UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
__________________
FORM
6-K
_____________________
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16
UNDER
THE SECURITIES EXCHANGE ACT of 1934
February
18, 2015
_____________________
Pan
American Silver Corp.
(Exact
name of registrant as specified in its charter)
1500-625
HOWE STREET
VANCOUVER
BC CANADA V6C 2T6
(Address
of principal executive offices)
000-13727
(Commission
File Number)
_____________________
Indicate
by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). _____
|
Note: Regulation S-T Rule 101(b)(1) only permits
the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders. |
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
|
Note: Regulation S-T Rule 101(b)(7) only permits
the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private
issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled
or legally organized (the registrant’s “home country”), or under the rules of the home country exchange
on which the registrant’s securities are traded, as long as the report or other document is not a press release, is
not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR. |
Indicate
by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
If "Yes"
is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): ______
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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Pan American Silver
Corp. |
|
(Registrant) |
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| Date: February 18, 2015 |
By: |
/s/ ROBERT
PIROOZ |
|
Robert
Pirooz |
|
General Counsel |
EXHIBIT
LIST
| Exhibit |
|
Description |
|
|
|
| 99.1 |
|
News Release dated February 18, 2015 -
Pan American Silver Reports Updated Silver Mineral Reserves and Resources |
Exhibit 99.1
Pan American Silver Reports Updated Silver Mineral Reserves and
Resources
(All amounts in US dollars unless otherwise stated and all
production figures are approximate)
VANCOUVER, Feb. 18, 2015 /CNW/ - Pan American Silver
Corp. (PAAS: NASDAQ; PAA: TSX) ("Pan American" or the "Company") today reported on its December 31, 2014
mineral reserves and resources. Pan American's mineral reserves are estimated to contain 300 million ounces of silver and 2.32
million ounces of gold, down from the 323.5 million ounces of silver and 2.49 million ounces of gold reported a year ago. The Company
used long term metal prices assumptions of $18.50 per ounce of silver and $1,250 per ounce of gold to estimate its current reserves,
both lower than the long term prices used at the end of 2013. At the same time, the Company reported that its measured and indicated
silver mineral resources increased 2% to 731 million ounces, while measured and indicated gold mineral resources increased 13%
to 1.8 million ounces.
The following table illustrates the changes in Pan American's
estimated silver mineral reserves, year-over-year:
| Silver mineral reserves as of December 31, 2013(1) |
323.5 million ounces |
| Less: Contained silver ounces mined during 2014 |
(32.9) million ounces |
| Less: Contained silver ounces recategorized |
(20.1) million ounces |
| Plus: Contained silver ounces discovered by exploration during 2014 |
29.4 million ounces |
| Proven & probable silver mineral reserves as of December 31, 2014(2) |
299.9 million ounces |
| (1) |
Prices used to estimate mineral reserves for 2013 were $22.00 per ounce of silver, $1,300 per ounce of gold, $1,950 per tonne of lead, $1,850 per tonne of zinc, and $6,800 per tonne of copper. |
| (2) |
Prices used to estimate mineral reserves for 2014 were $18.50 per ounce of silver, $1,250 per ounce of gold, $2,000 per tonne of lead, $2,000 per tonne of zinc, and $6,800 per tonne of copper, except for at Alamo Dorado due to its limited remaining mine life, where metal prices of $17.00 per ounce of silver and $1,200 per ounce of gold were used. |
| |
|
|
Commenting on last year's exploration
results, Michael Steinmann, Executive Vice President Corporate Development and Geology said, "2014 was another successful
exploration year as Pan American spent $16.62 million on mine-site exploration and completed over 152.5 kilometers of diamond drilling.
Through these exploration activities, the Company discovered approximately 29.6 million ounces of new silver mineral reserves,
while at the same time depleting 32.9 million ounces of contained silver through production and re-categorizing 20.1
million ounces of silver, primarily due to lower prices. Steinmann continued, "It is worth noting that while reserves declined
modestly, the average reserve silver grade increased by 4.1% and average reserve gold grade rose by 5.5%."
During the last 11 years, our mine-site
exploration efforts have been highly successful having added over 279 million ounces of silver to our mineral reserves, excluding
acquisitions, more than replacing the 257.5 million ounces of silver mined in that same period.
The La Colorada mine, which holds Pan
American's largest reserves, once again returned outstanding exploration results in 2014 with a net addition of 5.5 million ounces
to finish the year with a record of 86 million ounces of silver mineral reserves, a 6% increase year-on-year.
Exploration activities were restricted in certain areas at
La Colorada due to the development work for the mine expansion. These restrictions will continue through 2017. Once development
work is completed, it is expected that exploration efforts at La Colorada will return to higher yields. In the past six years,
Pan American has discovered approximately 100 million ounces of new silver mineral reserves at La Colorada, mainly in the sulphide
mineralization of the NC2 and Amolillo veins. Widely spaced, deep drilling indicates that both structures potentially extend far
beyond the current mineral reserves and these zones will continue to be targeted in the Company's exploration plans after the mine
expansion is completed.
The San Vicente mine replaced all of the 4.5 million ounces
of silver mined during 2014 and added another 0.9 million ounces of new reserves. As expected, lower precious metal price assumptions
and depletion from 2014 production more than offset reserve additions at Dolores, Huaron, and Morococha. Net of 2014 production
and exploration additions, reserves at Dolores declined by 0.8 million ounces of silver and increased by 52,000 ounces of gold,
due to pit optimization. At Huaron, mineral reserves declined by 0.9 million ounces of silver and at Morococha reserves declined
by a modest 0.2 million ounces.
The largest change was at Manantial Espejo, where silver reserves
declined by 3.4 million ounces and gold diminished by 44,000 ounces. These ounces have been moved from mineral reserves to mineral
resources due to lower metal prices and may be re-classified should metal prices or cost environment improve.
In 2015, Pan American expects to invest $10.0 million to complete
approximately 83 kilometers of diamond drilling at its seven operating mines. In addition, the Company also plans to spend $2.1
million on greenfield exploration activities at selected projects.
Complete mineral reserve and resource information for all
metals, including tonnage and grades is available at www.panamericansilver.com.
Complete silver and gold mineral reserve and resource information
at December 31, 2014 is shown in the following tables:
| MINERAL RESERVES – PROVEN AND PROBABLE |
| Property |
Location |
Classification |
Tonnes
(Mt) |
Ag (g/t) |
Contained
Ag (Moz) |
Au g/t) |
Contained Au (000's oz) |
| Huaron |
Peru |
Proven |
6.5 |
165 |
34.4 |
N/A |
N/A |
| |
|
Probable |
4.2 |
166 |
22.6 |
N/A |
N/A |
| Morococha (92.3%) (1) |
Peru |
Proven |
2.4 |
181 |
13.9 |
N/A |
N/A |
| |
|
Probable |
2.7 |
202 |
17.3 |
N/A |
N/A |
| La Colorada |
Mexico |
Proven |
3.0 |
427 |
41.0 |
0.33 |
31.9 |
| |
|
Probable |
3.8 |
364 |
45.0 |
0.37 |
45.9 |
| Dolores |
Mexico |
Proven |
28.1 |
32 |
28.5 |
0.91 |
820.8 |
| |
|
Probable |
31.8 |
35 |
35.6 |
0.88 |
897.3 |
| Alamo Dorado |
Mexico |
Proven |
2.8 |
60 |
5.4 |
0.25 |
22.6 |
| |
|
Probable |
0.6 |
84 |
1.5 |
0.61 |
11.0 |
| La Bolsa |
Mexico |
Proven |
9.5 |
10 |
3.1 |
0.67 |
203.0 |
| |
|
Probable |
6.2 |
7 |
1.4 |
0.57 |
113.1 |
| Manantial Espejo |
Argentina |
Proven |
2.4 |
123 |
9.5 |
1.82 |
141.5 |
| |
|
Probable |
0.4 |
193 |
2.2 |
3.08 |
35.5 |
| San Vicente (95%) (1) |
Bolivia |
Proven |
1.9 |
460 |
28.4 |
N/A |
N/A |
| |
|
Probable |
0.7 |
425 |
9.9 |
N/A |
N/A |
| TOTALS (2) |
|
Proven + Probable |
106.9 |
87 |
299.9 |
0.82 |
2,322.5 |
| MINERAL RESOURCES – MEASURED AND INDICATED |
| Property |
Location |
Classification |
Tonnes
(Mt) |
Ag (g/t) |
Contained
Ag (Moz) |
Au (g/t) |
Contained Au (000's oz) |
| Huaron |
Peru |
Measured |
2.1 |
155 |
10.3 |
N/A |
N/A |
| |
|
Indicated |
1.5 |
161 |
7.8 |
N/A |
N/A |
| Morococha (92.3%) (1) |
Peru |
Measured |
0.5 |
125 |
2.1 |
N/A |
N/A |
| |
|
Indicated |
1.0 |
163 |
5.0 |
N/A |
N/A |
| La Colorada |
Mexico |
Measured |
0.3 |
153 |
1.7 |
0.13 |
1.5 |
| |
|
Indicated |
2.3 |
222 |
16.2 |
0.23 |
16.9 |
| Dolores |
Mexico |
Measured |
13.4 |
17 |
7.3 |
0.27 |
116.8 |
| |
|
Indicated |
21.9 |
26 |
18.4 |
0.63 |
445.4 |
| Alamo Dorado |
Mexico |
Measured |
1.2 |
50 |
1.9 |
0.23 |
8.7 |
| |
|
Indicated |
1.0 |
79 |
2.5 |
0.39 |
12.0 |
| La Bolsa |
Mexico |
Measured |
1.4 |
11 |
0.3 |
0.90 |
31.4 |
| |
|
Indicated |
4.5 |
9 |
1.1 |
0.50 |
59.8 |
| Manantial Espejo |
Argentina |
Measured |
2.8 |
66 |
5.9 |
0.79 |
70.5 |
| |
|
Indicated |
2.0 |
113 |
7.3 |
1.50 |
97.0 |
| San Vicente (95%) (1) |
Bolivia |
Measured |
0.6 |
169 |
3.4 |
N/A |
N/A |
| |
|
Indicated |
0.3 |
156 |
1.3 |
N/A |
N/A |
| Navidad |
Argentina |
Measured |
15.4 |
137 |
67.8 |
N/A |
N/A |
| |
|
Indicated |
139.8 |
126 |
564.5 |
N/A |
N/A |
| Pico Machay |
Peru |
Measured |
4.7 |
N/A |
N/A |
0.91 |
137.5 |
| |
|
Indicated |
5.9 |
N/A |
N/A |
0.67 |
127.1 |
| Calcatreu |
Argentina |
Indicated |
8.0 |
26 |
6.6 |
2.63 |
676.0 |
| TOTALS (2) |
|
Measured + Indicated |
230.4 |
104 |
731.5 |
0.82 |
1,800.6 |
| MINERAL RESOURCES – INFERRED |
| Property |
Location |
Classification |
Tonnes
(Mt) |
Ag (g/t) |
Contained
Ag (Moz) |
Au (g/t) |
Contained Au (000's oz) |
| Huaron |
Peru |
Inferred |
8.4 |
154 |
41.5 |
N/A |
N/A |
| Morococha (92.3%) (1) |
Peru |
Inferred |
6.5 |
247 |
51.7 |
N/A |
N/A |
| La Colorada |
Mexico |
Inferred |
3.4 |
251 |
27.5 |
0.51 |
55.4 |
| Dolores |
Mexico |
Inferred |
4.9 |
28 |
4.4 |
1.05 |
164.4 |
| Alamo Dorado |
Mexico |
Inferred |
0.0 |
41 |
0.0 |
0.65 |
0.0 |
| La Bolsa |
Mexico |
Inferred |
13.7 |
8 |
3.3 |
0.51 |
222.4 |
| Manantial Espejo |
Argentina |
Inferred |
0.3 |
129 |
1.1 |
1.98 |
16.8 |
| San Vicente (95%) (1) |
Bolivia |
Inferred |
3.0 |
366 |
34.8 |
N/A |
N/A |
| Navidad |
Argentina |
Inferred |
45.9 |
81 |
119.4 |
N/A |
N/A |
| Pico Machay |
Peru |
Inferred |
23.9 |
N/A |
N/A |
0.58 |
445.7 |
| Calcatreu |
Argentina |
Inferred |
3.4 |
17 |
1.8 |
2.06 |
226.0 |
| TOTALS (2) |
|
Inferred |
113.3 |
99 |
285.5 |
0.71 |
1,130.8 |
| HISTORICAL ESTIMATES |
| Property |
Location |
Unclassified |
Tonnes
(Mt) |
Ag (g/t) |
Contained
Ag (Moz) |
Au (g/t) |
Contained Au
(000's oz) |
| Hog Heaven (3) |
USA |
Historical (3) |
2.7 |
167 |
14.6 |
0.62 |
53.9 |
| Hog Heaven (3) |
USA |
Historical (3) |
7.6 |
133 |
32.7 |
0.70 |
171.9 |
| Waterloo (4) |
USA |
Historical |
33.8 |
93 |
100.9 |
N/A |
N/A |
| TOTALS (2) |
|
Historical |
44.1 |
104 |
148.2 |
0.68 |
225.8 |
| Notes: |
Mineral reserves and resources are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum.
Mineral resources that are not mineral reserves have no demonstrated economic viability.
Pan American does not expect these mineral reserve and resource estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political, and marketing or other relevant issues.
See the Company's Annual Information Form dated March 28, 2014 for more information concerning associated QA/QC 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 resources.
Grades are shown as contained metal before mill recoveries are applied.
Pan American reports mineral resources and mineral reserves separately. Reported mineral resources do not include amounts identified as mineral reserves. |
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Metal prices used for reserves at all mines were: $18.50 per ounce of silver, $1,250 per ounce of gold, $2,000 per tonne of lead, $2,000 per tonne of zinc, and $6,800 per tonne of copper., except at Alamo Dorado due to its limited remaining mine life, where metal prices of $17.00 per ounce of silver and $1,200 per ounce of gold were used.
Metal prices for Dolores and Alamo Dorado resources were $30 per ounce of silver and $1,400 per ounce of gold.
Metal prices for Manantial Espejo mineral resources were $30.00 per ounce of silver and $1,800 per ounce of gold.
Metal prices used for Navidad were $12.52 per ounce of silver and $1,100 per tonne of lead.
Metal prices used for Calcatreu were $12.50 per ounce of silver and $650 per ounce of gold
Metal prices used for La Bolsa were $14.00 per ounce of silver and $825 per ounce of gold. |
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|
| 1 |
This information represents the portion of mineral reserves and resources attributable to Pan American based on its ownership interest in the operating entity as indicated. |
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| 2 |
Totals may not add-up due to rounding. |
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| 3 |
The historical estimate for Hog Heaven was prepared by Gregory Hahn, Chief Geological Engineer for CoCa Mines Inc., a previous owner of the property, in a report titled "Hog Heaven Project Optimization Study" dated May 1989, prior to implementation of NI 43-101. The historical estimate was based on extensive diamond drilling, and was estimated using a silver price of $6.50 per ounce and a gold price of $400 per ounce (these were relevant prices at the time of the estimate). Michael Steinmann, P.Geo, has reviewed the available data, including drill sections, surface maps, and additional supporting information sources, and believes that the historic estimate was conducted in a professional and competent manner and is relevant for the purposes of the Company's decision to maintain its interest in this property. In the study, the historic estimate was sub-categorized as follows: |
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|
|
|
Category |
Tons |
oz/ton Ag |
oz/ton Au |
| |
|
|
|
Proven Reserves |
2,981,690 |
4.88 |
0.018 |
| |
|
|
|
Probable & Possible Reserves |
904,200 |
10.40 |
0.020 |
| |
|
|
|
Heap leach ore |
316,100 |
1.56 |
0.014 |
| |
|
|
|
Possible Resources |
4,500,000 |
2.41 |
0.020 |
| |
|
|
|
Inferred Resources |
2,700,000 |
4.44 |
0.022 |
| |
|
|
|
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However, the Company has not completed the work necessary to verify the historical estimate. Accordingly, the Company is not treating the historical estimate as current, NI 43-101-compliant mineral resources based on information prepared by or under the supervision of a QP. These historical estimates should not be relied upon. |
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The Company believes that the historical estimate category of "proven reserves" for Hog Heaven most closely corresponds to 2,705,000 tonnes in the CIM definition category of "indicated mineral resources". |
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The Company believes that the historical estimate categories of "proven & possible reserves", "heap leach ore stockpile", "possible resources" and "inferred resources" most closely correspond to 7,639,000 tonnes in the CIM definition category of "inferred mineral resources". |
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4 |
The historical estimate for Waterloo was initially prepared by Asarco Inc. in 1968. In September 1994 Robert J. Rodger, P.Eng., reviewed the Asarco reports and prepared a Technical Evaluation Report on the Waterloo property, prior to the implementation of NI 43-101. The Technical Evaluation Report confirmed that the historical estimate was based on reverse circulation drilling and underground sampling, and concluded the estimate was based on sound methodology. The historical estimate at Waterloo was prepared using a silver price of $5.00 per ounce (the relevant price at the time of the estimate). Michael Steinmann, P.Geo., has reviewed the Technical Evaluation Report and believes the historic estimate was conducted in a professional and competent manner and is relevant for purposes of the Company's decision to maintain its interest in the property. The Company believes that the historical estimate category of 37,235,000 tons (at 2.71 ounces per ton silver) of "measured and indicated reserves" most closely corresponds to 33,758,000 tonnes in the CIM definition category of "indicated mineral resource". However, the Company has not completed the work necessary to verify the historical estimate. Accordingly, the Company is not treating the historical estimate as current, NI 43-101 compliant mineral resources based on information prepared by or under the supervision of a QP. These historical estimates should not be relied upon. |
Mineral resource and reserve estimates for Huaron, Morococha,
La Colorada, Dolores, Alamo Dorado, Manantial Espejo, San Vicente, La Bolsa, Pico Machay, and Calcatreu were prepared under the
supervision of, or were reviewed by Michael Steinmann, P. Geo., Executive Vice-President Corporate Development and Geology and
Martin G. Wafforn, P. Eng., Vice-President Technical Services, each of whom are Qualified Persons as that term is defined in National
Instrument 43-101 ("NI 43-101"). Navidad mineral resource estimates were prepared by Pamela De Mark, P. Geo., Director,
Resources, formerly Sr. Consultant of Snowden Mining Industry Consultants, also a Qualified Person as that term is defined in NI
43-101. Mineral resource estimates for Hog Heaven and Waterloo are based on historical third party estimates.
Michael Steinmann and Martin Wafforn, each of whom are Qualified
Persons, as the term is defined in NI 43-101, have reviewed and approved the contents of this press release.
About Pan American Silver
Pan American Silver's mission is to be the world's pre-eminent
silver producer, with a reputation for excellence in discovery, engineering, innovation and sustainable development. The Company
has seven operating mines in Mexico, Peru, Argentina and Bolivia. Pan American also owns several development projects in the USA,
Mexico, Peru and Argentina.
THIS NEWS RELEASE CONTAINS "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 SECURITIES LEGISLATION.WHEN USED IN THIS NEWS RELEASE, THE WORDS "BELIEVES",
"EXPECTS", "INTENDS", "PLANS", "TARGETS", "POTENTIAL", AND OTHER SIMILAR WORDS
AND EXPRESSIONS IDENTIFY FORWARD-LOOKING STATEMENTS OR INFORMATION. FORWARD-LOOKING STATEMENTS AND INFORMATION EXPRESS, AS AT THE
DATE OF THIS NEWS RELEASE, THE COMPANY'S PLANS, ESTIMATES, FORECASTS, PROJECTIONS, EXPECTATIONS, OR BELIEFS AS TO FUTURE EVENTS
OR RESULTS AND THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION TO, UPDATE SUCH FORWARD-LOOKING STATEMENTS OR INFORMATION,
OTHER THAN AS REQUIRED BY APPLICABLE LAW. SUCH FORWARD-LOOKING STATEMENTS AND INFORMATION INCLUDE, BUT ARE NOT LIMITED TO STATEMENTS
AS TO: THE ACCURACY OF ESTIMATED MINERAL RESERVES AND RESOURCES, ANTICIPATED RESULTS OF FUTURE EXPLORATION; FORECAST FUTURE PRECIOUS
METAL PRICES; AND EXPECTATIONS THAT METALLURGICAL, ENVIRONMENTAL, PERMITTING, LEGAL, TITLE, TAXATION, SOCIO-ECONOMIC, POLITICAL,
MARKETING OR OTHER ISSUES WILL NOT MATERIALLY AFFECT ESTIMATES OF MINERAL RESERVES.
THESE STATEMENTS REFLECT THE COMPANY'S CURRENT VIEWS WITH
RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF ASSUMPTIONS AND ESTIMATES THAT, WHILE CONSIDERED REASONABLE
BY THE COMPANY, ARE INHERENTLY SUBJECT TO SIGNIFICANT BUSINESS, ECONOMIC, COMPETITIVE, POLITICAL AND SOCIAL UNCERTAINTIES AND CONTINGENCIES.MANY
FACTORS, BOTH KNOWN AND UNKNOWN, COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM THE RESULTS,
PERFORMANCE OR ACHIEVEMENTS THAT ARE OR MAY BE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS 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: FLUCTUATIONS IN SPOT AND FORWARD MARKETS FOR SILVER, GOLD, BASE METALS AND CERTAIN OTHER COMMODITIES (SUCH AS NATURAL
GAS, FUEL OIL AND ELECTRICITY); FLUCTUATIONS IN CURRENCY MARKETS (SUCH AS THE PERUVIAN SOL, MEXICAN PESO, ARGENTINE PESO AND BOLIVIAN
BOLIVIANO VERSUS THE U.S. DOLLAR); RISKS RELATED TO THE TECHNOLOGICAL AND OPERATIONAL NATURE OF THE COMPANY'S BUSINESS; CHANGES
IN NATIONAL AND LOCAL GOVERNMENT, LEGISLATION, TAXATION, CONTROLS OR REGULATIONS AND POLITICAL OR ECONOMIC DEVELOPMENTS IN CANADA,
THE UNITED STATES, MEXICO, PERU, ARGENTINA, BOLIVIA OR OTHER COUNTRIES WHERE THE COMPANY MAY CARRY ON BUSINESS IN THE FUTURE; RISKS
AND HAZARDS ASSOCIATED WITH THE BUSINESS OF MINERAL EXPLORATION, DEVELOPMENT AND MINING (INCLUDING ENVIRONMENTAL HAZARDS, INDUSTRIAL
ACCIDENTS, UNUSUAL OR UNEXPECTED GEOLOGICAL OR STRUCTURAL FORMATIONS, PRESSURES, CAVE-INS AND FLOODING); EMPLOYEE RELATIONS; RELATIONSHIPS
WITH AND CLAIMS BY LOCAL COMMUNITIES AND INDIGENOUS POPULATIONS; AVAILABILITY AND INCREASING COSTS ASSOCIATED WITH MINING INPUTS
AND LABOUR; THE SPECULATIVE NATURE OF MINERAL EXPLORATION AND DEVELOPMENT, INCLUDING THE RISKS OF OBTAINING NECESSARY LICENSES
AND PERMITS AND THE PRESENCE OF LAWS AND REGULATIONS THAT MAY IMPOSE RESTRICTIONS ON MINING, INCLUDING THOSE CURRENTLY IN THE PROVINCE
OF CHUBUT, ARGENTINA, WHICH DO NOT CURRENTLY ALLOW FOR THE DEVELOPMENT OF THE NAVIDAD PROJECT; DIMINISHING QUANTITIES OR GRADES
OF MINERAL RESERVES AS PROPERTIES ARE MINED; GLOBAL FINANCIAL CONDITIONS; CHALLENGES TO, OR DIFFICULTY IN MAINTAINING, THE COMPANY'S
TITLE TO PROPERTIES AND CONTINUED OWNERSHIP THEREOF; THE ACTUAL RESULTS OF CURRENT EXPLORATION ACTIVITIES, CONCLUSIONS OF ECONOMIC
EVALUATIONS, AND CHANGES IN PROJECT PARAMETERS TO DEAL WITH UNANTICIPATED ECONOMIC OR OTHER FACTORS; INCREASED COMPETITION IN THE
MINING INDUSTRY FOR PROPERTIES, EQUIPMENT, QUALIFIED PERSONNEL, AND THEIR COSTS; AND THOSE FACTORS IDENTIFIED UNDER THE CAPTION
"RISKS RELATED TO PAN AMERICAN'S BUSINESS" IN THE COMPANY'S MOST RECENT FORM 40F AND ANNUAL INFORMATION FORM FILED WITH
THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION AND CANADIAN PROVINCIAL SECURITIES REGULATORY AUTHORITIES.INVESTORS ARE CAUTIONED
AGAINST ATTRIBUTING UNDUE CERTAINTY OR RELIANCE ON FORWARD-LOOKING STATEMENTS.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. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE THESE FORWARD-LOOKING
STATEMENTS OR INFORMATION TO REFLECT CHANGES IN ASSUMPTIONS OR CHANGES IN CIRCUMSTANCES OR ANY OTHER EVENTS AFFECTING SUCH STATEMENTS
OR INFORMATION, OTHER THAN AS REQUIRED BY APPLICABLE LAW.
CAUTIONARY NOTE TO US INVESTORS CONCERNING ESTIMATES OF
MINERAL RESERVES AND RESOURCES
THIS NEWS RELEASE HAS BEEN PREPARED IN ACCORDANCE WITH
THE REQUIREMENTS OF CANADIAN PROVINCIAL SECURITIES LAWS, WHICH DIFFER FROM THE REQUIREMENTS OF U.S. SECURITIES LAWS. UNLESS OTHERWISE
INDICATED, ALL MINERAL RESERVE AND RESOURCE ESTIMATES INCLUDED IN THIS NEWS RELEASE HAVE BEEN PREPARED IN ACCORDANCE WITH CANADIAN
NATIONAL INSTRUMENT 43-101 – STANDARDS OF DISCLOSURE FOR MINERAL PROJECTS (''NI 43-101'') AND THE CANADIAN INSTITUTE OF MINING,
METALLURGY AND PETROLEUM CLASSIFICATION SYSTEM. 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 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 PRESS 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 RESERVES REPORTED BY PAN AMERICAN 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.
SOURCE Pan American Silver Corp.
%CIK: 0000771992
For further information: Kettina Cordero, Manager, Investor
Relations, (604) 684-1175, ir@panamericansilver.com; www.panamericansilver.com
CO: Pan American Silver Corp.
CNW 20:45e 18-FEB-15
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