Aurcana Silver Corp V.AUN.H

GPR/AUN--Numbers by Jennings Capital

[SILVEER]

Great Panther Resources Limited (TSX-GPR C$2.30) Mkt Cap C$160 MM Analyst: Ron Coll 2006 Production and 2007 Forecast Great Panther announced 2006 production totalling 315,000 ounces of silver, 1,400 ounces of gold, 1.38 million lbs of Pb and 1.64 million lbs of Zn (640,000 ounces Ag Eq) at a cash cost of approximately US$9.00/oz Ag Eq. The Company brought two past producing silver mines back into production in 2006, and while production and costs missed management’s earlier projections, significant progress has been made to steadily increase production in 2007 and 2008, while operating under strict safety guidelines. Projections for 2007 call for production of 2,500,000 ounces of silver Eq at a cash cost of approximately US$4.75/ounce Ag Eq. We anticipate production increasing to 3,500,000 ounces Ag Eq in 2008 and to 5,500,000 ounces Ag Eq in 2009. A resource estimate (43-101compliant) is anticipated for Guanajuato early in Q2/2007. Resource estimates for Topia (3.6 million ounces M & I, plus 1.4 million ounces inferred) and Km 66 (22.3 million ounces Inferred) were completed in 2006. Great Panther is one of our favourite junior producing Silver/Gold stories.