All financial figures are expressed in US$ unless otherwise
indicated.
VANCOUVER, Sept. 4, 2019 /PRNewswire/ - Pan American
Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) ("Pan American",
or the "Company") today reported that, as of June 30, 2019, its proven and probable mineral
reserves are estimated to contain approximately 557 million ounces
of silver and 5.1 million ounces of gold. Measured and indicated
mineral resources (excluding proven and probable reserves), as of
June 30, 2019, are estimated to total
approximately 797 million ounces of silver and 10.6 million ounces
of gold. These figures include mineral reserves and resources from
the assets acquired with the Tahoe Resources Inc. ("Tahoe")
transaction completed on February 22,
2019.
"Our silver reserves doubled while gold reserves tripled from
reserves reported at December 31,
2018, primarily due to the additional reserves acquired from
Tahoe. We now hold one of the largest silver reserves and resources
in the mining industry along with substantial gold reserves," said
Christopher Emerson, Pan American's
Vice President of Business Development and Geology. "During the
first six months of 2019, we completed 40% of the annual drilling
planned for our mine sites. We are accelerating our exploration
drilling in the second half the year, and plan to complete 130,000
metres of drilling".
As of June 30, 2019, inferred resources totaled
approximately 303 million ounces of silver and 9.6 million ounces
of gold. The majority of the increase in inferred gold resources
from our December 31, 2018 update
came from the acquired Tahoe assets, a significant portion of which
are attributable to the Timmins
exploration portfolio, which include the Juby and Fenn Gib
projects.
The mineral reserve and mineral resource estimates as of
June 30, 2019 do not include the
polymetallic skarn discovery at the La
Colorada mine. We are currently drilling with seven machines
at La Colorada, and expect to
release an initial resource estimate relating to the skarn at the
end of 2019.
Beginning with this update, Pan American intends to report
mineral reserves and mineral resources updates as of June 30 of each year, rather than as of
December 31, in order to align
mineral reserve and mineral resource updates with our annual mine
plans and budgets.
A summary of the silver and gold mineral reserves and mineral
resources as of June 30, 2019 is
provided in the following tables. Complete mineral reserve and
resource information for all metals, including tonnage and grades,
is available at www.panamericansilver.com.
Pan American Silver Corporation Mineral Reserves as of
June 30, 2019
(1,2)
Property
|
Location
|
Classification
|
Tonnes
(Mt)
|
Ag
(g/t)
|
Contained
Ag (Moz)
|
Au
(g/t)
|
Contained
Au (koz)
|
Silver
Segment
|
|
|
|
|
|
|
|
Huaron
|
Peru
|
Proven
|
6.2
|
168
|
33.5
|
--
|
--
|
|
|
Probable
|
3.7
|
170
|
20.1
|
--
|
--
|
Morococha
(92.3%) (3)
|
Peru
|
Proven
|
4.1
|
147
|
19.5
|
--
|
--
|
|
|
Probable
|
2.2
|
173
|
12.3
|
--
|
--
|
La
Colorada
|
Mexico
|
Proven
|
4.0
|
395
|
50.8
|
0.33
|
42.0
|
|
|
Probable
|
5.4
|
287
|
49.6
|
0.26
|
44.4
|
Dolores
|
Mexico
|
Proven
|
35.9
|
26
|
29.8
|
0.84
|
967.4
|
|
|
Probable
|
7.8
|
28
|
6.9
|
0.84
|
210.7
|
Manantial
Espejo
|
Argentina
|
Proven
|
0.8
|
170
|
4.6
|
1.35
|
36.2
|
|
|
Probable
|
0.1
|
204
|
0.9
|
3.64
|
16.0
|
San
Vicente
(95%)
(3)
|
Bolivia
|
Proven
|
1.4
|
414
|
18.6
|
--
|
--
|
|
|
Probable
|
0.5
|
345
|
6.0
|
--
|
--
|
Joaquin
|
Argentina
|
Probable
|
0.5
|
721
|
11.0
|
0.41
|
6.2
|
COSE
|
Argentina
|
Probable
|
0.1
|
918
|
2.2
|
17.7
|
43.3
|
Escobal
|
Guatemala
|
Proven
|
2.5
|
486
|
39.5
|
0.42
|
34.2
|
|
|
Probable
|
22.1
|
316
|
225.0
|
0.34
|
243.8
|
Total
Silver
Segment(4)
|
|
|
97.5
|
169
|
530.4
|
0.64
|
1,644.1
|
Gold
Segment
|
|
|
|
|
|
|
|
La Arena
|
Peru
|
Proven
|
27.4
|
--
|
--
|
0.36
|
319.4
|
|
|
Probable
|
9.5
|
--
|
--
|
0.30
|
90.9
|
Shahuindo
|
Peru
|
Proven
|
69.8
|
6
|
14.4
|
0.51
|
1,133.2
|
|
|
Probable
|
42.8
|
6
|
7.8
|
0.46
|
629.9
|
Timmins
|
Canada
|
Proven
|
2.7
|
--
|
--
|
3.06
|
269.1
|
|
|
Probable
|
7.2
|
--
|
--
|
3.10
|
718.6
|
La Bolsa
|
Mexico
|
Proven
|
9.5
|
10
|
3.1
|
0.67
|
202.9
|
|
|
Probable
|
6.2
|
7
|
1.4
|
0.57
|
113.1
|
Total Gold
Segment(4)
|
|
|
175.0
|
6
|
26.8
|
0.62
|
3,476.9
|
Total Gold
and Silver
Segments (4)
|
|
Proven +
Probable
|
272.5
|
77
|
557.2
|
0.63
|
5,121.1
|
(1)
|
See table below
entitled "Metal price assumptions used to estimate mineral reserves
and mineral resources as of June 30, 2019".
|
(2)
|
Mineral reserve
estimates were prepared under the supervision of, or were reviewed
by, Christopher Emerson, FAusIMM, Vice President Business
Development and Geology and Martin G. Wafforn, P.Eng., Senior Vice
President Technical Services and Process Optimization, each of whom
are Qualified Persons as that term is defined in NI
43-101.
|
(3)
|
This information
represents the portion of mineral reserves attributable to Pan
American based on its ownership interest in the operating entity as
indicated.
|
(4)
|
Totals may not add up
due to rounding. Total average grades of each element are with
respect to those mines that produce the element.
|
Pan American Silver Corporation Measured and Indicated
Mineral Resources as of June 30, 2019
(1,2)
Property
|
Location
|
Classification
|
Tonnes
(Mt)
|
Ag
(g/t)
|
Contained
Ag (Moz)
|
Au
(g/t)
|
Contained
Au (koz)
|
Silver
Segment
|
|
|
|
|
|
|
|
Huaron
|
Peru
|
Measured
|
2.2
|
157
|
11.0
|
--
|
--
|
|
|
Indicated
|
2.4
|
155
|
12.0
|
--
|
--
|
Morococha
(92.3%)
(3)
|
Peru
|
Measured
|
0.3
|
138
|
1.2
|
--
|
--
|
|
|
Indicated
|
0.3
|
143
|
1.6
|
--
|
--
|
La
Colorada
|
Mexico
|
Measured
|
0.5
|
229
|
3.8
|
0.24
|
4.0
|
|
|
Indicated
|
1.6
|
185
|
9.6
|
0.15
|
7.8
|
Dolores
|
Mexico
|
Measured
|
2.0
|
21
|
1.3
|
0.35
|
22.0
|
|
|
Indicated
|
1.5
|
28
|
1.4
|
0.56
|
27.1
|
Manantial
Espejo
|
Argentina
|
Measured
|
0.1
|
164
|
0.7
|
1.65
|
7.1
|
|
|
Indicated
|
0.2
|
241
|
1.4
|
2.86
|
16.5
|
San
Vicente
(95%)
(3)
|
Bolivia
|
Measured
|
0.9
|
161
|
4.4
|
--
|
--
|
|
|
Indicated
|
0.3
|
158
|
1.4
|
--
|
--
|
Navidad
|
Argentina
|
Measured
|
15.4
|
137
|
67.8
|
--
|
--
|
|
|
Indicated
|
139.8
|
126
|
564.5
|
--
|
--
|
Joaquin
|
Argentina
|
Indicated
|
0.1
|
385
|
0.7
|
0.58
|
1.1
|
Escobal
|
Guatemala
|
Measured
|
2.3
|
251
|
18.6
|
0.23
|
16.7
|
|
|
Indicated
|
14.2
|
201
|
91.6
|
0.20
|
93.0
|
Total
Silver
Segment(4)
|
|
|
184.0
|
134
|
792.9
|
0.27
|
195.3
|
Gold
Segment
|
|
|
|
|
|
|
|
La Bolsa
|
Mexico
|
Measured
|
1.4
|
11
|
0.5
|
0.90
|
39.9
|
|
|
Indicated
|
4.5
|
9
|
1.3
|
0.50
|
71.2
|
Pico
Machay
|
Peru
|
Measured
|
4.7
|
--
|
--
|
0.91
|
137.5
|
|
|
Indicated
|
5.9
|
--
|
--
|
0.67
|
127.1
|
La Arena
|
Peru
|
Measured
|
1.3
|
--
|
--
|
0.41
|
17.5
|
|
|
Indicated
|
1.7
|
--
|
--
|
0.38
|
20.6
|
Shahuindo
|
Peru
|
Measured
|
3.7
|
7
|
0.8
|
0.53
|
63.2
|
|
|
Indicated
|
8.4
|
5
|
1.5
|
0.46
|
123.6
|
Timmins
|
Canada
|
Measured
|
1.7
|
--
|
--
|
3.89
|
212.4
|
|
|
Indicated
|
5.4
|
--
|
--
|
3.41
|
587.8
|
La Arena
II
|
Peru
|
Measured
|
155.7
|
--
|
--
|
0.25
|
1,265.2
|
|
|
Indicated
|
586.7
|
--
|
--
|
0.23
|
4,371.9
|
Fenn-Gib
|
Canada
|
Indicated
|
40.8
|
--
|
--
|
0.99
|
1,298.6
|
Whitney
|
Canada
|
Measured
|
1.0
|
--
|
--
|
7.02
|
218.1
|
|
|
Indicated
|
2.3
|
--
|
--
|
6.77
|
490.5
|
Gold River
|
Canada
|
Indicated
|
0.7
|
--
|
--
|
5.29
|
117.4
|
Juby
|
Canada
|
Indicated
|
26.6
|
--
|
--
|
1.28
|
1,094.7
|
Marlhill
|
Canada
|
Indicated
|
0.4
|
--
|
--
|
4.52
|
57.4
|
Vogel
|
Canada
|
Indicated
|
2.2
|
--
|
--
|
1.75
|
125.0
|
Total Gold
Segment(4)
|
|
|
854.9
|
7
|
4.1
|
0.38
|
10,439.6
|
Total Gold
and Silver
Segments(4)
|
|
Measured +
Indicated
|
1,038.8
|
123
|
797.0
|
0.38
|
10,634.9
|
(1)
|
See table below
entitled "Metal price assumptions used to estimate mineral reserves
and mineral resources as of June 30, 2019".
|
(2)
|
Mineral resource
estimates were prepared under the supervision of, or were reviewed
by, Christopher Emerson, FAusIMM, Vice President Business
Development and Geology and Martin G. Wafforn, P.Eng., Senior Vice
President Technical Services and Process Optimization, each of whom
are Qualified Persons as that term is defined in NI
43-101.
|
(3)
|
This information
represents the portion of mineral resources attributable to Pan
American based on its ownership interest in the operating entity as
indicated.
|
(4)
|
Totals may not add up
due to rounding. Total average grades of each element are with
respect to those mines that produce the element.
|
Pan American Silver Corporation Inferred Mineral Resources as
of June 30, 2019
(1,2)
Property
|
Location
|
Classification
|
Tonnes
(Mt)
|
Ag
(g/t)
|
Contained
Ag (Moz)
|
Au
(g/t)
|
Contained
Au (koz)
|
Silver
Segment
|
|
|
|
|
|
|
|
Huaron
|
Peru
|
Inferred
|
6.2
|
155
|
30.8
|
--
|
--
|
Morococha
(92.3%) (3)
|
Peru
|
Inferred
|
4.5
|
138
|
19.9
|
--
|
--
|
La
Colorada
|
Mexico
|
Inferred
|
8.1
|
133
|
34.5
|
0.12
|
31.6
|
Dolores
|
Mexico
|
Inferred
|
4.0
|
47
|
6.0
|
1.22
|
156.3
|
Manantial
Espejo
|
Argentina
|
Inferred
|
0.5
|
194
|
3.0
|
2.71
|
41.4
|
San Vicente
(95%) (3)
|
Bolivia
|
Inferred
|
3.0
|
289
|
27.9
|
--
|
--
|
Navidad
|
Argentina
|
Inferred
|
45.9
|
81
|
119.4
|
--
|
--
|
Joaquin
|
Argentina
|
Inferred
|
0.01
|
389
|
0.1
|
1.29
|
0.2
|
COSE
|
Argentina
|
Inferred
|
0.03
|
382
|
0.3
|
7.10
|
6.3
|
Escobal
|
Guatemala
|
Inferred
|
1.9
|
180
|
10.7
|
0.90
|
53.7
|
Total
Silver
Segment(4)
|
|
|
74.0
|
106
|
252.5
|
0.62
|
289.5
|
Gold
Segment
|
|
|
|
|
|
|
|
La Bolsa
|
Mexico
|
Inferred
|
13.7
|
8
|
3.3
|
0.51
|
224.6
|
Pico
Machay
|
Peru
|
Inferred
|
23.9
|
--
|
--
|
0.58
|
445.7
|
La Arena
|
Peru
|
Inferred
|
1.1
|
--
|
--
|
0.30
|
10.7
|
Shahuindo
|
Peru
|
Inferred
|
10.0
|
5
|
1.6
|
0.44
|
140.6
|
Shahuindo
Sulphide
|
Peru
|
Inferred
|
97.4
|
14
|
45.1
|
0.74
|
2,323.3
|
Timmins
|
Canada
|
Inferred
|
3.7
|
--
|
--
|
3.74
|
443.8
|
La Arena
II
|
Canada
|
Inferred
|
91.6
|
--
|
|
0.23
|
683.1
|
Fenn-Gib
|
Canada
|
Inferred
|
24.5
|
--
|
|
0.95
|
750.0
|
Whitney
|
Canada
|
Inferred
|
1.0
|
--
|
|
5.34
|
170.7
|
Gold River
|
Canada
|
Inferred
|
5.3
|
--
|
|
6.06
|
1,027.4
|
Juby
|
Canada
|
Inferred
|
96.2
|
--
|
|
0.94
|
2,908.8
|
Vogel
|
Canada
|
Inferred
|
1.5
|
--
|
|
3.60
|
168.8
|
Total Gold
Segment(4)
|
|
|
369.8
|
13
|
50.0
|
0.78
|
9,297.6
|
Total Gold
and Silver
Segments (4)
|
|
Inferred
|
443.8
|
48
|
302.5
|
0.78
|
9,587.1
|
(1)
|
See table below
entitled "Metal price assumptions used to estimate mineral reserves
and mineral resources as of June 30, 2019".
|
(2)
|
Mineral resource
estimates were prepared under the supervision of, or were reviewed
by, Christopher Emerson, FAusIMM, Vice President Business
Development and Geology and Martin G. Wafforn, P.Eng., Senior Vice
President Technical Services and Process Optimization, each of whom
are Qualified Persons as that term is defined in NI
43-101.
|
(3)
|
This information
represents the portion of mineral resources attributable to Pan
American based on its ownership interest in the operating entity as
indicated.
|
(4)
|
Totals may not add up
due to rounding. Total average grades of each element are with
respect to those mines that produce the element.
|
Metal price assumptions used to estimate mineral reserves and
mineral resources as of June 30,
2019
Mine
|
Category
|
Ag
US$/oz
|
Au
US$/oz
|
Cu
US$/t
|
Pb
US$/t
|
Zn
US$/t
|
Huaron
|
All
categories
|
17.00
|
1,300
|
6,000
|
2,100
|
2,500
|
Morococha
|
All
categories
|
17.00
|
1,300
|
6,000
|
2,100
|
2,500
|
La
Colorada
|
All
categories
|
17.00
|
1,300
|
6,000
|
2,100
|
2,500
|
Dolores
|
Reserves
|
17.00
|
1,300
|
|
|
|
Resources
|
22.00
|
1,400
|
|
|
|
La Bolsa
|
All
categories
|
14.00
|
825
|
|
|
|
Manantial
Espejo
|
All
categories
|
16.00
|
1,300
|
|
|
|
San
Vicente
|
All
categories
|
17.00
|
1,300
|
6,000
|
2,100
|
2,500
|
Navidad
|
All
categories
|
12.52
|
|
|
1,100
|
|
Pico
Machay
|
All
categories
|
|
700
|
|
|
|
Joaquin
|
All
categories
|
16.00
|
1,300
|
|
|
|
COSE
|
All
categories
|
16.00
|
1,300
|
|
|
|
Escobal
|
All
categories
|
20.00
|
1,300
|
|
2,204
|
2,424
|
Shahuindo
|
Reserves
|
17.00
|
1,300
|
|
|
|
Resources
|
22.00
|
1,400
|
|
|
|
Shahuindo
Sulphide
|
Inferred
Resource
|
15.00
|
1,400
|
|
|
|
La Arena
|
Reserves
|
17.00
|
1,400
|
|
|
|
Resources
|
22.00
|
1,500
|
|
|
|
La Arena
II
|
All
categories
|
|
1,500
|
8,816
|
|
|
Timmins - Bell
Creek
|
All
categories
|
|
1,300
|
|
|
|
Fenn-Gib
|
Inside pit
|
|
1,190
|
|
|
|
Below pit
|
|
1,190
|
|
|
|
Whitney
|
All
categories
|
|
1,200
|
|
|
|
Gold River
|
All
categories
|
|
1,200
|
|
|
|
Juby(1)
|
All
categories
|
|
|
|
|
|
Marlhill
|
All
categories
|
|
1,125
|
|
|
|
Vogel
|
Inside pit
|
|
1,150
|
|
|
|
Below pit
|
|
1,150
|
|
|
|
(1)
|
Estimation used
a cut off grade of 0.40% g/t Au
|
General Notes with Respect to Technical
Information
Mineral reserves and resources are as defined by
the Canadian Institute of Mining, Metallurgy and Petroleum.
Pan American reports mineral resources and mineral reserves
separately. Reported mineral resources do not include amounts
identified as mineral reserves. Mineral resources that are not
mineral reserves have no demonstrated economic viability.
Pan American does not expect these mineral reserve and mineral
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 12, 2019, available at www.sedar.com for
further information on the Company's pre-Tahoe acquisition material
mineral properties, including 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.
For further information on the material mineral properties
acquired from Tahoe, please refer to the Company's management
information circular dated December 4,
2018, including additional information contained in Tahoe's
disclosure incorporated by reference therein, available at
www.sedar.com.
Complete mineral reserve and resource information for all
metals, including tonnage and grades, is available at
www.panamericansilver.com. Quantities of contained metal are
shown before metallurgical recoveries.
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, who are each Qualified Persons for the purposes of
National Instrument 43-101.
About Pan American Silver
Pan American Silver is the
world's second largest primary silver producer, providing enhanced
exposure to silver through a diversified portfolio of assets, large
reserves and growing production. We own and operate mines in
Mexico, Peru, Canada,
Argentina and Bolivia. In addition, we own the Escobal mine
in Guatemala that is currently not
operating. In 2019, we celebrate our silver anniversary: 25 years
of operating in Latin America,
earning an industry-leading reputation for operational excellence
and corporate social responsibility. 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.
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 disclosure of future mineral reserve and resource
information, including disclosure of mineral resource estimates
relating to the La Colorada
polymetallic skarn, and timing of any such disclosure; the extent
of, and success related to any future exploration or development
programs, including with respect to the La Colorada polymetallic skarn; the accuracy
of estimated mineral reserves and mineral resources; expectations
that metallurgical, environmental, permitting, legal, title,
taxation, socio-economic, political, marketing or other issues will
not materially affect estimates of mineral reserves and mineral
resources.
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 reserve and 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 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 metal 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); 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); 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; legal
restrictions relating to mining, including in Chubut, Argentina, and in Guatemala; risks relating to expropriation;
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 Regarding References to
Mineral Reserves and Mineral Resources
This news release has been prepared in accordance with the
requirements of Canadian 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 disclosed 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 Definition Standards. 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 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.
View original
content:http://www.prnewswire.com/news-releases/pan-american-silver-reports-mineral-reserves-of-557-million-ounces-of-silver-and-5-1-million-ounces-of-gold-300911149.html
SOURCE Pan American Silver Corp.