2015 cash costs lowered by 15% to $9.70 per payable ounce of silver, net of
by-products
(All amounts expressed in US$ unless otherwise indicated.
Results are preliminary unaudited and could change based on final
audited financial results)
This news release contains forward-looking information about
expected future events and financial and operating performance of
the Company. Readers should refer to the risks and assumptions set
out in the "Cautionary Note Regarding Forward-Looking Statements"
at the end of this news release. *
VANCOUVER, Jan. 19, 2016 /CNW/ - Pan American Silver
Corp. ("Pan American" or the "Company") (PAAS: NASDAQ; PAA:
TSX) produced 6.79 million ounces of silver during the final
quarter of 2015 to set a new annual record of 26.12 million ounces.
The Company also produced 48,200 ounces of gold during the fourth
quarter of 2015, setting a new annual gold production record of
183,700 ounces.
|
Fourth Quarter
2015 Preliminary Unaudited Operational Highlights
|
- 6.78 million ounces
of silver produced
- 48,200 ounces of
gold produced
- Preliminary
unaudited consolidated cash costs of $9.09(1) per
payable ounce of silver, net of by-product credits
|
2015 Full-Year
Preliminary Unaudited Operational Highlights
|
- Record silver
production of 26.12 million ounces, up from 26.11 million ounces
produced in 2014
- Record gold
production of 183,700 ounces, 14% more than in 2014
- Preliminary
unaudited consolidated cash costs were $9.70(1) per
payable ounce of silver, net of by-product credits, well below
the Company's reduced 2015 guidance of $10.00 to $10.50 per
ounce of silver and 15% lower than 2014's cash costs
- La Colorada and
Dolores expansion projects on track
- Completed mining in
the Alamo Dorado open pit during December 2015; processing of
stockpiled ore to continue in 2016
|
(1)
|
Cash costs per
payable ounce of silver produced, net of by-product credits is a
non-GAAP measure. Cash costs does not have a standardized meaning
prescribed by the International Financial Reporting Standards
("IFRS") as an indicator of performance. Investors are cautioned
that cash costs per ounce of silver should not be construed as an
alternative to production costs, depreciation and amortization, and
royalties determined in accordance with IFRS as an indicator of
performance. The Company's method of calculating cash costs may
differ from the methods used by other entities and, accordingly,
the Company's cash costs may not be comparable to similarly titled
measures used by other entities. This measure is a non-GAAP measure
and readers should refer to the information under the heading
"Non-GAAP Measure – Cash Costs Per Payable Ounce of Silver
Produced, Net of By Product Credits" at the end of this news
release for more information and to the Alternative Performance
(non-GAAP) Measures section of the Company's most recently filed
MD&A for the period ending September 30, 2015, for a more
detailed discussion of this measure and its calculation.
|
Commenting on the Company's fourth quarter and annual production
results, Steve Busby, Chief
Operating Officer said, "We had an excellent operating year,
achieving new silver production records at four of our mines.
At the same time, we were able to meaningfully reduce our
operating cash costs on the back of strong by-product gold and
copper production, helped to a lesser extent by weakening local
currencies and lower oil prices." Busby continued, "I am extremely
pleased to extend my personal thanks to our dedicated and highly
capable operating and project teams who, for the fourth consecutive
year, achieved another annual consolidated silver production record
for the Company, while simultaneously advancing our two exciting
mine expansion projects."
Pan American's preliminary 2015 precious metals production and
cash costs by mine were as follows:
Mine
|
Preliminary
Silver Production
(Moz)
|
Preliminary
Gold Production
(koz)
|
Preliminary
Cash
Costs (per oz.)(1)
|
La
Colorada
|
5.33
|
2.63
|
$7.41
|
Dolores
|
4.25
|
79.14
|
$9.28
|
Alamo
Dorado
|
2.97
|
20.34
|
$11.41
|
Huaron
|
3.71
|
1.05
|
$10.91
|
Morococha
(92.3%)(2)
|
2.17
|
3.22
|
$13.03
|
San Vicente
(95%)(2)
|
4.12
|
n/a
|
$11.57
|
Manantial
Espejo
|
3.58
|
77.32
|
$7.33
|
Total(3)
|
26.12
|
183.70
|
$9.70
|
(1)
|
Preliminary unaudited
cash costs per payable ounce of silver, net of by-product credits.
Average by-product
metal prices for 2015 were: Au $1,160/oz, Zn $1,928/tonne, Pb
$1,784/tonne, and Cu $5,495/tonne. Cash
costs is a non-GAAP measure and readers should refer to the
information under the heading "Non-GAAP
Measure – Cash Costs Per Payable Ounce of Silver Produced, Net of
By Product Credits" at the end of this
news release for more information.
|
(2)
|
Reflects Pan
American's ownership in the operation.
|
(3)
|
Totals may not add up
due to rounding.
|
|
|
In 2015, Pan American produced a record 26.12 million ounces of
silver, a slight increase from the 26.11 million ounces produced in
2014. Silver production rose as a result of record annual
production at the La Colorada,
Dolores, Huaron and San Vicente
mines, which offset the expected silver production declines at
Alamo Dorado, Morococha and Manantial Espejo. Pan American also
posted a new Company record for gold production at 183,700 ounces,
14% more than in 2014. Total 2015 gold production rose primarily
due to an 18% increase from Dolores, which produced a new annual mine
record of 79,140 ounces, and a 10% increase from Manantial Espejo,
which also produced a new annual mine record of 77,320 ounces, as
well as new annual records established at Alamo Dorado of 20,340
ounces and Morococha of 3,220 ounces.
Pan American's 2015 consolidated copper production rose 67% to
15,000 tonnes, due to mine sequencing into higher copper grade ores
at the Company's Peruvian operations, as well as higher throughput
obtained at Morococha. The Company's zinc production declined 7% to
40,600 tonnes, while lead production declined 3% from 2014 to
14,600 tonnes largely due to mine sequencing.
Pan American's consolidated cash costs for the fourth quarter of
2015 were $9.09 per ounce of silver,
net of by-product credits, 24% lower than in the fourth quarter of
2014. Consolidated cash costs for the full-year 2015 were
$9.70 per ounce of silver, 15% lower
than in 2014 and below the Company's 2015 reduced forecast of
$10.00 to $10.50 per ounce of silver
announced in November. Consolidated cash costs declined in 2015
largely as a result of higher quantities of gold and copper
by-products and lower operating expenditures at all of the
Company's mines, partially offset by lower prices received for
those by-products.
2016 Operational Forecast *
In 2016, Pan American expects annual silver production to
decline slightly to between 24.0 million and 25.0 million ounces,
while gold production is expected to be between 175,000 and 185,000
ounces.
Pan American's base metals production during 2016 is expected to
be between 46,000 and 48,000 tonnes of zinc, 15,000 to 15,500
tonnes of lead and 13,000 to 13,500 tonnes of copper.
Consolidated cash costs for the full year 2016 are expected to
be between $9.45 and $10.45 per ounce
of silver, net of by-product credits (please see footnote 1 below
for assumed by-product metal prices and exchange rates used to
calculate the cash costs forecasts).
The following table presents Pan American's 2016 forecasted
precious metals production and cash costs per ounce of silver, net
of by-product credits by mine:
Mine
|
2016 Silver
Production
(Moz)
|
2016 Gold
Production
(koz)
|
2016 Cash
Costs(1)
|
La
Colorada
|
5.6 – 5.7
|
2.7 – 2.9
|
$7.75 -
$8.25
|
Dolores
|
3.4 – 3.6
|
97.0 –
102.0
|
$5.00 -
$6.50
|
Alamo
Dorado(2)
|
1.0 – 1.2
|
7.0 – 8.0
|
$13.50 -
$14.50
|
Huaron
|
3.7 – 3.8
|
0.7 – 0.8
|
$12.25 -
$13.25
|
Morococha
(92.3%)(3)
|
2.5 – 2.6
|
3.0 – 3.2
|
$12.00 -
$13.75
|
San Vicente
(95%)(3)
|
4.3 – 4.4
|
n/a
|
$11.25 -
$11.75
|
Manantial
Espejo
|
3.6 – 3.8
|
64.6 –
68.1
|
$9.25 -
$10.75
|
Total
|
24.0 –
25.0
|
175.0 –
185.0
|
$9.45 -
$10.45
|
(1)
|
Cash costs per ounce
of silver, net of by-product credits. By-product metal prices
assumptions used
for 2016 cash costs calculation: Au $1,100/oz, Zn $1,700/tonne, Pb
$1,600/tonne, Cu $4,600/tonne.
Exchange rates used relative to US$: Mexican Peso 17:1, Peruvian
Sol 3.3:1, Argentinean Peso 11:1,
Bolivian Boliviano 7:1. Cash costs is a non-GAAP measure and
readers should refer to the information
under the heading "Non-GAAP Measure – Cash Costs Per Payable Ounce
of Silver Produced, Net of By
Product Credits" at the end of this news release for more
information.
|
(2)
|
Alamo Dorado
production to be entirely sourced from previously mined
stockpiles.
|
(3)
|
Reflects Pan
American's ownership in the operation.
|
|
|
2016 AISCSOS Forecast **
Consolidated all-in sustaining costs per silver ounce sold
("AISCSOS")* for the full year 2016 are expected to be between
$13.60 and $14.90 per ounce as
compared to the Company's 2015 forecast of between $15.00 and $15.50 announced in November 2015. The forecast reduction in 2016
AISCSOS is primarily due to lower expected cash costs per ounce and
reduced sustaining capital expenditures.
** AISCSOS (and its sub-component sustaining capital) is a
non-GAAP measure and does not have a standardized meaning under
IFRS as an indicator of performance and readers should refer to the
Alternative Performance (Non-GAAP) Measures section of the
Company's most recently filed MD&A for the period ending
September 30, 2015, for more detailed
description of this measure and its calculation.
2016 Capital Investment Forecast *
In 2016, Pan American expects a reduction in sustaining capital
investments to between $65 and $75
million at its seven operating mines, down from the most
recent guidance for 2015 sustaining capital of $71.0 to $84.0 million.
Pan American also expects to spend between $135 and $140 million on long term development
and expansion projects, the majority of which will be invested in
the La Colorada and Dolores expansion projects which are already
underway. The following table summarizes the forecast capital
investments at the Company's operations and projects in 2016:
Operation
|
2016 Forecast
Capital
Investments ($Millions)
|
La Colorada
|
8.0 – 10.5
|
Dolores
|
39.0 – 42.0
|
Huaron
|
6.0 – 7.5
|
Morococha
|
7.0 – 8.5
|
San Vicente
|
3.0 – 4.0
|
Manantial
Espejo
|
2.0 – 2.5
|
Sustaining Capital
Total
|
65.0 –
75.0
|
La Colorada
Projects
|
64.0 – 66.5
|
Dolores
Projects
|
71.0 – 73.5
|
2016 Total
Capital
|
$200.0 –
$215.0
|
2017 and 2018 Operational Forecasts *
Given the transformational nature of the Company's mine
expansion projects at La Colorada
and Dolores and the
contemporaneous completion of open pit mining at both Alamo Dorado
and Manantial Espejo, Pan American has decided to provide
additional guidance for consolidated silver production, gold
production, cash costs and sustaining capital for fiscal 2017 and
2018 (please see footnote 1 below for assumed by-product metal
prices and exchange rates used to calculate cash costs):
|
2017
|
2018
|
Silver production
(Moz)
|
22.5 –
24.0
|
25.0 -
27.0
|
Gold production
(koz)
|
155.0 –
165.0
|
160.0 –
180.0
|
Cash
costs(1)
|
$8.20 -
$9.70
|
$5.50 -
$7.50
|
Sustaining capital
(millions)
|
$75.0 -
$85.0
|
$75.0 -
$90.0
|
AISCSOS
|
$13.20 -
$14.80
|
$10.00 -
$12.20
|
(1)
|
By-product metal
prices assumptions used for 2016, 2017 and 2018 cash
costs and AISCSOS calculations: Au $1,100/oz, Zn $1,700/tonne,
Pb $1,600/tonne, Cu $4,600/tonne. Exchange rates used relative to
US$:
Mexican Peso 17:1, Peruvian Sol 3.3:1, Argentinean Peso 11:1,
Bolivian
Boliviano 7:1. Cash costs and AISCSOS are non-GAAP measure and
readers should refer to the information under the heading
"Non-GAAP
Measures" at the end of this news release for more
information.
|
Commenting on the 2015's results and the Company's forecast for
2016 to 2018, Michael Steinmann,
President & CEO said, "We had an exceptional year at all of our
operations establishing new throughput records at five of our seven
mines, while simultaneously commencing major expansions at both
La Colorada and Dolores. While I am extremely pleased with our
achievements in 2015, I am even more excited as I look to 2016 and
beyond. The expansions of our two most important Mexican mines will
transform Pan American Silver into an even stronger, leading
low-cost silver producer. La
Colorada and Dolores are
already two of our longest life assets and I fully expect that we
will continue to grow our resource base at each of these mines. But
perhaps more importantly, the expansions at La Colorada and Dolores will have a long lasting positive
impact on our production profile and will result in significantly
lower cash costs and AISCSOS for years to come."
Technical information contained in this news release with
respect to Pan American has been reviewed by Martin Wafforn,
P.Eng., VP Technical Services, who is the Company's Qualified
Person for the purposes of National Instrument
43-101.
Pan American will
announce its unaudited 2015 fourth quarter and 2015 full-year
consolidated results on Thursday, February 18, 2015 prior to market
open. A conference call and live audio webcast to discuss the
results will be held that same day at 1:00 pm EST (10:00 am PST).
To participate in the conference, please dial toll number
1-604-638-5340.
A live audio webcast
and Power Point presentation will be available live at
https://meet.panamericansilver.com/ir/8D435YLF. The audio and
presentation webcast will also be available for replay by visiting
the Events page of the Company's website at
www.panamericansilver.com/Investors/Events.
|
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.
NON-GAAP
MEASURES
|
|
CASH COSTS PER
PAYABLE OUNCE OF SILVER PRODUCED, NET OF BY-PRODUCT
CREDITS
|
|
THIS NEWS RELEASE
PRESENTS INFORMATION ABOUT OUR CASH COSTS OF PRODUCTION OF A
PAYABLE OUNCE OF SILVER FOR OUR OPERATING MINES. CASH COSTS PER
PAYABLE OUNCE PRODUCED, NET OF BY-PRODUCT CREDITS, IS CALCULATED AS
FOLLOWS:
|
CASH COST PER
PAYABLE OUNCE OF SILVER PRODUCED, NET OF BY-PRODUCT CREDITS, IS
INCLUDED IN THIS NEWS RELEASE BECAUSE CERTAIN INVESTORS USE THIS
INFORMATION TO ASSESS OUR PERFORMANCE AND ALSO TO DETERMINE OUR
ABILITY TO GENERATE CASH FLOW FOR USE IN INVESTING AND OTHER
ACTIVITIES. THE INCLUSION OF CASH COSTS PER PAYABLE OUNCE PRODUCED,
NET OF BY-PRODUCT CREDITS, MAY ENABLE INVESTORS TO BETTER
UNDERSTAND YEAR-OVER-YEAR CHANGES IN OUR PRODUCTION COSTS, WHICH IN
TURN AFFECT PROFITABILITY AND CASH FLOW. CASH COSTS PER OUNCE, NET
OF BY-PRODUCT CREDITS, DOES NOT HAVE A STANDARDIZED MEANING OR A
CONSISTENT BASIS OF CALCULATION PRESCRIBED BY CANADIAN ACCOUNTING
STANDARDS. INVESTORS ARE CAUTIONED THAT CASH COSTS PER PAYABLE
OUNCE PRODUCED, NET OF BY-PRODUCT CREDITS, SHOULD NOT BE CONSIDERED
IN ISOLATION OR CONSTRUED AS A SUBSTITUTE TO COSTS DETERMINED IN
ACCORDANCE WITH CANADIAN ACCOUNTING STANDARDS AS PRESCRIBED UNDER
IFRS AS AN INDICATOR OF PERFORMANCE. OUR METHOD OF CALCULATING CASH
COSTS PER PAYABLE OUNCE PRODUCED MAY DIFFER FROM THE METHODS USED
BY OTHER ENTITIES AND, ACCORDINGLY, OUR CASH COSTS PER PAYABLE
OUNCE PRODUCED MAY NOT BE COMPARABLE TO SIMILARLY TITLED MEASURED
USED BY OTHER ENTITIES.
|
|
ALL-IN
SUSTAINING COSTS PER SILVER OUNCE SOLD
("AISCSOS")
|
|
THIS NEWS RELEASE
PRESENTS INFORMATION ABOUT OUR CALCULATION OF ALL-IN SUSTAINING
COSTS PER SILVER OUNCE SOLD, REFERRED TO AS AISCSOS. THE
COMPANY BELIEVES THAT AISCSOS REFLECTS A COMPREHENSIVE MEASURE OF
THE FULL COST OF OPERATING ITS CONSOLIDATED BUSINESS GIVEN IT
INCLUDES THE COST OF REPLACING OUNCES THROUGH EXPLORATION, THE COST
OF ONGOING CAPITAL INVESTMENTS (SUSTAINING CAPITAL), GENERAL AND
ADMINISTRATIVE EXPENSES, AS WELL AS OTHER ITEMS
THAT AFFECT THE COMPANY'S CONSOLIDATED EARNINGS AND CASH
FLOW. AISCSOS DOES NOT HAVE ANY STANDARDIZED MEANING OR A
CONSISTENT BASIS OF CALCULATION PRESCRIBED BY CANADIAN ACCOUNTING
STANDARDS. OUR METHOD OF CALCULATING AISCSOS MAY DIFFER FROM THE
METHODS USED BY OTHER ENTITIES AND, ACCORDINGLY, OUR AISCSOS MAY
NOT BE COMPARABLE TO SIMILARLY TITLED MEASURES USED BY OTHER
ENTITIES.
|
READERS SHOULD
REFER TO THE "ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES" SECTION
OF THE COMPANY'S MOST RECENTLY FILED MD&A FOR THE PERIOD ENDING
SEPTEMBER 30, 2015 FOR A MORE DETAILED DISCUSSION OF THIS MEASURES
AND ITS CALCULATION.
|
|
CAUTIONARY NOTE
REGARDING FORWARD-LOOKING STATEMENTS
|
|
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: OUR ESTIMATED PRODUCTION OF
SILVER, GOLD AND OTHER METALS IN 2016 AND OUR ESTIMATED PRODUCTION
OF GOLD AND SILVER IN 2017, AND 2018; OUR ESTIMATED CASH COSTS PER
PAYABLE OUNCE OF SILVER IN 2016, 2017 AND 2018; OUR ESTIMATED
CAPITAL INVESTMENTS AISCSOS AND SUSTAINING CAPITAL FOR 2016, 2017
AND 2018; THE ABILITY OF THE COMPANY TO SUCCESSFULLY COMPLETE ANY
CAPITAL INVESTMENT PROGRAMS AND PROJECTS AND THE IMPACTS OF ANY
SUCH PROGRAMS AND PROJECTS ON THE COMPANY; AND ANY ANTICIPATED
LEVEL OF FINANCIAL AND OPERATIONAL SUCCESS IN 2016.
|
|
THESE STATEMENTS
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:
TONNAGE OF ORE TO BE MINED AND PROCESSED; 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; OUR MINERAL RESERVE AND
RESOURCE ESTIMATES AND THE ASSUMPTIONS UPON WHICH THEY ARE BASED;
PRICES FOR ENERGY INPUTS, LABOUR, MATERIALS, SUPPLIES AND SERVICES
(INCLUDING TRANSPORTATION); NO LABOUR-RELATED DISRUPTIONS AT ANY OF
OUR OPERATIONS: NO UNPLANNED DELAYS IN OR INTERRUPTIONS IN
SCHEDULED PRODUCTION; ALL NECESSARY PERMITS, LICENCES AND
REGULATORY APPROVALS FOR OUR OPERATIONS ARE RECEIVED IN A TIMELY
MANNER; AND OUR ABILITY TO COMPLY WITH ENVIRONMENTAL, HEALTH AND
SAFETY LAWS.THE FOREGOING LIST OF ASSUMPTIONS IS NOT
EXHAUSTIVE.
|
|
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: FLUCTUATIONS IN
SILVER, GOLD AND BASE METALS 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 AND BOLIVIAN
BOLIVIANO VERSUS THE U.S. DOLLAR); 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 IN THE JURISDICTIONS WHERE WE OPERATE, INCLUDING
ENVIRONMENTAL, EXPORT AND IMPORT LAWS AND REGULATIONS; 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 SECURITIES
REGULATORY AUTHORITIES. 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 AND 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 AND INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION,
CHANGES IN ASSUMPTIONS, FUTURE EVENTS OR OTHERWISE, EXCEPT TO THE
EXTENT REQUIRED BY APPLICABLE LAW.
|
SOURCE Pan American Silver Corp.