Great Panther Expands Molybdenum Discovery at Mapimi

Tag : lead,copper
VANCOUVER, BRITISH COLUMBIA -- 08/26/08 -- GREAT PANTHER RESOURCESLIMITED (TSX: GPR) is pleased to announce that the molybdenum (Mo)- rich skarn mineralization being evaluated at the Bull's-Eye Zoneon the Mapimi Project, Durango, Mexico, has been expanded to anarea in excess of 250 metres in diameter. Highlights include 186.22metres assaying 0.044% molybdenum in drill hole SK08-048, includinga higher grade section of 0.148% Mo over 29.40 metres (previouslyreported); 97.25 metres assaying 0.034% Mo, including 0.061% Moover 15.50 metres in hole SK08-046; 0.029% Mo over 97.20 metres,including 6.85 metres of 0.093% Mo in hole SK08-047; and 205.70metres averaging 0.024% Mo in hole SK08-038.
In addition, follow-up drilling in the North Zone has extended basemetal veins of a carbonate replacement style for 600 metres. Boththe Bull's-Eye and North Zone discoveries are buried and, togetherwith the well-defined La Gloria Ag-Pb-Zn Zone, are interpreted torepresent different components of the same mineralizing system thatis approximately five kilometres long. Metal zoning is evidentacross this area and the potential for additional zones isexcellent.
The Bull's-Eye Zone is defined by a 2,000 by 800 metre inducedpolarization (IP) anomaly with a magnetic 'high' near its centre.The newly discovered Mo skarn zone coincides with the magnetic highand consists of calc-silicate hornfels and garnet-magnetite skarnalteration visible on surface over an area of approximately 500 by800 metres, and hosted within calcareous siltstones of the CaracolFormation. Within the skarn, molybdenite mineralization occurs inat least two sets of quartz veins and veinlets that appear tostrike approximately northeast-southwest and dip steeply to thenorthwest and southeast. The Mo skarn is interpreted to sit overtop of a buried intrusive body, however no intrusive rocks havebeen observed in the drilling here to date, including the finalcore hole SK08-060 which was drilled to a vertical depth of 371metres.
To date, seven holes have been drilled into the Mo zone, atdifferent azimuths and dips, to define a minimum size of 250 metrediameter. The zone appears to start at a depth of approximately 40metres and most holes contain variably mineralized and skarnaltered sediments for almost their entire length, some bottoming inmineralization. The Mo zone is open to the west, south andsoutheast, and to depth.
Silver-gold-lead-zinc+copper mineralization is locally observed atsurface within the Bull's-Eye Area and was the initial target here.The drilling to date has shown that this style of mineralizationoccurs in massive sulphide veins that are peripheral to themolybdenite veins, both vertically and laterally. The two types ofmineralization are mutually exclusive as can be seen in Table 1below.
A good example of the metal zonation in the Bull's-Eye Zone is seenin hole SK08-050 which intersected 409g/t silver, 0.93g/t gold,0.30% copper, 5.01% lead and 6.35% zinc over 0.52 metres and 198g/tsilver, 0.16g/t gold, 0.24% copper, 6.63% lead, and 1.55% zinc over1.29 metres in veins before passing into 140.6 metres assaying0.024% molybdenum at 105.6 metres down-hole. Drill holes SK08-039to 044 and SK08-049 also tested base metal-silver targets withinthe Bull's-Eye zone. Assay values of significance are noted inTable 1 below.
In the North Zone, holes SK08-051 to 059 were drilled to follow upon the results of SK08-036 and 037 (see news-release of May 27,2008 and Table 2 below), to test the potential size and continuityof the North Zone mineralization. In the core part of the NorthZone (SK08-036 area) continuity of the mineralized garnet skarnzone mapped on surface has been demonstrated across 600 metres tothe southwest through a series of drill holes. Mineralization isdominated by zinc with lesser amounts of lead, copper, gold andsilver, and occurs in altered rhyolite sills, skarn alteredlimestone/marble, and in carbonate veinlets within thelimestone/marble. Highlights (see Table 2) include the previouslyreported 2.14 metres of 2.98% zinc and 0.41% lead in hole SK08-036,0.30 metres of 0.18% copper, 0.34% lead and 2.15% zinc in SK08-054and 2.0 metres assaying 0.15% copper and 3.50% zinc in SK08-058.The recent drilling at the North Zone has helped to understand theorientation and controls on mineralization such that futuredrilling can look for higher grade and wider zones at depth in themost favourable geological settings.
The phase II drilling at Mapimi was conducted by BDW Drilling ofGuadalajara, Mexico. The Company's QA/QC program includes theregular insertion of blanks and standards into the sampleshipments, plus ISO certified laboratory checks. Robert F. Brown,P.Eng. and Vice-President of Exploration for Great Panther and itswholly owned subsidiary, Minera Mexicana El Rosario, S.A. de C.V.,is designated as the Qualified Person for the Mapimi Project underthe meaning of NI 43-101 and has reviewed this news release.
ON BEHALF OF THE BOARD
Robert A. Archer, President & CEO
This news release contains forward-looking statements within themeaning of the United States Private Securities Litigation ReformAct of 1995 and forward-looking information within the meaning ofthe Securities Act (Ontario) (together, "forward-lookingstatements"). Such forward-looking statements may include but arenot limited to the Company's plans for production at its Guanajuatoand Topia Mines in Mexico, exploring its other properties inMexico, the overall economic potential of its properties, theavailability of adequate financing and involve known and unknownrisks, uncertainties and other factors which may cause the actualresults, performance or achievements expressed or implied by suchforward-looking statements to be materially different. Such factorsinclude, among others, risks and uncertainties relating topotential political risks involving the Company's operations in aforeign jurisdiction, uncertainty of production and cost estimatesand the potential for unexpected costs and expenses, physical risksinherent in mining operations, currency fluctuations, fluctuationsin the price of silver, gold and base metals, completion ofeconomic evaluations, changes in project parametres as planscontinue to be refined, the inability or failure to obtain adequatefinancing on a timely basis, and other risks and uncertainties,including those described in the Company's Annual Report on Form20-F for the year ended December 31, 2007 and reports on Form 6-Kfiled with the Securities and Exchange Commission and available at www.sec.gov and Material Change Reports filed with the Canadian SecuritiesAdministrators and available at www.sedar.com .
SEC 20-F Statement Filed; Standard & Poor's Listed
Contacts:
Great Panther Resources Limited
Brad Aelicks
(604) 685-6465
(604) 899-4303 (FAX)

Great Panther Resources Limited
Don Mosher
(604) 685-6465
(604) 899-4303 (FAX)
Email: info@greatpanther.com
Website: www.greatpanther.com