Pan American Silver's Proven and Probable Silver Mineral Reserves Increase to 317 Million Ounces

Pan American Silver's Proven and Probable Silver Mineral Reserves Increase to
                              317 Million Ounces

PR Newswire

VANCOUVER, Feb. 20, 2013

Gold Proven and Probable Mineral Reserves Rise to 2.4 Million Ounces

(All amounts in US dollars unless otherwise stated and all production figures
are approximate)

VANCOUVER, Feb. 20, 2013 /PRNewswire/ - Pan American Silver Corp. (PAAS:
NASDAQ; PAA: TSX) ("Pan American" or the "Company") more than replaced the
proven and probable silver and gold mineral reserves mined during the past
year as a result of another very successful mine-site exploration campaign.
As well, the mineral reserves increased further with the addition of the
Dolores mine and the La Bolsa project, following the acquisition of
Minefinders Ltd. ("Minefinders").

Commenting on last year's exploration results, Michael Steinmann, Executive
Vice President Corporate Development and Geology said, "Mine-site exploration
has always been an important value driver for Pan American, allowing for
organic production growth. Since 2004, the Company has added 229.4 million
ounces of silver to its mineral reserves solely through exploration
activities, excluding acquisitions, and more than replaced the 196.3 million
ounces of silver mined during the same period. This impressive track record
has extended the mine life of our operations and continues to ensure our
long-term profitability. The average cost of the new silver reserves added
since 2004 from exploration was approximately $0.38 per ounce; without
question an excellent return on our investment in exploration".

In 2012,  Pan American  spent $18.2  million in  exploration, completing  over 
155,970 meters  of diamond  drilling at  its seven  operating mines.  Through 
exploration activities,  the Company  discovered 31.2  million ounces  of  new 
proven and  probable silver  mineral  reserves to  more  than replace  the  26 
million contained ounces of  silver that were mined  at its operations  during 
the year (excluding  those ounces  mined by the  Company at  the Dolores  mine 
during 2012). The Company's  proven and probable  silver mineral reserves  at 
December 31, 2012 were 316.9 million contained ounces, an increase of 35% from
2011.

In 2012, the La Colorada mine returned outstanding exploration results with  a 
net addition of 20.7 million contained  silver ounces to finish the year  with 
64.8 million ounces  of proven  and probable  silver mineral  reserves, a  47% 
increase year-on-year. In the  past four years,  Pan American has  discovered 
over 64 million ounces of new  proven and probable silver mineral reserves  at 
La Colorada, mainly in sulphide mineralization of the NC2 and Amolillo veins.
The Amolillo vein, a structure parallel  to the main NC2 vein currently  being 
exploited, is key to a possible mine expansion.

Successful exploration results were  also achieved at  the Huaron mine,  where 
proven and probable silver mineral  reserves increased to 61.6 million  ounces 
and at San Vicente, where proven and probable silver mineral reserves rose  to 
35.6 million ounces.

At the Morococha  mine, in spite  of the  discovery of 4.3  million ounces  of 
silver, proven  and probable  silver  mineral reserves  decreased 8%  to  37.1 
million ounces at year-end 2012. The  decrease was due to mine depletion  and 
to an increase  in the cut-off  grade to reflect  higher production costs  and 
reduced returns from copper concentrate sales.

Similarly, at the Manantial  Espejo mine, proven  and probable silver  mineral 
reserves declined 27% year-on  year to 21.2 million  ounces at year end  2012. 
The reduction is  attributed to  a combination of  mine depletion,  increased 
mine operating  costs and  to a  temporary suspension  of surface  exploration 
activities.

At the newly acquired  Dolores mine, the Company's  first mineral reserve  and 
resource estimate  yielded  a proven  and  probable mineral  reserve  of  87.8 
million tonnes, containing 76 million ounces of silver and 1.6 million  ounces 
of gold at December 31, 2012.  This represents a reduction from  Minefinders' 
last mineral reserve estimate,  which was done in  2010. In addition to  over 
two years of  mining depletion, Pan  American also applied  higher mining  and 
processing cost  parameters to  reflect  the current  mining method  and  cost 
environment. The net  effect of  these changes  was to  increase the  cut-off 
grade  for  the  mineral  reserve   in  order  to  maintain  the   operation's 
profitability.

The following table illustrates the changes in Pan American's estimated proven
and probable
silver mineral reserves, year-over-year:

Proven & probable silver mineral reserves as of December
31, 2011^(1)                                              235.3 million ounces
Less: Contained ounces mined during 2012                 (26.0) million ounces
Plus: Contained ounces discovered by exploration during
2012                                                       31.2 million ounces
                                                Subtotal  240.5 million ounces
Plus: Contained ounces acquired (Dolores and La Bolsa)     80.6 million ounces
Less: Contained ounces sold with Quiruvilca               (4.2) million ounces
Proven & probable silver mineral reserves as of December
31, 2012^(1)                                              316.9 million ounces

^(1) Prices used to estimate Mineral Reserves for 2011 and 2012 were Ag
          $25.00 per ounce, Au $1,350 per ounce, Pb $1,850 per tonne, Zn
          $1,750 per tonne and Cu $6,500

In 2013 Pan American expects to invest $16.3 million to complete approximately
124,000 meters  of  diamond  drilling  at  its  seven  operating  mines.  In 
addition, the  Company  also  plans  to  spend  $14.7  million  on  greenfield 
exploration activities.

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, 2012 is as follows:

MINERAL RESERVES - PROVEN AND PROBABLE

Property      Location  Classification Tonnes  Ag   Contained   Au   Contained
                                        (Mt)  (g/t) Ag (Moz)  (g/t)  Au (000's
                                                                        oz)
Huaron        Peru      Proven          6.6    171    36.1     N/A      N/A
                      Probable        4.7    171    25.5     N/A      N/A
Morococha     Peru      Proven          2.8    187    16.8     N/A      N/A
(92.2%)
                      Probable        2.7    203    17.4     N/A      N/A
La Colorada   Mexico    Proven          2.0    397    25.8     0.38    24.9
                      Probable        3.1    390    39.0     0.42    42.1
Dolores       Mexico    Proven          49.4   29     45.6     0.59    934.4
                      Probable        38.4   25     30.5     0.55    682.5
Alamo Dorado  Mexico    Proven          6.0    74     14.3     0.25    48.9
                      Probable        1.7    89      4.8     0.55    29.4
La Bolsa      Mexico    Proven          9.5    10      3.1     0.67    203.0
                      Probable        6.2     7      1.4     0.57    113.1
Manantial     Argentina Proven          3.4    127    13.9     2.02    221.8
Espejo
                      Probable        1.8    129     7.3     2.11    119.2
San Vicente   Bolivia   Proven          1.9    428    25.8     N/A      N/A
                      Probable        0.8    395     9.8     N/A      N/A
TOTALS ^(i)            Proven +       140.8   70     316.9    0.62   2,419.4
                        Probable

MINERAL RESOURCES - MEASURED AND INDICATED

Property      Location  Classification Tonnes  Ag   Contained   Au   Contained
                                        (Mt)  (g/t) Ag (Moz)  (g/t)  Au (000's
                                                                        oz)
Huaron        Peru      Measured        1.0    151     4.9     N/A      N/A
                      Indicated       0.8    148     3.6     N/A      N/A
Morococha     Peru      Measured        1.0    191     6.1     N/A      N/A
(92.2%)
                      Indicated       1.3    217     8.8     N/A      N/A
La Colorada   Mexico    Measured        0.2    161     1.1     0.12     0.8
                      Indicated       2.0    268    17.1     0.32    20.7
Dolores       Mexico    Measured        6.1    23      4.5     0.46    89.4
                      Indicated       31.2   22     21.9     0.53    531.6
Alamo Dorado  Mexico    Measured        0.0    54      0.1     0.35     0.5
                      Indicated       1.2    78      2.9     0.30    11.4
La Bolsa      Mexico    Measured        1.4    11      0.3     0.90    31.4
                      Indicated       4.5     9      1.1     0.50    59.8
Manantial     Argentina Measured        2.9    119    11.1     1.43    133.3
Espejo
                      Indicated       3.8    81      9.8     0.99    120.0
San Vicente   Bolivia   Measured        0.5    131     2.2     N/A      N/A
(95%)
                      Indicated       0.2    116     0.9     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 ^(i)            Proven +       231.8   103    735.4    0.85   1,939.5
                        Probable

MINERAL RESOURCES - INFERRED

Property     Location  Classification Tonnes  Ag   Contained   Au   Contained
                                       (Mt)  (g/t) Ag (Moz)  (g/t)  Au (000's
                                                                       oz)
Huaron       Peru      Inferred        8.8    165    46.5     N/A      N/A
Morococha    Peru      Inferred        5.3    191    32.4     N/A      N/A
(92.2%)
La Colorada  Mexico    Inferred        2.0    304    20.0     0.34     22.6
Dolores      Mexico    Inferred        6.3    17      3.4     0.58    116.8
Alamo Dorado Mexico    Inferred        0.0    156     0.0     0.29     0.1
La Bolsa     Mexico    Inferred        13.7    8      3.3     0.51    222.4
Manantial    Argentina Inferred        1.6    89      4.6     1.07     54.7
Espejo
San Vicente  Bolivia   Inferred        2.8    347    31.4     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 ^(i)           Inferred       113.7   91     262.8    0.66    1088.4

HISTORICAL ESTIMATES

Property    Location Unclassified     Tonnes  Ag   Contained  Au    Contained
                                       (Mt)  (g/t) Ag (Moz)  (g/t)     Au
                                                                   (000's oz)
Hog Heaven  USA      Historical        2.7    167    14.6    0.62     53.9
^(ii)                ^(ii)(iii)
Hog Heaven  USA      Historical        7.6    133    32.7    0.70     171.9
^(ii)                ^(ii)(iv)
Waterloo    USA      Historical        33.8   93     100.9    N/A      N/A
^(v)
TOTALS ^(i)         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 do not have demonstrated economic viability.

        Pan American does not expect these mineral reserve estimates to be
        materially affected by metallurgical, environmental, permitting,
        legal, taxation, socio-economic, political, marketing or other
        relevant issues.
       This table illustrates Pan American Silver Corp's share of mineral
        reserves and resources. Properties in which Pan American Silver has
        less than 100% interest are noted next to the property name.
       Metal prices used for all Mines: Ag: $25/oz, Au: $1,350/oz, Pb:
        $1,850/tonne, Cu: $6,500/tonne, Zn $1,750/tonne.
        Metal prices used for Navidad were Ag: $12.52/oz and Pb: $1,100/tonne.
        Metal prices used for Calcatreu were Ag: $12.50/oz and Au: $650/oz.
        Metal prices used for La Bolsa were Ag: $14.00/oz and Au: $825/oz
       

^(i)    Totals may not add-up due to rounding.
^(ii)    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:

    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

       However, the Company has not completed the work necessary to verify
        the historical estimate. Accordingly, the Company is not treating the
        historical estimate as NI 43-101-compliant categories of mineral
        resources based on information prepared by or under the supervision of
        a QP. These historical estimates should not be relied upon.
       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".
       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".
^(iii) 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 NI
        43-101 compliant categories of mineral resources based on information
        prepared by or under the supervision of a QP. These historical
        estimates should not be relied upon.
^(iv)   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 NI 43-101 category of "inferred resources"
^(v)    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
        TechnicalEvaluation 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., QP for the Company, 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 NI
        43-101 category of "indicated 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 NI
        43-101 compliant categories of 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,  Dolores, San Vicente,  La 
Colorada, Manantial Espejo, Alamo Dorado, Morococha, Pico Machay and Calcatreu
were prepared under the supervision, 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  as 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,  including  the  recently  acquired 
Dolores gold/silver mine in Chihuahua, Mexico. Pan American also owns the  La 
Virginia and La Bolsa  development projects in  Sonora, Mexico, the  Waterloo 
silver project in California,  USA, the Pico Machay  gold project in Peru,  as 
well as  both  the  Navidad  silver project  and  Calcatreu  gold  project  in 
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, AND 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;  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 MEASURED AND INDICATED
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.  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. THE REQUIREMENTS OF NI 43-101 FOR  IDENTIFICATION 
OF "RESERVES" ARE ALSO NOT THE SAME AS THOSE OF THE SEC, AND RESERVES REPORTED
BY THE COMPANY  IN COMPLIANCE  WITH NI 43-101  MAY NOT  QUALIFY AS  "RESERVES" 
UNDER SEC STANDARDS. 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.

Contact:

Kettina Cordero
Manager, Investor Relations
(604) 684-1175
info@panamericansilver.com
www.panamericansilver.com
 
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