 and Material Change Reports filed with the Canadian Securities
Administrators available at www.sedar.com
and reports on Form 40-F and Form 6-K filed with the Securities and
Exchange Commission and available at www.sec.gov.

Contact Information:
Great Panther Silver Limited
Robert Archer President & CEO
1-888-355-1766

Great Panther Silver Limited
Rhonda Bennetto Vice President Corporate Communications
1-888-355-1766
[email protected]
www.greatpanther.com