Pan American Silver extends mineralization at the La Colorada Skarn project
Pan American Silver extends mineralization at the La Colorada Skarn project
Vancouver, B.C. - May 9, 2022 - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) ("Pan American" or the
"Company") today provides results for 43 new infill and exploration drill holes totaling 38,460 metres, all of which
contain multiple skarn and breccia intercepts. Highlights include infill hole U-04-22 with 233.70 metres at 44g/t Ag,
4.05% Pb and 5.04% Zn and step-out hole U-08-22 with 174.95 metres at 40 g/t Ag, 0.17% Pb and 7.95% Zn and
46.95 metres at 78 g/t Ag, 3.84% Pb, 8.79% Zn.
“We drilled more metres on the skarn in the first quarter of 2022 than during any other quarterly period, with infill
drilling increasing our confidence in the central skarn resource and exploration drilling further defining the
extensions to the east, south and west," said Christopher Emerson, Pan American's Vice President Business
Development and Geology. "Over 100,000 metres have been drilled on the skarn since the last resource estimate
dated August 4, 2020, and the program continues with 14 machines. The results from this program will be included
in an updated resource estimate that we plan to provide in the third quarter of 2022.”
Drill Highlights Include:
• U-04-22: 233.70 m of 44 g/t Ag, 0.15% Cu, 4.05% Pb and 5.04% Zn
• U-08-22: 174.95 m of 40 g/t Ag, 0.21% Cu, 0.17% Pb and 7.95% Zn including 99.10 m of 56 g/t Ag, 0.28%
Cu, 0.24% Pb and 10.78% Zn and 46.95 m of 78 g/t Ag, 0.07% Cu, 3.84% Pb and 8.79% Zn
• D-96-01-21: 154.00 m of 57 g/t Ag, 0.08% Cu, 2.43% Pb and 4.36% Zn, including 96.00 m of 78 g/t Ag,
0.11% Cu, 3.12% Pb and 5.68% Zn
• U-105-21: 121.45 m of 77 g/t Ag, 0.08% Cu, 2.00% Pb and 5.48% Zn; and 32.90 m of 104 g/t Ag, 0.09% Cu,
0.36% Pb and 3.43% Zn; and 44.15 m of 114 g/t Ag, 0.04% Cu, 3.15% Pb and 4.15% Zn; and 16.55 m of 122
g/t Ag, 0.11% Cu, 5.05% Pb and 9.07% Zn
• U-127-21: 101.90 m of 43 g/t Ag, 0.18% Cu, 0.48% Pb and 6.62% Zn
• U-95-21: 88.30 m of 49 g/t Ag, 0.07% Cu, 1.46% Pb and 5.08% Zn; and 35.35 m of 83 g/t Ag, 0.03% Cu,
3.66% Pb and 2.14% Zn; and 22.55 m of 176 g/t Ag, 0.09% Cu, 3.33% Pb and 5.94% Zn
• D-62-04-21: 117.10 m of 64 g/t Ag, 0.06% Cu, 2.06% Pb and 3.24% Zn including 53.05 m of 99 g/t Ag,
0.07% Cu, 4.07% Pb and 5.97% Zn and 28.35 m of 157 g/t Ag, 0.02% Cu, 4.56% Pb and 5.82% Zn
• D-77-01-22: 102.05 m of 58 g/t Ag, 0.13% Cu, 1.42% Pb and 3.43% Zn including 26.65 m of 124 g/t Ag,
0.22% Cu, 2.26% Pb and 5.53% Zn and 15.30 m of 43 g/t Ag, 0.03% Cu, 2.46% Pb and 4.38% Zn
Drilling from an underground platform into the western part of the skarn deposit has successfully expanded the
mineralization 120 metres to the northwest with step-out drill holes 105-21, 08-22, 95-21, and 127-21 all
containing multiple polymetallic sulphide intercepts up to 175 metres in length, as reported in "Drill Highlights"
above. The skarn deposit remains open to the northwest and at depth.
NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated.
PAN AMERICAN SILVER CORP. 1
Infill drilling in the central eastern part of the deposit confirmed continuous mineralization over a 400 metre-wide
area.
The eastern part of the deposit has been extended 80 metres to the north and south, with infill and exploration
drilling from surface platforms defining multiple mineralized intercepts in step-out drill holes D-73-1-21 and
D-71-04-21 and D-62-04-21, ranging between 10 to 117 metres wide.
The central part of the deposit was extended 150 metres to the south with step out drilling from surface located at
S-90-21 and S-95-21. Six holes (95-04/05/06/07/08 and 09) all reported wide zones of breccia-style mineralization
up to 215 metres thick. The deposit remains open to the south.
Summary of Drill Results
The following table provides the drill results for the La Colorada skarn deposit for the first quarter of 2022.
Previous drill results not included in this table are disclosed in Pan American’s news releases, which are available,
together with cross sections, plan and images of the skarn mineralized core, at:
https://www.panamericansilver.com/operations/exploration/la-colorada-skarn/.
Hole No. From (m) To (m) Interval (m) (1) Ag g/t Cu % Pb % Zn %
D-03-02-21 511.90 516.55 4.65 100 0.14 1.82 4.19
and 1130.45 1176.15 45.70 34 0.27 1.18 2.35
D-62-04-21 1030.45 1058.80 28.35 157 0.02 4.56 5.82
and 1187.10 1304.20 117.10 64 0.06 2.06 3.24
Including 1187.10 1240.15 53.05 99 0.07 4.07 5.97
D-62-05-21 1057.30 1070.70 13.40 123 0.04 3.88 6.57
and 1482.75 1514.40 31.65 125 0.53 0.78 1.38
and 1554.70 1593.80 39.10 102 0.26 0.69 8.82
D-66-04-21 1301.20 1304.25 3.05 355 0.02 1.21 0.25
and 1314.75 1341.00 26.25 28 0.07 2.21 4.02
D-66-05-21 1059.35 1068.45 9.10 58 0.39 1.33 8.02
and 1149.55 1160.85 11.30 42 0.12 2.60 4.03
D-71-04-21(2) 1291.80 1361.20 69.40 71 0.07 2.37 6.64
and 1376.30 1389.20 12.90 39 0.21 3.49 5.54
D-71-05-22 1147.95 1177.55 29.60 27 0.03 1.29 2.63
and 1264.65 1332.65 68.00 27 0.07 1.00 1.61
D-73-01-21(3) 1235.35 1251.85 16.50 50 0.15 1.19 3.14
and 1525.05 1593.45 68.40 52 0.38 0.32 1.47
D-73-03-21 988.95 1030.00 41.05 39 0.06 2.15 3.40
and 1053.50 1128.85 75.35 75 0.13 1.20 3.15
Including 1082.20 1103.40 21.20 55 0.17 2.54 4.79
D-73-04-21 994.60 1098.65 104.05 23 0.04 1.30 2.61
Including 1052.20 1072.40 20.20 45 0.11 2.72 4.86
and 1474.60 1481.75 7.15 6 0.03 0.02 7.37
D-73-05-21 957.45 963.50 6.05 29 0.07 1.87 4.12
and 1149.15 1195.55 46.40 25 0.20 1.59 4.62
D-77-01-22 864.65 879.95 15.30 43 0.03 2.46 4.38
and 1101.20 1203.25 102.05 58 0.13 1.42 3.43
Including 1161.85 1188.50 26.65 124 0.22 2.26 5.53
NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated.
PAN AMERICAN SILVER CORP. 2
D-79-01-21 630.80 652.95 22.15 73 0.25 1.95 6.91
D-79-02-21 635.90 652.15 16.25 69 0.17 1.85 5.77
D-79-03-21 999.75 1011.20 11.45 19 0.13 0.18 2.31
D-79-04-22 1025.90 1039.05 13.15 61 0.31 0.29 2.15
D-81-05-22 787.10 797.15 10.05 380 0.15 2.52 5.25
D-90-01-21 676.25 702.10 25.85 143 1.14 0.87 0.93
and 772.50 785.50 13.00 112 1.08 3.71 4.73
and 970.00 990.20 20.20 54 0.09 2.69 3.13
and 1374.10 1433.00 58.90 13 0.04 2.12 2.84
D-93-01-21 1066.00 1208.10 142.10 16 0.08 1.18 2.17
Including 1182.00 1208.10 26.10 35 0.22 1.90 2.54
and 1342.90 1391.00 48.10 37 0.02 0.21 2.97
D-93-02-21 1053.85 1242.25 188.40 20 0.10 1.45 2.43
Including 1084.30 1119.45 35.15 24 0.11 2.04 3.94
D-95-04-21(3) 1101.15 1316.40 215.25 31 0.09 1.12 1.76
Including 1155.60 1191.75 36.15 64 0.11 1.93 2.53
and 1365.15 1381.95 16.80 32 0.21 2.74 5.67
and 1627.15 1695.20 68.05 44 0.24 0.27 3.57
D-95-05-21 1066.00 1089.75 23.75 56 0.16 0.91 2.20
and 1355.65 1383.75 28.10 85 0.69 1.21 2.16
D-95-06-21 1068.60 1079.45 10.85 44 0.07 0.77 2.05
and 1279.10 1283.60 4.50 185 0.30 6.30 6.85
D-95-07-21 1142.20 1189.75 47.55 57 0.15 1.86 2.45
and 1199.00 1286.65 87.65 28 0.14 1.38 3.22
and 1320.15 1404.90 84.75 36 0.20 1.58 3.15
D-95-08-21 1344.85 1359.50 14.65 85 0.25 3.59 6.62
and 1381.05 1417.60 36.55 46 0.13 1.05 2.13
and 1568.95 1595.65 26.70 58 0.40 0.55 3.66
D-95-09-22 1144.25 1156.20 11.95 250 0.45 3.63 5.68
and 1466.55 1480.35 13.80 88 0.24 0.71 3.75
D-96-01-21 1199.20 1353.20 154.00 57 0.08 2.43 4.36
Including 1199.20 1295.20 96.00 78 0.11 3.12 5.68
D-96-02-22 1303.90 1331.65 27.75 68 0.06 2.49 4.66
S-79-21 630.35 654.50 24.15 138 0.56 1.74 7.69
and 1391.10 1401.85 10.75 16 0.03 2.72 4.26
and 1416.85 1430.15 13.30 56 0.06 3.20 8.16
and 1469.20 1501.30 32.10 32 0.04 0.35 3.23
and 1522.25 1538.55 16.30 29 0.07 0.32 3.69
S-90-21 687.30 832.10 144.80 60 0.41 0.99 1.72
and 1036.05 1083.75 47.70 25 0.09 0.70 2.26
S-93-21 1051.25 1074.60 23.35 67 0.03 2.93 1.74
and 1086.25 1118.10 31.85 15 0.07 1.32 2.21
and 1140.10 1246.45 106.35 22 0.05 2.28 2.48
S-96-21 173.50 188.05 14.55 1092 0.07 0.72 1.12
and 1274.45 1402.80 128.35 37 0.06 2.08 3.35
NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated.
PAN AMERICAN SILVER CORP. 3
S-96A-21 180.70 188.50 7.80 575 0.05 0.45 0.86
U-04-22 579.40 813.10 233.70 44 0.15 4.05 5.04
Including 670.70 755.25 84.55 49 0.22 4.96 6.51
U-07-22 891.55 894.80 3.25 134 0.06 1.72 14.25
U-08-22 392.35 423.85 31.50 79 0.09 2.82 3.83
and 532.20 570.65 38.45 60 0.03 3.45 4.53
and 697.90 744.85 46.95 78 0.07 3.84 8.79
and 890.15 1065.10 174.95 40 0.21 0.17 7.95
Including 920.70 1019.80 99.10 56 0.28 0.24 10.78
U-105-21 311.15 327.70 16.55 122 0.11 5.05 9.07
and 495.15 499.50 4.35 104 0.20 3.98 5.89
and 551.35 595.50 44.15 114 0.04 3.15 4.15
and 641.50 762.95 121.45 77 0.08 2.00 5.48
Including 641.50 722.40 80.90 95 0.08 2.07 6.77
and 874.15 907.05 32.90 104 0.09 0.36 3.43
and 944.30 969.15 24.85 14 0.11 0.04 4.59
U-109-21 868.00 874.55 6.55 69 0.12 0.26 7.29
U-110-21 442.50 449.40 6.90 223 0.04 3.04 6.97
U-115-21 143.15 174.15 31.00 42 0.02 1.18 4.48
and 730.70 739.15 8.45 575 0.07 14.63 16.14
and 789.20 828.90 39.70 72 0.11 4.16 6.24
U-125-21 577.30 583.55 6.25 248 0.06 3.65 13.59
U-127-21 937.00 968.60 31.60 86 0.13 0.48 3.50
and 1002.50 1104.40 101.90 43 0.18 0.48 6.62
Including 1004.60 1061.00 56.40 59 0.22 0.57 9.94
and 1135.20 1149.00 13.80 53 2.12 0.10 0.22
U-95-21 369.80 392.35 22.55 176 0.09 3.33 5.94
and 506.05 541.40 35.35 83 0.03 3.66 2.14
and 790.95 879.25 88.30 49 0.07 1.46 5.08
Including 808.40 821.85 13.45 70 0.18 2.16 19.73
(1) True widths of the mineralized intervals are unknown at this time.
(2) Partial results received.
(3) Partial results were reported in the news release dated February 24, 2022.
La Colorada Skarn - Drill Hole Collar Information
Drill Hole ID Type East Local North Local Elevation Length (m) Azimuth Avg (0) Dip Avg
D-03-02-21 Infill 5367.1 5477.5 2556.2 930.0 146.5 -80.9
D-62-04-21 Exploration 5996.9 5753.7 2554.7 503.4 120.1 -84.6
D-62-05-22 Exploration 5996.9 5753.7 2554.7 719.5 16.6 -86.3
D-66-04-21 Infill 5060.5 5509.3 2511.2 897.7 143.7 -68.8
D-66-05-21 Infill 5060.5 5509.3 2511.2 870.6 168.3 -74.0
D-71-04-21 Infill 6004.3 5588.6 2529.3 811.2 195.3 -80.1
D-71-05-22 Infill 6004.3 5588.6 2529.3 721.2 30.3 -80.0
NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated.
PAN AMERICAN SILVER CORP. 4
D-73-01-21 Infill 5798.7 5607.7 2578.1 994.9 105.1 -86.9
D-73-03-21 Infill 5798.7 5607.7 2578.1 825.6 302.1 -80.6
D-73-04-21 Infill 5798.7 5607.7 2578.1 702.8 44.5 -81.0
D-73-05-21 Infill 5798.7 5607.7 2578.1 707.0 27.8 -74.0
D-77-01-22 Exploration 5777.8 5504.1 2540.8 814.1 87.0 -81.0
D-79-01-21 Exploration 5808.0 5209.2 2482.2 802.4 253.2 -79.0
D-79-02-21 Exploration 5808.0 5209.2 2482.2 742.9 206.4 -61.2
D-79-03-21 Exploration 5808.0 5209.2 2482.2 823.6 224.9 -77.9
D-79-04-22 Exploration 5808.0 5209.2 2482.2 675.8 319.3 -84.1
D-81-05-22 Infill 5804.8 5770.1 2590.7 645.7 256.9 -80.7
D-90-01-21 Exploration 5538.7 5004.4 2532.2 1075.6 133.2 -82.1
D-93-01-21 Infill 4926.3 5166.1 2469.7 581.2 138.7 -77.0
D-93-02-21 Infill 4926.3 5166.1 2469.7 489.1 225.4 -66.7
D-95-04-21 Exploration 5403.1 5126.1 2549.6 841.3 72.9 -72.1
D-95-05-21 Exploration 5403.1 5126.1 2549.6 574.8 129.1 -77.8
D-95-06-21 Exploration 5403.1 5126.1 2549.6 573.0 92.3 -74.0
D-95-07-21 Exploration 5403.1 5126.1 2549.6 783.9 12.6 -73.4
D-95-08-21 Exploration 5403.1 5126.1 2549.6 796.0 41.4 -81.3
D-95-09-22 Exploration 5403.1 5126.1 2549.6 832.3 71.8 -83.0
D-96-01-21 Infill 4654.7 5286.4 2506.4 639.0 122.9 -75.8
D-96-02-22 Infill 4654.7 5286.4 2506.4 793.0 129.7 -81.7
S-79-21 Exploration 5808.0 5209.2 2482.2 1652.3 286.9 -86.8
S-90-21 Exploration 5538.7 5004.4 2532.2 1664.8 0.0 -90.0
S-93-21 Infill 4926.3 5166.1 2469.7 1416.0 22.6 -73.6
S-96-21 Infill 4654.7 5286.4 2506.4 1496.5 104.4 -80.0
S-96A-21 Infill 4656.1 5285.5 2505.1 188.5 0.0 -90.0
U-04-22 Infill 4843.3 5321.3 1995.1 814.1 187.8 -80.6
U-07-22 Exploration 4423.7 5065.6 2102.9 1200.4 150.9 -83.2
U-08-22 Infill 4844.9 5324.0 1995.2 1152.1 358.0 -82.6
U-105-21 Exploration 4845.6 5319.5 1995.6 1023.4 323.0 -81.9
U-109-21 Exploration 4495.1 5329.6 2070.1 1175.5 242.1 -83.3
U-110-21 Exploration 4426.4 5067.8 2106.1 1253.7 262.8 -88.3
U-115-21 Exploration 4843.3 5321.3 1995.1 926.8 230.5 -78.2
U-125-21 Exploration 4426.4 5067.8 2106.1 1176.1 92.2 -86.9
U-127-21 Exploration 4496.1 5330.1 2070.5 1187.7 115.3 -87.5
U-95-21 Exploration 4845.0 5320.8 1995.5 965.1 25.1 -83.7
Total Metres 38460.0
General Notes with Respect to Technical Information
Grades are shown as contained metal before mill recoveries are applied. All samples provided in this news release were
assayed by SGS Durango, Mexico using acid digestion with ICP finish for silver, lead, zinc, and copper and ALS Global using the
same analytical procedure. Samples sent to SGS Durango were prepared in Durango and ALS Global are prepared in
Zacatecas, Mexico laboratory and send to Vancouver B.C. Laboratory for assay. Pan American implements a quality assurance
and quality control ("QAQC") program including the submission of certified standards, blanks, and duplicate samples to the
laboratories. The results of the QAQC samples submitted to SGS and ALS demonstrate acceptable accuracy and precision. The
NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated.
PAN AMERICAN SILVER CORP. 5
Qualified Person is of the opinion that the sample preparation, analytical, and security procedures followed for the samples
are sufficient and reliable for the purpose of any future Mineral Resource and Mineral Reserve estimates. Pan American is not
aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data
reported herein. SGS and ALS are independent from Pan American.
Mineral Resources and Mineral Reserves are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum.
Mineral Resources that are not Mineral Reserves have no demonstrated economic viability. No Mineral Reserves have yet
been estimated for the Skarn deposit.
See the Company's Annual Information Form dated February 23, 2022, available at www.sedar.com for further information
concerning QAQC and data verification matters, the key assumptions, parameters and methods used by the Company to
estimate Mineral Reserves and Mineral Resources, and for a detailed description of known legal, political, environmental, and
other risks that could materially affect the Company's business and the potential development of the Company's Mineral
Reserves and Mineral Resources.
Technical information contained in this news release with respect to Pan American has been reviewed and approved by
Christopher Emerson, FAusIMM, Vice President Business Development and Geology, and Martin Wafforn, P.Eng., Senior Vice
President Technical Services and Process Optimization, each of whom is a Qualified Person for the purposes of National
Instrument 43-101 - Standards of Disclosure for Mineral Projects (‘‘NI 43-101’’).
Pan American Silver Corp is authorized by The Association of Professional Engineers and Geoscientists of the Province of
British Columbia to engage in Reserved Practice under Permit to Practice number 1001470.
About Pan American Silver
Pan American owns and operates silver and gold mines located in Mexico, Peru, Canada, Argentina and Bolivia. We also own
the Escobal mine in Guatemala that is currently not operating. Pan American provides enhanced exposure to silver through a
large base of silver reserves and resources, as well as major catalysts to grow silver production. We have a 28-year history of
operating in Latin America, earning an industry-leading reputation for sustainability performance, operational excellence and
prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on NASDAQ and the Toronto
Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com.
For more information contact:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: [email protected]
Cautionary Note Regarding Forward-Looking Statements and Information
Certain of the statements and information in this news release constitute “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
applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking
statements or information. Forward-looking statements or information in this news release relate to, among other things: the
timing for, amount of, and anticipated results of, any exploration or development programs with respect to the Company’s La
Colorada Skarn project, including the potential for further definition or expansion of the Mineral Resource in the future; the
timing of any update to the Mineral Resource estimate and the results of any such update; and the potential generation of
minerals, if any, and the quality thereof.
These forward-looking statements and information reflect the Company’s current views with respect to future events and are
necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to
significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: our
Mineral Resource estimates and the assumptions upon which they are based; ore grades and recoveries; prices for silver,
gold, and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and
reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation); all
necessary permits, licenses and regulatory approvals for the La Colorada mine and related exploration projects are received in
a timely manner; our ability to secure and maintain the surface rights necessary for our operations; and our ability to comply
with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated.
PAN AMERICAN SILVER CORP. 6
The Company cautions the reader that forward-looking statements and information involve known and unknown risks,
uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or
implied by such forward-looking statements or information contained in this news release and the Company has made
assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the
duration and effects of the COVID-19 virus and any other pandemics on our operations and workforce, and the effects on
global economies and society; fluctuations in silver and gold prices; fluctuations in prices for energy inputs, labour, materials,
supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar, Peruvian sol,
Mexican peso, Argentine peso and Bolivian boliviano versus the U.S. dollar); risks relating to inflation and the global economic
environment; operational risks and hazards inherent with the business of mining (including environmental accidents and
hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins,
flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other
parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks
and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability
to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and
government practices, including environmental, export and import laws and regulations; changes in national and local
government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, the United
States, Mexico, Peru, Argentina, Bolivia, Guatemala or other countries where the Company may carry on business, including
legal restrictions relating to mining; risks relating to expropriation; risk of liability relating to our past sale of the Quiruvilca
mine in Peru; diminishing quantities or grades of Mineral Reserves as properties are mined; increased competition in the
mining industry for equipment and qualified personnel; and those factors identified under the caption "Risks Related to Pan
American's Business" in the Company's most recent form 40-F and Annual Information Form filed with the United States
Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although the
Company has attempted to identify important factors that could cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue
reliance on forward-looking statements or information. Forward-looking statements and information are designed to help
readers understand management's current views of our near and longer term prospects and may not be appropriate for other
purposes. The Company does not intend, nor does it assume any obligation to update or revise forward-looking statements or
information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent
required by applicable law.
Cautionary Note to US Investors
This news release has been prepared in accordance with the requirements of Canadian NI 43-101 and the Canadian Institute
of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. securities laws. NI
43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an
issuer makes of scientific and technical information concerning mineral projects.
Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the United States
Securities and Exchange Commission (the "SEC"), and information concerning mineralization, deposits, Mineral Reserve and
resource information contained or referred to herein may not be comparable to similar information disclosed by U.S.
companies. In particular, and without limiting the generality of the foregoing, this news release uses the terms ''Measured
Resources'', ''Indicated Resources'', and ''Inferred Resources''. U.S. investors are advised that, while such terms are recognized
and required by Canadian securities laws, the SEC does not recognize them. The requirements of NI 43-101 for identification
of ''Reserves'' are not the same as those of the SEC, and Mineral Reserves reported by the Company in compliance with NI
43-101 may not qualify as ''Reserves'' under SEC standards. Under U.S. standards, mineralization may not be classified as a
''reserve'' unless the determination has been made that the mineralization could be economically and legally produced or
extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part of a
"Measured Resource" or "Indicated Resource" will ever be converted into a "reserve". U.S. investors should also understand
that "Inferred Resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic
and legal feasibility. It cannot be assumed that all or any part of "Inferred Resources" exist, are economically or legally
mineable or will ever be upgraded to a higher category. Under Canadian securities laws, estimated "Inferred Resources" may
not form the basis of feasibility or pre-feasibility studies except in rare cases. Disclosure of "contained ounces" in a Mineral
Resource is permitted disclosure under Canadian securities laws. However, the SEC normally only permits issuers to report
mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade, without reference to unit
measures. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information
made public by companies that report in accordance with U.S. standards.
NEWS RELEASE
All amounts expressed in U.S. dollars unless otherwise indicated.
PAN AMERICAN SILVER CORP. 7