-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 K4GIbQpmtYvcjeuI4GvgddBf9rDlKgor3LVjdloBFpw8otkcLc6icQZOswXWk58g
 4WwA6H0SViXJVjqRtM4wwQ==

<SEC-DOCUMENT>0001137171-04-000188.txt : 20040218
<SEC-HEADER>0001137171-04-000188.hdr.sgml : 20040218
<ACCEPTANCE-DATETIME>20040218134502
ACCESSION NUMBER:		0001137171-04-000188
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040217
FILED AS OF DATE:		20040218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAN AMERICAN SILVER CORP
		CENTRAL INDEX KEY:			0000771992
		STANDARD INDUSTRIAL CLASSIFICATION:	SILVER ORES [1044]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13727
		FILM NUMBER:		04612670

	BUSINESS ADDRESS:	
		STREET 1:		1500-625 HOWE STREET
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			V6C 2T6

	MAIL ADDRESS:	
		STREET 1:		1500 625 HOWE ST
		CITY:			VANCOUVER BC V6C 2T6
		STATE:			A1
		ZIP:			999999999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>pan6k0108.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Filed By Filng Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="rosana">
<META NAME="date" CONTENT="12/23/2003">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
&nbsp;
<p>&nbsp;</p>
<P style="margin-top:0pt; margin-bottom:32.65pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>FORM 6-K<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>
<P style="margin-top:0pt; margin-bottom:32.65pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>Report of Foreign Private Issuer</B></P>
<P style="margin-top:0pt; margin-bottom:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Pursuant to Rule 13a-16 or 15d-16 <BR>
of the Securities Exchange Act of 1934</B></P>
<P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">For the month of
February 17, 2004</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><U>Pan American Silver Corp</U></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Translation of registrant&#146;s name into English)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>1500-625 HOWE STREET<BR>
VANCOUVER BC CANADA V6C 2T6</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Address of principal executive offices)</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Form 20-F_<U>X</U>__ &nbsp;&nbsp;Form 40-F &nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Yes ..... &nbsp;No ..X...</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): &nbsp;82-________ </P>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:8pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B><U>Index to Material Change Reports</U></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="text-indent: -18pt; line-height: 14pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: -14pt; padding-left: 36pt">1.</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Press
Release dated February 17, 2004</P>
<P style="margin:0pt; padding-left:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<p style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align="right"><img src="pr002.jpg" alt="[pr002.jpg]" align="middle" height="45.733" width="254.067"></p>
<p style="margin:0pt; padding-left:-36pt; font-family:Times New Roman"><img src="pr004.jpg" alt="[pr004.jpg]" align="middle" height="43.8" width="42.8"></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">February 17, 2004</P>
<P style="margin:0pt; font-family:Arial"><BR></P>
<P style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align=center><B>PAN AMERICAN SILVER REPORTS 11% PRODUCTION INCREASE IN 2003</B></P>
<P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><I>(all amounts in US Dollars unless otherwise stated)</I></P>
<P style="margin:0pt; font-family:Arial; font-size:10.5pt" align=justify><BR></P>
<P style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt"><B><U>HIGHLIGHTS</U></B></P>
<ul>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Arial">Silver production in the quarter up 6% to 2.12 million ounces (2.0 million in 2002). Full-year total was 8.64 million ounces, up 11% over 2002 &#150; the ninth consecutive year of silver production growth.</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Arial">Cash production costs decreased 3% to $4.01 per ounce and total production costs decreased 4% to $4.57 per ounce in the quarter. For 2003, cash costs declined slightly to $4.09 per ounce and total costs declined 6% to $4.62 per ounce.</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Arial">Net loss for the quarter declined to $4.8 million or $0.15 per share (2002 &#150; net loss of $14.0 million), including non-cash charges of $2.9 million stemming from a change in accounting rules. Net loss for 2003 totaled $6.8 million or $0.20 per share (2002 &#150; net loss of $34.0 million).</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Arial">Quiruvilca generating positive cash flow. Mine life has been extended indefinitely.</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Arial">Huaron expansion study underway and 12,000 m. drill program initiated.</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Arial">Feasibility studies initiated at San Vicente in Bolivia and Manantial Espejo in Argentina.</FONT></li>
</ul>
<P style="margin:0pt; font-family:Arial; font-size:10.5pt" align=justify>&nbsp;</P>
<P style="margin:0pt; font-family:Arial; font-size:10.5pt" align=justify><BR></P>
<P style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align=justify><B><U>2004 FORECAST &#150; HIGHER PRODUCTION AND LOWER COSTS</U></B></P>
<ul>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Arial">Reserves and resources expected to increase upon completion of new reserve/ resource statement at the end of the first quarter.</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Arial">Production decision for Alamo Dorado project mid-year.</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Arial">Total production to rise 23% to 10.6 million ounces (50% to 13 million ounces including 2004 production from
    Morococha).</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Arial">Cash production cost to decline below $3.50/oz.</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Arial">Total production cost to decline to approximately $4.30/oz.</FONT></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:13pt; font-family:Symbol; font-size:11pt" align="justify"><FONT FACE="Arial">Operating cash flow and earnings to increase significantly.</FONT></li>
</ul>
<P style="margin:0pt; font-family:Arial; font-size:9pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial; font-size:9pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial; font-size:10.5pt"><B><U>FINANCIAL RESULTS (Unaudited)</U></B></P>
<P style="margin-top:4.6pt; margin-bottom:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>Pan American Silver Corp. (NASDAQ:
PAAS; TSX: PAA) reported a net loss of $4.8 million ($0.15 per share) for the fourth quarter of 2003 versus a fourth quarter loss of $14.0 million in 2002. The benefits from the surge in the price of silver and base metals seen late in the fourth quarter will begin to be realized by Pan American in the first quarter of 2004 because most of the Company&#146;s production is in the form of concentrate, which is priced an average of three months after it is produced. In addition, operations in Peru held a build-up of concentrate at year-end due to the timing of shipments and the revenue from such shipments will be recognized in the first quarter. Consolidated revenue for the fourth quarter was $12.9 million. &nbsp;</P>
<P style="margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>The loss for the quarter included several additional accounting charges. In December, Pan American elected to early adopt CICA 3870, Stock-Based Compensation and Other Stock-Based Payments, which resulted in an expense of $2.9 million. The Company also recognized a non-cash charge of $1 million for additional depreciation of the Huaron mine. Excluding these</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align=right>&nbsp;</P>
<P style="margin:0pt; padding-left:-36pt; font-family:Times New Roman">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>&nbsp;charges, the loss for the quarter was $0.9 million, a significant improvement over the fourth quarter of 2002.</P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>Consolidated silver production for the fourth quarter totaled 2.1 million ounces, a 6% increase over the fourth quarter of 2002. The increase was due primarily to a full year of silver production from the stockpiles operation in Peru and the expansion of La Colorada. By-product production of zinc, lead and copper was lower than in the fourth quarter of 2002 due to lower throughput at Quiruvilca and slightly lower grade at Huaron. </P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>Cash costs of $4.01/oz in the fourth quarter improved 3% over cash costs of $4.15/oz in the corresponding period of 2002, while total production costs declined by 4% to $4.57/oz. The improvement in cash cost is due primarily to the successful cost-reduction program at the Quiruvilca mine. </P>
<P style="margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>For the full year ended December 31, 2003 Pan American recorded a consolidated net loss of $6.8 million. The loss in 2002 was $34.0 million, due primarily to the write-down of the Quiruvilca mine. Consolidated revenue in 2003 was $45.1 million and $45.1 million in 2002.</P>
<P style="margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>Silver production in 2003 totaled 8.6 million ounces, an 11% increase over 2002. &nbsp;Zinc production of 31,797 tonnes was 19% lower than in 2002, lead production was 9% lower and copper production was 10% higher. Cash costs for 2003 declined slightly to $4.09/oz while total production costs declined 6% to $4.62/oz.</P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>Capital spending in 2003 increased from $10.9 million to $18.9 million reflecting the construction of the La Colorada mine and sustaining capital for Huaron, which is undergoing an expansion study. &nbsp;Working capital at December 31, 2003 improved to $82.0 million from &nbsp;$2.4 million at December 31, 2002, due primarily to the issuance of a convertible debenture in the third quarter. </P>
<P style="margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>Ross
Beaty, Chairman and CEO of Pan American commented that &#147;2003 was a really positive transition year for Pan American Silver. We have put in place all the building blocks we need - the projects, the finances and the operations team &#150;- to achieve our goal of becoming the world&#146;s leading silver producer. Our focus now is on executing these ambitious plans. The addition of Morococha is an excellent fit for us, and we intend to capitalize on the growth and opportunities it provides us.&#148; </P>
<P style="margin:0pt; font-family:Arial; font-size:10.5pt"><BR></P>
<P style="margin:0pt; font-family:Arial; font-size:10.5pt"><BR></P>
<P style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align=justify><B><U>OPERATIONS AND DEVELOPMENT HIGHLIGHTS</U></B></P>
<P style="margin:0pt; font-family:Arial; font-size:10.5pt" align=justify><BR></P>
<P style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align=justify><B>MEXICO</B></P>
<P style="margin-top:4.6pt; margin-bottom:11pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>The <B>La Colorada</B> mine increased production to 320,902 ounces of silver in the fourth quarter, an increase of 63% over the fourth quarter of 2002, but below forecast levels due to slower-than-expected commissioning of the mine expansion project. La Colorada&#146;s silver production in 2003 was 992,142 ounces. The mine is steadily increasing its output and is expected to reach its design capacity in mid-2004. &nbsp;As of January 1, 2004, for accounting purposes the mine was determined to be in commercial production and therefore, cash and total production costs will now be expensed and will decrease as production levels rise. For 2004, cash and total costs are forecast to average $3.66/oz and $5.20/oz respectively. </P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>Work has progressed steadily on the feasibility study at the <B>Alamo Dorado</B> silver project, acquired in early 2003 with the purchase of Corner Bay Silver. Permitting is underway and metallurgical testing is substantially complete. Preliminary indications suggest that a conventional mill circuit alone will yield a superior return on the project. Some additional </P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>testwork and drilling may be required to complete the feasibility, due in mid-2004. Predicted annual production remains at 6 million ounces at an average cash cost of less than $3.25 per equivalent ounce of silver. </P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify><B>PERU</B></P>
<P style="margin-top:4.6pt; margin-bottom:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>The <B>Quiruvilca mine</B> achieved a significant transformation in 2003. Benefiting from the closure of the high-cost North Zone in August, the mine reduced cash costs from $5.51/oz to $4.11/oz and total costs from $6.24/oz to $4.32/oz while increasing production 7% to 618,133 ounces in the fourth quarter. The mine is now generating good cash flow and a long-term operating plan is currently being developed.</P>
<P style="margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>Production at the <B>Huaron mine</B> in the fourth quarter of 2003 decreased to 966,732 ounces of silver with a resulting increase in cash costs from $3.70/oz to $4.33/oz. Poor ground conditions in the Satelite zone continued to result in reduced tonnage and increased costs for ground support. Production levels are expected to return to normal in the second quarter as this zone is worked through and the 2004 silver production target remains at 4.4 million ounces. In 2003 the Company initiated a third-party evaluation of the potential to expand production at Huaron. As part of the feasibility study due in 2004, a $1 million exploration drilling program was initiated to convert known mineral resources into proven and probable reserves.</P>
<P style="margin:0pt; font-family:Arial; font-size:10.5pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>In October, Pan American bought back the 3% net smelter royalty on the Huaron mine for $2.5 million. Should an expansion to an annual production rate of 6 million ounces prove viable, the purchase of the royalty will save more than $1 million per year in operating costs over the life of the mine. &nbsp;</P>
<P style="margin:0pt; font-family:Arial; font-size:10.5pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>The <B>Silver Stockpile Operation</B> continued to generate excellent cash flow, producing 217,980 ounces of silver in the fourth quarter at a cash cost of just $2.28/oz, bringing the full year results to 790,803 ounces at a cash cost of $2.15/oz.</P>
<P style="margin:0pt; font-family:Arial; font-size:10.5pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial; font-size:11pt" align=justify>The agreement to acquire the <B>Morococha</B> silver mine in Peru was announced on February 9, 2004. Morococha is immediately accretive to production, cash flow and earnings. The operation&#146;s cash production costs are expected to be $3.10/oz in 2004 and to average $2.50/oz over the life of the mine. Located just 80 km from
Huaron, Morococha provides many administrative synergies with existing Peruvian operations as well as significant future exploration potential.</P>
<P style="margin:0pt; font-family:Arial; font-size:10.5pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify><B>ARGENTINA</B></P>
<P style="margin-top:4.6pt; margin-bottom:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>Feasibility work is progressing on the 50% owned <B>Manantial Espejo</B> silver-gold joint venture where geotechnical and environmental testing are underway to facilitate permitting. Initial scoping work indicates that at a rate of 1,500 tonnes per day, Manantial Espejo would produce 4 million ounces of silver and 70,000 ounces of gold annually. A successful program of infill drilling was completed in the fourth quarter and will be incorporated into a new resource estimate.</P>
<P style="margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><B>BOLIVIA</B></P>
<P style="margin-top:4.6pt; margin-bottom:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>In November, Pan American Silver entered into an agreement with
EMUSA, the Bolivian mining company that had been toll mining ore from the <B>San Vicente</B> project, giving EMUSA the right to earn a 49% interest in the project by financing the next $2.5 million in project expenses, including a feasibility study. Current drilling to convert resources into reserves is generating positive results, which will be incorporated into the feasibility. </P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify><B><U>SILVER MARKETS</U></B></P>
<P style="margin-top:4.6pt; margin-bottom:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=justify>Silver prices were volatile in 2003, ranging from a low of $4.35 per ounce to a high of $5.98 and ending the year at $5.92, a rise of 24% over 2002. &nbsp;Industrial and investment demand for silver rose sharply in 2003, while jewelry and photographic demand declined modestly, resulting in an increased silver deficit estimated at about 85 million ounces (2002 &#150; 67 million ounces). This deficit was mostly filled by producer hedging and sales of Chinese government stockpiles, though the latter occurred at much reduced levels relative to recent years. World mine production of silver declined for the second consecutive year. Silver prices continue to benefit from the increasing supply deficit and renewed investor interest and we are optimistic that our shareholders will be rewarded with continuing strength in silver prices during 2004. </P>
<P style="margin:0pt; font-family:Arial; font-size:10.5pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial; font-size:11pt" align=justify>Pan American Silver Corp. will host a conference call on February 18, 2004 at 10:00 am Pacific Time to discuss these results as well as the Morococha purchase. &nbsp;North American participants please call toll-free 1-877-825-5811 and international participants call 1-973-582-2767. The call may also be accessed from the investor relations section of our website at <FONT COLOR=#0000FF><U>www.panamericansilver.com</U></FONT> or can be replayed until February 25 by dialing 1-877-519-4471 using access code 4477843. </P>
<P style="margin:0pt; font-family:Arial; font-size:10.5pt" align=justify><BR></P>
<P style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align=justify>For More Information, please contact:</P>
<P style="margin:0pt; font-family:Arial; font-size:10.5pt" align=justify><BR></P>
<P style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align=justify>Brenda Radies, Vice-President Corporate Relations (604) 806-3158</P>
<P style="margin:0pt; font-family:Arial; font-size:10.5pt" align=justify><BR></P>
<P style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align=justify>www.panamericansilver.com</P>
<P style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align=center>- End - </P>
<P style="margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align=justify>CAUTIONARY NOTE</P>
<P style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align=justify>Some of the statements in this news release are forward-looking statements, such as estimates of future production levels, expectations regarding mine production costs, expected trends in mineral prices and statements that describe Pan American's future plans, objectives or goals. &nbsp;Actual results and developments may differ materially from those contemplated by these statements depending on such factors as changes in general economic conditions and financial markets, changes in prices for silver and other metals , technological and operational hazards in Pan American's mining and mine development activities, uncertainties inherent in the calculation of mineral reserves, mineral resources and metal recoveries, the timing and availability of financing, governmental and other approvals, political unrest or instability in countries where Pan American is active, labor relations and other risk factors listed from time to t
ime in Pan American&#146;s Form 40-F.</P>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<TABLE cellspacing=0><TR><TD valign=top width=358.4 colspan=3><P style="margin:0pt; font-family:Arial"><B>Financial &amp; Operating Highlights</B></P>
</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=157.533 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><B>Three Months ended</B></P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=135.333 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><B>Years ended</B></P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=157.533 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><B>December 31</B></P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=135.333 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><B>December 31</B></P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><B>2003</B></P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><B>2002</B></P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><B>2003</B></P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><B>2002</B></P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align=center>(Restated)</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align=center>(Restated)</P>
</TD></TR>
<TR><TD valign=top width=435.533 colspan=4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Consolidated Financial Highlights (unaudited - in thousands of US dollars)</B></P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Net income (loss)</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,837)</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;(14,040)</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;(6,773)</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;(33,977)</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Earnings (loss) per share</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(0.15)</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(0.32)</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(0.20)</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;(0.81)</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Net income (loss) before unusual items</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(4,837)</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(1,951)</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(6,773)</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,759)</P>
</TD></TR>
<TR><TD valign=top width=278 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Earnings (loss) per share before unusual items</P>
</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(0.15)</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(0.05)</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(0.20)</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>(0.16)</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Contribution from mining operations</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>2,040 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>379 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>5,343 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>1,932 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Capital spending</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>6,286 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>5,005 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>18,859 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>10,938 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Exploration expense</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>955 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>629 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>2,543 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>1,206 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Cash</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>14,191 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>10,185 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>14,191 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>10,185 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Working capital</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81,961 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,399 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;81,961 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,399 </P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=435.533 colspan=4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Consolidated Ore Milled &amp; Metals Recovered to Concentrate</B></P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Tonnes milled</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;293,523 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>297,949 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>1,212,253 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>1,174,332 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Silver metal &#150; ounces</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>2,123,747 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>2,009,787 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>8,641,914 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>7,765,154 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Zinc metal &#150; tonnes</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,038 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;9,555 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>31,797 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>39,081 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Lead metal &#150; tonnes</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>4,154 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>5,214 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;18,990 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;20,790 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Copper metal &#150; tonnes</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;742 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;3,143 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;2,847 </P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Net smelter return per tonne milled</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.97 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.13 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.68 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.23 </P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Cost per tonne</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.69 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.78 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.38 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.44 </P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Margin (loss) per tonne</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.28 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.66)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21)</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=435.533 colspan=4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Consolidated Cost per Ounce of Silver (net of by-product credits)</B></P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Total cash cost per ounce</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Total production cost per ounce</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94 </P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>In thousands of US dollars</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Direct operating costs &amp; value of metals lost</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">in smelting and refining</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,431 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,215 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47,043 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47,648 </P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">By-product credits</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,209)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,694)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15,717)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17,984)</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Cash operating costs</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,222 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,521 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,326 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,664 </P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Depreciation, amortization &amp; reclamation</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,015 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,079 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,001 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,557 </P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Production costs</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,237 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,600 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,327 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,221 </P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Ounces used in cost per ounce calculations</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;1,802,845 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,812,524 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;7,649,772 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;7,139,119 </P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Average Metal Prices</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Silver - London Fixing</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Zinc - LME Cash Settlement per pound</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Lead - LME Cash Settlement per pound</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Copper - LME Cash Settlement per pound</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 </P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Average Prices Realized</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Silver - per ounce (note)</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Zinc - per pound</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Lead - per pound</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Copper - per pound (note)</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 </P>
</TD></TR>
<TR><TD valign=top width=358.4 colspan=3><P style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt"><I>Note - Pan American pays a refining charge for silver and copper</I></P>
</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE cellspacing=0><TR>
<TD valign=top width=254><P style="margin:0pt; font-family:Arial"><B>Mine Operations Highlights</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=157.533 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><B>Three Months ended</B></P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=135.333 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><B>Years ended</B></P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=157.533 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><B>December 31</B></P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=135.333 colspan=2><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><B>December 31</B></P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><B>2003</B></P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><B>2002</B></P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><B>2003</B></P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=center><B>2002</B></P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Huaron Mine</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Tonnes milled</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144,220 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156,305 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605,790 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606,300 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Average silver grade - grams per tonne</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Average zinc grade &#150; percent</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>3.49%</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>4.08%</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>3.75%</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>4.08%</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Silver &#150; ounces</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966,732 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,134,902 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;4,365,061 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;4,527,971 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Zinc &#150; tonnes</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,974 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,456 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,855 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,896 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Lead &#150; tonnes</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,969 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,731 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,246 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,006 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Copper &#150; tonnes</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,332 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,740 </P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Net smelter return per tonne</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.33 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.19 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.77 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.61 </P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Cost per tonne</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.30 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.35 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.87 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.71 </P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Margin (loss) per tonne</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90 </P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Total cash cost per ounce</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 </P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Total production cost per ounce</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 </P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>In thousands of US dollars</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Direct operating costs &amp; value of metals lost</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">in smelting and refining</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,762 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,927</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;26,821 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;25,992</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">By-product credits</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,575)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,732)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;(9,692)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;(9,407)</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Cash operating costs</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,188 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,195 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,129 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,585</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Depreciation, amortization and reclamation</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,047 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,061</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Production costs</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,913 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,791 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;20,176 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;18,646</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Ounces for cost per ounce calculations</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966,732 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,134,902 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;4,365,061 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;4,527,971</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Quiruvilca Mine</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Tonnes milled</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89,894 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119,098 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442,093 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508,352</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Average silver grade - grams per tonne</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Average zinc grade &#150; percent</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>3.83%</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>3.82%</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>3.30%</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>3.95%</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Silver &#150; ounces</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618,133 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576,163 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;2,493,908 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;2,509,689</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Zinc &#150; tonnes</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,984 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,998 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,509 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,852</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Lead - tonnes</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,095 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,398 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,361 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,468</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Copper - tonnes</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,811 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,107</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Net smelter return per tonne</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.86 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.72 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.24 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.39</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Cost per tonne</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.30 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.58 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.20 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.01</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Margin (loss) per tonne</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.56 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.86)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.62)</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Total cash cost per ounce</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Total production cost per ounce</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.52</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>In thousands of US dollars</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Direct operating costs &amp; value of metals lost</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">in smelting and refining</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,172 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,135 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;18,522 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;21,503</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">By-product credits</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,634)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,961)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,025)</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,576)</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Cash operating costs</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,538 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,174 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,498 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,927</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Capital spending expensed and reclamation</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,431</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Production costs</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,681 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,593 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;12,928 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;16,358</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Ounces for cost per ounce calculations</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;618,133</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;576,163</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>2,493,908</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;2,509,689</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>La Colorada Mine</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Tonnes milled</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>41,195</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>13,528</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>99,115</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>50,662</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Average silver grade - grams per tonne</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>409</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;435</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;442</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Silver - ounces</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320,902</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;197,263</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>992,142</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>626,035</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Zinc - tonnes</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>80</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>433</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>333</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Lead - tonnes</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>90</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;85</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>383</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;316</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Net smelter return per tonne</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.84</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.09</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Cost per tonne</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;110.04</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;72.60</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Margin (loss) per tonne</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57.20)</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;(24.51)</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Total cash cost per ounce</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Total production cost per ounce</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>In thousands of US dollars</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Direct operating costs &amp; value of metals lost</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">in smelting and refining</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">By-product credits</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Cash operating costs</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Depreciation, amortization and reclamation</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.4>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Production costs</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Ounces for cost per ounce calculations</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>Pyrite Stockpile Sales</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Tonnes sold</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>18,214 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>9,018 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>65,255 </P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>9,018</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Average silver grade - grams per tonne</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>372 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;350</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>377</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;350</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Silver ounces</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>217,980 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;101,459</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>790,803</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;101,459</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Net smelter return per tonne</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.78</P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.13</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.84</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.13</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Cost per tonne</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Margin (loss) per tonne</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.63 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.13</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.37</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.13</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Total cash cost per ounce</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Total production cost per ounce</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt"><B>In thousands of US dollars</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Value of metals lost in smelting and refining</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,700</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">By-product credits</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Cash operating costs</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>496 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152</P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,700</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Depreciation, amortization and reclamation</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>146 </P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>64</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>523</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;64</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Production costs</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=24>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=76.333>&nbsp;</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,223 </P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4>&nbsp;</TD><TD valign=top width=77.133>&nbsp;</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4>&nbsp;</TD><TD valign=top width=68.933>&nbsp;</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt">Ounces for cost per ounce calculations</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=80.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>217,980 </P>
</TD><TD valign=top width=77.133><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101,459 </P>
</TD><TD valign=top width=76.333>&nbsp;</TD><TD valign=top width=66.4><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>&nbsp;790,803</P>
</TD><TD valign=top width=68.933><P style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align=right>101,459</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<TABLE cellspacing=0 width="628"><TR><TD valign=top width=624 colspan=5><P style="margin:0pt; font-family:Arial" align=center><B>PAN AMERICAN SILVER CORP.</B></P>
</TD></TR>
<TR><TD valign=top width=624 colspan=5><P style="margin:0pt; font-family:Arial" align=center>Consolidated Balance Sheets</P>
</TD></TR>
<TR><TD valign=top width=624 colspan=5><P style="margin:0pt; font-family:Arial" align=center>(Unaudited - in thousands of U.S. dollars)</P>
</TD></TR>
<TR><TD valign=top width=624 colspan=5>&nbsp;</TD></TR>
<TR><TD valign=top width=379>&nbsp;</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
<TR><TD valign=top width=379>&nbsp;</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; font-family:Arial" align=right><B>December 31</B></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; font-family:Arial" align=right><B>December 31</B></P>
</TD></TR>
<TR><TD valign=top width=379>&nbsp;</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; font-family:Arial" align=center><B>2003</B></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; font-family:Arial" align=center><B>2002</B></P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial"><B>ASSETS</B></P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align=right>(Restated)</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">Current</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Cash and cash equivalents</P>
</TD><TD valign=top width=13><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial" align=justify>14,191</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial">10,185</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Short-term investments</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial" align=justify>74,938</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:51.5pt; font-family:Arial">13</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Accounts receivable</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:39pt; font-family:Arial" align=justify>7,497</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:39pt; font-family:Arial">4,598</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Inventories</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:39pt; font-family:Arial" align=justify>6,611</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:39pt; font-family:Arial">4,637</P>
</TD></TR>
<TR><TD style="border-bottom: 0.75pt solid #000000" valign=top width=381><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Prepaid expenses</P>
</TD><TD style="border-bottom: 0.75pt solid #000000" valign=top width=15>&nbsp;</TD><TD style="border-bottom: 0.75pt solid #000000" valign=top width=104><P style="margin:0pt; text-indent:39pt; font-family:Arial" align=justify>1,550</P>
</TD><TD style="border-bottom: 0.75pt solid #000000" valign=top width=14>&nbsp;</TD><TD style="border-bottom: 0.75pt solid #000000" valign=top width=104><P style="margin:0pt; text-indent:39pt; font-family:Arial">3,197</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">Total Current Assets</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:29pt; font-family:Arial" align=justify>104,787</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial">22,630</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">Mineral property, plant and equipment, net</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial" align=justify>83,877</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial">67,426</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">Investment and non-producing properties</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial" align=justify>83,873</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:39pt; font-family:Arial">4,193</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">Direct smelting ore</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:39pt; font-family:Arial" align=justify>3,901</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:39pt; font-family:Arial">4,303</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">Other assets</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:39pt; font-family:Arial" align=justify>3,748</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:39pt; font-family:Arial">4,393</P>
</TD></TR>
<TR><TD style="border-top: 0.75pt solid #000000; border-bottom: 3pt double #000000" width=381><P style="margin:0pt; font-family:Arial">Total Assets</P>
</TD><TD style="border-top: 0.75pt solid #000000; border-bottom: 3pt double #000000" width=15><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="border-top: 0.75pt solid #000000; border-bottom: 3pt double #000000" width=104><P style="margin:0pt; text-indent:29pt; font-family:Arial">280,186</P>
</TD><TD style="border-top: 0.75pt solid #000000; border-bottom: 3pt double #000000" width=14><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="border-top: 0.75pt solid #000000; border-bottom: 3pt double #000000" width=104><P style="margin:0pt; text-indent:29pt; font-family:Arial">102,945</P>
</TD></TR>
<TR><TD valign=top width=379>&nbsp;</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial" align=justify><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial"><B>LIABILITIES</B></P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial" align=justify><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">Current</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial" align=justify><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Operating line of credit</P>
</TD><TD valign=top width=13><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=102><P style="margin:0pt; text-indent:33.15pt; font-family:Arial" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=102><P style="margin:0pt; text-indent:46.5pt; font-family:Arial">125</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Accounts payable and accrued liabilities</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial" align=justify>10,565</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial">15,227</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Advances for metal shipments</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:39pt; font-family:Arial" align=justify>4,537</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:39pt; font-family:Arial">2,158</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Current portion of bank loans and capital lease</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:39pt; font-family:Arial" align=justify>2,639</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:39pt; font-family:Arial">1,638</P>
</TD></TR>
<TR><TD style="border-bottom: 0.75pt solid #000000" valign=top width=381><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Current portion of non-current liabilities</P>
</TD><TD style="border-bottom: 0.75pt solid #000000" valign=top width=15>&nbsp;</TD><TD style="border-bottom: 0.75pt solid #000000" valign=top width=104><P style="margin:0pt; text-indent:39pt; font-family:Arial" align=justify>5,085</P>
</TD><TD style="border-bottom: 0.75pt solid #000000" valign=top width=14>&nbsp;</TD><TD style="border-bottom: 0.75pt solid #000000" valign=top width=104><P style="margin:0pt; text-indent:39pt; font-family:Arial">1,083</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">Total Current Liabilities</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial" align=justify>22,826</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial">20,231</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">Deferred revenue</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:46.5pt; font-family:Arial" align=justify>864</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:46.5pt; font-family:Arial">923</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">Bank loans and capital lease</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial" align=justify>10,803</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:39pt; font-family:Arial">3,942</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">Liability component of convertible debenture</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial" align=justify>19,116</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:35.65pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">Provision for asset retirement obligation and reclamation</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial" align=justify>21,192</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial">20,950</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">Provision for future income tax</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial" align=justify>19,035</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:35.65pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">Severance indemnities and commitments</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:39pt; font-family:Arial" align=justify>2,252</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:39pt; font-family:Arial">1,407</P>
</TD></TR>
<TR><TD style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000" width=381><P style="margin:0pt; font-family:Arial">Total Liabilities</P>
</TD><TD style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000" width=15><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000" width=104><P style="margin:0pt; text-indent:34pt; font-family:Arial">96,088</P>
</TD><TD style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000" width=14><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000" width=104><P style="margin:0pt; text-indent:34pt; font-family:Arial">47,453</P>
</TD></TR>
<TR><TD valign=top width=379>&nbsp;</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial" align=justify><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial"><B>SHAREHOLDERS' EQUITY</B></P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial" align=justify><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">Share capital</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial" align=justify><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Authorized:</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial" align=justify><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;100,000,000 common shares of no par value</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial" align=justify><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Issued:</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial" align=justify><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2002 - 43,883,454 common shares</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial" align=justify><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:61.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2003 - 53,006,558 common shares</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:29pt; font-family:Arial" align=justify>225,133</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:29pt; font-family:Arial">161,108</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Equity component of convertible debentures</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial" align=justify>66,736</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:28.15pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Additional paid in capital</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:34pt; font-family:Arial" align=justify>12,753</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:39pt; font-family:Arial">1,327</P>
</TD></TR>
<TR><TD valign=top width=379><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Deficit</P>
</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:22.3pt; font-family:Arial" align=justify>(120,524)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102><P style="margin:0pt; text-indent:19.8pt; font-family:Arial">&nbsp;(106,943)</P>
</TD></TR>
<TR><TD style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000" width=381><P style="margin:0pt; font-family:Arial">Total Shareholders' Equity</P>
</TD><TD style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000" width=15>&nbsp;</TD><TD style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000" width=104><P style="margin:0pt; text-indent:29pt; font-family:Arial">184,098</P>
</TD><TD style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000" width=14>&nbsp;</TD><TD style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000" width=104><P style="margin:0pt; text-indent:34pt; font-family:Arial">55,492</P>
</TD></TR>
<TR><TD style="border-bottom: 3pt double #000000" width=381><P style="margin:0pt; font-family:Arial">Total Liabilities and Shareholders' Equity</P>
</TD><TD style="border-bottom: 3pt double #000000" width=15><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="border-bottom: 3pt double #000000" width=104><P style="margin:0pt; text-indent:29pt; font-family:Arial">280,186</P>
</TD><TD style="border-bottom: 3pt double #000000" width=14><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="border-bottom: 3pt double #000000" width=104><P style="margin:0pt; text-indent:29pt; font-family:Arial">102,945</P>
</TD></TR>
<TR><TD valign=top width=379>&nbsp;</TD><TD valign=top width=13>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD></TR>
</TABLE>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<p><BR></p>
<TABLE cellspacing=0><TR><TD valign=top width=662 colspan=10><P style="margin:0pt; font-family:Arial" align=center><B>PAN AMERICAN SILVER CORP.</B></P>
</TD></TR>
<TR><TD valign=top width=662 colspan=10><P style="margin:0pt; font-family:Arial" align=center>Consolidated Statements of Operations</P>
</TD></TR>
<TR><TD valign=top width=662 colspan=10><P style="margin:0pt; font-family:Arial" align=center>(Unaudited - in thousands of U.S. dollars, except for shares and per share amounts)</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=110.6 colspan=4>&nbsp;</TD><TD valign=top width=81.467>&nbsp;</TD><TD valign=top width=96 colspan=2>&nbsp;</TD><TD valign=top width=119.933 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=192.067 colspan=5><P style="margin:0pt; font-family:Arial" align=center><B>Three months ended</B></P>
</TD><TD valign=top width=215.933 colspan=4><P style="margin:0pt; font-family:Arial" align=center><B>Twelve months ended</B></P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=192.067 colspan=5><P style="margin:0pt; font-family:Arial" align=center><B>December 31</B></P>
</TD><TD valign=top width=215.933 colspan=4><P style="margin:0pt; font-family:Arial" align=center><B>December 31</B></P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=254>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96 colspan=2><P style="margin:0pt; font-family:Arial" align=center><B>2003 </B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96.067 colspan=3><P style="margin:0pt; font-family:Arial" align=center><B>2002 </B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=96 colspan=2><P style="margin:0pt; font-family:Arial" align=center><B>2003 </B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=119.933 colspan=2><P style="margin:0pt; font-family:Arial" align=center><B>2002 </B></P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=12><P style="margin:0pt; text-indent:59.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=84><P style="margin:0pt; text-indent:52.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84.067 colspan=2><P style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align=center>(Restated)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; text-indent:52.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=23.933>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align=center>(Restated)</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; font-family:Arial"><B>Revenue</B></P>
</TD><TD valign=top width=12><P style="margin:0pt; text-indent:54.4pt; font-family:Arial">$</P>
</TD><TD valign=top width=84><P style="margin:0pt; text-indent:20pt; font-family:Arial">&nbsp;&nbsp;12,857</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:25pt; font-family:Arial">12,084</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD valign=top width=84><P style="margin:0pt; text-indent:25pt; font-family:Arial">45,122</P>
</TD><TD valign=top width=23.933><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD valign=top width=96><P style="margin:0pt; text-indent:34pt; font-family:Arial">45,093</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; font-family:Arial"><B>Expenses</B></P>
</TD><TD valign=top width=12><P style="margin:0pt; text-indent:59.4pt; font-family:Arial"><B><BR></B></P>
</TD><TD valign=top width=84><P style="margin:0pt; text-indent:52.5pt; font-family:Arial"><B><BR></B></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:52.5pt; font-family:Arial"><B><BR></B></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; text-indent:52.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=23.933>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:61.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Operating</P>
</TD><TD valign=top width=12><P style="margin:0pt; text-indent:59.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=84><P style="margin:0pt; text-indent:25pt; font-family:Arial">10,817</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:25pt; font-family:Arial">11,705</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; text-indent:25pt; font-family:Arial">39,779</P>
</TD><TD valign=top width=23.933>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:34pt; font-family:Arial">43,161</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;General and administration</P>
</TD><TD valign=top width=12><P style="margin:0pt; text-indent:59.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=84><P style="margin:0pt; text-indent:30pt; font-family:Arial">1,183</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:37.5pt; font-family:Arial">209</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; text-indent:30pt; font-family:Arial">2,731</P>
</TD><TD valign=top width=23.933>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:39pt; font-family:Arial">1,445</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Stock-based compensation</P>
</TD><TD valign=top width=12><P style="margin:0pt; text-indent:59.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=84><P style="margin:0pt; text-indent:30pt; font-family:Arial">2,871</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:37.5pt; font-family:Arial">572</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; text-indent:30pt; font-family:Arial">2,871</P>
</TD><TD valign=top width=23.933>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:46.5pt; font-family:Arial">572</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Depreciation and amortization</P>
</TD><TD valign=top width=12><P style="margin:0pt; text-indent:59.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=84><P style="margin:0pt; text-indent:30pt; font-family:Arial">1,961</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:37.5pt; font-family:Arial">692</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; text-indent:30pt; font-family:Arial">3,326</P>
</TD><TD valign=top width=23.933>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:39pt; font-family:Arial">4,872</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Reclamation</P>
</TD><TD valign=top width=12><P style="margin:0pt; text-indent:59.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=84><P style="margin:0pt; text-indent:42.5pt; font-family:Arial">72</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:37.5pt; font-family:Arial">215</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; text-indent:37.5pt; font-family:Arial">303</P>
</TD><TD valign=top width=23.933>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:46.5pt; font-family:Arial">860</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Exploration</P>
</TD><TD valign=top width=12><P style="margin:0pt; text-indent:59.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=84><P style="margin:0pt; text-indent:37.5pt; font-family:Arial">955</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:37.5pt; font-family:Arial">629</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; text-indent:30pt; font-family:Arial">2,543</P>
</TD><TD valign=top width=23.933>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:39pt; font-family:Arial">1,206</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Interest and financing costs</P>
</TD><TD valign=top width=12><P style="margin:0pt; text-indent:59.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=84><P style="margin:0pt; text-indent:37.5pt; font-family:Arial">142</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:37.5pt; font-family:Arial">223</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; text-indent:30pt; font-family:Arial">1,157</P>
</TD><TD valign=top width=23.933>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:46.5pt; font-family:Arial">988</P>
</TD></TR>
<TR><TD style="border-bottom:1pt solid #000000" valign=top width=254><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Write-down of mineral properties</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12><P style="margin:0pt; text-indent:59.4pt; font-family:Arial"><BR></P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=84><P style="margin:0pt; text-indent:41.65pt; font-family:Arial">- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:25pt; font-family:Arial">12,089</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=84><P style="margin:0pt; text-indent:26.65pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=23.933>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=96><P style="margin:0pt; text-indent:34pt; font-family:Arial">27,218</P>
</TD></TR>
<TR><TD style="border-bottom:1pt solid #000000" valign=top width=254>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12><P style="margin:0pt; text-indent:59.4pt; font-family:Arial"><BR></P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=84><P style="margin:0pt; text-indent:25pt; font-family:Arial">18,011</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:25pt; font-family:Arial">26,334</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=84><P style="margin:0pt; text-indent:25pt; font-family:Arial">52,710</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=23.933>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=96><P style="margin:0pt; text-indent:34pt; font-family:Arial">80,322</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=12><P style="margin:0pt; text-indent:59.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=84><P style="margin:0pt; text-indent:52.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:52.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; text-indent:52.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=23.933>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:61.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; font-family:Arial">Net loss from operations</P>
</TD><TD valign=top width=12><P style="margin:0pt; text-indent:59.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=84><P style="margin:0pt; text-indent:20.8pt; font-family:Arial">&nbsp;(5,144)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:18.3pt; font-family:Arial">(14,250)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; text-indent:23.3pt; font-family:Arial">(7,588)</P>
</TD><TD valign=top width=23.933>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:24.8pt; font-family:Arial">&nbsp;(35,229)</P>
</TD></TR>
<TR><TD style="border-bottom:1pt solid #000000" valign=top width=254><P style="margin:0pt; font-family:Arial">Other income and expenses</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12><P style="margin:0pt; text-indent:59.4pt; font-family:Arial"><BR></P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=84><P style="margin:0pt; text-indent:37.5pt; font-family:Arial">307</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:37.5pt; font-family:Arial">210</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=84><P style="margin:0pt; text-indent:37.5pt; font-family:Arial">815</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=23.933>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=96><P style="margin:0pt; text-indent:39pt; font-family:Arial">1,252</P>
</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=254><P style="margin:0pt; font-family:Arial">Net loss for the period</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=12><P style="margin:0pt; text-indent:54.4pt; font-family:Arial">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; text-indent:20.8pt; font-family:Arial">&nbsp;(4,837)</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=12><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:15.8pt; font-family:Arial">&nbsp;(14,040)</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=12><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt; text-indent:20.8pt; font-family:Arial">&nbsp;(6,773)</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=23.933><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=96><P style="margin:0pt; text-indent:27.3pt; font-family:Arial">(33,977)</P>
</TD></TR>
<TR><TD valign=top width=254>&nbsp;</TD><TD valign=top width=12><P style="margin:0pt; text-indent:59.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=84><P style="margin:0pt; text-indent:52.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:52.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; text-indent:52.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=23.933>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:61.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; font-family:Arial">Basic &amp; fully diluted loss per share</P>
</TD><TD valign=top width=12><P style="margin:0pt; text-indent:54.4pt; font-family:Arial">$</P>
</TD><TD valign=top width=84><P style="margin:0pt; text-indent:25.5pt; font-family:Arial">&nbsp;&nbsp;(0.15)</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:25.5pt; font-family:Arial">&nbsp;&nbsp;(0.32)</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD valign=top width=84><P style="margin:0pt; text-indent:25.45pt; font-family:Arial">&nbsp;&nbsp;(0.20)</P>
</TD><TD valign=top width=23.933><P style="margin:0pt; font-family:Arial">$</P>
</TD><TD valign=top width=96><P style="margin:0pt; text-indent:34.5pt; font-family:Arial">&nbsp;&nbsp;(0.81)</P>
</TD></TR>
<TR><TD valign=top width=254><P style="margin:0pt; font-family:Arial">Weighted average shares outstanding</P>
</TD><TD valign=top width=12><P style="margin:0pt; text-indent:59.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=84><P style="margin:0pt; text-indent:7.5pt; font-family:Arial">52,641,955</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84.067 colspan=2><P style="margin:0pt; text-indent:7.5pt; font-family:Arial">43,308,203</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt; text-indent:7.5pt; font-family:Arial">51,058,212</P>
</TD><TD valign=top width=23.933>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:16.5pt; font-family:Arial">41,849,413</P>
</TD></TR>
</TABLE>
<BR>
<BR>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=674 colspan=9><P style="margin:0pt; font-family:Arial" align=center><B>PAN AMERICAN SILVER CORP.</B></P>
</TD></TR>
<TR><TD valign=top width=674 colspan=9><P style="margin:0pt; font-family:Arial" align=center>Consolidated Statements of Cash Flows - Indirect Method</P>
</TD></TR>
<TR><TD valign=top width=674 colspan=9><P style="margin:0pt; font-family:Arial" align=center>For the twelve months ended December 31, 2003 and 2002</P>
</TD></TR>
<TR><TD valign=top width=674 colspan=9><P style="margin:0pt; font-family:Arial" align=center>(Unaudited - in thousands of U.S. dollars)</P>
</TD></TR>
<TR><TD valign=top width=314>&nbsp;</TD><TD valign=top width=108 colspan=2>&nbsp;</TD><TD valign=top width=84 colspan=2>&nbsp;</TD><TD valign=top width=84 colspan=2>&nbsp;</TD><TD valign=top width=84 colspan=2>&nbsp;</TD></TR>
<TR><TD valign=top width=314>&nbsp;</TD><TD valign=top width=192 colspan=4><P style="margin:0pt; font-family:Arial" align=center><B>Three months ended</B></P>
</TD><TD valign=top width=168 colspan=4><P style="margin:0pt; font-family:Arial" align=center><B>Twelve months ended</B></P>
</TD></TR>
<TR><TD valign=top width=314>&nbsp;</TD><TD valign=top width=192 colspan=4><P style="margin:0pt; font-family:Arial" align=center><B>December 31</B></P>
</TD><TD valign=top width=168 colspan=4><P style="margin:0pt; font-family:Arial" align=center><B>December 31 </B></P>
</TD></TR>
<TR><TD style="border-bottom:1pt solid #000000" valign=top width=314>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=96><P style="margin:0pt; font-family:Arial" align=center><B>2003</B></P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=center><B>2002</B></P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=center><B>2003</B></P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; font-family:Arial" align=center><B>2002</B></P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial"><B>Operating activities</B></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:30.85pt; font-family:Arial"><B><BR></B></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align=center>(Restated)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:93.4pt; font-family:Arial" align=center><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align=center>(Restated)</P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">Net loss for the period</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=96><P style="margin:0pt; text-indent:23.3pt; font-family:Arial">(4,837)</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=72><P style="margin:0pt; text-indent:1.7pt; font-family:Arial">&nbsp;(14,040)</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=72><P style="margin:0pt; text-indent:11.8pt; font-family:Arial">&nbsp;(6,773)</P>
</TD><TD valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD valign=top width=72><P style="margin:0pt; text-indent:9.3pt; font-family:Arial">(33,977)</P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">Items not involving cash</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:52.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:38.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:43.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:43.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Depreciation and amortization</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:27.5pt; font-family:Arial">1,960 </P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:20.9pt; font-family:Arial">692 </P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:21pt; font-family:Arial">3,325</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:18.5pt; font-family:Arial">4,872 </P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Reclamation</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:42.5pt; font-family:Arial">72</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:20.9pt; font-family:Arial">215 </P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:28.5pt; font-family:Arial">303</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:26pt; font-family:Arial">860 </P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Operating cost provisions</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:35pt; font-family:Arial">477 </P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:14.2pt; font-family:Arial">&nbsp;(789)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:21pt; font-family:Arial">1,326</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:19.3pt; font-family:Arial">&nbsp;(658)</P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Gain on sale of marketable securities</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:28.3pt; font-family:Arial">&nbsp;(153)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:17.55pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:16.8pt; font-family:Arial">&nbsp;&nbsp;(318)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:17.65pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Stock-based compensation</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:27.5pt; font-family:Arial">2,871 </P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:23.4pt; font-family:Arial">572</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:21pt; font-family:Arial">2,871</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:28.5pt; font-family:Arial">572</P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Write-down of mineral properties</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:26.65pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:8.4pt; font-family:Arial">12,089 </P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:22.65pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:13.5pt; font-family:Arial">27,218 </P>
</TD></TR>
<TR><TD style="border-bottom:1pt solid #000000" valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Changes in non-cash operating working capital items</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=bottom width=96><P style="margin:0pt; text-indent:20.8pt; font-family:Arial">&nbsp;(1,650)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=bottom width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=bottom width=72><P style="margin:0pt; text-indent:14.2pt; font-family:Arial">&nbsp;(566)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=bottom width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=bottom width=72><P style="margin:0pt; text-indent:11.8pt; font-family:Arial">&nbsp;(4,719)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=bottom width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=bottom width=72><P style="margin:0pt; text-indent:26pt; font-family:Arial">371 </P>
</TD></TR>
<TR><TD style="border-bottom:1pt solid #000000" valign=top width=314>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=96><P style="margin:0pt; text-indent:20.8pt; font-family:Arial">&nbsp;(1,260)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:6.7pt; font-family:Arial">&nbsp;(1,827)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:14.3pt; font-family:Arial">(3,985)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:21.8pt; font-family:Arial">(742)</P>
</TD></TR>
<TR><TD valign=top width=314>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:52.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:38.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:43.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:43.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial"><B>Financing activities</B></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:52.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:38.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:43.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:43.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Shares issued for cash</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:27.5pt; font-family:Arial">2,713 </P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:20.9pt; font-family:Arial">113 </P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:21pt; font-family:Arial">8,351</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:13.5pt; font-family:Arial">22,759 </P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Shares issue costs</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:34.15pt; font-family:Arial">&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:24.2pt; font-family:Arial">&nbsp;(6)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:20.15pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:19.3pt; font-family:Arial">&nbsp;(900)</P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Proceeds from convertible debentures</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:31.65pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:10.05pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:16pt; font-family:Arial">86,250</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:17.65pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Convertible debenture issue costs</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:28.3pt; font-family:Arial">&nbsp;(273)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:12.55pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:11.8pt; font-family:Arial">&nbsp;(3,273)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:25.15pt; font-family:Arial">&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Repayment of line of credit</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:31.65pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:14.2pt; font-family:Arial">&nbsp;(595)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:16.8pt; font-family:Arial">&nbsp;&nbsp;(125)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:11.8pt; font-family:Arial">&nbsp;(1,265)</P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Proceeds from bank loans</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:27.5pt; font-family:Arial">1,500 </P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:12.55pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:21pt; font-family:Arial">9,500</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:20.15pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="border-bottom:1pt solid #000000" valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Repayment of bank loans and capital lease</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=96><P style="margin:0pt; text-indent:28.3pt; font-family:Arial">&nbsp;(270)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:14.2pt; font-family:Arial">&nbsp;(459)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:14.3pt; font-family:Arial">(1,639)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:11.8pt; font-family:Arial">&nbsp;(2,060)</P>
</TD></TR>
<TR><TD style="border-bottom:1pt solid #000000" valign=top width=314>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=96><P style="margin:0pt; text-indent:27.5pt; font-family:Arial">3,670 </P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:14.2pt; font-family:Arial">&nbsp;(947)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:11pt; font-family:Arial">&nbsp;&nbsp;99,064</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:13.5pt; font-family:Arial">18,534 </P>
</TD></TR>
<TR><TD valign=top width=314>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:52.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:38.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:43.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:43.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial"><B>Investing activities</B></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:52.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:38.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:43.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:43.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Mineral property, plant and equipment expenditures</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:20.8pt; font-family:Arial">&nbsp;(5,207)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:6.7pt; font-family:Arial">&nbsp;(4,843)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:9.3pt; font-family:Arial">(16,851)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:11.8pt; font-family:Arial">&nbsp;(9,612)</P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Investment and non-producing properties expenditures</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:28.3pt; font-family:Arial">&nbsp;(514)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:14.2pt; font-family:Arial">&nbsp;(396)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:11.8pt; font-family:Arial">&nbsp;(1,383)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:11.8pt; font-family:Arial">&nbsp;(1,158)</P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Acquisition of cash of subsidiary</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:31.65pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:17.55pt; font-family:Arial">&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:21pt; font-family:Arial">2,393</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:27.65pt; font-family:Arial">&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Purchases of marketable securities</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:15.8pt; font-family:Arial">&nbsp;(74,772)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:20.05pt; font-family:Arial">&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:9.3pt; font-family:Arial">(74,607)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:25.15pt; font-family:Arial">&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;</P>
</TD></TR>
<TR><TD style="border-bottom:1pt solid #000000" valign=top width=314><P style="margin:0pt; font-family:Arial">&nbsp;&nbsp;Other</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=96><P style="margin:0pt; text-indent:28.3pt; font-family:Arial">&nbsp;(565)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:23.4pt; font-family:Arial">234</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:19.3pt; font-family:Arial">&nbsp;(625)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:19.3pt; font-family:Arial">&nbsp;(168)</P>
</TD></TR>
<TR><TD style="border-bottom:1pt solid #000000" valign=top width=314>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=96><P style="margin:0pt; text-indent:15.8pt; font-family:Arial">&nbsp;(81,058)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:6.7pt; font-family:Arial">&nbsp;(5,005)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:9.3pt; font-family:Arial">(91,073)</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:9.3pt; font-family:Arial">(10,938)</P>
</TD></TR>
<TR><TD valign=top width=314>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:52.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:38.4pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:43.5pt; font-family:Arial"><BR></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:43.5pt; font-family:Arial"><BR></P>
</TD></TR>
<TR><TD valign=top width=314><P style="margin:0pt; font-family:Arial"><B>Increase (decrease) in cash and cash equivalents for the period</B></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=96><P style="margin:0pt; text-indent:15.8pt; font-family:Arial">&nbsp;(78,648)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:6.7pt; font-family:Arial">&nbsp;(7,779)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:21pt; font-family:Arial">4,006</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=72><P style="margin:0pt; text-indent:18.5pt; font-family:Arial">6,854 </P>
</TD></TR>
<TR><TD style="border-bottom:1pt solid #000000" valign=top width=314><P style="margin:0pt; font-family:Arial"><B>Cash and cash equivalents, beginning of period</B></P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=96><P style="margin:0pt; text-indent:22.5pt; font-family:Arial">92,839 </P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:10.9pt; font-family:Arial">17,964</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:16pt; font-family:Arial">10,185</P>
</TD><TD style="border-bottom:1pt solid #000000" valign=top width=12>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=top width=72><P style="margin:0pt; text-indent:18.5pt; font-family:Arial">3,331 </P>
</TD></TR>
<TR><TD style="border-bottom:2pt double #000000" valign=top width=314><P style="margin:0pt; font-family:Arial"><B>Cash and cash equivalents, end of period</B></P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=96><P style="margin:0pt; text-indent:22.5pt; font-family:Arial">14,191 </P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; text-indent:10.9pt; font-family:Arial">10,185</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; text-indent:16pt; font-family:Arial">14,191</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=12><P style="margin:0pt; font-family:Arial" align=right>$</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=72><P style="margin:0pt; text-indent:13.5pt; font-family:Arial">10,185 </P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align="right">&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<P style="margin-top:0pt; margin-bottom:16.35pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>Signatures</B></P>
<P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">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.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><U>Pan American Silver Corp</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>(Registrant)</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>By:<U>/s/ Ross Beaty</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>(Signature)</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>Ross Beaty, Chairman and CEO</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date:
February 18, 2004</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>pr002.jpg
<TEXT>
begin 644 pr002.jpg
M_]C_X``02D9)1@`!`0(`[`#L``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`#(!$<#`2(``A$!`Q$!_\0`
M&@`!`0$!`0$!``````````````@'!@4$`__$`%`0``$#`P,"`@4&"`L'`@<!
M``$``@,$!1$&$B$',1,B"!0W05$5,F%UA+,6%R-6@:2TTQ@D,T)&4G&1E</2
M-%5FDZ6QXU-R)2<U-D-7DF/_Q``4`0$`````````````````````_\0`%!$!
M`````````````````````/_:``P#`0`"$0,1`#\`W]$65ZZH^KS+W4U>DKG2
M26M[V-@HFM@\6,;!N<XRL`QN!_G$^8<?`-413)?]7=;]+L=+>)*N"!K`]T[:
M&FEB8"[:-TC&%H.>,$YY'Q"YO\=G4/\`.']2I_W:"OT4@?CLZA_G#^I4_P"[
M3\=G4/\`.']2I_W:"OT4@?CLZA_G#^I4_P"[3\=G4/\`.']2I_W:"OT4@?CL
MZA_G#^I4_P"[70?PC=8?[ML?_(F_>H*?13Y:O25F:RGCO&FXWOWXGGI*DM&W
M=W;&X'D-]Q?R1W&>.WLO7;1%XJ/`FJ:NV/+V,C-?"&M>7''SF%P:!QDN+0,_
MVX#3$7ST-?1W.CCK*"K@JZ63.R:"02,=@D'#@2#@@C]"^A`1$0$1$!$1`1$0
M$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$6=]8=<-T=HZ6"GE
MD9=KFQ\%&6!PV#@22;@1M+6NX.<[BW@@'`:(BBCI_K&HT-JVFNT7FIW8AK(P
MP.,D!<"\-R1AWE!'(Y`SQD&TX)X:JGBJ*>6.:"5@?')&X.:]I&001P01SE!^
MB(B`B(@(B("(B`B(@(B("(B`B(@(B("(B`B(@(B("(B`B(@(B("(B`B(@(B(
M"(B`B(@(B("(B`B(@+R[EJ6PV:H;3W2]VVAG<P/;'553(G%N2,@.(.,@C/T%
M<GUCU96:1T#+44#/XU72BA9,)"TP;V/)D;CG<`TXY&"0><8,B3SS551+45$L
MDT\KR^221Q<Y[B<DDGDDGG*"Z[9?;/>_%^2;K0U_@X\3U2H9+LSG&=I.,X/?
MX%>@H,M5UKK'=*>YVRIDIJRG?OBE9W:?^Q!&00>""0<@JT]$:C_"[1=KOAC\
M.2JB_*L#<`2-<6/VC)\NYKL9.<8SR@Z!$1`1$0$1$!$1`1$0$1$!$1`1$0$1
M$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`4B=:=+T.ENH,D-MCCAI*VG96,
MIXV;6PEQ<US1R>-S"[C`&[`&`J[4R>D?(TZ[MD0AC#VVQKC*"[<X&63#3SC`
MP2,`'S')/&`QM$1!9_3*QVNSZ!LDMOH(*>:LM]/-4RL9YYGN9N)<[N[E[L9/
M&<#`X78+G]">SS3/U52_=-70(/#GT9I6JJ):BHTU9IIY7E\DDE!$YSW$Y))+
M<DD\Y7'W+H-H.NIVQ4]#5V]X>'&6EJWN<1@^4^)O&.<]L\#GOG3$02YJOH!J
M.QTYJK-41WN!C-TC(X_"G;@.)PPDAPP!V<7$NP&^]9&K_6)]>>GS;E:W:MMD
M$;:RB9_'FLC<7U$7`#^.,L&<DCYN<G#`$$^6:^733UQ97VBOGHJIN!OA?C<`
M0=KAV<W(&6G(..0M[Z?=?(:Y\-KU@(Z>H>]L<5QB:&Q'RXS,,^0EP^<T;?-R
M&AN3.B(+_18?Z/\`KJHNE'/I*O,\\U%$9Z2=[@0V`%K?"/O\I<,=^"1P&@'<
M$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`48=1]
M=5&O-42UV9X[;%^3H:65P/A,P,G`XW.(W'O[ADAH6Y]=]<.T]IIEAH)8Q7W9
MCV39#7&.FP6NXSD%Q.T'!&`_&"`5+B`J7Z`ZZ?>+/)I6N.:JV1"2ED+G.=)!
MNP0<Y`V%S6CD>5S0!Y23-"]33M_KM+:@H[U;71BKI7ES/$;N:X$%KFD?`M)'
M&#SP0>4%UHO/L=YH]0V*BN]`_?2U<3969();GNUV"0'`Y!&>""%Z"`B(@(B(
M"(B`B(@(B("(B`B(@(B("(B`B(@(B("(B`B(@(B("(B`B(@(B("(B`B(@(B(
M"(B`B(@Y_6FDZ/6NEZJR5C_"\7#X9Q&'NAD:<M<`?T@XP2TN&1G*EC4/2/6N
MGJP0/LT]PC=\R>VL=4,=@`G@#<WOCS`9P<9`RK'1!)&C>C.J=1W&)UQML]KM
MC)0*B2KS!(YH+=PC:YI<7;2<$MVY!&>,*I['9J/3UBHK10,VTM)$V)F0`78[
MN=@`%Q.23CDDE>@B`B(@(B("(B`B(@(B("(B`B(@(B("(B`B(@(B("(B`B(@
M(B("(B`B(@(B("(B`B(@*9/2/GF=KNV4[I9#`RV->R,N.UKG2R!Q`[`D-:"?
M?M'P5-J8/2-]H=!]51_>S(,?1$06_H3V>:9^JJ7[IJZ!<_H3V>:9^JJ7[IJZ
M!`1$0%\]?0T]SMU305D?B4M5$Z&9FXC<QP(<,CD9!/9?0OSGGAI:>6HJ)8X8
M(F%\DDC@UK&@9))/``'.4$"(B(.LZ97*:U=3=.U$#8W/?6LIR'@D;93X3CP1
MSM>2/IQW[*TU%G3*VS77J;IVG@=&U[*UE02\D#;$?%<.`>=K"!]..W=6F@(N
M7U9U"TUHK;'>J_PZJ2)TL5+%&Z220#Z!PW)X!<0"0>>#C+ZWTEJ..LD;0:8G
MGI1C9)/6")[N!G+0QP'.?YQ^/'9!O"+`_P`:O5:JHJ:X4&AHWT=0QOAN%!42
MEY#&%SQM>#L<79:<8P<`N+25\%RZT]3K-3MJ+II.DH8'/#&R55NJ8FEV"<`N
MD`S@$X^@H*+18'!Z2\+JB)M1I22.`O`D?'7A[FMSR0TQ@$X]V1GXA:AI?J3I
M35[V06JZQ^N.8UWJ<X,4N2TN+0'</(#3G87`8[XP2'6(B("(B`B\N]:CLNG*
M?Q[S=*2A86/>P32AKI`T9=L;W>1D<-!/(^*R^_\`I$Z<M[W166WU=V>UX'B.
M/J\3FEN26EP+\@X&"P>_GMD-D1</TNUM6:^T[7W:LI8*7P[A)3PQ0DG$88QS
M=Q)\SO.02``<=@NX0$6?ZFZRZ.TO634,U7/6UT$OA34]%%O,9P2<N<6LX/!`
M<2"<8X.,TN7I*W*6G:VUZ;I*:?>"Y]54NG:6X/`:T,(.<<Y]QXYX"BT4T4/I
M(:DCK(W5]FM4]*,[XX!)$]W!QAQ<X#G'\T_#CNNSL'I$Z<N#VQ7JWU=I>YY'
MB-/K$36AN07%H#\DY&`P^[GO@-D1?/0U]'<Z..LH*N"KI9,[)H)!(QV"0<.!
M(.""/T+Z$!$1`1$0$1$!$1`1$0%\]?6T]LMU37UDGATM+$Z:9^TG:QH)<<#D
MX`/9?0L/](C5WJ=GI-*4SORU=BIJ^.T+7>1O+?YSVYR""/#P>'(,4UWJN;6>
ML:^\O,@@D?LI8WY_)PMX8,9(!QYB`<;G.([K?]"=*VP](:^R7@1QUE]8*B5W
M@N:^F.UIB:_EKG&-PW%IP,ES>V2<DZ,Z%9K+5IJ*T9MEKV3SM+6N$SR[R1.#
MOYKMKB>#PTCC<"JW0017T-1;+C4T%9'X=52RNAF9N!VO:2'#(X."#V7SK?\`
MTB-&_P"R:OHH?A2U^QO_`"Y#AO\`:PN<?_3`6`(-X]'W73XJQVC*T[H9O$GH
M7ESB6O`R^(#D!I`<\=L$.[EPQ0Z@B@K:BV7&FKZ.3PZJEE9-"_:#M>T@M.#P
M<$#NK7T7JRCUMI>EO=&SPO$RR:`R![H9&G#FDC]!&<$M+3@9P@Z!$1`1$0$1
M$!%\=RNUMLU.VHNEPI*&!SPQLE5,V)I=@G`+B!G`)Q]!6=ZBZ\:.LOB14,L]
MWJF^(T-I68C#V\`&1V`6D_SF!_`)^&0U!%/EHZ_WZ^ZVM=M@M%MI;?6UL%.6
MOWRRL:]S6N.\.:">21Y>.._OH-`1>7>M1V73E/X]YNE)0L+'O8)I0UT@:,NV
M-[O(R.&@GD?%8WJ;TCJ>"6:FTQ:?6=O#*RM<6L)#CDB(>8M+1P2YIYY'&"&\
M(I0N?7W75?X7JU10VW9G=ZK2AWB9QC/BE_;'NQW.<\8^BA](76M)1QP316JM
MD;G,\].X/?DD\ACVMX[<`=OCR@J=%D>E.O\`IR^5`I;S3R62=[]L;Y)/%@=D
MM`R\`%IR3W:&@-R7>Y:X@(BYO5>N].:,IR^\W&..<LW1TD?GGDX=C#!R`2TC
M<<-SP2$'2(I_O?I)_P`O%8-/_P!7P:BOF_LW;HF?I`P_X'Z%RE?Z0.MZQFV`
MVVA.PMW4],2<[FG=^4<X9`:1\,/=QG:0%5HI<A](G643"U])9IB7N=N?3R`@
M%Q(;Y9`,`'`]^`,DG).EZ.Z\Z?U'6>I7:#Y#J';C')/4-=`X``X,A#=KCYN"
M,<=\D!!K"(B`B(@(BS/5'7+2&GGOIZ2:2\588XAM"6NB#MH+0Z4G&#G&6;L8
M.1D8(:8BFBM])#4DE9(Z@LUJ@I3C9'.))7MX&<N#F@\Y_FCX<]U\9](G61J&
M2BDLP8UCFF(4\FUQ)&''\IG(P0,$#S'(/&`J-%,'\(W6'^[;'_R)OWJ[NP>D
M3IRX/;%>K?5VE[GD>(T^L1-:&Y!<6@/R3D8##[N>^`V1%Y]FOEKU#;F5]HKX
M*VE=@;X7YVD@':X=VNP1EIP1GD+T$!$1`1>7>M1V73E/X]YNE)0L+'O8)I0U
MT@:,NV-[O(R.&@GD?%9??_2)TY;WNBLMOJ[L]KP/$<?5XG-+<DM+@7Y!P,%@
M]_/;(;(BS?I%U!O&O[=<Y[M;8*?U25C(YZ9KVQR[@26X<3YFX!.#V>W@=SH%
M;7T=LHY*ROJX*2ECQOFGD$;&Y(`RXG`R2!^E!]"+"]0>D?0TU1/3Z?LLE8QK
M'-CJZJ7PFE^2`X1@$N9\T\EI.2,-[KE/X1NL/]VV/_D3?O4%/HL?Z<=<*?55
MQBLU_IH+?<I>()XG$0U#R3AF'9+'8P!DG<<\@D-.P("(N/N?5/0MH\+UG4U#
M)XN=OJKC4XQC.?"#MO?WXSSCL4'8(I_O?I)_R\5@T_\`U?!J*^;^S=NB9^D#
M#_@?H6L=.]1UFKM"6V^5\<$=55>+O9`TA@VRO8,`DGLT>]!U"(B`B+YZVOH[
M91R5E?5P4E+'C?-/((V-R0!EQ.!DD#]*#Z$61W_TA-*6UCFV>&KO$^P.:6L,
M$6=V"USGC<"!SPPCD#/?'CT?6+7>KGP-T?H>,LWO9+-4/?-%N#0['B?DV,('
MN<3G<W&/>&Z(L7K=7=;K?1R54VBK4^-F,B`&9YR0.&,G+CW]PX[]ER%;U_UY
M;*R2CK[':J2JCQOAGI)XWMR`1EIDR,@@_I04NBP?3'I'4\\L--J>T^K;N'UE
M$XN8"7<$Q'S!H:>2'./'`YP-@T]JJQ:KHW55CN<%;&WYX82'QY)`W,.'-SM.
M,@9QD<(/81$0$7SUM?1VRCDK*^K@I*6/&^:>01L;D@#+B<#)('Z5D^H_2%TU
M;/#98Z6>]2.P7.\U-&T<Y&7MW%PP.-N,.[Y&$&P(IXM/4[JUKBCJ(M.6.A;M
MX-;!3EHC(+26A\TAC+L.'E()P<@>\='!8NNTU/%*_5EF@>]@<Z*2*,N82/FG
M;`1D=N"1\"4&R(IPO-ZZ]6"W/K[BZ=M*S)>^&FI)M@`)+G"-KBUH`.7'@?%?
M':O2,U-2OIVW.V6VN@C9ME+`Z&64AN-V[):#G!.&8[@`>X*;1<'H?JSIS7#X
MZ.!\E%=G,+C0U`Y=AH+MCQP\#)^#L-)V@!=X@(B("+XZ^[6VU,WW&X4E&P,+
M]U1,V,;0YK2?,1QN>P9^+FCWA9_<NO.@Z&G;+3UU7<7EX:8J6D>UP&#YCXFP
M8XQWSR..^`TQ%,E_](G4=P8Z*RV^DM+',`\1Q]8E:X.R2TN`9@C`P6'W\]L;
M7TNO=QU'TXM-VNU1ZQ73^-XDNQK-VV9[1PT`#@`=D'8(O'U#JJQ:4HQ57RYP
M44;OF!Y)?)@@':P9<[&X9P#C.3PL4O\`Z24Q>Z/3ECC:P/!$]Q>7%S=O(\-A
M&T[NQWG@=N>`H-%(D_7#J#-42RLO4<#'O+FQ1T<):P$_-&YI.!VY)/Q)2#KA
MU!AJ(I7WJ.=C'ASHI*.$->`?FG:T'![<$'X$(*[18/H[TB(JNL]5U=1P44;M
MQ;6T;7EC,`8:Z/S.Y\WF!/=HVXR5ND$\-53Q5%/+'-!*P/CDC<'->TC(((X(
M(YR@_1$1`1$0$1$!3!Z1OM#H/JJ/[V94^I@](WVAT'U5'][,@Q]$1!;^A/9Y
MIGZJI?NFKH%S^A/9YIGZJI?NFKH$!$7CWG5>G]/;Q=[S0T4C8C-X4T[1(Y@S
MRUF=SNQ`P#DC`Y0>PLCZ\ZSALFDW:=@?)\H79F"8I@TPPM<-Q<!R0_E@'8C?
MSQ@^/K7TA*&&GGH=(0R5-0]A:VXS,V1QD@>9C'#+R,N'F#0"`<.'"GRMKZRY
MUDE97U<]7528WS3R&1[L``9<22<``?H0?.B+>.EG1&HDK([WK&B\*GCVOIK;
M+@F4D`ATH]S1GYAY)!#@`,.#V_1]T5-:K75:HN%/)%45[!#1M>"T^K\.+^_(
M>X-QD`X8""0Y>1U:ZS5T%TJ=.:6GDI13/?!6UH;A[GC+7,CSRT-.?.,$D>4@
M#+MGUG/-2Z$U#44\LD,\5LJ7QR1N+7,<(G$$$<@@\Y4.("M/0_3ZRZ$M<<%#
M!'-7EA%1<'Q@2S$X)&>[69:,,!P,#.3DF+%>]!-45%NIIJRE]4JI(F/FI_$$
MGA/(!<S<.'8.1D=\(/H7YSP0U5/+3U$4<T$K"R2.1H<U[2,$$'@@CC"_1$$T
M=:NEE/IS.I[%%X=MFE#*JD8P[:9[LX>W`PV,GC!QM<0!PX!N-P3S4M1%44\L
MD,\3P^.2-Q:YC@<@@CD$'G*KOK9[(+[]G_:(U(""K^D75'\.*-]JN;=E]I(O
M$D>QF&5,8(;X@QPUV2`6]N06\9#=048=++G\D=4=/5/@^+OJQ3;=VW'C`Q;L
MX/;?G'OQCCNK/0>/J9FH);%-%IA]#%<Y/(R>M<X,A!SEX`:[<X>X$8YR<XVG
M)[_HCK-<*.&4ZU@EF@B>\P4<SJ0N?D^0%C&A^0UN"\C!<1P/,=P1!`"+O.LT
M$--U;OS((HXF%\3RUC0T%SH6.<>/>7$DGWDDK@T&\=%=?Z?TGH&^17>J\&:F
MJ_6FQ9;OJ`]C6AL3<Y<[,9SP`-S22!DCF[_U%UOU2NCK/8:6KIZ.5@:;?0N+
MB6GR.=+*`"6$OP<X8!MR,C)\_I+TZ;KZ\U$M551Q6^VOA?4Q%KBZH#G'\F,$
M;06L>"[.1Q@'W579K':]/6YE!:*""BI6X.R%F-Q``W./=SL`9<<DXY*#`+-Z
M-]TJ[<R:[WV"WU3\'U>&G]8V`@'#G;FC<#D$#(XX)ROHK?1IK(Z.1U!J>">J
M&-D<]&8F.Y&<N#W$<9_FGX<=U0Z((@U9HN^Z*N+:.]4GA>)N,$S'!T<S6G!+
M7#]!P<.`<,@9"Y]6OU#TPS5VAKG:_`\:J,1EHP-H<)V@EF'.X;D^4GCRN<,C
M.5%"#2.C^OZC2&J*>@JJK;8KA*&5+)"-D3R,-E!)`9@[=Q_JYR"0W%;J`%;^
MA:_Y3T#I^L-7ZW));X/%F,GB%T@8`_<[)RX.#@<\Y!SR@Z!$1`1$0$1$!$1`
M1$0>??+S1Z>L5;=Z]^VEI(G2OP0"['9K<D`N)P`,\D@*)-17^NU3J"LO5R=&
M:NJ>'/\`#;M:T`!K6@?`-`'.3QR2>5M?I$:R_P!DTA13?"JK]CO^7&<._M>6
MN'_ID+E.ANBIM0ZQAO533R?)=J?XOB$$-DJ!@QL!!!R"0\XR/*`1Y@@WOIEI
M'\"]#45ME;MKI?XS6\Y_+/`RWYQ'E`:S(.#MS[UV"(@\^^6:CU#8JVT5[-]+
M5Q.B?@`EN>SFY!`<#@@XX(!407RS5FGK[6VBO9MJJ25T3\`@.QV<W(!+2,$'
M'((*N]8?Z1&D?7+/2:KIF_EJ'%-5\]X7.\CN7?S7NQ@`D^)D\-03@M@Z`ZR^
M1=42:>K)MM#=<>#O=AL=0!Y<9<`-XRW@$N<(PL?1!?Z+B^F&M8=;:.IJI]1&
M^Z4[!#7Q@C<V09`>0```\#<,#`R0"=I7:("(B`LWU)H76NI;Q4U`Z@3VFA9*
M?4Z:WTSF;8RUOSW-D:7.R#W+A[QMW;1I"()(ZC]*-0:.\6\U%9\KT$LN9:X!
MPD:]V#NE:<XW.)`=N=DXR07`'-U:?4VVPW7IEJ*GG=(UC*)]0"P@'=%^5:.0
M>-S`#]&>W=18@]"Q7/Y$U#;+MX/C>HU<53X6[;OV/#MN<'&<8S@K?]6=='UT
M[;-T\HI[C7R[AZR:5SN-F<Q1_.<X<DES<#8>'`Y$X*S^G^@+7H:Q4T45+`Z[
M.B`K*T#<^1YP7M:\@$1Y:,-P.P)&<DABEBZ'ZOU>]]VU1<Y+<^=@<'U>ZIJI
M/*W;N:7#:-N1YG;@6XVKMX/1PTJVGB;476\R3A@$CXY(F-<[')#3&2!GW9./
MB5LB(,7K?1OTW)1R-H+S=8*HXV23F.5C>1G+0UI/&?YP^//98!J;3%TTA?9K
M1=X/"J(^6N;RR5ASA[#[VG!_N((!!`N=97U^LL-QZ;27%WAMGM=1'*QQC#G.
M:]PC<P.[M!+VN/QV#CW@)46_]#^IS(J.HTYJ6ZP04]+$'T%362MC#6`X,1>Y
MPSC+2T8X`<,X#0,`1!NFL^M=ZU+7NL.@J:K8QSWL%5!&7U%4S8<^&S;F,?.=
MD>;`:?)@A?GI[T?;[>)77'5MU]2DEE\26%A%1/)EQW[I,[6N/!#O/\[D9&#L
M?3[0]#H334-#!%&:^5C7U]2#N,TN.<$@'8"2&C`P.>Y)/6(,?_@Y:/\`]Y7S
M_GP_NE\=R]&VPRT[6VN^W*FGW@N?5,9.TMP>`UH80<XYS[CQSQMB((@U9HN^
MZ*N+:.]4GA>)N,$S'!T<S6G!+7#]!P<.`<,@9"Y]5?UZLU'<.F=3<9F?QJVR
MQRT\@`R-[VQN:21G:0[)`QDM;\%*""E^@>M/E.W5.EJFKGJ9J")DU(^=N'>#
MAK7QC&?+&\X:2[):\8#0W`VA19TRN4UJZFZ=J(&QN>^M93D/!(VRGPG'@CG:
M\D?3COV5IH"\?4VIK7I"Q37>[S^%3Q\-:WE\KSG#&#WN.#_<22`"1Z%?6T]L
MMU37UDGATM+$Z:9^TG:QH)<<#DX`/91IU!UQ7:ZU+-73RR"@B>YE!3D;1#%G
MC(!(WD`%QR<GCL``'J:AUUK'JE?1::8S^KU<NVFM-*[#,<$!YXWXVAQ<_AN"
M1M';:]$]#=.:>IX*F]0QWBZ;`9/&&ZGC=@@AD9&'##L9?GEH(#>RY?T==(M%
M/7:JK:*,O<\4]OED:[<T`'Q7-R,8.0W<,GRO''.=\0?';;3;;-3NI[7;Z2A@
M<\O='2PMB:78`R0T`9P`,_0%^E;04=SHY*.OI(*NEDQOAGC$C'8((RTY!P0#
M^A?0B#"^J/1.A?:Y[SH^WR1U\;_$FH(7^21GF+C&S!._);AH(&&X:W.`9T5_
MJ1.ME@;8>IM<Z)L;8+BQM<QK7.<07DAY=GL3(UYP,C!';L`Y?2^KKUHZZ,K[
M-6R0D/:Z6`N)BG`R-LC,X<,.=](SD$'E5_H?65#KO34=XH8Y(2'F&H@?R890
M`2W/9PPX$$=P1D`Y`B1:)T7U7-IKJ#1TY,CJ.ZO;13QMR?,XXC?C(&0X@9.<
M-<_`R4%'ZXN6M+?3T;=&6*DN<\CW&H?53-:V)H`P`TO827$]P>-IXY&,<U,W
MKQ5T<U15Q5U/2ME\40VJ2$/9DD!K?!<97-&[L2[MD]LJCT00`B[3JS;8;5U4
MU!3P.D<Q]0*@EY!.Z5C97#@#C<\@?1COW7%H-TZ`:@M&G[-JBKN]124,$;Z<
MFIE>0Z3RRD,`SAQ`8X@-&XY/?@#G[I/K?KAJ!\EMHJN*SM>QK(9)SZI2N:`'
M.+\-#G_E"[@%^UV`"`N?Z::!FZ@:E-&Z62GM],P2UE0QA)#<X#&G!`>[G&?<
M''!VX-?VJU4-CM=/;+931TU'3LV11,[-'_<DG))/))).24$L7_H7K*PVMU>V
M.DN8:\-=!;G22R@'C=L+`2,XSC)YSC`)&9J_UP^INDFCM52S5-5;/5:Z;EU7
M1.\)Y.XN+B.6.<23ESFDG/?@8"3--VVY7?4MMH+.Z1EPFJ&""1A<#$[.=^6@
MEH;C<2.P!/N5'ZEOG6&LNEVH=.:;I*6AAJ/!IZQSXS*YHVD/:9'AC@X'^H<9
M+<[FDCM-/=.M(Z5K'5EGLD$%4>TSW/E>S@CRN>26Y#B#MQGWY74()$UQI_JA
M#:Y+CJ_Y2EM_K`>[?6MFBCD=D`^&QY#!R0#@`;@!W`6=J]Z^AI[G;JF@K(_$
MI:J)T,S-Q&YC@0X9'(R">R@A`5?]$_9!8OM'[1(I`5?]$_9!8OM'[1(@T!$6
M7]9NHOX'6(6J@YN]SB>UCVR[32Q_-,G!#@XY(8>!EI.?+@A^G4OJ]0Z%>+90
MP1W"].87.B+\,I@6^5TF.22<'8,$CDEN6YGR%^L>K.J*>BEK)[C6.R093MAI
MF8:'/VM&V-O#<X')QP7$`\G//-55$M142R33RO+Y))'%SGN)R22>22><JN^C
M^C?P0T-3^LP^'<[ABJJ]S</9D>2,Y:'#:WNTYPYS\=T'EZ)Z&Z<T]3P5-ZAC
MO%TV`R>,-U/&[!!#(R,.&'8R_/+00&]EJ$$$-+3Q4]/%'#!$P,CCC:&M8T#`
M``X``XPOT1`63]>-(4]ZT7+?8:;-SM>U_B1Q%SY("[#V'!^:W=OR0=NUW;<2
MM87SU]#3W.W5-!61^)2U43H9F;B-S'`APR.1D$]D$$+V-,:FNFD+[#=[1/X5
M1'PYKN62L/=CQ[VG`_N!!!`(^S6NC+EH?4$]MK6220!Y%-6>"YD=0W`.6D\$
M@.:'`$X/&3W/-H+?T7JRCUMI>EO=&SPO$RR:`R![H9&G#FDC]!&<$M+3@9PO
M8KZVGMENJ:^LD\.EI8G33/VD[6-!+C@<G`![+,^@%JKK9TXD?74TD`K:U]53
M[^"^(QQM#\=P"6G&>XP1P03^G7WY1_%=/ZE_L_K</KWS?Y')QWY_E/"^;S^C
M*#".H_4>XZ\O$H$T\5DBEWT=$_:-GE#=SMHY<<$\EVW<0#COY>@+`W5&O;-9
MY6QN@GJ`Z=CW.:'Q,!?(W+>02UK@,>\CD=US:Z3I]!-4]1M-L@BDE>+G3O+6
M-+B&MD#G'CW!H))]P!*"UX((:6GBIZ>*.&")@9''&T-:QH&``!P`!QA?HB("
MECKAH"GTI?:>[6BE\"TW'(=&P'9!..2T<8:UPP6MR>S\```*IUC_`*1OL\H/
MK6/[J9!,D$\U+415%/+)#/$\/CDC<6N8X'(((Y!!YRJWZ0=0)M=Z:F%P\/Y6
MM[VQ5)8T@2M</))C&`78<"`>[2<`$`2(M4]'ZY0T/4T4\K9"^OHI:>(M`P'`
MMER[GMMC<.,\D?V@*K7-ZLT]=]1,I*>WZGJ[)2->36"DB'BSMW-(#9<@QD;7
M#(SG=R".#TB()_UKZ/\`LH[A>+)>JZLJF1.J'TU:SQIJF3)<[$C0"7$=AM)+
MO?SQ@"O]0YK."&EUWJ&GIXHX8(KG4LCCC:&M8T2N```X``XP@\-;9I;K30Z-
MZ5VVST-#)5WJ%\[',E\D48<]SVR$CEPR\#:,'RNR6^4NQ-47T+Z<VB33]+JZ
MYTT=57R5#GT.YY+8&L)9G;@#?N#CD[L881@Y0<I:>FNNNJU9%J+4EP]5I9XF
M^'55+`7OCP[;X<+<`-R`>=@._<-V3G1[-Z/NCK?L?<75UTD\(,>V:;PHR_C+
MVB/#AV.`7'`/O/*UA$&-W3T<],U-._Y-N=RHJC8QK'2%LT8(`#G%N&DEV">'
M``NX``VK"-9:'O6A;HRAO$49$K-\-1`2Z*8<9VD@'()P00".#V()MM9GUTT_
M#>>FU56BGDEK+6]M1`Z)@<X-+@V0'@G9M)<<8^8">`@DQ;IZ/>M9H;I+I"NJ
M)'T]0QTMO:XDB.1N7/8WC@.;EW)`!8<#+RL+7V6FY36:\T-TIVQNGHJB.HC;
M("6ES'!P!P0<9'Q""\T1$!$1`1$0%,'I&^T.@^JH_O9E3ZF#TC?:'0?54?WL
MR#'T1$'46:Q:\H-EQL=JU'3^/$-M30T\[/$C=APPY@Y:<`]\'A>Q_P#-_P#X
MY_6U3^A/9YIGZJI?NFKH$$67+374*\U#:BZ634]=.U@8V2JI:B5P;DG`+@3C
M))Q])2U]--976O;1LT[<J=[V/<V2KI9(8\M87;2]S<`NQM&2!DC)'=6FB"2*
M'H7K^KK(X)K7!11NSF>>KC+&8!/(87.Y[<`]_ARNTM7HU3.93R7C4D;'[\SP
M4E,7#;N[-D<1R6^\LX)[''-!H@Y/2_3;2FD'LGM5JC]<:QK?7)R99<AI:7`N
MX82"<[`T'/;&`NL1$'YSP0U5/+3U$4<T$K"R2.1H<U[2,$$'@@CC"P#5'HYU
M,ET?/I>YTD='*]SO5JXO:8!QAK7M#B\9W=P"`!RXY*H-$&'Z+]'RGM5QI;EJ
M:O@N#HLN-OAB)A+P?*7/=@O;CDMVC)X.0"';@B^.Y7:VV:G;472X4E#`YX8V
M2JF;$TNP3@%Q`S@$X^@H/L19'?\`TA-*6UCFV>&KO$^P.:6L,$6=V"USGC<"
M!SPPCD#/?'A_A-UBU];LV6RP66V5<NUE9GPY!"X<'=([<YNUX/B1L!);Y?@@
M[CK9[(+[]G_:(U("VCJ!TDO%HTA4:IOFKY[M74<4+'131ODQND:TM;*]Y.T%
MY(\HS\!E8N@Z#0GM#TS]:TOWK5;ZB#0GM#TS]:TOWK5;Z`B(@D#K9[7[[]G^
MXC6?K0.MGM?OOV?[B-9^@W_T9OZ4_9/\Y4`I_P#1F_I3]D_SE0"`B(@*`%?Z
M@!`5?]$_9!8OM'[1(I`5?]$_9!8OM'[1(@T!$1`1$0$1$!$1`7AZNU10Z.TU
M5WFODC`B81#$Y^TSRX.V-O!.21WP<#)/`*]Q3)U_UG#>M00:<HGR&"TO<:E[
M9@8Y9G`<;1QE@RW)Y!<\8&.0RNMK;IJ:^R555)/7W.NE`)#=SY7GAK6M'Z`&
M@<<`!67H32D.B]'4%F8(S.QF^JD9C\I,[EYS@$C/E!(SM:T'LI`T??X=+:LH
M+W/;H[BRC>YXIGN#0YVTAIR6G!:XAP..[1V[K8_X3/\`PC_U+_Q(*`13_P#P
MF?\`A'_J7_B3^$S_`,(_]2_\2"@%\]?0T]SMU305D?B4M5$Z&9FXC<QP(<,C
MD9!/98/_``F?^$?^I?\`B3^$S_PC_P!2_P#$@QC56GJC2FJ+C8ZIV^2DE+`_
M`'B,(RQ^`3C<TM.,\9P>0O'7<=2=?T_4*XT->VR?)U53Q.AD?ZV9O%9G+1C:
MT-VDO_MW?0%PZ#0.C^LOP0US3^LS>';+ABEJ]SL,9D^20Y<&C:[NXYPUS\=U
M7Z@!5GT2UDW5&B8[?+''%665D5(]K-V'Q!N(W\\`D-<"`3RTG@$!!IB(B`B(
M@Y_77L\U-]557W3E$"M_77L\U-]557W3E$"`K_4`*_T!$1`7-]08(:GIQJ5D
M\4<K!;*AX:]H<`YL;G-//O#@"#[B`5TBY_77L\U-]557W3D$0(B(+_1$0$1$
M'%]67PQ]*]0.G,88:<-!>`1N+VAO=C^=Q&.!SCS,^>V-%8_6!E._I/?Q5/V1
M^$P@[BWSB1I8,AKN[MHQCGL2T>81P@*_U`"O]!C?I$W]UOT=0V6)TC7W2H+I
M,-:6NBBPXM)/(.]T1&/ZIY]QF1;!Z15?ZQKZBHV5?B1TMO9NA$F1%(Y[R<MS
MY7%OAD^\C;[L+'T&J:%ZW7+1EDIK)+9Z2NM],QXBVR.AEW.>7Y<[S`CS.&`T
M>[GCGI*3TEJQD1%;IB":3RX=#6&(?-:'<%CN[MQ'/`(')!<='T+I/1]ST#I^
ML.G['5R26^#Q9C10R%T@8`_<[!RX.#@<\Y!SRND&C-*MIWT[=-6802/:]\8H
M(MKG-!#21MP2`YP!]VX_%!B!])6Y99MTW2`![B\&I<<M\0%H''!$>YI/.7$.
MP`-A^B;TEYG,`@TI&Q^]I)?7EPV[AN&!&.2W(!SP2#@XP=C_``$T?^:EC_PZ
M'_2GX":/_-2Q_P"'0_Z4&,.]):L/B;=,0#,K#'FL)VQC;N:?)RXX?AW`&YOE
M.T[LSU[KNIU]=*6X5ENI*6>"G;!N@+R7@<G.YQ&-Q>1@`@.P2[`*K/\``31_
MYJ6/_#H?]*?@)H_\U+'_`(=#_I01`BN.#1FE:6HBJ*?35FAGB>'QR1T$37,<
M#D$$-R"#SE?I2:3TW;Y3+1:?M5-(=N7PT4;"=KFO;R![G-:X?`M![A!]%BN?
MRWIVV7;P?!]>I(JGPMV[9O8';<X&<9QG`7H(B"0.MGM?OOV?[B-9^M`ZV>U^
M^_9_N(UGZ"A_1I8\6[4<AH]L9E@#:K#ORA`?EF2=OER#P,_E.21MQO"P?T:9
M6&W:CB#LR-E@<YO@-&`0\`^(#N=V/E(PW&1RYV-X0$1$!$1`4`*_U`D\$U+4
M2T]1%)#/$\LDCD:6N8X'!!!Y!!XP@_-5_P!$_9!8OM'[1(I`5?\`1/V06+[1
M^T2(-`40:UU-4:NU;<+O-//+#)*X4K9L`Q0!Q\-F!P,`\X]Y)R2235_5.Y_)
M'2[4-3X/B[Z0TVW=MQXQ$6[.#VWYQ[\8X[J,$'0:'LGX1ZYLMI=3^L0SU;/'
MBW[-T+3NDYR,>0./!S\.5;ZD#HG[7[%]H^XD5?H"(B`B(@^.Y6FVWFG;3W2W
MTE=`UX>V.JA;*T.P1D!P(S@D9^DKSX-&:5I:B*HI]-6:&>)X?')'01-<QP.0
M00W((/.5[B("_.>"&JIY:>HBCF@E8621R-#FO:1@@@\$$<87Z(@Q>\^CCI^K
MWOM%VKK?(^4OVS-;41L8<^1H\KN.,$N/`YR3E=QHCIKI_0/K,EJ9/-55'#ZJ
MK<U\@9QY`0T`-R,\#DXR3@8[!$!%P^H>KFBM/48G?>8+A([YD%M>VH>[!`/(
M.UO?/F(S@XR1A<&SJ]K37-15T6@-+Q@0,?XE352M<YK7'$;AN+6,?W.TE^<'
MN&G(;HL'Z^ZKT_=]&VZ@MEYH:ZJ-P;,64L[9=K&QR`DEI('+V]^_.,X./H'2
M'6.L8H:K76LIQOE9+);H&[V-`:!Q@B-DF"YN6L</?EV2N8ZM=*]/Z%T;15]J
MEKI*I]P$+WU,K7;F.C<<8#0.#'QC^L[.>,!BZT#HG[7[%]H^XD6?K0.B?M?L
M7VC[B1!7Z(B`H@UU[0]3?6M5]ZY6^H@UU[0]3?6M5]ZY!SZKOH?,V7I):&-$
M@,3YV.W1N:"?&>[RDC#AAPY&1G([@@2(JWZ%/J'=)[:)V;8VRSB`[0-S/$<2
M<AQSYBX9(;VQC`#G!I"(B`N?UU[/-3?555]TY=`N?UU[/-3?555]TY!$"(B"
M_P!$1`1$0$1$!3!Z1OM#H/JJ/[V94^I@](WVAT'U5'][,@Q]$1!<>C#"[0FG
MG4\<D<!ME,8V2/#W-;X3<`N``)Q[\#/P"]Q<_H3V>:9^JJ7[IJZ!`1$0$1$!
M$1`7/ZLUI8M%6YM9>JOPO$W""%C2Z29S1DAK1^@9.&@N&2,A>7U+U]#H#30K
M&Q1U%PJ7F&CIWO`!=C)>X9R6-XSCWEHR-V1(EYOETU#<7U]WKYZVJ=D;YGYV
M@DG:T=FMR3AHP!G@(-4U7Z0E_N-08M-0QVFD8_+99&-FGD`+N^X%C006G:`2
M"/G$+P]'=,]4]3:SY7KZN>&@FW!]UK'&9\KF`-`:TN#G^X9R&C:X9R-J\?IE
MI'\--<T5ME;NH8OXS6\X_(L(RWYP/F):S(.1NS[E9<$$-+3Q4]/%'#!$P,CC
MC:&M8T#```X``XP@YO3'3S2VD8H?DNTP"JBY%;,T23EQ;M<=YY;D=PW#>3@#
M)74(B#/^MGL@OOV?]HC4@*O^MGL@OOV?]HC4@(.@T)[0],_6M+]ZU6^H@T)[
M0],_6M+]ZU6^@(B()`ZV>U^^_9_N(UGZT#K9[7[[]G^XC6?H-_\`1F_I3]D_
MSE0"G_T9OZ4_9/\`.5`("(B`H`5_J`$!5_T3]D%B^T?M$BD!5_T3]D%B^T?M
M$B#0$1$!$1`1$0$1$'-Z[U7#HS1U?>7F,SQLV4L;\?E)G<,&,@D9\Q`.=K7$
M=E&$$-=?;S%`PR55PKZ@,:9)/-+*]V.7./<N/<GW\K2.N6M9M0ZQFLM-42?)
M=J?X/A@D-DJ!D2/((!R"2P9R/*2#YBO<]'?2/KEXJ]5U+?R-#FFI.>\SF^=W
M#OYK'8P00?$R.6H._MG071-'1TD==2SU]1%$YD\KYY(Q.\D'>6M<-N,$``]G
M'.XX*^R3H?T^>^%S;+)&&/W.:VLFQ(-I&UV7$XR0>,'+1SC(.B(@S_\`$GT\
M_-[]=J/WB_,]#^GQJ&2BRR!C6.:8A63;7$D8<?-G(P0,$#S'(/&-$1!F<'0;
M0<-!%3/H:N>5CPYU5)5O$CP'[MI#<,P1Y>&@X[$'S(>@V@R6$4-6-KW.(%6_
MS`R!X:?H#06#&#M<<DNPX:8B#*Y?1^T1(R=K1<HS(][F.94C,0+FD-;EI&&A
MI`W9.'NR2=I;-FJM/5&E-47&QU3M\E)*6!^`/$81EC\`G&YI:<9XS@\A7.L;
MZ^:';>-/C5%'%(ZX6U@9.&EQWTV23Y0#RUSMV>`&[R<X&`F1=)H35<VB]8T%
MY89#`Q^RJC9G\I"[AXQD`G'F`)QN:TGLN;1!?<$\-53Q5%/+'-!*P/CDC<'-
M>TC(((X((YROT6+]`==/O%GDTK7'-5;(A)2R%SG.D@W8(.<@;"YK1R/*YH`\
MI)VA`1$0<_KKV>:F^JJK[IRB!6_KKV>:F^JJK[IRB!`5_J`%?Z`B(@+G]=>S
MS4WU55?=.70+G]=>SS4WU55?=.01`B(@O]$1`1$0</U@I?7.D]_B]8@@VQ,E
MWSOVM.R1K]H/]9VW:T>]Q`]ZCA6'UFA=/TDOS&&,$,B?YY&L&&S,<>7$#.!P
M.Y.`,D@*/$!7^H`5_H)`ZV>U^^_9_N(UGZVSTDK;-%JJS71SH_`J*(T[&@G<
M'1O+G$\8QB5N.?<>WOQ-!5?0&]0W'ILRW-\-L]KJ)(7M$@<YS7N,C7EO=H)>
MYH[YV'GW#5%)G0W5#=/=08:2HDD%)=F>ID![MHE)!B<6@'<=WD';'B$Y`SFL
MT!$1`1$0$1?/6U]';*.2LKZN"DI8\;YIY!&QN2`,N)P,D@?I0?0BX/IUU+AZ
MB5%Y;3VN2B@M[XQ&^28/=*UY?@EH&&G#.V7=^_'/>()`ZV>U^^_9_N(UGZT#
MK9[7[[]G^XC6?H*#]&>1II]31"&,/:^F<907;G`B3#3SC`P2,`'S')/&-\6%
M^C4QPLU_>62!AJ(@'FF:UI(:[($O=Y&1EAX;D$?/*W1`1$0$1$!09=G-=>:Y
MS*^2X,-1(6ULC7-=4#<?RA#N07=\'GGE7FH0OO\`]PW/_8?]KE_^G_[-\\_R
M7_\`G_5^C"#SU7_1/V06+[1^T2*0%7_1/V06+[1^T2('6SV07W[/^T1J0%;>
MOK`[5&@KS9XFR.GGIRZ!C'-:7RL(?&W+N`"YK0<XX)Y'=1(@Z#0][_!S7-EN
MSJCU>&"K9X\NS?MA<=LG&#GR%PX&?ARK?4`*N^CNN&ZQT='!42R/NUL8R"L+
MPX[QR(Y-Q)W%S6\G.=P=P`1D-$1$0$1$!$1`1<_1:TL5RU;4Z9H:OUFY4D3Y
M:D1M)9#M<QI:7=B[+^PSC:X'!&#P?6GJ;7:,CH[/8I(XKI5,\>2=S-Q@B#L-
MVAP+27$.'.<!IXY!`?9KWK58M*>N6VVGY2O<6Z/PV@^#!(,?RCLC.,GRMR<M
M+26GE8!J'J%K'74HH*VOGFAGEQ';Z2/8QQ<X%K-K>9,$-V[MQ'QR3GDYYYJJ
MHEJ*B62:>5Y?))(XN<]Q.223R23SE;1Z.NEVUVH*[4E1')LMS!#2DL<&F60$
M.(=G!+6<%N#_`"H/&!D.CZ<="J.A@BNNL*?UBN/+;:\@QP.:\X+BQQ$N0&G!
M\N'$$'W;9!!#2T\5/3Q1PP1,#(XXVAK6-`P``.``.,+]$0%C_I&^SR@^M8_N
MIEL"Q_TC?9Y0?6L?W4R"8%H'1/VOV+[1]Q(L_6@=$_:_8OM'W$B"OT1$!1!K
MKVAZF^M:K[URM]1!KKVAZF^M:K[UR#GU6?0:IFGZ5T<<L<C64]1-'$70E@>T
MO+LM.X[QN<X;@&\@MQY<F3%5_0*A92=+H9F1SL=5U<TSS*YI:\@B/+,<AN&`
M>;G<'>["#4$1$!<_KKV>:F^JJK[IRZ!<_KKV>:F^JJK[IR"($1$%]P"9M/$V
MHDCDG#`)'QL+&N=CDAI)(&?=DX^)7Z(B`B(@(B("F#TC?:'0?54?WLRI]29U
MVO4-XZFU$,'AEENIXZ,R,D#P]P+GN[=B'2%A'."T_P!@#,T1$%OZ$]GFF?JJ
ME^Z:N@7%])[U#?>F5CFB\-KZ:G;1RQMD#RQT7D\WP+FAK\'L'#OW/:("(B`B
M(@(B()8](*\_*'45MN8^?P[;21Q.C>?()'YD+FC/O:Z,$\$[?@`LG6P>D19/
M4-<TEVCI]D-RI!OEWY\2:,[7<9XPPQ#L`?[<K'T&N>CM/##U&JF2RQL?-;)6
M1-<X`O=XD;L-^)VM<<#W`GW*HU!EJNM=8[I3W.V5,E-64[]\4K.[3_V((R"#
MP02#D%5/H?K/IS4MKC;>*ZDM%V8P^/%42>'$[&!N8]W&#GYI.X8/<#<0TQ%X
M<FL]*PLA?+J6S,9,S?$YU?$`]NXMRWS<C<UPR/>"/<N'U1UYTI8V/BM3I+U6
M->YFR#,<32UP!S*X8((R06!P./<""@]3K9[(+[]G_:(U("U35U]UIU>HJN[4
M=ID@TW9V&1\+9V[&.#"Y[W.=M\1X;G@#R@@8RXEV5H.@T)[0],_6M+]ZU6^H
M(H*VHMEQIJ^CD\.JI9630OV@[7M(+3@\'!`[JU[#K73^HK%%=Z*Y0-IW1/E>
MV>1K'PB/;XF\$^79N;D]O,TYP02'0(N/GZFZ6;?;=9:"N^5J^NE9&R.V`3B-
MISE[W`[0UNTEW)<!SC'*[!!('6SVOWW[/]Q&L_7<=8*VGN'5B_S4LGB1ME9"
M3M(P^.-L;QS\'-</IQQPN'0;_P"C-_2G[)_G*@%/GHSSPMJ-34[I8Q.]E,]D
M9<-SFM,@<0.Y`+F@GW;A\50:`B(@*`%>=VN4-FLU==*ALCH**GDJ)&Q@%Q:Q
MI<0,D#.!\0H,0%7_`$3]D%B^T?M$BD!5OT*K:>KZ3VV&"3?)22SPSC:1L>9'
M2`<]_*]IX^/QR@TA$1`1$0$1$!<'U?U7-I+I[5U%(9&UE:\45/(S(\)SPXE^
M0000UKB",X=MXQE=A=KE#9K-772H;(Z"BIY*B1L8!<6L:7$#)`S@?$*..H>L
MYM;ZLJKBU]6RW[\4=+/,7"%NUK20WLTNVAQ`]Y[G&4'/P0UU]O,4##)57"OJ
M`QIDD\TLKW8Y<X]RX]R??RK;TKIZGTII>W6.E=OCI(@POP1XCR<O?@DXW.+C
MC/&<#A2)TRDH8NING77&&2:`UK&M:PX(E)Q$[N.!(6$_0#P>QM-`1$0$1$!$
M1`7YSP0U5/+3U$4<T$K"R2.1H<U[2,$$'@@CC"_1$$2:[TI-HS6-?9GB0P1O
MWTLC\_E(7<L.<`$X\I(&-S7`=ES:W3TE(:%MYL$\9C^4'T\K)P),N\)KFF/+
M<\#<Z7!QSSWQQA:#U-.W^NTMJ"CO5M=&*NE>7,\1NYK@06N:1\"TD<8//!!Y
M5MV.\T>H;%17>@?OI:N)LK,D$MSW:[!(#@<@C/!!"A!;)T3ZG0Z;J':=OU7(
MRUU#P:2:1P\.DD).X'WACB1SG#2,X\SG`*;1$0<_KKV>:F^JJK[IRB!6/U>O
M/R)TNO<K7P":IB%'&R8_/\4['!HR,N#"]P_]N<$`J.$!7^H`5YVFY0WFS4-T
MIVR-@K:>.HC;(`'!KVAP!P2,X/Q*#[$1$!<_KKV>:F^JJK[IRZ!</U>O/R)T
MNO<K7P":IB%'&R8_/\4['!HR,N#"]P_]N<$`H(X1$07^B\/1MU=?-$V2YRU,
M=3/4443YY6;<.EVCQ/F\`AVX$#L01[E[B`B(@XOJS335?2O4$<%+'5/;3B0Q
MO<6@-8]KG/R'#EK6EP&>2T#![&-%7_6JM91=)[P'20-DG\*&-LS6NWDR-R&A
MW=P:'.&.1MW#!&1("`K_`%`"O>@K:>YVZFKZ.3Q*6JB9-"_:1N8X`M.#R,@C
MN@SOKEI=VH>GLU73QQFKM+_7`2QNXQ`$2M#B1M&WSGOGPP,$XQ)BO]2QU@Z6
M5&E;C47^U1>)8JJ4O>V-@'J3W'YA```C).&D=N&GG!<&3JF^C?52&]VMMBU'
M=(Q>('AE-+4$--5&<-:-Q/GE#CC'!<"T^8[BID1!?Z*1-(]9M5Z5CI*-T\=Q
MM=.P1-I*EHRUFX'#9!Y@0,M&2X`'YO``T>V^DK;9:AS;IINKIH-A+7TM2V=Q
M=D<%K@P`8SSGW#CG@-T18_\`PC='_P"[;Y_R(?WJY#47I'72I\2'3UI@HHSX
MC!453O%D(/#'AHPUCAWP=XSCN!R&_P!YOEKT];GU]WKX**E;D;YGXW$`G:T=
MW.P#AHR3C@*:-;=2K[U5N--IK3]OG@H9I<,I&O!DJW`DM=(>S6@`.VY+6D%Q
M<<`MXNLNNJ^HVH*6FJ:FKNUPF?LIX.`UI(`.U@PQ@PT%Q``XR?>52?37I+;M
M#1-KJWP*^^G.*MK'`0-<UH<Q@)P>0[SX:XAQ'`X0=!T_T=3Z&TE36F+S5#L3
M5D@>7"2<M`>6Y`PWR@#@<`9YR3U"(@D#K9[7[[]G^XC6?KL.J5YH[_U,O=QH
M'^)2NE;$R0$$/\-C8RYI!(+26$@^\$+CT%)^C;<H9=*WFUM;)X]/6MJ'N(&T
MMD8&M`YSG,3L\>\=_=MBG3T;;K0TMTOMLGJ8XZRM9`^FB=P91'XF_;[B0'`X
M[XR>P.*+0$1$!$1`4&7:B;;;S74#)9)64U1)"V22%T3GAKB,ECN6$X^:>1V*
MNNOK:>V6ZIKZR3PZ6EB=-,_:3M8T$N.!R<`'LH,GGFJJB6HJ)9)IY7E\DDCB
MYSW$Y))/))/.4'YJO^B?L@L7VC]HD4@*J^@-ZAN/39EN;X;9[7420O:)`YSF
MO<9&O+>[02]S1WSL//N`:HI`ZP:-_!#7-1ZM#X=LN&:JDVMPQF3YXQAH:-KN
MS1G#7,SW5?KG]::3H]:Z7JK)6/\`"\7#X9Q&'NAD:<M<`?T@XP2TN&1G*"(%
M[&F-3732%]AN]HG\*HCX<UW+)6'NQX][3@?W`@@@$?IJC2-ZT=='T%YHI(2'
MN;%.&DQ3@8\T;L8<,%OTC."`>%X:"T]#]0;+KNUQST,\<->&$U%O?(#+"1@$
MX[N9EPP\#!R,X.0.L4$4-?66RLCK*"KGI*J/.R:"0QO;D$'#@<C()'Z5JE@]
M(35=M>UMXAI+Q!O+G%S!!+C;@-:Y@V@`\\L)Y(SVP%1HL'A]):C=1U+IM,3L
MJF[?5XV5@<R3GS;G%@+,#MAKL]N.Z^"\^DG6/WLL>GX(L2G;-73&3?'SC,;-
MNUQX/SG`<CGN@H=8/U2ZW4\=')9-'5OBU$FYE3<HL@1`$@MB/O<<?/'`!!:2
M3EN.:EU[JC5]/!3WV[254$#R^.,1LC;N(QDAC0"<9`)SC)QW.=GZ1]&W6U]%
MJC4C9(Z]C_&I+>YK<1C:0'2@@G?DAP`P6EH).<AH=)T4T%^"FEQ<KE1>#>[A
METGBLQ)!#D;8^YQG&\C`.7`.&6A3YU-N4UUZFZBJ)VQM>RM?3@,!`VQ'PFGD
MGG:P$_3GMV5IJ4.NNF*BR]0)[IX$$=!=_P`K3F'`R]K6B7<WC#BX[B??OSDG
M.`R]4'Z-M_::>\Z<D=&'M>VN@:&NW.!`9(2>V!B+`X/F/?W3XOLM5UKK'=*>
MYVRIDIJRG?OBE9W:?^Q!&00>""0<@H+S18WI3TA+!<:<1:EADM-6QF72QL=-
M!(0&]MH+VDDN.T@@`?.)7N5O730%)1R3PW2>MD;C$$%)('OR0."\-;QWY([?
M'A!I"Q?TD*VGCT;::!TF*J:X>-&S:?,QD;PXY[<&1G]_T%>)?_2&KKB]UNTA
M9)&3SO$4%14_E)7%S<8;"W(W[B,>9P..6\X'+ZTT%KRJT_<M:ZTK(Q5TKX81
M3R/8YSHB0W+?#RQH#G-\HQG+R<'&X,K6@=$_:_8OM'W$BS]>QI74-1I35%NO
ME*W?)22AY9D#Q&$8>S)!QN:7#..,Y'*"YT6=P=<.GTU/%*^]20/>P.=%)1S%
MS"1\T[6D9';@D?`E?II'JO:];:RJ[':*.<TM/2/J/79CL\0MD:S#6=]I#@X$
MD'W%H0:`H@UU[0]3?6M5]ZY6W//#2T\M142QPP1,+Y))'!K6-`R22>``.<J%
M+[<_EO4-SNW@^#Z]5RU/A;MVS>\NVYP,XSC.`@\]5?T"J*B;I=#'/%.R.&KF
MC@=*!M>S(<2S#1Y=SG#DN\P=SC#6R@J?]'2KIY=`UM+&(&5$%P>96L>2]P<Q
MFU[@2<9P6C``.SMD$D-@1$0%S^NO9YJ;ZJJONG+H%G_6B]_(G2ZZ;*CP:BNV
MT47DW;]Y\[>Q`S&).3CZ#G""0$1$%_HO#T=?VZIT=:KTUT9?54[72^&US6ME
M'ED:`[G`>'#W]NY[KW$!$1`65ZZZA:VLM[J;5IS0]76L@>PBX.IYIXIFE@<0
MUK&C!#CC.X_-/'/&J(@F"]ZMZTWOQV?)=\H*>;;^1H+5)%LQCYLFTR#)&3YO
M>1VX6?\`X":P_-2^?X=-_I5OH@B#\!-8?FI?/\.F_P!*?@)K#\U+Y_ATW^E6
M^B".-/6[J9I2L=56.SZCHI'?/#+?*628!`W,+2UV-QQD'&<CE:7:NJ75:E?3
MMN>@JNN@C9ME++;40RRD-QNW8+0<X)PS'<`#W;XB#D]#ZIO6J:>LGNVE*NP,
MA>UD(JI"73$@EV&N8T@#R\XP<G'8KK$1`1$0$1$'CZFTQ:]76*:T7>#Q:>3E
MKF\/B>,X>P^YPR?[R"""098UET?U3I#QJGU;Y2MC,N]<I&EVQHW',C/G,PUN
M2>6C(&XJOT00`BO.Y6FVWFG;3W2WTE=`UX>V.JA;*T.P1D!P(S@D9^DI;;3;
M;-3NI[7;Z2A@<\O='2PMB:78`R0T`9P`,_0$$::8Z>:IU=+#\EVF<TLO(K9F
MF.`-#MKCO/#L'N&Y=P<`X*W/1G0"T66H;6ZCJ([Q.&,<RF$99!%(""[/.91D
M8&X`$9RTYXV1$'QSVJAJ;-+9WTT8M\E.:5U/'Y&B(MV[!MQM&WCC&/<HXUQT
M^O6A;I)!70234!>!3W!D9$4P.2!GLU^&G+"<C!QD8)M-$$`+V-/:5ONJZQU+
M8[9/6R-^>6`!D>02-SSAK<[3C)&<8'*L?\!-'_FI8_\`#H?]*Z!!C^D.F-'T
MKHY=45K:Z_7>*(,%-;J42&/>6-=X33YG.'F\^6^0N\H7EW_JEU'N%K=3V7I[
M>;35N>#ZTZFDJ"UH[AK71`9/`R<\9XS@C=$01!^`FL/S4OG^'3?Z4_`36'YJ
M7S_#IO\`2K?1!&%FL/433UQ97VBQZCHJIN!OAH9AN`(.UPVX<W(&6G(..0MK
MM75K6S64\=XZ8WE[]^)YZ2GF:-N[NV-S#R&^XOY([C/&R(@^>@JO7[=35GJ\
M]/X\3)?!J&;)(]P!VO;[G#."/<5S^L=57'3%'XM!I6ZWN1VT,]3#2S<2<AV"
MZ1N`"<["WEHSD\=0B":.HFI>HFO*.*W1:*OEKM@PZ:G92S2&=X.07.V-\HX(
M;COR<X;MS?\``36'YJ7S_#IO]*M]$$0?@)K#\U+Y_ATW^E=9T_H.I^E=0>)8
M=.7)KZEA9+!74CXZ>4`$C>7;0".2#N!R<?SB#6:(.7T]?]3W"L=!?-%SVB,_
M,G9<8*E@X).X`AP[`#`=G/.`,KJ$1`1$0%P^MKMU"H;C30Z-TY0W"E,6^>HJ
MIVCSDD!@:9&$8`SGG.X=L'/<(@F#4>BNM.KO#%\I9ZN./!;#ZY31Q@C.';&/
M#=WF(W8S@XSA<_\`B3ZA_F]^NT_[Q5^B"0/Q)]0_S>_7:?\`>+0[!^/NPL;$
MZWQW.!K"UL=QJH)2"79W;Q*'D]P,N(P<8X&-\1!R>A[EK2X4]8W6=BI+9/&]
MIIWTLS7-E:0<@M#WD%I`Y)YW#C@YZQ$0$1$!$1!X^J*B^TFFZN?35%!6W=NS
MU>"<@,?E[0[)+F]F[CW';]"R^MO/7BKHY((=,VJBD=C$\$D)>S!!X#YG-Y[<
M@]_CRMH1!*%YZ7]6-0W%]?=[;/6U3LC?-7P':"2=K1XF&MR3AHP!G@+S_P`2
M?4/\WOUVG_>*OT02!^)/J'^;WZ[3_O$_$GU#_-[]=I_WBK]$$^:4HNN6DJ<4
ME/:HZZC:S;'35]7#*V+`:!M(E#@`&X#<[1D\9Y77V[5O5F2UU'K/3VDDK-\C
M(IFU[(&,(\HW1O>7.&X$Y#@'`C''F.J(@FC6FD>L&O*R">\6*`1T^[U>""HI
MV,BW!H=@F0N.=@/F)^C`X7)S=&>H,#`]^G9""]K/)4PO.7.#1PUY.,GD]@,D
MX`)5AH@CR'HSU!G87LT[(`'N9YZF%ARUQ:>'/!QD<'L1@C((*T/0M!UDT-1B
MW0Z;@KK9XHD]7J:V',8SEXC<)?+N[\AP!YQR<T`B#C[)J+6=?>(*:[:$^2Z%
M^[Q*SY7AG\/#21Y&C)R0!]&<^Y=@B(.#NVINH,-174]KZ>QSL8^1E+5R7B$-
M>`2&2&/@X/!VY!]V1W62:TT_UDUQ604UWLVVG;NFAI*::%L$9`:TDG><N\W&
M]Q/+]O&[%+H@D#\2?4/\WOUVG_>+XSTEUXVG9.=-U>Q].ZI`#F%VQH!(+<Y#
M_,,,(W'G`.#BRT039HJQ]8=`5$U):[!'-!5L=(ZFJIXWP!S2T;P6R`-?@@8R
M-PSP=F6ZO:M6ZYKZVG94].9*.D?4>#-4/O$1,30_:Y^S:"X#!(Q\X8()!!7>
M(@+-]5ZUUU;[C46^PZ!GJ/RL<5-7S3A\;]Q(W.8SYK?([DO&T%A=MW`'2$03
M1K'27637%9XMVM.VG;M,=%!70M@C(!&X,,IR[S.\Q)/.,XP!P;^F6MXZ<SNT
MQ<BP,#\-A+G8(8?FCG/Y1O&,\/\`ZC]MIH@CR/HSU!E?,QNG9`8G[';JF%H)
MVAWE)?APPX<C(SD=P0.XZ=OZN:2IV6NDTQ)66USQ,*>N<(O";ACGMC>7`,+A
M(."#AP=Y<MD"HM$'#Z>U=JZZZC=;+GH&>U4L7^T5K[@R1C,L+F[<,`DR0`=A
M.W/.%VD\$-53RT]1%'-!*PLDCD:'->TC!!!X((XPOT1!B>M?1]H;K43W#2]7
M';JB5Y>ZBF;_`!?)(^86C,8^<<8<,D`;0%CEYZ7:ULEQ?1RZ>KJK&2V:AA=4
M1O;D@$.8#C.,X=AV",@95GH@@!%?Z((<M6C=37QE/+;+!<JF"H?LBG93.\)Q
MW;?Y3&T`'())P,'/9:AI?T=KO7,94:DN$=L9O:32P`32EH<=P+@=C"0`01O^
M=R!C!I-$'/Z3T78M$VYU'9*3PO%VF>9[BZ29S1@%SC^DX&&@DX`R5T"(@Y/6
M>J;UIM]"RS:4J[\:ADSY?`D+!"(VAW)V.&7`NP."2W`R3A8YJO5/6FYT=/2N
ML-=;8YHA,39Z.3>YI(+0YX+W1N&WYN6NY(<,$*CT019^++6^^F9^#%RS4/:Q
MGY$X!+6.&\]F##VY+L`$.!Y:X#\X>G&M9_5]FE[J/'E,+-],YF'#;R[(&QOF
M'F=AO?GRG%KH@CBDT/U&TO<8;M0V&ZP5=)+^3EIHO$<'9>WLW.YIV.!X+2US
M<\/;NV>CUKU6L5&6Z@T#\J.;$TLEH)VAYVD-<7B/Q`7$N:<-#>SB!@';L"(.
M/T7JV^ZEEG;=]&UUBC;$V6*6>4.$F7.:6D%K7-=Y2<8/')P"W=V"(@++V]2M
M8S7&.WT_2VZFJ\[93-4^%"U[2[ALQCV.;M`(=D9)P,\$Z@B"<-9575KJ%9YH
M'Z6GM]HCS4NI8FF.25@<[8UX>[=(YNPG:UHR2UVWEBS^'I9KJ>"GF9IFN#9\
M[`]H8X8>UGF:2"SEP/F`\N7?-:2+/1!%%5TXUK1^!XNE[J[QHFS-\&F=+AI[
M!VP':[CEKL.'O`7V6"S]1]+71MRLMBU!25886;VVV1P<T]PYKF$.'8X(/(![
M@*RT08G;>K74**G<VZ=,;E4S[R6OI:>H@:&X'!:YCR3G/.?>...=@M-9-<;-
M0UM1224<]13QRR4TF=T+G-!+#D`Y!..P[=E]B(/+O^G;1JFUNMMZH8ZND+P_
M8XEI:X=BUS2"T]QD$<$CL2L$U=Z.]QH]U3I2L^4(>/XG5.:R8?-'#^&.Y+CS
MLP`!YBJ/1!#EUT;J:QLJ);G8+E304[]DL[Z9WA-.[;_*8VD$X`(.#D8[KR_4
M*SY.^4?5)_4?%\#UGPSX?B8W;-W;=CG&<X5[H@B2#I]K*IJ(H&:6O(?(\,:9
M**1C02<<N<`&CZ20![UVFGO1_P!77.L<V\>!9J5O>1\C)WNR#\UK'8."!G<Y
MO?(SC"J=$'#Z#Z76+0.:FC=/57.2+PIJR9Y&6G:7-:P>5K=S`1G+AG&XKN$1
M`7CZFTQ:]76*:T7>#Q:>3EKF\/B>,X>P^YPR?[R"""0?81!+&H?1_P!76RL#
M;/X%YI7=I&2,@>W`'SFO=@9).-KG=LG&<+/ZW2>I+91R5E?I^ZTE+'C?-/12
M1L;D@#+B,#)('Z5<Z((8H=)ZDN=''64&G[K5TLF=DT%%)(QV"0<.`(.""/T+
M0-/>C_JZYUCFWCP+-2M[R/D9.]V0?FM8[!P0,[G-[Y&<853H@Y/1O3G3FA6/
M=:*:1U7*S9+65#]\KV[B<9P`T=N&@9VMSDC*Z2OH:>YVZIH*R/Q*6JB=#,S<
M1N8X$.&1R,@GLOH1!(&INCFL=.UDPAM<]TH6R^'#4T3/$,@()!,;27MX&#D8
M!XR<@GCZ2Q7BX5AHZ*U5U35")LYAAIWO>(W!I:_:!G:0YI!['</BKO1!)&F.
MB.L=02PR55%\D4+^73UOE>`';2!%\_=C)`<&@X[C(SN\NF:CIUI)U/TYT[!7
M7.>6-LSJN<`O`:<R/+G-W=L!K2T`O)`[@Z`B">-8VKK9K:C]1K[+!34!VE])
M1U,#&2.:207$REQ[CC.WRM.,C*X?\2?4/\WOUVG_`'BK]$$@?B3ZA_F]^NT_
M[Q>I8.FO5K2UT;<K+;)*2K#"S>VLIG!S3W#FN>0X=C@@\@'N`JK1!D=JU!UJ
MI7T[;GHRVUT$;-LI95Q0RRD-QNW>*6@YP3AF.X`'NUQ$09_K&[=3J*^^%I/3
MEJKK9X32)YYQO+^=P(,C,>[@!WQSSM;CFI=!]8]85$$]^H)*Q\#"R(&JI6-8
M"<G#6N`R>,G&3@?`*HT02!^)/J'^;WZ[3_O$_$GU#_-[]=I_WBK]$$V:/TAU
MFT;'4-L])'!3E[)WT<]33R,J'!P!:!N.TEIY(+,AOSLAH6SZ*K];UU/,=866
MVVYX>X1FEJ2YQ&&XRP%XQR[S;\\`;?>>L1`1$0$1$!$1`1$0$1$!$1`1$0$1
M$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1
M$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1
M$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1
M$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1<O5]1-*T=]%D-T
M]8N9W#U6BIY:IX+=VYI$378<-KLM/(QDA/QB:5CN/J%9=/DZJ\+Q@RYT\M%N
M9G&09FM!YSV^!^!0=0B\NQZBM&I:>IJ+-71UD%/4.II)(P=OB-`)`)&'##@=
MPR#G@E>H@(B("(B`B(@(OCNMTI++:ZBY5[Y&4E,S?*]D3Y"UOO.U@)P.Y..`
M"3P"N+_'9T\_.']2J/W:#0$1$!$1`1$0$1$!%Q=UZKZ*L=TJ+9<[O)35E._9
M+$^BJ,M/_P#&"",$$<$$$<%=)9+W;M1V>"[6FH]8H9]WAR[',W;7%IX<`1R"
M.0@]!$1`1$0$1$!$1`1%D<_I$Z-AJ)8F4EYG8QY:V6.GC#7@'YPW2`X/?D`_
M$!!KB+X[3<H;S9J&Z4[9&P5M/'41MD`#@U[0X`X)&<'XE?8@(N/UMU)L6@?5
MFW:.NEFJ>8XZ:G+LM&<G<XM9P<9&[<-S3C!RO<T[?Z'5.GZ.]6UTAI*IA<SQ
M&[7-():YI'Q#@1QD<<$CE!ZB(B`B(@(B("(L[U;UCL.C-02V:Z6R\F>-C7MD
MB@9X<C7#.6%SP2,Y:3CNTCW(-$1</:>J-IO5LBN%)9M1O@EV[',M,L@.9',=
MAT8<T[=NXX/8@#+LM'V#7U&:=\IL6IP]M.V81&R5&YSR#F(>7&\8`))#?,,.
M/.`ZQ%G^FNKVG]3ZH_!R*CNM#<CX@$==3M9YV`ES#M<XM<`''D#YI&<X!T!`
M1$0$1$!$1`1>/J;45/I6Q37:JI*ZJAAY='14YE>!R2X]@UH`)+G$`8[Y(!XN
MP=<M*:ANC;?!37F&=["Z,.HC*9".2UK82]Q.,GMC#3R@TQ%R];U`T_;*.2LK
MS=:2ECQOFGLU9&QN2`,N,6!DD#]*^BR:XTMJ/P&VF_4-1-/N\.G\4,F=MSG\
MD[#QP">1VY[<H.@1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1<W?]?:4TN]T5XO
ME)!.UX8Z!I,LK"6[ANC8"X#'.2,<CXA>//U/;#42Q,T3K6=C'EK98[.X->`?
MG#<X'![\@'X@(.\1<?\`C1T8R\?)-3>?4JX?.BKZ6:EV>7<-QE8T-R.1DC.1
MCN%ZFE=6VC6=KEN-FFDEIXJA].XOC+#N;CG!]Q:6N'T.&<'(`>XB(@(B("(B
M`B(@(N3DZEZ/;=(;9!>HZZLF9OCBMT,E87`9S_(M<,@-)([@<]E^D.NJ"2LJ
M8'VC4<4<6W9.^QU19-D9.T!A<,=CN#?HR.4'4(N?L^M]-7ZL?14%W@=7,E?"
MZCF#H)][!EP\*0-?P,YX]Q^!70("(B`B(@(B("(N3UQK^VZ`IZ.HNE#<IX*I
M[F-DI(6N:QP`.'%SF@$C)`]^UWP0=8BRNV]=[#>:AU/:].ZGKIVL+W1TM$R5
MP;D#)#9"<9(&?I"^RJZRVNV>!)=],ZKM5++*V+UJNMOAQM)^)WY.`"<`$X!P
M"@TA%X>FM86#6%///8;E'6,IWADH#',<PD9&6N`.#S@XP<'X%>X@(B("(B`B
M(@(BX/6756U:%NC*&\6B\D2LWPU$$,;HIAQG:3(#D$X((!'![$$AWB+@]-=4
M*?5]//46+3&H*J"!X9)(64T;=Q&<`OF`)Q@D#.,C/<+YSUDL%%4,BOUKU!I]
MDC'.BENEM<QLI:1EK=I<2?,#VQ]/(R&B(O/LU\M>H;<ROM%?!6TKL#?"_.TD
M`[7#NUV",M.",\A>@@(B("(B`B(@(B("(B`B(@(B("(B`B(@(B("XOJQ=:ZR
M],+U7VVIDI:MC(F,FCX<T/E8QV#[CM<>1R.XP>5VB^.ZVJAOEKJ+9<Z:.IHZ
MAFR6)_9P_P"X(."".00".0@R_P!'N2ROT%*V@ACCND=0YMQ<2-\AR3&[N3LV
MG`[#+7X'<G3+S8[7J&W/H+O005M*[)V3,SM)!&YI[M=@G#A@C/!4T:AZ4:QZ
M;5@U'8ZSURGH/RPK*4;)80`-Q?$<Y;RX'!<-H)=@<+I]&^D1_)46KZ/X,^4:
M1O\`[1F2/_\`IQ+/H`8@[#I1HZZ:'ONK+34^.ZTNE@FMTCG[F2,/B@GL`),-
M8'\#L/=M)U!?':KK0WRUT]SME3'4T=0S?%*SLX?]P0<@@\@@@\A?8@(B("(B
M`B(@*/.C,$-3U;L+)XHY6!\KPU[0X!S87N:>?>'`$'W$`JPU('1/VOV+[1]Q
M(@K]$1`1$0$1$!$1!+GI$P0P]1J5\44;'S6R)\KFM`+W>)(W+OB=K6C)]P`]
MRH/0GL\TS]54OW35@'I&^T.@^JH_O9EO^A/9YIGZJI?NFH.@1$0$1$!$1`1$
M0%-GI!:*AM5TI=46^GCBIZ]YAK&L`:/6.7!_?DO:'9P`,L)))<J37GWRS4>H
M;%6VBO9OI:N)T3\`$MSV<W((#@<$''!`*#C^C^LOPOT-3^LS>)<[?BEJ]SLO
M?@>20Y<7'<WNXXRYK\=EH"DS0-ZN72WJE):+CX;():AM!7B61T<0:7C;."[`
MP`=P<X<L<>V[(JNOK:>V6ZIKZR3PZ6EB=-,_:3M8T$N.!R<`'L@R_JC0U&N-
M6V#0--'MIVXN]QJ"X-,<`<8AL/.7>9XQM/)9[MV-4@@AI:>*GIXHX8(F!D<<
M;0UK&@8``'``'&%G?2NW5%Q^5=>W:G\.Y:@EWP,>T;H*1O$;`=C3R`#D<.:V
M-W?*TA`1$0$1$!$1`4^>DO!"VHTU4-BC$[V5+'R!HW.:TQEH)[D`N<0/=N/Q
M5!J?_29_HM]K_P`E!H'1/V06+[1^T2+0%C?2236S.FEG%LI-/RV\/F,9J:F:
M.4M\?S`AL;@#Q,`<GYS#CRD/Z35]PZF4]BJ*FQVFQLDBB>7LBJI:J=W;!B:8
MHV[F\G!W;N``3P0]R73=#<M;6_5M-7R-GHJ>>AE;3R994#=C8_G&&.\3RXSN
MQD^3"Z1<'T:GFJNE-GJ*B62:>5]2^221Q<Y[C42$DD\DD\Y7>("(B`B(@(B(
M/+U)!#5:5O%/415<T$M%,R2.C:'3O:6.!$8/!>1P!\<*5.B?M?L7VC[B15G=
MI&PV:NE?#5SL93R.=%1EPG>`T^6/:0=Y[#!!SC!"CSI==?D3J/:;CZA75_@^
M-_%J"'Q9GYA>WRMR,XSD_0"@L]29UFL%#HSJ-"ZP-DH1/3QUS6PNVB"7Q'C,
M>,%HRP$`=B>,#`&CZH](.&TO?14&F+E'<&L<'LNS13F%Q:"PE@+BX'.2,MXQ
M@\Y'GV'I?>NI%TI=::ZN,?JM6QD\-OIR<N@.2V/.<1,P6G`+G$.=DM=DH-HT
MU<IKSI6T72H;&V>MHH:B1L8(:'/8'$#))QD_$KU%^<$$-+3Q4]/%'#!$P,CC
MC:&M8T#```X``XPOT0$1$!$1`1$0$1$!$1`1$0$1$!8GULZHUVG:ANFK!41Q
M5<U.75E2WF2`.(VM80[R/+0XG(R`YA:0>1MBBS7\]7>>J5_$TL;IW7.2F8Z1
MS(FAK'F-@+CAH`:UHW$CMDGN4%#](^G%#I;35%<Z^WQG4%2SQY)9F9?3!P.V
M-NYH,9#78<.Y)<"2`,:8B(/#U1I&RZQM;Z"\T4<P+'-BG#0)8"<'=&_&6G+6
M_0<8((X7)]&-,732&F;M:+O!X51'=9"US>62L,46'L/O:<'^X@@$$#2$0$1$
M!$1`1$0%.'5W7]TU)JUFBM,54[*=LOJ4[(SX)JJESC&Z,N)&8QG;@X!)<3D!
MI5'J/.DT+;UU@LKKD9*I[ZB6J>^21Q<Z5D;Y&O+LY)WM!Y[^_*"F]"Z%M>@K
M$*"@'BU$F'5=6]N'U#Q[S\&C)PWW9/<DD]0B(,GZVZ"H[WI*KOU#10,N]!_&
M99F,#7SPM;A[7.R,[6@.!.3Y-H^<OGZ']1ZS55'46"\S>-<J"(20U#LE\\.=
MIWG&-S26C<3EVX<$AQ.D:LI?7M&WRC]8@I_'M\\7C5#]D<>Z-PW/=[FC.2?<
M`I<Z'SS0]6[0R*61C)F3LE:UQ`>WP7NP[XC<UIP?>`?<@KM$1`1$0$1$!8_Z
M1OL\H/K6/[J9;`L?](WV>4'UK']U,@_/T<((6Z$N=0V*,3ON;F/D#1N<UL49
M:">Y`+G$#W;C\5L$\$-53RT]1%'-!*PLDCD:'->TC!!!X((XPIDZ,:PU+9+=
M>J"SZ9GO]+'BL>R*=L/@'&'<["7N>&MPP<^0X!Y7J5GI`ZCOU12VO35AI*.L
MJW^KL=-/X[C(\AK"S(8UI!/\X.';/`.0X^P3S:6Z\MH[++)24XOIM_AM<7!U
M.:C88W;L[AMQWR<@'N`57:R/I_T6;I^\_A#J>NCNUXWF5C1N='%*7$F4N=S(
M_L02!M))Y.'#7$!$1`1$0$1$!3_Z3/\`1;[7_DJ@%/\`Z3/]%OM?^2@[#H%6
MOJ^ET,+Y('MI*N:%@B:X.8"1)A^>"[+R?+QM+??E=QJK3U/JO2]QL=4[9'5Q
M%@?@GPW@Y8_`(SM<&G&><8/!6+]!=6T]KTE>[<;9=:N:EE?7N-'2&8.#FQQL
MC&TY\1Q:X@$`8!)(`..XU%>]5:MTO);M/Z+KJ:.ZQ24LU5>98J;U9CCL<XQ!
MYD/!>>PQ@$!X.$&.=`;E<J7J0RBI&R24=93R"L:`XM8UK2YCS@X!#L-!.?Y0
MCNY56LSZ4]*6Z!CGN%PJ(ZF]5##"YT#G>%%%N!VMR`7$EK221[@`."7:8@(B
M("(B`B(@(B("(B`B(@(B("(B`B(@(B("\.[ZKMMCU!9+-6F1D]X?*RFD\HC:
MY@!PXD@Y<7!K0`<DX7N+/^KVCKIK?25);;1X'K$5PBF=XS]HV;7L)S@]MX<?
MH!QDX!#0%G?4;I-:-<4]16T[(Z/4!8WPZP$ALFT$!LK1P01QNQN&&]P-I^C3
M4NO-.6NFMVHK9'J`L8YK:ZVU;/%P-NULK9_##C@N\X<2=HR,Y<?/OMZUYJZU
MLH=*:=J[%!6,+9+I=YF02P`;@YHA:7/:3AH#\9YR`.'@,X]'"ZUS=57.SBID
M^3WT3JHTYY;XK7QM#Q\#M<0<=^,YP,4FL[Z7=+H>GM/4U%15QUMTK&,;)(V(
M-;"T#)8PGS$%W)/&[:WRC"T1`1$0$1$!$1`4@=$_:_8OM'W$BKN<S-IY74\<
M<DX83&R1Y8USL<`N`)`S[\''P*E2Q]+.I^GK[17>@L.VJI)6RLS70@.QW:[$
M@):1D$9Y!(05>B^>@FJ*BW4TU92^J54D3'S4_B"3PGD`N9N'#L'(R.^%]"`B
M(@(B("(B"7/2),QZC4HECC:P6R(1%KRXN;XDG+A@;3NW#`)X`.><"@]">SS3
M/U52_=-6,=6>G>N]7=0*NOH+7ZW;8XHH:1_K$$>&!H+A@N!^>Y_?X_#"[O2-
MPZB6O35)::S0U)OMM$(V3.O$<8J/#`:QC6M:_#RT#DD-R"<MR`@TQ?'<;K0V
MEE.^OJ8X!45$=+#N[R2O=M:QH[DD_P!P!)X!*XO\+>H?_P"L/^OT_P#I7-V'
M3>N=6=0J&\=0[9'34%J8ZHM\-+-$(V5&8\`[7.>1Y=_)QEH'8[2&R(B("(B`
MB(@(B(,+](;1KJN@I]84\DCGT;&4E5$=NT1%[MKQV.=[]I'.=P/&TYY33FL;
MCU"L6GNETL7@1OE9'5UPE:#+2P[I/#:WPSM<&L8`[)R6#/#BJ7KZ&GN=NJ:"
MLC\2EJHG0S,W$;F.!#AD<C()[+-^E?2A^@+C=:^NK(*RJG_B]*^$.;M@SDEP
M/&YQ#<CG;LX<<E!ID$$-+3Q4]/%'#!$P,CCC:&M8T#```X``XPOT1$!$1`1$
M0$1$!3_Z3/\`1;[7_DJ@%D?5CIUJKJ%=*$4,MFI[?0,>(3//+XLCG[=Y<!&0
M!Y0``3V))YP`]SHG[(+%]H_:)%H"S?0=AUYHS3<-CFI=.5]+3[O5WLKIX7C<
M]SW;B87!W+N,!N,>]=)/5:V=3RMI[-I^.<L(C?)=IGM:['!+13`D9]V1GXA!
M]%VN5HT-IBNNE0V2*@IWR5$C8P7N=)+(7$#)[ND?\0!N]P''N+&ZWIUK[5FL
M;;<-77BS/L]-41326VD=*^`B/)P(GM`<79(+G$G#CW`#5LB`B(@(B("(B#\Y
MX6U-/+`\R!DC"QQCD<QP!&.'-(+3](((]RD3HG[7[%]H^XD55ZCIKE6Z:N5)
M9Y(XKA44[X8)7S.B$3G#;OW-:X@MSN&!W`&1W&(:/Z+:VT?JR@OT%5I^H?2/
M<3"^HF`>US2QPR(N#M<<'G!QP>R#O^I'2BVZZIW5=.Z.AO4;'&.H;&T-G=AH
M`F(;N<`&;0<^7).#V68=(>J$VEZV+1^IG1TELB?)'%)-"6/IIB\'9(<C:S=O
MR2"07<D-'%)K+^J/2*GUQMN=J?!17UNUKY),B.I8.,28!(<!V<`>!M/&"T-0
M1<'TTL&LM+6LV;4=;;:Z@@8!1RP32.EB`_\`QG<P`LQV.<MQCD8V]X@(B("(
MB`B(@(B("(B`B(@(B("ECKQI"HLNM);[#38METVO\2.(-9'.!A[#@_.=MWY(
M&[<[OM)53KS[S8[7J&W/H+O005M*[)V3,SM)!&YI[M=@G#A@C/!0>7H35<.M
M-'4%Y88Q.]FRJC9C\G,WAXQDD#/F`)SM<TGNND6-T72'4>B+I)<-`ZHC8R9\
M;9:&Z199)&WD[WL!W'=D##&D!SL.'.>H@OO4BFJ(J&LT5;:U^\-DN-)=Q#3D
M$_.#'M=(`T'!X)):2`<@(.\1<W-2ZKNK!'+64E@#'M=XEOD%8^4;AN:3-"UK
M!MW#AKCDM.0&EK^@@A;34\4##(61L#&F21SW$`8Y<XDN/TDDGWH/T1$0$1$!
M$1`4D:KLE9TEZK4]?2T\XML=6*NA+'F,30Y!?"'Y<>`3&<Y)!!(PX9K=>?>;
M':]0VY]!=Z""MI79.R9F=I((W-/=KL$X<,$9X*#]+5=:&^6NGN=LJ8ZFCJ&;
MXI6=G#_N"#D$'D$$'D+[%E>E.F^INGUY#=.W^DK+#55&ZKHKC$YKHF;F^:,L
MR'2[,@GR@X&0>-O>/N=VDEJH*73\[)(L^#-6U,4<$V'`<.C=)(W(RX9C]V#@
MH.?ZMZAI]/=-;L^=N^2OB=00,R1N?*UP/(!QANYW.,[<9!(6:>CGI>NCK;AJ
MB>.2*C?3FCIMS.)R7ASW-.<X:8P.V"7'G+2%U=1TKO&M;['=NH=X@FCI_+3V
MNT[V0-;Y227/\WFPX.`&[YN'@``:I!!#2T\5/3Q1PP1,#(XXVAK6-`P``.``
M.,(/T1$0$1$!$1`6/^D;[/*#ZUC^ZF6P+C^H^AOQ@Z=I[3\H^H>#5MJ?%\#Q
M<X8]NW&YO]?.<^Y!G?HU/F-FO['44;(!41%E6(B'2N+7;F%_8AH#2![O$)_G
M+].L'1_Y5]8U-IFF_P#B',E;0QM_VGXR1C_U/BW^=W'F^?TG33II<NG-YN+6
MW2DN%KKJ>,O>8713MF8YVT!N7-V;7.R<YSC@8YTQ!B?1OJTZ]1MTYJ2JC%?$
MP"DK9Y6M-2-P:(W9.72Y<,$9+AG/()=MBR?770RUZNOIN]!</DBHFR:MK*;Q
M63/_`*X&YNUQYSWSP<`Y)T#3%LNEGL4-!=[S\KU$/E;5N@\)[V>X/\SMSASY
MN,\9R<DA["(B`B(@(B("POTE*)LEFL%>99`^&HEA$8A<6N#VM))?V:1X8PT\
MNR2/FE;HLWZG].[QU"K+130WF"AM%-XCZAAC>Y_B$>5P:'!K_@,[2W+CEV[`
M#Q_1R]GEP^M9/NH5L"S_`*9Z)O'3^*XV>:JH:ZT2R^LT]2P/CG\0M8US71D%
MNWR\$.SQ[]WET!`1$0$67Z[T%K74FJ*2X6?6'R?0LS&(V!T$E-&X1[]KH^9=
MQ9NVN+0"``?>-00$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$
M1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$
M1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$
M1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$1`1$0$1$!$
31`1$0$1$!$1`1$0$1$!$1!__V3\_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>pr004.jpg
<TEXT>
begin 644 pr004.jpg
M_]C_X``02D9)1@`!`0(`5`!2``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"``L`"L#`2(``A$!`Q$!_\0`
M&0```P$!`0``````````````!@<(!`4`_\0`-A```0,#`P("!@@'````````
M`0(#$00%!@`'$A,A,4$4(C(W=;,6&%%5A).TTR1"5F&!E=+_Q``4`0$`````
M````````````````_\0`%!$!`````````````````````/_:``P#`0`"$0,1
M`#\`S[F[V7VARBMLF,O,4M/0N])RKZ(6XXXD$+3"QQ"0HQ[))*)"H,:Y=@S*
MCS-M-LK\GO.(71*"IJO;O-0[2/GE)2M+SA*"$B$^N`23)]E)7>=>\/)OBM5\
MU6A_0-#+K;NQA?)VY7R^.T*8_CJ6Y/.,_P`H[F04=U!/K!,F8G0?].\P_JN^
M?[%[_K38V4W']*C!\E>8?H7FBS0KJN_*83Z,J00I)!/&?LX]Y2!KW.V-9]'J
MK[B#+@?"RZ_:T`%)3'?H`"009/#O,PF("2"LLVZ.:V2XHK&LAKJJ("F:YY50
MVM,@D%*R8F(E,*@F")U6^*Y#3Y7B]NOE*G@W5M!91)/36#"T20)XJ"A,=XD=
MM0X^P]2U#M/4-.,OM+*'&W$E*D*!@@@]P0>T:KO9/W06+\1^H<T$P9U[P\F^
M*U7S5:']$&=>\/)OBM5\U6NIMI@+VX&2FC4ZY3V^F0':RH0@DA,P$),$!:N\
M3Y!1@\8($FR>W=1DM]8R2H>Z%LM56A:>!!6\^CBL(`\DB4DD^,@#Q)2^[_N7
MA^+W15LO%Z;8K$H"U-)9<=*`?#EP20#'>#W@@^!&N?F62VC:?`D-VRGI&G4(
MZ-MH"2`XJ?648[D)DJ421)[%0*@=2`^^]55#M14.N//NK*W''%%2EJ)DDD]R
M2>\Z"L\^VNL6X5N7=K<IAB\O-(73W!I9+;Z0/5"XD*200.8!4`$^('$[-FF5
M4VU-G866RMM=2A1;<2M)(J'!V4DD*']P2#Y:E2WY5?;58J^R4-S?8MMPCTEA
M!$+\C!\4R.QB.0`!D=M5/LG[H+%^(_4.:!$97@&073>:[6.DI>=16U;E:VZ0
MH-)8<65=12B/93RXDB?6!2),`T?9K98ML\&0RX\Q2T-"T'*NK*2GK.0`IPB2
M2I1@!,D^RD>`&BC0WFN%6W/+,S:[H_5LL-5":A*J5:4J*@E28/)*A$+/E]F@
MD3-,LK,URBJO58CI=6$,L!PK2RVD0E()_P`DQ`*BHP)C0_JG_JY8?]Y7S\]G
M]K7OJY8?]Y7S\]G]K03!JS]K;-66#;.R6ZO1TZI+2G5MD$%'46IP)4"`0H!0
L!'D0=8\4V@Q#$J@5=/1N5U8E?)NIKU)=4U!21Q``2""F0J.0D]X[:/-!_]D_
`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
