Great Panther SilverLtd. has notified NyrstarNV that it has terminated the optionagreement governing the Coricanchagold-silver-zinc mine in Peru.

The company said May 11 that it will not make the second US$1.5million option payment due May 18 but will continue to evaluate the project dataover the coming months with an aim to negotiate an acquisition deal for the mine.

"While this will have the effect of terminating the company'sright to exclusivity on the Coricancha property, there is more data to be analyzedover the next few months that may result in further negotiations with Nyrstar towardsan outright purchase," Great Panther Silver President and CEO Robert Archersaid.

The company is also continuing the search for acquisitions andgrowth opportunities in the Americas.