Pan American Silver Temporarily Suspends Operations at the La Colorada Mine
Pan American Silver Temporarily Suspends Operations at the La Colorada Mine
VANCOUVER, British Columbia--(BUSINESS WIRE)--October 5, 2023--Pan American
Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American") has temporarily suspended all
operating activities at its La Colorada mine in Mexico due to security concerns at the mine site
and the surrounding area. In the early hours of October 5, 2023, the operation experienced an
armed robbery of two trailers of concentrate. There were no physical injuries to our personnel in
connection with the incident. In response to the current security situation in the area and Pan
American’s priority to protect the safety and security of our personnel, Pan American has
temporarily suspended operations, project work and exploration at La Colorada. The mine site is
currently secure, and Pan American has activated care and maintenance activities while it works
with state and federal authorities regarding this incident. The suspension will continue until Pan
American determines it is appropriate to resume operations.
Pan American will provide an update on the situation as more information becomes available.
About Pan American Silver
Pan American Silver is a leading producer of precious metals in the Americas, operating silver
and gold mines in Canada, Mexico, Peru, Bolivia, Argentina, Chile and Brazil. We also own the
Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration
and development projects. We have been operating in the Americas for nearly three decades,
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
the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com.
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 ongoing safety and security of the La Colorada mine site and
surrounding area and whether such safety and/or security will improve; the duration of the
suspension of operating activities; the impact of the theft and the resulting suspension on the
business of Pan American, both operationally and financially; and the ability of Pan American to
maintain the safety and security of the La Colorada mine site and whether any other such
incidents may occur in the future.
These forward-looking statements and information reflect Pan American’s current views with
respect to future events and are necessarily based upon a number of assumptions that, while
considered reasonable by Pan American, are inherently subject to significant operational,
business, economic and regulatory uncertainties and contingencies. These assumptions include:
the ability of Pan American to work with state and federal authorities in Mexico in connection
with the incident, and to determine it is appropriate to resume operations. The foregoing list of
assumptions is not exhaustive.
Pan American 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 Pan American has made
assumptions and estimates based on or related to many of these factors. Such factors include,
without limitation: those factors identified under the caption "Risks Related to Pan American's
Business" in Pan American'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; and those factors identified under the caption "Risks of the
Business" in Yamana'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 Pan American 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. Pan American 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.
Contacts
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: [email protected]