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<SEC-DOCUMENT>0001137171-04-000668.txt : 20040520
<SEC-HEADER>0001137171-04-000668.hdr.sgml : 20040520
<ACCEPTANCE-DATETIME>20040519192210
ACCESSION NUMBER:		0001137171-04-000668
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20040519
FILED AS OF DATE:		20040520

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:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13727
		FILM NUMBER:		04819858

	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>40-F
<SEQUENCE>1
<FILENAME>f40cover.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Filed By Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="date" CONTENT="05/19/2004">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; text-indent:107.35pt; line-height:13.25pt; font-family:Times New Roman; font-size:15pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>Washington, D.C. &nbsp;20549</B></P>
<U><P style="margin:0pt; text-indent:108pt; font-family:Times New Roman" align=center><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; line-height:13.25pt; font-family:Times New Roman; font-size:15pt" align=center><B>FORM 40-F</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>[ &nbsp;] &nbsp;REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE</B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>[X] &nbsp;ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE</B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; text-indent:72pt; line-height:9.5pt; font-family:Times New Roman">For the fiscal year ended December 31, 2003<B> </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission File Number 0-13727</P>
<U><P style="margin:0pt; text-indent:108pt; font-family:Times New Roman" align=center><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:16pt" align=center><B>Pan American Silver Corp.</B></P>
<P style="margin:0pt; line-height:8pt; font-family:Times New Roman; font-size:8pt" align=center><I>(Exact name of Registrant as specified in its charter)</I></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:25.35pt; font-family:Times New Roman"><B>British Columbia</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:224pt; font-family:Times New Roman"><B>1044</B></P>
<P style="margin:0pt; text-indent:389.3pt; line-height:9.5pt; font-family:Times New Roman"><B>Not Applicable</B></P>
<P style="margin-top:0pt; margin-bottom:-10pt; text-indent:11.35pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><I>(Province or other Jurisdiction</I></P>
<P style="margin-top:0pt; margin-bottom:-10pt; text-indent:188.35pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><I>(Primary Standard Industrial</I></P>
<P style="margin:0pt; text-indent:391.7pt; line-height:8pt; font-family:Times New Roman; font-size:8pt"><I>(I.R.S. Employer </I></P>
<P style="margin-top:0pt; margin-bottom:-10pt; text-indent:6.45pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><I>of Incorporation or Organization)</I></P>
<P style="margin-top:0pt; margin-bottom:-10pt; text-indent:187.2pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><I>Classification Code Number)</I></P>
<P style="margin:0pt; text-indent:389.3pt; line-height:8pt; font-family:Times New Roman; font-size:8pt"><I>Identification No..)</I></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>1500
- - 625 Howe Street</B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>Vancouver, British Columbia</B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>V6C 2T6</B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>(604) 684-1175</B></P>
<P style="margin:0pt; line-height:8pt; font-family:Times New Roman; font-size:8pt" align=center><I>(Address and telephone number of Registrants' principal executive offices)</I></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>CT &nbsp;Corporation System</B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>111 Eighth Avenue, 13th Floor</B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>New York, NY 10011</B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>(212) 894-8940</B></P>
<P style="margin:0pt; line-height:8pt; font-family:Times New Roman; font-size:8pt" align=center><I>(Name, address (including zip code) and telephone number</I></P>
<P style="margin:0pt; line-height:8pt; font-family:Times New Roman; font-size:8pt" align=center><I>(including area code) of agent for service in the United States)</I></P>
<U><P style="margin:0pt; text-indent:216pt; font-family:Times New Roman" align=center><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center>Securities registered or to be registered pursuant to Section 12(b) of the Act.</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>None</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center>Securities registered or to be registered pursuant to Section 12(g) of the Act.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<div align="center">
  <center>
<TABLE cellspacing=0><TR><TD valign=bottom width=212.8><P style="margin-top:0pt; margin-bottom:2.5pt; padding-bottom:3pt; line-height:9.5pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000" align=center><B>Title of each class</B></P>
</TD><TD valign=bottom width=212.8><P style="margin-top:0pt; margin-bottom:2.5pt; padding-bottom:3pt; line-height:9.5pt; font-family:Times New Roman; border-bottom:0.5pt solid #000000" align=center><B>Name of each Exchange on which Registered:</B></P>
</TD></TR>
<TR><TD valign=top width=212.8><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>Common Shares, No Par Value</B></P>
</TD><TD valign=top width=212.8><P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>The Nasdaq National Market</B></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center>Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>None</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center>For annual reports, indicate by check mark the information filed with this Form:</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:144pt; font-family:Times New Roman">[<B>X</B>] &nbsp;Annual information form</P>
<P style="margin:0pt; text-indent:288pt; line-height:9.5pt; font-family:Times New Roman">[<B>X</B>] &nbsp;Audited annual financial statements</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:9.5pt; font-family:Times New Roman">Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by this annual report.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>The Registrant had 59,009,851 Common Shares</B></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center><B>outstanding as at December 31, 2003</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">&nbsp;</P>
<P style="margin:0pt; text-indent:36pt; line-height:9.5pt; font-family:Times New Roman">Indicate by check mark whether the Registrant by filing 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 (the &quot;Exchange Act&quot;). &nbsp;If &quot;Yes&quot; is marked, indicate the filing number assigned to the registrant in connection with such Rule.</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:132pt; font-family:Times New Roman">Yes</P>
<U><P style="margin-top:0pt; margin-bottom:-12pt; text-indent:186pt; font-family:Times New Roman"></U>82-</P>
<U><P style="margin-top:0pt; margin-bottom:-12pt; text-indent:318pt; font-family:Times New Roman"></U>No</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:348pt; font-family:Times New Roman"><U></U><B><U>X</U></B></P>
<P style="margin:0pt; text-indent:366pt; line-height:9.5pt; font-family:Times New Roman"><U>&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; line-height:9.5pt; font-family:Times New Roman" align=center>Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:132pt; font-family:Times New Roman">Yes</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:150pt; font-family:Times New Roman"><U>&nbsp;</U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:162pt; font-family:Times New Roman"><U></U><B><U>X</U></B></P>
<U><P style="margin-top:0pt; margin-bottom:-12pt; text-indent:318pt; font-family:Times New Roman"></U>No</P>
<P style="margin:0pt; text-indent:366pt; line-height:9.5pt; font-family:Times New Roman"><U></U>&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<A NAME="FooterB"></A><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>-
1 -</P>
<P style="margin:0pt; font-family:Times New Roman"><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" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B><U>DOCUMENTS FILED UNDER COVER OF THIS FORM</U></B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">Document No. 1:</P>
<P style="margin:0pt; text-indent:108pt; font-family:Times New Roman">Annual Information Form for the year ended December 31, 2003, dated May 19, 2004.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:108pt; text-indent:-108pt; font-family:Times New Roman">Document No. 2:</P>
<P style="margin:0pt; padding-left:108pt; font-family:Times New Roman">Audited Consolidated Financial Statements for the financial year ended December 31, 2003, prepared in accordance with Canadian generally accepted accounting principles, and reconciled to United States generally accepted accounting principles in accordance with Item 18 of Form 20-F.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:108pt; text-indent:-108pt; font-family:Times New Roman">Document No. 3:</P>
<P style="margin:0pt; padding-left:108pt; font-family:Times New Roman">Management's Discussion and Analysis of Financial Condition and Results of Opera&shy;tions for the year ended December 31, 2003.</P>
<P style="margin:0pt; padding-left:108pt; text-indent:-108pt; font-family:Times New Roman"><BR></P>
<A NAME="FooterB"></A><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>-
2 -</P>
<P style="margin:0pt; font-family:Times New Roman"><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" align=right><B>Document No. 1</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;</P>
<font size="3"><br>
</font>
<p style="margin:0pt; font-family:Times New Roman; font-size:24pt"><font size="3"><br>
</font></p>
<p style="font-family: Times New Roman; font-size: 24pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="3"><br>
</font></p>
<div align="center">
  <center>
  <table border="0" width="72%">
    <tr>
      <td width="20%">
        <p align="center"><font size="3"><img src="aif002.jpg" alt="[aif002.jpg]" align="left" height="41.733" width="39.333"></font></td>
      <td width="80%"><font size="3"><img src="aif004.jpg" alt="[aif004.jpg]" align="middle" height="49.933" width="340.933"></font></td>
    </tr>
  </table>
  </center>
</div>
<p style="font-family: Times New Roman; font-size: 24pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><font size="3"><br>
</font></p>
<p style="font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0" align="center"><font size="3">&nbsp;&nbsp;</font></p>
<p style="text-indent: 72pt; font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align="center">&nbsp;</p>
<p style="font-family: Times New Roman; font-size: 15.5pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0" align="justify"><font size="3"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:15.5pt" align="center"><font size="3"><br>
</font><b><font size="5">Annual</font></b></p>
<p style="margin:0pt; line-height:26pt; font-family:Times New Roman; font-size:24pt" align="center"><b><font size="5">Information</font></b></p>
<p style="margin:0pt; line-height:26pt; font-family:Times New Roman; font-size:24pt" align="center"><b><font size="5">Form</font></b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:20pt"><font size="3"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:20pt"><font size="3"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:20pt"><font size="3"><br>
</font></p>
<p style="margin:0pt; line-height:18pt; font-family:Times New Roman; font-size:16pt" align="center"><b><font size="4">For
the Year</font></b></p>
<p style="margin:0pt; line-height:18pt; font-family:Times New Roman; font-size:16pt" align="center"><b><font size="4">Ended
December 31, 2003</font></b></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:16pt"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><i><font size="3">Dated:
May 19, 2004</font></i></p>
<p style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><font size="3"><br>
</font></p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><i><font size="3">1500-625
Howe Street</font></i></p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><i><font size="3">Vancouver,
British Columbia</font></i></p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><i><font size="3">V6C
2T6</font></i></p>
<p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><i><font size="3">Web
Site: www.panamericansilver.com</font></i></p>
<p style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><font size="3"><br>
</font></p>
<p style="margin:0pt; text-indent:376.15pt; line-height:10pt; font-family:Times New Roman" align="center"><font size="3">May&nbsp;18,
2004</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="font-family: Times New Roman; margin: 0pt">&nbsp;</p>
<p style="font-family: Times New Roman; margin: 0pt">&nbsp;</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center"><b>TABLE OF
CONTENTS</b></p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">&nbsp;</p>
<p style="font-family: Times New Roman; margin: 0pt" align="center">&nbsp;</p>
<div align="center">
  <center>
  <table border="0" width="100%">
    <tr>
      <td width="94%"><font size="2" face="serif">INTRODUCTION&nbsp;</font></td>
      <td width="6%"><font size="2">1</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Reporting
        Currency</font></td>
      <td width="6%"><font size="2">1</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Accounting
        Policies</font></td>
      <td width="6%"><font size="2">1</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Conversion Table</font></td>
      <td width="6%"><font size="2">1</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Glossary of Terms</font></td>
      <td width="6%"><font size="2">1</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Classification of
        Mineral Reserves and Resources&nbsp;</font></td>
      <td width="6%"><font size="2">1</font></td>
    </tr>
    <tr>
      <td width="94%"></td>
      <td width="6%"></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">DISCLOSURE REGARDING
        FORWARD-LOOKING STATEMENTS</font></td>
      <td width="6%"><font size="2">2</font></td>
    </tr>
    <tr>
      <td width="94%"></td>
      <td width="6%"></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">CORPORATE STRUCTURE</font></td>
      <td width="6%"><font size="2">3</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Incorporation</font></td>
      <td width="6%"><font size="2">3</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Subsidiaries</font></td>
      <td width="6%"><font size="2">3</font></td>
    </tr>
    <tr>
      <td width="94%"></td>
      <td width="6%"></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">GENERAL DEVELOPMENT OF THE
        BUSINESS</font></td>
      <td width="6%"><font size="2">4</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Business of Pan
        American</font></td>
      <td width="6%"><font size="2">4</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Developments over
        the Last Three Financial Years</font></td>
      <td width="6%"><font size="2">4</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Corporate
        Strategy</font></td>
      <td width="6%"><font size="2">6</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Outlook for 2004</font></td>
      <td width="6%"><font size="2">7</font></td>
    </tr>
    <tr>
      <td width="94%"></td>
      <td width="6%"></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">NARRATIVE DESCRIPTION OF THE
        BUSINESS</font></td>
      <td width="6%"><font size="2">7</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Operations&nbsp;</font></td>
      <td width="6%"><font size="2">7</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Operating Mines</font></td>
      <td width="6%"><font size="2">8</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Acquisition of
        the Morococha Property</font></td>
      <td width="6%"><font size="2">35</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Development
        Projects&nbsp;</font></td>
      <td width="6%"><font size="2" face="serif">47</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Investment,
        Exploration and Resource Properties and Expenditures&nbsp;</font></td>
      <td width="6%"><font size="2" face="serif">55</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Mineral Property
        Expenditures</font></td>
      <td width="6%"><font size="2" face="serif">57</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Employees&nbsp;</font></td>
      <td width="6%"><font size="2" face="serif">58</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Research and
        Development</font></td>
      <td width="6%"><font size="2" face="serif">58</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Competitive
        Conditions</font></td>
      <td width="6%"><font size="2" face="serif">59&nbsp;</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Working Capital</font></td>
      <td width="6%"><font size="2" face="serif">59</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Environment&nbsp;</font></td>
      <td width="6%"><font size="2" face="serif">59</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Trends and
        Uncertainties</font></td>
      <td width="6%"><font size="2" face="serif">60</font></td>
    </tr>
    <tr>
      <td width="94%"></td>
      <td width="6%"></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">SELECTED CONSOLIDATED
        FINANCIAL INFORMATION</font></td>
      <td width="6%"><font size="2" face="serif">72</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Annual
        Information</font></td>
      <td width="6%"><font size="2" face="serif">72&nbsp;</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">&nbsp;&nbsp; Dividends</font></td>
      <td width="6%"><font size="2" face="serif">73</font></td>
    </tr>
    <tr>
      <td width="94%"></td>
      <td width="6%"></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">MANAGEMENT'S DISCUSSION AND
        ANALYSIS&nbsp;</font></td>
      <td width="6%"><font size="2" face="serif">73&nbsp;</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">MARKET FOR SECURITIES</font></td>
      <td width="6%"><font size="2" face="serif">73</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">DIRECTORS AND OFFICERS</font></td>
      <td width="6%"><font size="2" face="serif">74&nbsp;</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">ADDITIONAL INFORMATION</font></td>
      <td width="6%"><font size="2" face="serif">77&nbsp;</font></td>
    </tr>
    <tr>
      <td width="94%"><font size="2" face="serif">GLOSSARY OF TERMS</font></td>
      <td width="6%"><font size="2" face="serif">78</font></td>
    </tr>
  </table>
  </center>
</div>
<font size="3"><br>
<br>
</font>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:18pt; margin-bottom:12pt; padding-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; border-bottom:2.25pt solid #000000" align="center"><b><font size="3">INTRODUCTION</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
this Annual Information Form, the term "Company" refers to Pan American
Silver Corp. and the term "Pan American" refers to the Company and its
subsidiaries.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Reporting
Currency</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American's reporting currency is the United States dollar. &nbsp;Unless
otherwise indicated, all currency amounts in this Annual Information Form are
stated in United States dollars.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Accounting
Policies</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Financial
information is presented in accordance with accounting principles generally
accepted in Canada. &nbsp;Differences between accounting principles generally
accepted in Canada and those generally accepted in the United States, as
applicable to Pan American, are explained in Note 18 to the Consolidated
Financial Statements of the Company. &nbsp;These financial statements, set out
on pages 20 through 44, inclusive, of the Company's 2003 Annual Report, are
incorporated by reference herein.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Conversion
Table</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
this Annual Information Form, imperial measures are used with respect to mineral
properties located in the United States of America and metric units are used
with respect to mineral properties located in Peru, Mexico, Bolivia and
elsewhere, unless otherwise indicated. &nbsp;Conversion rates from imperial
measures to metric units and from metric units to imperial measures are provided
in the table set out below.</font></p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="151.2">
        <p style="margin-top:3.4pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Imperial
        Measure</font></u></b></p>
      </td>
      <td valign="top" width="31.6">
        <p style="margin-top:3.4pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">=</font></b></p>
      </td>
      <td style="border-right:0.5pt solid #000000" valign="top" width="114.667">
        <p style="margin-top:3.4pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Metric
        Unit</font></u></b></p>
      </td>
      <td valign="top" width="111.6">
        <p style="margin-top:3.4pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Metric
        Unit</font></u></b></p>
      </td>
      <td valign="top" width="27">
        <p style="margin-top:3.4pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">=</font></b></p>
      </td>
      <td valign="top" width="130">
        <p style="margin-top:3.4pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Imperial
        Measure</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="151.2">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; padding-left:17.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="3">2.47
        acres</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:17.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="3">3.28
        feet</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:17.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="3">0.62
        miles</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:17.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="3">0.032
        ounces (troy)</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:17.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="3">1.102
        tons (short)</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:17.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="3">0.029
        ounces (troy)/ton</font></p>
      </td>
      <td valign="top" width="31.6"><font size="3">&nbsp;</font></td>
      <td style="border-right:0.5pt solid #000000" valign="top" width="114.667">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; padding-left:18.35pt; padding-right:3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt; border-right:0.5pt solid #000000"><font size="3">1
        hectare</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:18.35pt; padding-right:3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt; border-right:0.5pt solid #000000"><font size="3">1
        metre</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:18.35pt; padding-right:3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt; border-right:0.5pt solid #000000"><font size="3">1
        kilometre</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:18.35pt; padding-right:3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt; border-right:0.5pt solid #000000"><font size="3">1
        gram</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:18.35pt; padding-right:3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt; border-right:0.5pt solid #000000"><font size="3">1
        tonne</font></p>
        <p style="margin-top:3.4pt; margin-bottom:2.05pt; padding-left:18.35pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">1
        gram/tonne</font></p>
      </td>
      <td valign="top" width="111.6">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; padding-left:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">0.4047
        hectares</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">0.3048
        metres</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">1.609
        kilometres</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">31.1
        grams</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">0.907
        tonnes</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:9.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">34.28
        grams/tonne</font></p>
      </td>
      <td valign="top" width="27"><font size="3">&nbsp;</font></td>
      <td valign="top" width="130">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; padding-left:12.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">1
        acre</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:12.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">1
        foot</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:12.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">1
        mile</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:12.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">1
        ounce (troy)</font></p>
        <p style="margin-top:0pt; margin-bottom:2.25pt; padding-left:12.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">1
        ton</font></p>
        <p style="margin-top:3.4pt; margin-bottom:2.05pt; padding-left:12.9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">1
        ounce (troy)/ton</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="3"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Glossary
of Terms</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
glossary of terms set forth on pages 68 to 72 of this Annual Information Form
contains definitions of certain terms used herein.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Classification
of Mineral Reserves and Resources</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
this Annual Information Form, the definitions of proven and probable mineral
reserves and measured, indicated and inferred resources are those used by
Canadian provincial securities regulatory authorities and conform to the
definitions utilized by the Canadian Institute of Mining, Metallurgy and
Petroleum ("CIM") in the CIM Standards on Mineral Resources and Reserves
Definitions and Guidelines adopted on August 20, 2000.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
1 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><font size="3">Cautionary
Note to U.S. Investors Concerning Estimates of Measured, Indicated and Inferred
Resources</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
this Annual Information Form, the terms "measured" and "indicated
resources" are used. &nbsp;The Company advises U.S. investors that while such
terms are recognized and permitted under Canadian securities rules, the U.S.
Securities and Exchange Commission does not recognize them. &nbsp;<b>U.S.
investors are cautioned not to assume that any part or all of the mineral
deposits in these categories will ever be converted into reserves. &nbsp;</b></font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">This
Annual Information Form also uses the term "inferred resources". &nbsp;The
Company advises U.S. investors that while such term is recognized and permitted
under provincial Canadian securities rules, the U.S. Securities and Exchange
Commission does not recognize it. &nbsp;"Inferred resources" have a great
amount of uncertainty as to their existence, and great uncertainty as to their
economic and legal feasibility. &nbsp;It cannot be assumed that all or any part
of an inferred mineral resource will ever be upgraded to a higher category.
&nbsp;Under Canadian securities rules, estimates of inferred mineral resources
may not form the basis of feasibility or other economic studies. &nbsp;<b>U.S.
investors are cautioned not to assume that any part or all of an inferred
resource exists, or is economically or legally mineable.</b></font></p>
<p style="margin-top:18pt; margin-bottom:12pt; padding-bottom:3pt; line-height:13pt; font-family:Times New Roman; font-size:12pt; border-bottom:2.25pt solid #000000" align="center"><b><font size="3">DISCLOSURE
REGARDING FORWARD-LOOKING STATEMENTS</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">This
Annual Information Form and the documents incorporated by reference herein
contain certain forward-looking statements relating to Pan American and its
operations. &nbsp;All statements, other than statements of historical fact, are
forward-looking statements. &nbsp;When used in this Annual Information Form, the
words "anticipate", "believe", "estimate", "expect", "target", "plan", "budget",
"may", "schedule" and similar expressions,
identify forward-looking statements. &nbsp;Forward-looking statements are
necessarily based upon a number of assumptions and estimates that, while
considered reasonable by Pan American, are inherently subject to significant
uncertainties and contingencies. &nbsp;This Annual Information Form contains
forward-looking statements relating to, among other things, the sufficiency of
current working capital and anticipated operating cash flow, the sufficiency of
mineral reserves and resources at Quiruvilca, Huaron, La Colorada, and Alamo
Dorado as well as other properties, the estimated operating costs of Pan
American's producing mines, the estimated cost of and availability of funding
for ongoing capital improvement programs, the estimated costs of the expansion
of the La Colorada and Huaron mine operations and the development of the La
Colorada project and proposed development of the Alamo Dorado project, estimated
exploration expenditures to be incurred on Pan American's various silver
exploration properties and compliance with environmental standards.
&nbsp;Management's Discussion and Analysis of Financial Conditions and Results
of Operations ("MD&amp;A"), which is set out on pages 6 to 19 in the Company's
2003 Annual Report is incorporated by reference within this Annual Information
Form. &nbsp;The MD&amp;A also contains forward-looking statements relating to,
among other things, forecast capital and non-operating spending, levels of
silver and other metals production, production costs and metal prices.
&nbsp;Such statements reflect the current views of Pan American with respect to
future events and are subject to known and unknown risks, uncertainties and
assumptions. &nbsp;Many factors, both known and unknown, could cause the actual
results, performance or achievements of Pan American to be materially different
from the results, performance or achievements that are or may be expressed or
implied by such forward-looking statements including, without limitation, the
factors identified in this Annual Information Form under the headings "Trends
and Uncertainties" and "Competitive Conditions". &nbsp;Other such factors
include, whether or not referenced in this Annual Information Form, changes in
general economic and business conditions and changes in business strategy.
&nbsp;Should one or more of these factors or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results, performance or
achievements may vary materially from those described herein as anticipated,
believed, estimated or expected. &nbsp;Pan American does not intend, and does
not assume any obligation, to update these forward-looking statements to reflect
changes in assumptions or changes in circumstances or any other events affecting
such statements.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
2 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:18pt; margin-bottom:12pt; padding-bottom:3pt; line-height:13pt; font-family:Times New Roman; font-size:12pt; border-bottom:2.25pt solid #000000" align="center"><b><font size="3">CORPORATE
STRUCTURE</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Incorporation</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Company was incorporated under the <i>Company Act</i> (British Columbia) on
March&nbsp;7, 1979 under the name Pan American Energy Corporation. &nbsp;On
September&nbsp;10, 1984 the Company's memorandum was amended to change the
Company's name to Pan American Minerals Corp. and on April&nbsp;11, 1995 the
Company's memorandum was again amended to change the Company's name to Pan
American Silver Corp.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Since
1979 the memorandum and articles of the Company have been amended on several
occasions to increase the share capital of the Company and to update the form of
articles.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Company's head office is situated at 1500 - 625 Howe Street, Vancouver,
British Columbia, Canada, V6C&nbsp;2T6 and its registered and records offices
are situated at 1200 Waterfront Centre, 200 Burrard Street, Vancouver, British
Columbia, Canada, V7X&nbsp;1T2. &nbsp;The Company's web site can be found at
www.panamericansilver.com. &nbsp;The information on that website is not
incorporated by reference into this annual information form.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><font size="3">Subsidiaries</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">A
significant portion of the Company's business is carried on through its
various subsidiaries. &nbsp;The following table shows, as at December 31, 2003,
the principal subsidiaries of the Company including their respective
jurisdictions of incorporation and the Company's percentage ownership in each
such subsidiary:</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="400.733">
        <p style="margin-top:3.4pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u><font size="3">Name</font></u></b></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:3.4pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u><font size="3">Jurisdiction</font></u></b></p>
      </td>
      <td valign="top" width="117.6">
        <p style="margin-top:3.4pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Ownership
        (%)</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="400.733">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Aurifera
        Tres Cruces S.A. ("Tres Cruces S.A.")</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Peru</font></p>
      </td>
      <td valign="top" width="117.6">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman" align="center"><font size="3">50</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="400.733">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Pan
        American Silver S.A.C. Mina Quiruvilca ("Mina Quiruvilca")</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Peru</font></p>
      </td>
      <td valign="top" width="117.6">
        <p style="margin-top:1.65pt; margin-bottom:0pt; font-family:Times New Roman" align="center"><font size="3">100
        (voting)/</font></p>
        <p style="margin-top:0pt; margin-bottom:1.65pt; font-family:Times New Roman" align="center"><font size="3">99.7
        (non-voting)<sup> 1</sup></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="400.733">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Cia.
        Minera Huaron S.A. ("Minera Huaron")</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Peru</font></p>
      </td>
      <td valign="top" width="117.6">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman" align="center"><font size="3">99.85
        (voting)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="400.733">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Corner
        Bay Silver Inc. ("Corner Bay")</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Canada</font></p>
      </td>
      <td valign="top" width="117.6">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman" align="center"><font size="3">100</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="400.733">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Minera
        Corner Bay S.A. de C.V. ("Minera Corner Bay")</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Mexico</font></p>
      </td>
      <td valign="top" width="117.6">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman" align="center"><font size="3">100</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="400.733">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Pan
        American Minerals, Inc. ("Pan American U.S.")</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Nevada</font></p>
      </td>
      <td valign="top" width="117.6">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman" align="center"><font size="3">100</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="400.733">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Pan
        American Silver (Barbados) Corp. ("Pan American Barbados")</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Barbados</font></p>
      </td>
      <td valign="top" width="117.6">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman" align="center"><font size="3">100</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="400.733">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Pan
        American Silver (Bolivia) S.A. ("Pan American Bolivia")</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Bolivia</font></p>
      </td>
      <td valign="top" width="117.6">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman" align="center"><font size="3">100
        <sup>2</sup></font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="400.733">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Pan
        American Silver (Cyprus) Corp. Limited. ("Pan American Cyprus")</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Cyprus</font></p>
      </td>
      <td valign="top" width="117.6">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman" align="center"><font size="3">100</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="400.733">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Pan
        American Silver Peru S.A.C. ("Pan American Peru")</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Peru</font></p>
      </td>
      <td valign="top" width="117.6">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman" align="center"><font size="3">100</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="400.733">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Plata
        Panamericana S.A. de C.V. ("Pan American Mexico")</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Mexico</font></p>
      </td>
      <td valign="top" width="117.6">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman" align="center"><font size="3">100</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="400.733">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Compania
        Minera Altivale S.A. ("Altivale")</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Argentina</font></p>
      </td>
      <td valign="top" width="117.6">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman" align="center"><font size="3">50</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="400.733">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Minera
        Triton Argentine S.A. ("Triton")</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Argentina</font></p>
      </td>
      <td valign="top" width="117.6">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman" align="center"><font size="3">50</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="400.733">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Serebro
        Magadana ("Dukat")</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman"><font size="3">Russia</font></p>
      </td>
      <td valign="top" width="117.6">
        <p style="margin-top:1.65pt; margin-bottom:1.65pt; font-family:Times New Roman" align="center"><font size="3">20</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="400.733"><font size="3">&nbsp;</font></td>
      <td valign="top" width="85.067"><font size="3">&nbsp;</font></td>
      <td valign="top" width="117.6"><font size="3">&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:2pt; font-family:Times New Roman"><font size="3">______________</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman"><sup><font size="3">1</font></sup></p>
<p style="margin-top:0pt; margin-bottom:2pt; text-indent:14.2pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">The
Company indirectly owns 99.7% of the total outstanding equity of Mina Quiruvilca.</font></p>
<font size="3"><br>
<br>
<br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
3 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:2pt; font-family:Times New Roman; font-size:8pt"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:13.5pt; text-indent:-13.5pt; font-family:Times New Roman"><sup><font size="3">2</font></sup></p>
<p style="margin-top:0pt; margin-bottom:2pt; padding-left:13.5pt; line-height:10pt; font-family:Times New Roman"><font size="3">Pan
American has granted EMUSA, a Bolivian mining company, the right to earn a 49%
interest in Pan American Bolivia, by financing $2.5 million in project expenses
on the San Vicente property in Bolivia, including a feasibility study.</font></p>
<p style="margin-top:18pt; margin-bottom:12pt; padding-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; border-bottom:2.25pt solid #000000" align="center"><b><font size="3">GENERAL
DEVELOPMENT OF THE BUSINESS</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><font size="3">Business
of Pan American</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American is principally engaged in the exploration for, and the acquisition,
development and operation of silver properties. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American: (1) owns and operates the producing Quiruvilca silver mine in Peru;
(2) owns a 99.85% interest in, and operates, the producing Huaron silver mine in
Peru; (3) owns and operates the producing La Colorada silver mine located in
Mexico; (4) mines and sells silver-rich pyrite stockpiles at a small-scale
operation in central Peru; and (5) owns a 20% non-operating interest in the
producing Dukat silver mine located in Russia. &nbsp;Pan American also either
holds an interest in or may earn an interest in non-producing silver resource
and silver exploration properties in Peru, Argentina, the United States and
Mexico, including the significant Alamo Dorado deposit in Mexico and 50% of the
Manantial Espejo deposit in Argentina.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American employs a multifaceted strategy to ensure growth in reserves and
production. &nbsp;The first part of Pan American's strategy is to increase its
silver production profile through the acquisition of silver mines, silver
development projects or silver producing companies. &nbsp;The second part of its
growth strategy is to focus on exploration in and around existing properties.
&nbsp;Finally, Pan American is also seeking to acquire additional silver
properties having significant silver reserves or resources or significant
exploration potential.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Developments
over the Last Three Financial Years</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">During
the last three financial years the Company has undertaken the following: &nbsp;</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">In
    April 2001, Pan American commenced milling operations at the rehabilitated
    Huaron mine. &nbsp;The Huaron mine reached commercial production levels on
    May 1, 2001.</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">In
    August 2001, Pan American sold 9,321 hectares of the Huaron property for
    consideration having a value equal to $3,700,000 to Volcan Compania Minera
    S.A.A. ("Volcan"). &nbsp;Such consideration consisted of $200,000 in
    cash, $500,000 in shares of Volcan, the remaining 27.2% interest in Minera
    Huaron that Pan American did not already own and other consideration.
    &nbsp;The acquisition of these shares brought Pan American's direct and
    indirect ownership in Minera Huaron to 99.85%. &nbsp;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">In
    October 2001, Pan American retired the outstanding balance of the
    $12,000,000 Standard Bank loan facility taken out to re-start the Huaron
    mine. &nbsp;The $6,300,000 remaining balance was re-paid by a four-year,
    $6,500,000 loan provided by Banco de Credito del Peru ("Banco de Credito").
    &nbsp;The majority of the assets of Minera Huaron are pledged as security
    for this loan.</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">On
    January 29, 2002, Pan American updated the feasibility study for production
    from the La Colorada mine. &nbsp;The updated study indicated that capital
    costs of $20.0 million would expand the current operations to 800 tonnes of
    ore per day to yield approximately 3.8 million ounces of silver per year for
    a minimum 10-year mine life.</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font size="3"><font FACE="Times New Roman">On
    March 4, 2002, Pan American acquired a 50% interest in the Manantial Espejo
    silver and gold exploration property in Argentina. &nbsp;Pan American's
    acquisition cost was $1,912,000 which consisted</font> <font face="Times New Roman">of
    cash in the amount of $662,000 and 231,511 common shares of the Company
    valued at $1,250,000. &nbsp;In addition, Pan American paid 50% of the
    $200,000 cost to eliminate a 1.2% net smelter return royalty over the
    property.</font></font></li>
</ul>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
4 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">On
    March 11, 2002 Pan American completed a sale of 3.45 million shares to a
    syndicate of underwriters for net proceeds of $15,599,000.</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">On
    May 21, 2002 Pan American entered into an agreement to acquire all of the
    issued and outstanding shares of Corner Bay Silver Inc. ("Corner Bay")
    which owned the Alamo Dorado deposit in Sonora, Mexico.</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">On
    June 14, 2002 Pan American entered into a $10,000,000 project debt facility
    with International Finance Corporation ("IFC"), the funds from which are
    to be used to expand the La Colorada mine. The Company took its first draw
    from the facility in March of 2003.</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">On
    November 8,&nbsp;2002 Pan American acquired silver bearing stockpiles (the "Stockpiles") located in central Peru from Volcan for 636,942 common
    shares of the Company, $500,000 in marketable securities owned by Pan
    American, and $317,000 in cash.</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">In
    December 2002 Polymetall advised Pan American that they had commenced mine
    production at Dukat.</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">On
    February 20, 2003 the Company completed its acquisition of Corner Bay and in
    connection therewith the Company issued 7,636,659 shares and 3,818,329
    warrants to former Corner Bay shareholders and granted options to purchase
    up to 553,847 common shares of the Company to former employees of Corner
    Bay.</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">In
    July and August 2003 the Company issued $86.25 million of 5.25% convertible,
    unsecured senior subordinated debentures (the "Debentures") due July 31,
    2009. &nbsp;Each US$1,000 principal amount of Debentures is convertible into
    104.4932 common shares of the Company (subject to adjustment in certain
    events) at the option of the holder at any time prior to the earlier of the
    close of business on July 31, 2009 and the last business day immediately
    preceding any date fixed for redemption, representing a conversion price of
    US$9.57. &nbsp;On or after July 31, 2006, the Debentures may be redeemed in
    whole or in part by the Company, at its option on not more than 60 and not
    less than 30 days prior notice, at a price equal to par, plus accrued and
    unpaid interest, provided that the weighted average trading price of the
    common shares of the Company equals at least 125% of the conversion price.
    &nbsp;On redemption or upon maturity, the Company may, at its option, elect
    to satisfy its obligation to repay the principal amount of the Debentures by
    issuing and delivering freely tradable common shares of the Company.
    &nbsp;In addition, the interest payable on the Debentures may, at the
    Company's election, be payable by the application of the proceeds of the
    sale of the Company's common shares.</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">On
    January 1, 2004 commercial production commenced at La Colorada.</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">On
    January 1, 2004 Pan American assumed the operator role in respect of the
    Manantial Espejo development project in Argentina.</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">On
    January 20, 2004 Pan American reached an agreement to purchase for
    approximately $35 million 92.014% of the voting shares of Compania Minera
    Argentum S.A. ("Argentum"). &nbsp;Argentum will acquire, through a
    corporate restructuring undertaken pursuant to Peruvian company law, the
    Anticona and Manuelita mining units and related infrastructure and
    processing assets of Sociedad Minera</font></li>
</ul>
<p style="text-indent: 0"><font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
5 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Corona
S.A. located in Central Peru. &nbsp;On February 24, 2004, Pan American entered
into a further agreement to purchase all of the issued and outstanding shares of
a corporation organized under Peruvian company law which holds mining
concessions and operations that are complimentary to the Anticona and Manuelita
mining units (collectively these concessions and mining operations and the
Anticona and Manuelita mining units are referred to as the "Morococha property")
for $1.5 million in cash. &nbsp;These acquisitions are subject to regulatory
approval and a number of conditions and are expected to close in June 2004.</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">On
    February 27, 2004 the Company issued 3,333,333 common shares at a price of
    $16.50 per share for proceeds of $55 million.</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">On
    March 30, 2004 the Company made a formal offer (the "Conversion Offer")
    to encourage conversion by holders of the Company's $86.25 million
    outstanding principal amount of Debentures. &nbsp;Pursuant to the Conversion
    Offer, which is open from April 7, 2004 to May 21, 2004 (the "Conversion
    Period"), each holder who converts all or a portion of his or her
    Debentures during the Conversion Period will receive $131.25 in cash plus
    106.9290 common shares of the Company per $1,000 principal amount of
    Debentures converted. &nbsp;To date, holders of approximately $73 million
    principal amount of Debentures have converted their Debentures pursuant to
    the terms of the Conversion Offer.</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">On
    April 28, 2004 Pan American repaid the $3.5 million remaining balance on its
    loan from Banco de Credito relating to the initial development of the Huaron
    mine and notified IFC of its intention to prepay the $9.5 million
    outstanding balance under its project debt facility used to expand the La
    Colorada mine.</font></li>
</ul>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><font size="3">Corporate
Strategy</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American's corporate strategy is to become one of the world's leading
primary silver mining companies. &nbsp;The key elements of Pan American's
strategy are to:</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3"><b>Increase
    silver production</b>&nbsp;- Until 2001, Pan American's only source of
    silver production was its Quiruvilca mine. &nbsp;During 2001, Pan American
    commenced production at its Huaron and La Colorada mines and in 2002
    acquired the right to mine and sell the Stockpiles. &nbsp;For the year ended
    December 31, 2001, silver production was approximately 6.9 million ounces
    compared to approximately 3.6 million ounces of silver in 2000. &nbsp;For
    the year ended December 31, 2002 Pan American increased its silver
    production to 7.8 million ounces. &nbsp;Pan American's silver production
    increased further during the year ended December 31, 2003 to 8.6 million
    ounces, an increase of 11% compared to 2002.</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3"><b>Acquire
    additional non-producing silver resources</b>&nbsp;- One of Pan American's
    objectives is to hold one of North America's largest inventories of
    non-producing silver resources as leverage to higher silver prices.
    &nbsp;Pan American holds or has control over non-producing silver resources
    at its Manantial Espejo property in Argentina, its Hog Heaven and Waterloo
    properties in the United States and its San Vincente property in Bolivia.
    &nbsp;Pan American actively seeks opportunities to increase its silver
    resource base by acquiring formerly producing silver mines with silver
    resources that could be re-opened should silver prices increase sufficiently
    to justify such a re-opening.</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3"><b>Acquire
    additional silver exploration properties</b>&nbsp;- One of Pan American's
    objectives is to acquire a portfolio of silver exploration properties.
    &nbsp;As at December 31, 2003, Pan American retains an option to acquire the
    San Vicente property in Bolivia. &nbsp;Pan American also owns a 50% interest
    in the Manantial Espejo exploration property in Argentina and has 100%
    interest in the Alamo Dorado development Project in Mexico. &nbsp;In
    addition, Minera Huaron holds approximately 41,280 hectares of exploration</font></li>
</ul>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
6 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">property
in Peru. &nbsp;Finally, in the first quarter of 2004, Pan American entered into
an agreement to acquire the Morococha property, which has significant
exploration potential. &nbsp;Pan American is actively seeking to acquire
additional silver exploration properties with bulk mineable targets that have
the possibility of possessing over 50,000,000 ounces of silver mineralization to
supplement its existing base of silver exploration properties.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American's current activities are primarily focussed on Peru, Mexico, Bolivia
and Argentina, with a secondary focus on the United States and the Americas
generally.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Outlook
for 2004</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
2004, Pan American will continue to take steps towards its stated corporate
strategy of becoming one of the world's leading primary silver mining
companies. &nbsp;In 2004, Pan American expects to maintain close to the current
level of production at the Quiruvilca and Huaron mines, increase production at
the La Colorada mine as its new oxide plant reaches designed capacity, add
incremental production from the anticipated Morococha acquisition and continue
to produce silver from its pyrite Stockpiles in Peru. &nbsp;The combined
operations of these mines, assuming the Morococha property acquisition closes by
June 30, 2004, are expected to increase Pan American's silver production to
approximately 11.6 million ounces in 2004. &nbsp;Pan American will also advance
feasibility studies at the Manantial Espejo and San Vicente projects, complete a
mill optimization study at the Alamo Dorado Project and investigate the
technical and economic merits of an expansion at Huaron.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American will continue to investigate, evaluate and where appropriate, acquire
additional silver production, exploration and development properties.</font></p>
<p style="margin-top:18pt; margin-bottom:12pt; padding-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; border-bottom:2.25pt solid #000000" align="center"><b><font size="3">NARRATIVE
DESCRIPTION OF THE BUSINESS</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Operations</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American's principal products and sources of revenue are silver rich zinc,
lead and copper concentrates. &nbsp;In 2003, the Quiruvilca, Huaron, and La
Colorada mines and the Stockpiles accounted for all of Pan American's
production of concentrates. &nbsp;Information related to Pan American's
segment revenues is set forth in Note 15 to the Consolidated Financial
Statements and is referred to in the Company's MD&amp;A.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Consolidated
production for the year ended December 31, 2003 was as follows:</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td width="139.2"><font size="3">&nbsp;</font></td>
      <td width="96.933">
        <p style="margin-top:0pt; margin-bottom:2.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="right"><b><u><font size="3">Quiruvilca</font></u></b></p>
      </td>
      <td width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="right"><b><u><font size="3">Huaron<sup>1</sup></font></u></b></p>
      </td>
      <td width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="right"><b><u><font size="3">La
        Colorada</font></u></b></p>
      </td>
      <td width="118.133">
        <p style="margin-top:0pt; margin-bottom:2.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="right"><b><u><font size="3">Consolidated</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="139.2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="justify"><font size="3">Tonnes
        milled</font></p>
      </td>
      <td valign="top" width="96.933">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">442,093</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">605,790</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">99,115</font></p>
      </td>
      <td valign="top" width="118.133">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">1,146,998</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="139.2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="justify"><font size="3">Grade</font></p>
      </td>
      <td valign="top" width="96.933"><font size="3">&nbsp;</font></td>
      <td valign="top" width="118.067"><font size="3">&nbsp;</font></td>
      <td valign="top" width="118.067"><font size="3">&nbsp;</font></td>
      <td valign="top" width="118.133"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="139.2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="justify"><font size="3">&nbsp;&nbsp;&nbsp;Grams/tonne
        silver</font></p>
      </td>
      <td valign="top" width="96.933">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">201</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">251</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">435</font></p>
      </td>
      <td valign="top" width="118.133">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">248</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="139.2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="justify"><font size="3">&nbsp;&nbsp;&nbsp;%
        Zinc</font></p>
      </td>
      <td valign="top" width="96.933">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">3.30</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">3.75</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">1.96</font></p>
      </td>
      <td valign="top" width="118.133">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">3.38</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="139.2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="justify"><font size="3">&nbsp;&nbsp;&nbsp;%
        Lead</font></p>
      </td>
      <td valign="top" width="96.933">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">1.18</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">2.64</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">1.02</font></p>
      </td>
      <td valign="top" width="118.133">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">1.94</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="139.2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="justify"><font size="3">&nbsp;&nbsp;&nbsp;%
        Copper</font></p>
      </td>
      <td valign="top" width="96.933">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">0.6</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">0.38</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">-</font></p>
      </td>
      <td valign="top" width="118.133">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">0.43</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="139.2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="justify"><font size="3">Production</font></p>
      </td>
      <td valign="top" width="96.933"><font size="3">&nbsp;</font></td>
      <td valign="top" width="118.067"><font size="3">&nbsp;</font></td>
      <td valign="top" width="118.067"><font size="3">&nbsp;</font></td>
      <td valign="top" width="118.133"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="139.2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="justify"><font size="3">&nbsp;&nbsp;&nbsp;Ounces
        silver</font></p>
      </td>
      <td valign="top" width="96.933">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">2,493,908</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">5,155,864</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">992,142</font></p>
      </td>
      <td valign="top" width="118.133">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">8,641,914</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="139.2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="justify"><font size="3">&nbsp;&nbsp;&nbsp;Tonnes
        zinc</font></p>
      </td>
      <td valign="top" width="96.933">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">12,509</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">18,855</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">433</font></p>
      </td>
      <td valign="top" width="118.133">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">31,797</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="139.2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="justify"><font size="3">&nbsp;&nbsp;&nbsp;Tonnes
        lead</font></p>
      </td>
      <td valign="top" width="96.933">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">4,361</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">14,246</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">383</font></p>
      </td>
      <td valign="top" width="118.133">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">18,990</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="139.2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="justify"><font size="3">&nbsp;&nbsp;&nbsp;Tonnes
        copper</font></p>
      </td>
      <td valign="top" width="96.933">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">1,811</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">1,332</font></p>
      </td>
      <td valign="top" width="118.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">-</font></p>
      </td>
      <td valign="top" width="118.133">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="right"><font size="3">3,143</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman"><font size="3">___________</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:-1.2pt; font-family:Times New Roman" align="justify"><sup><font size="3">1</font></sup></p>
<p style="margin-top:0pt; margin-bottom:12pt; padding-left:-1.2pt; text-indent:19.2pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="justify"><font size="3">includes
790,803 ounces of silver produced from the Stockpiles.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
7 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:12pt; padding-left:-1.2pt; font-family:Times New Roman; font-size:8pt" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:10pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Operating
Mines</font></b></p>
<p style="margin-top:5pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Quiruvilca
Mine</font></i></b></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Ownership
and Property Description</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Quiruvilca mine is owned by Pan American Peru and operated by Mina Quiruvilca,
each a wholly-owned indirect subsidiary of the Company.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Quiruvilca mine is an underground mine. &nbsp;The Quiruvilca mineral property
consists of 158 mining concessions covering 8,581&nbsp;hectares. &nbsp;Mina
Quiruvilca also owns six mining concessions covering 3,472 hectares and holds
surface and water rights in the area covering the mill and related workings.
&nbsp;On March 25, 2004, Pan American sold mining concessions and surface rights
in the vicinity of Quiruvilca mine to Barrick Gold Corporation for $3,582,575
and for the assumption of $67,425 of payments owing in respect of these mining
concessions.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Location,
Access, Climate and Infrastructure</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Quiruvilca mine is located in the District of Quiruvilca, Province of Santiago
de Chuco, Department of La Libertad in northwestern Peru. &nbsp;The Quiruvilca
mine is 76&nbsp;kilometres east of the coastal city of Trujillo. &nbsp;The mine
is centred at approximately 8<sup>o</sup> 00' 57" South Latitude and 78<sup>o</sup> 20' 33"
West Longitude. &nbsp;The Quiruvilca mine lies in the Andean mountain range
above the tree line. &nbsp;Elevations in the immediate area of the mine range
from 3,450 metres to 4,075 metres above sea level. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Access
to the Quiruvilca mine is by a 137 kilometre all weather road east from the city
of Trujillo. &nbsp;The first 65 kilometres of the road are paved and the
remaining 72 kilometres consist of a dirt road. &nbsp;The last major upgrade to
the road was in 2003. &nbsp;Trujillo is connected to Lima by a paved all-weather
highway.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
relief at the mine site is hilly and uneven with local slopes of more than sixty
degrees, typical of the Peruvian Andes. Natural vegetation is mainly grasses,
forming meadows. &nbsp;These meadows have permitted development of varied
livestock operations.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
climate at the mine site is classified as "cold climate" or "boreal".
&nbsp;Average minimum and maximum temperatures in the region range from 5.7 to
14.8 degrees Celsius. &nbsp;One of the characteristics of this climate is wet
summers (highest rainfall occurs from January to April) and dry winters.
&nbsp;The Quiruvilca mine operates throughout the entire year.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
primary source of power for the Quiruvilca mine is the Peruvian national power
grid via a 65 kilometre 138kV line from the city of Trujillo to the Motil
substation. &nbsp;A 20 kilometre 33kV line connects the mine site to the Motil
substation. &nbsp;Pan American owns and operates a diesel generating system,
which provides a back up source of power for the Quiruvilca mine.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American is permitted to pump water from the Los Angeles Lake, to the east of
the Andean divide to two dams east of the town of Quiruvilca as well as to other
local rivers and streams in the area. &nbsp;Process water is drawn from these
dams. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Peru's
economy is dependent on mining and there is a sufficient local source of mining
personnel and related infrastructure.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
8 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Royalties
and Encumbrances</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Quiruvilca property is not subject to any royalties or encumbrances.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Quiruvilca
has undetermined environmental liabilities and in connection therewith the
Company has taken a charge against operations of approximately $12.5 million.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Taxation</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
principal taxes of Peru affecting Pan American include income tax, employee
profit sharing taxes, annual fees for holding mineral properties, various
payroll and social security taxes and a refundable value added tax. &nbsp;The
overall tax burden in Peru is less than the Canadian tax burden.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">History</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Mineralization
was first reported in the area of the Quiruvilca mine in 1789. &nbsp;Small-scale
silver mining in the area was carried on from the 1870's until 1924.
&nbsp;Between 1924 and 1925, Northern Peru Mining and Smelting Co. ("NPMS"),
the predecessor to Mina Quiruvilca, which was formed by ASARCO, acquired certain
mining concessions in the area and began mining operations. &nbsp;The operation
was shut down in 1931. &nbsp;The Quiruvilca mine was re-opened in 1940 and has
been in operation since that time. &nbsp;Since 1940 NPMS claimed additional
mineral concessions in the area and purchased several adjacent mining
concessions as well as surface and water rights in the area.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Initially,
mining by NPMS focused on the copper bearing veins in the Enargite Zone (as
defined below) but gradually focus was shifted to veins in the Zinc-Lead Zone
(as defined below). &nbsp;In March 1967, the mill started to treat complex ores
producing copper, lead and zinc concentrates.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Geology
and Mineralization</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Quiruvilca mine is situated within the eastern edge of a major sequence of
volcanic rocks, interpreted as part of the Calipuy Volcanic complex of the
Mid-Miocene. &nbsp;This volcanic formation, with a thickness of about
2,000&nbsp;metres, consists of andesite flows and flow breccias inter-layered
with thin basalt flows and occasional tuffaceous lacustrine sediments.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
mineralization at Quiruvilca is contained in a series of narrow veins filling
the fractures and faults. &nbsp;Over 130 veins have been identified in the mine
area. &nbsp;At least three-quarters have been mined at some point in time.
&nbsp;Although narrow, the veins at Quiruvilca tend to have an extensive lateral
and vertical continuity with abundant splits, cymoid loops, pinch and swell
structures. &nbsp;In some places, the veins show some thick ore shoots connected
to thinner diagonal sub-economic to non-economic zones. &nbsp;The width varies
up to two metres in the central zone to stringers in the Zinc-Lead Zone (as
defined below). &nbsp;The average width of veins currently being mined is
0.56&nbsp;metres. &nbsp;The average dip of the veins is 70<sup>0</sup>, but
range from vertical to 40<sup>0</sup>.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
mineralization exhibits strong metal zoning. &nbsp;The central copper zone, some
700&nbsp;metres by 2,800&nbsp;metres in area, consists of predominately enargite-pyrite,
with lesser chalcopyrite, tennantite, tetrahedrite, sphalerite and galena (the "Enargite Zone"). &nbsp;The Enargite Zone is surrounded by a relatively
narrow transition zone of tennantite, tetrahedrite, sphalerite and galena (the "Transition Zone"). &nbsp;The Transition Zone is in turn surrounded by a
zinc-lead zone of predominately sphalerite and galena, which extends some 500
metres beyond the Transition Zone (the "Zinc-Lead Zone"). &nbsp;In recent
years some 70% of the Quiruvilca mine's production has come from the Zinc-Lead
Zone. &nbsp;An outer zone consists of stibnite, arsenopyrite and pyrite.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
9 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Drilling,
Sampling and Analysis</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Exploration
at the Quiruvilca property is conducted using a combination of diamond drilling
and underground drifting. &nbsp;Three diamond drills are in continuous operation
at the property, drilling BQ (36.4 mm diameter) sized holes between 50 and 350
meters in length. &nbsp;This is generally followed by underground by pass
&nbsp;and cross-cutting at a 70 meter spacing. &nbsp;During 2003, 7,189.50
meters of drilling was done, along with 6,250 meters of drifting for reserve
delineation and access.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Diamond
drill core is split in half, with one half sent for assaying and one half
retained in a secure on-site facility. &nbsp;The veins in the cross-cuts are
channel sampled, and a two to three kilogram sample is sent for analysis.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Assaying
is done at Quiruvilca's laboratory. &nbsp;The laboratory conducts a routine
internal quality assurance/quality control program that includes external check
samples and the routine submission of standards.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">All
sampling, whether diamond drilling or cross-cutting, is done under the direct
supervision of the Quiruvilca mine geology department.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Mineral
Reserves</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American's management estimates that proven and probable mineral reserves at
the Quiruvilca mine as at December 31, 2003 are 631,000 tonnes with an average
grade of 201 grams/tonne silver and 5.0% Zn, details of which are set out in the
following table:</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b><u><font size="3">Quiruvilca
Mineral Reserves <sup>1, 2, 3</sup></font></u></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="3"><br>
</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="bottom" width="87.867">
        <p style="margin-top:2.05pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Reserve<br>
        <u>Category</u></font></b></p>
      </td>
      <td valign="bottom" width="75.6">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td valign="bottom" width="113.6">
        <p style="margin-top:2.05pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Silver<br>
        <u>per Tonne</u></font></b></p>
      </td>
      <td valign="bottom" width="75.6">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Zinc</font></u></b></p>
      </td>
      <td valign="bottom" width="75.6">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Lead</font></u></b></p>
      </td>
      <td valign="bottom" width="79.533">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Copper</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="87.867">
        <p style="margin-top:0pt; margin-bottom:2.25pt; text-indent:9.8pt; font-family:Times New Roman"><font size="3">Proven</font></p>
      </td>
      <td valign="top" width="75.6">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; padding-right:3.3pt; font-family:Times New Roman" align="right"><font size="3">407,000</font></p>
      </td>
      <td valign="top" width="113.733">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">209</font></p>
      </td>
      <td valign="top" width="75.6">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">4.86</font></p>
      </td>
      <td valign="top" width="75.6">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">1.70</font></p>
      </td>
      <td valign="top" width="78.533">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">0.44</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.25pt solid #000000" valign="top" width="87.867">
        <p style="margin-top:0pt; margin-bottom:2.25pt; text-indent:9.8pt; font-family:Times New Roman"><font size="3">Probable</font></p>
      </td>
      <td style="border-bottom:0.25pt solid #000000" valign="top" width="75.6">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; padding-right:3.3pt; font-family:Times New Roman" align="right"><font size="3">224,000</font></p>
      </td>
      <td style="border-bottom:0.25pt solid #000000" valign="top" width="113.733">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">186</font></p>
      </td>
      <td style="border-bottom:0.25pt solid #000000" valign="top" width="75.6">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">5.26</font></p>
      </td>
      <td style="border-bottom:0.25pt solid #000000" valign="top" width="75.6">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">1.60</font></p>
      </td>
      <td style="border-bottom:0.25pt solid #000000" valign="top" width="78.533">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">0.46</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="87.867">
        <p style="margin-top:0pt; margin-bottom:5pt; text-indent:9.8pt; font-family:Times New Roman"><font size="3">TOTAL</font></p>
      </td>
      <td valign="top" width="75.6">
        <p style="margin-top:2.25pt; margin-bottom:5pt; padding-right:3.3pt; font-family:Times New Roman" align="right"><font size="3">631,000</font></p>
      </td>
      <td valign="top" width="113.733">
        <p style="margin-top:2.25pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">201</font></p>
      </td>
      <td valign="top" width="75.6">
        <p style="margin-top:2.25pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">5.00</font></p>
      </td>
      <td valign="top" width="75.6">
        <p style="margin-top:2.25pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">1.66</font></p>
      </td>
      <td valign="top" width="78.533">
        <p style="margin-top:2.25pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">0.45</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:40.5pt; font-family:Times New Roman"><font size="3">___________</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:40.3pt; line-height:13pt; font-family:Times New Roman"><sup><font size="3">1</font></sup></p>
<p style="margin-top:0pt; margin-bottom:2pt; padding-left:40.3pt; text-indent:14.7pt; line-height:11pt; font-family:Times New Roman; font-size:8pt"><font size="3">Calculated
using a price of $5.00 per ounce of silver and $900 per tonne of zinc.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-13.7pt; line-height:13pt; font-family:Times New Roman"><sup><font size="3">2</font></sup></p>
<p style="margin-top:0pt; margin-bottom:2pt; padding-left:54pt; line-height:11pt; font-family:Times New Roman; font-size:8pt"><font size="3">Estimates
of mineral reserves are calculated on the basis of blocks exposed by underground
workings on one or more sides and having an in-place diluted value equal to or
above the cutoff grade ($25/tonne). &nbsp;Proven and probable mineral reserves
are extrapolated between 15 and 30 metres down dip depending on vein continuity.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-13.7pt; line-height:13pt; font-family:Times New Roman"><sup><font size="3">3</font></sup></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:11pt; font-family:Times New Roman; font-size:8pt"><font size="3">Mineral
reserves were estimated by the engineering and geology staff of the Company's
wholly-owned subsidiary, Mina Quiruvilca, under the supervision of an
independent "qualified person", Donald F. Earnest, P.Geo.
&nbsp;Mr.&nbsp;Earnest has reviewed and tested the information developed by the
Company's operating subsidiary and, based upon those tests and reviews, Pan
American is satisfied with the accuracy of the reserve calculations.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Management
of the Company believes that reserves at the Quiruvilca Mine are sufficient for
at least 18 months at current production rates. Management further believes that
additional mineral resources will be converted to proven and probable reserves
and mining will continue well beyond the 18 month period.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Reconciliation
of Mineral Reserves</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Mineral
reserves are adjusted annually by the amount mined, by additions and deletions
resulting from new geological information and interpretation and in connection
with changes in operating parameters and metal prices. &nbsp;However, proven and
probable mineral reserves are not usually revised in response to short-term
cyclical price</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
10 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">variations
of metal markets. &nbsp;The following is a reconciliation of the proven and
probable mineral reserves at Quiruvilca to December&nbsp;31, 2003:</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="433.2" colspan="4">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><b><u><font size="3">Reconciliation
        of Mineral Reserves at Quiruvilca</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="264"><font size="3">&nbsp;</font></td>
      <td valign="top" width="36"><font size="3">&nbsp;</font></td>
      <td valign="top" width="109.2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td valign="top" width="24"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="264">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Opening
        balance, December&nbsp;31, 2002</font></p>
      </td>
      <td valign="top" width="36"><font size="3">&nbsp;</font></td>
      <td valign="top" width="109.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">2,109,100</font></p>
      </td>
      <td valign="top" width="24">
        <p style="margin:0pt; padding-left:-0.9pt; font-family:Times New Roman"><sup><font size="3">1</font></sup></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="264">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Additions</font></p>
      </td>
      <td valign="top" width="36"><font size="3">&nbsp;</font></td>
      <td valign="top" width="109.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">585,600</font></p>
      </td>
      <td valign="top" width="24">
        <p style="margin:0pt; padding-left:-0.9pt; font-family:Times New Roman"><sup><font size="3">2</font></sup></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="264">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Losses</font></p>
      </td>
      <td valign="top" width="36"><font size="3">&nbsp;</font></td>
      <td valign="top" width="109.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">1,579,100</font></p>
      </td>
      <td valign="top" width="24">
        <p style="margin:0pt; padding-left:-0.9pt; font-family:Times New Roman"><sup><font size="3">3</font></sup></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="264">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Tonnes
        mined from reserves</font></p>
      </td>
      <td valign="top" width="36"><font size="3">&nbsp;</font></td>
      <td valign="top" width="109.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">285,200</font></p>
      </td>
      <td valign="top" width="24"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="264">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Low
        grade removed from reserves</font></p>
      </td>
      <td valign="top" width="36"><font size="3">&nbsp;</font></td>
      <td valign="top" width="109.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><u><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;199,400</font></u></p>
      </td>
      <td valign="top" width="24"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="264">
        <p style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman"><font size="3">Closing
        balance, December&nbsp;31, 2003</font></p>
      </td>
      <td valign="top" width="36"><font size="3">&nbsp;</font></td>
      <td width="109.2">
        <p style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman" align="right"><u><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;631,000</font></u></p>
      </td>
      <td valign="top" width="24"><font size="3">&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:85pt; font-family:Times New Roman"><font size="3">___________</font></p>
<p style="margin-top:0pt; margin-bottom:-11pt; padding-left:106.8pt; text-indent:-21.85pt; line-height:11pt; font-family:Times New Roman"><sup><font size="3">1</font></sup></p>
<p style="margin-top:0pt; margin-bottom:2pt; padding-left:106.8pt; line-height:9pt; font-family:Times New Roman; font-size:8pt"><font size="3">December
31, 2002 reserves were calculated using a price of $4.75 per ounce of silver and
$900 per tonne of zinc.</font></p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:105.1pt; text-indent:-20.15pt; line-height:13pt; font-family:Times New Roman"><sup><font size="3">2</font></sup></p>
<p style="margin-top:0pt; margin-bottom:2pt; padding-left:105.1pt; line-height:11pt; font-family:Times New Roman; font-size:8pt"><font size="3">Additions
are from tonnes added through exploration reinterpretation, mostly due to higher
metal prices.</font></p>
<p style="margin-top:0pt; margin-bottom:-11pt; padding-left:105.1pt; text-indent:-20.15pt; line-height:11pt; font-family:Times New Roman" align="justify"><sup><font size="3">3</font></sup></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:105.1pt; line-height:9pt; font-family:Times New Roman; font-size:8pt" align="justify"><font size="3">Losses
during 2003 consisted of 1,248,121 tonnes of material that was moved to the
resource category due to declining metal prices, 122,897 tonnes of material
moved to the resource category due to the north zone shut down, and 314,925
tonnes of material that was moved to the resource category due to
reinterpretation.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Mineral
Resources</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American's management estimates that mineral resources at the Quiruvilca mine
as at December 31, 2003 are as follows:</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b><u><font size="3">Quiruvilca
Mineral Resources<sup> 1, 2</sup></font></u></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="3"><br>
</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="bottom" width="85.867">
        <p style="margin-top:2.05pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Resource<br>
        <u>Category</u></font></b></p>
      </td>
      <td valign="top" width="84.8">
        <p style="margin-top:2.05pt; margin-bottom:2.05pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3"><br>
        </font></p>
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td valign="top" width="100.8">
        <p style="margin-top:2.05pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Silver</font></b></p>
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">per
        Tonne</font></u></b></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:2.05pt; margin-bottom:2.05pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3"><br>
        </font></p>
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Zinc</font></u></b></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin-top:2.05pt; margin-bottom:2.05pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3"><br>
        </font></p>
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Lead</font></u></b></p>
      </td>
      <td valign="top" width="85.667">
        <p style="margin-top:2.05pt; margin-bottom:2.05pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3"><br>
        </font></p>
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Copper</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="85.4">
        <p style="margin-top:0pt; margin-bottom:2.25pt; text-indent:2.45pt; font-family:Times New Roman"><font size="3">Measured</font></p>
      </td>
      <td width="84.8">
        <p style="margin:0pt; text-indent:5.75pt; font-family:Times New Roman"><font size="3">3,124,000</font></p>
      </td>
      <td valign="top" width="100.8">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">156</font></p>
      </td>
      <td valign="top" width="72.467">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">3.88</font></p>
      </td>
      <td valign="top" width="74.733">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">1.49</font></p>
      </td>
      <td valign="top" width="81.6">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">1.63</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="85.4">
        <p style="margin-top:0pt; margin-bottom:2.25pt; text-indent:2.45pt; font-family:Times New Roman"><font size="3">Indicated</font></p>
      </td>
      <td width="84.8">
        <p style="margin:0pt; text-indent:13.25pt; font-family:Times New Roman"><font size="3">900,000</font></p>
      </td>
      <td valign="top" width="100.8">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">179</font></p>
      </td>
      <td valign="top" width="72.467">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">4.72</font></p>
      </td>
      <td valign="top" width="74.733">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">1.77</font></p>
      </td>
      <td valign="top" width="81.6">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">1.11</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="85.4">
        <p style="margin-top:0pt; margin-bottom:2.25pt; text-indent:2.45pt; font-family:Times New Roman"><font size="3">Inferred</font></p>
      </td>
      <td width="84.8">
        <p style="margin:0pt; text-indent:5.75pt; font-family:Times New Roman"><font size="3">1,881,000</font></p>
      </td>
      <td valign="top" width="100.8">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">168</font></p>
      </td>
      <td valign="top" width="72.467">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">5.11</font></p>
      </td>
      <td valign="top" width="74.733">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">1.77</font></p>
      </td>
      <td valign="top" width="81.6">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; font-family:Times New Roman" align="center"><font size="3">0.47</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:1.35pt; padding-left:58.5pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">______________</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-13.5pt; font-family:Times New Roman"><sup><font size="3">1</font></sup></p>
<p style="margin-top:0pt; margin-bottom:1.35pt; padding-left:72pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">These
resources are in addition to Quiruvilca mineral reserves.</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-13.5pt; font-family:Times New Roman" align="justify"><sup><font size="3">2</font></sup></p>
<p style="margin-top:0pt; margin-bottom:8pt; padding-left:72pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="justify"><font size="3">Mineral
resources were estimated by the engineering and geology staff of the Company's
wholly-owned subsidiary, Mina Quiruvilca, under the supervision of an
independent "qualified person" Donald F. Earnest, P.Geo.
&nbsp;Mr.&nbsp;Earnest has reviewed and tested the information developed by the
Company's operating subsidiary and based upon those reviews and tests, Pan
American is satisfied with the accuracy of the resource calculations.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Mining</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Quiruvilca mine extends over an area that is four kilometres east/west by three
kilometres north/south and from an elevation of 4,050&nbsp;metres at the top of
the mountain down to the 340&nbsp;level (elevation 3,528 metres). &nbsp;Access
to the mine is from four adits driven into the side of the mountain at
elevations ranging from 3,648&nbsp;metres to 3,870&nbsp;metres. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Battery
locomotives are used to haul ore and waste from the stopes and development
headings to ore and waste passes. &nbsp;Ore from the upper levels of the mine is
delivered to ore passes, which transfer it to the 220 level main haulage level.
&nbsp;Trolley locomotives with 120 cubic foot mine cars are used to transport
ore from the ore passes on the 220 level to coarse ore bins at the Crushing
plant.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
11 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Of
the 61&nbsp;veins presently being mined, 14 contributed approximately 70% of the
production during calendar 2003. &nbsp;These 14 veins average 0.56 metres in
width.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">There
are presently 61&nbsp;active stopes in the mine using the cut and fill mining
method, with approximately one-third in the drilling and blasting phase,
one-third in the mucking phase and one-third in the filling phase at any given
time. &nbsp;Two stoping methods are presently in use at the Quiruvilca mine.
&nbsp;In stopes where the vein's mineable width is less than 1.0 metre, and
where hydraulic backfill is not available, resuing is employed. In stopes where
the vein's mineable width is more than 1.0 metre, the hydraulic backfill is
employed. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Tailings
from the mill are directed to the sand-fill plant located near the Santa
Catalina tailings pond. &nbsp;The fines are removed with cyclones, and the
coarse is directed to the storage tanks in the sand-fill plant. &nbsp;The
sand-fill is pumped 2,700 metres to the Luz Angelica distribution plant, or a
further 1,600 metres to the Central distribution plant through a 76 millimetre
HDPE line. &nbsp;The distribution plants are equipped with 170 cubic metre
storage tanks. &nbsp;When backfill is required underground, the fill is re-slurried
and pumped underground. The monthly hydraulic backfill volume employed at the
mine is 5200 m<sup>2</sup>.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Milling</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
mill flowsheet consists of three-stage-crushing, ball mill grinding and
selective flotation of the ore to produce copper, lead and zinc concentrates,
followed by thickening and filtering of the concentrates. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Present
daily treatment capacity is 1,350 tonnes, with an operative mill working six
days a week. Starting September 1<sup>st</sup> and according to the closure of
the North zone, the daily treatment tonnage was reduced to the above-mentioned
level from the prior 2,000 tonnes daily.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Although
the mill equipment (with the exception of the primary and secondary crusher, the
primary grinding circuit, the primary lead rougher flotation cells and the zinc
and lead circuits) dates from the 1950s, it has been adequately maintained and
operates well.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Strategic
Restructuring</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
2002, the Company wrote down its investment in the Quiruvilca mine by
$25,129,000. &nbsp;This decision was reached after an evaluation of the
likelihood of recovering the carrying value of Quiruvilca in light of the mine's
recent and expected operating and financial performance. &nbsp;As a result of
Quiruvilca's high production costs and low metal prices, a significant
turnaround at Quiruvilca would be required to avoid the necessity of a shutdown
of the mine in 2004.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Accordingly,
a strategy to reduce high cost ore production and increase mine grades was
implemented during 2003 in order to drastically lower the mine costs and adapt
the mine operation to a low metal prices reality. &nbsp;This plan to reduce high
cost tonnage was carried out by closing the north zone of the mine, a zone with
higher operating costs and lower geological expectations. &nbsp;All the
Quiruvilca permanent workers were relocated in the lower cost south zone of the
mine and all mine contractors terminated at the end of August 2003. This action
reduced the total mine work force from 1,079 (permanent workers and contractors)
to 462 permanent workers without any labor conflict. Average production was
lowered by 20% to approximately 30,000 tonnes per month. &nbsp;The mine reduced
cash costs from US$5.51 per ounce of silver to US$4.11 per ounce of silver.
&nbsp;This cost-reduction strategy and&nbsp; improving metal prices have allowed
Quiruvilca to generate a positive cashflow from operating activities for the
quarter ended March 31, 2004.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
12 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">These
positive operating and financial results have caused Pan American to modify its
plans, which contemplated a shut down of the Quiruvilca mine in June 2004. As of
today's date, Pan American intends to continue to operate Quiruvilca as long as
there are reserves available.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
addition to the 2004 mine life extension, reoriented exploration and development
has provided positive results, such as the confirmation of the high silver grade
Union Vein on the 340 level, and new reinterpretation demonstrates continuity up
to the surface which should enable the Quiruvilca mine to continue operations
indefinitely.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Environment,
Health and Safety</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Environmental
regulations are evolving in Peru and it is expected that these requirements will
eventually reach North American standards. &nbsp;As part of the developing
regulatory framework, mining companies were required to submit environmental
evaluation reports summarizing general environmental conditions at their mines
and environmental remediation plans. &nbsp;Mina Quiruvilca filed an evaluation
report with the Peruvian Ministry of Energy and Mines in 1995 and filed a
Program for Environmental Remediation and Management ("PAMA") in 1996 in
compliance with Peruvian regulations. &nbsp;The PAMA addressed, among other
things, stabilization of tailings impoundments, tailings reclamation, mine acid
water neutralization and other effluent treatment, revegetation and a
contingency plan. &nbsp;For each of these issues, Pan American provided an
implementation schedule and estimates of capital expenditures. &nbsp;The PAMA
was approved by the Peruvian Ministry of Energy and Mines in 1997 and the terms
of the PAMA were to have been completed by March 2002, however, &nbsp;based on
discussions with the auditors, some projects were re-classified as more
appropriate for inclusion in a final closure and remediation plan. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Quiruvilca's
PAMA projects and expenditures for the years 1997 to 2003 were audited by
independent consultants and reviewed by Peruvian environmental regulators.
&nbsp;Overall expenditures were greater than budgeted and considerably more than
the 1% of gross sales required under the law. &nbsp;While the PAMA process
defined remediation projects, expenditures and time frames to achieve compliance
primarily with respect to water quality, it explicitly excluded closure
projects, and in many cases did not fully consider remediation of historic
liabilities, whether caused by third parties or predecessor companies. &nbsp;In
addition, the PAMA process provided no mechanism &nbsp;to review and revise
projects based on results achieved to assess whether budgeted programs would
still be effective in achieving the results desired. &nbsp;Discussions are
currently underway with regulators to better define Pan American's remaining
obligations under the PAMA program. &nbsp;&nbsp;In conjunction with this, Pan
American sought independent consulting expertise to review closure stategies and
options; this work is still underway.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
October 2003, the Peruvian government passed legislation requiring active mining
operations to file closure plans within six months of the date of passage of the
legislation. &nbsp;&nbsp;To date, accompanying administrative rules that lay out
detailed closure requirements, including bonding and tax deductibility of
reclamation and rehabilitation expenses are not yet promulgated. &nbsp;Quiruvilca's
Closure Plan was filed in early March 2004. &nbsp;Pan American has budgeted $2.9
million for concurrent reclamation and closure related costs at Quiruvilca in
calendar 2004 (including closing of adits, rehabilitation of tailings ponds,
rehabilitation of waste dumps and water treatment). &nbsp;In the fourth quarter
of 2002, Pan American prepared an estimate of the expected future reclamation
costs to be incurred at Quiruvilca and charged operations with a $10 million
provision for future reclamation.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American's operations at the Quiruvilca mine currently comply in all material
respects with applicable Peruvian laws. &nbsp;In 1999, Mina Quiruvilca received
the National Society of Mining, Petroleum and Energy's highest environmental
award and in 2000 the Latin American Organization of Mining's environmental
award for polymetallic deposits.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
most significant environmental issues currently associated with the Quiruvilca
mine are metal-laden acid water discharge from the mine, acid rock drainage from
the mine's tailings deposit areas and the containment</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
13 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">and
stability of mine tailings ponds. During 2003, water quality at the compliance
point has generally met pH standards and a majority of metal compliance
standards. &nbsp;The review now underway by independent consultants will define
closure and mitigation options for reducing acid water flows and improving the
quality of waters exiting the site.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">During
late 1998 and through early 2002 Pan American implemented a third party safety
and training program for employees and contractors; this program was re-started
in mid-2003. All mine supervisors completed the first two phases of a
multi-phase third party safety program. The safety department was reorganized to
provide one dedicated inspector per mine area. &nbsp;All employees are required
to undergo safety training and all new underground employees are required to
undergo training prior to being assigned to their first position. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">From
1998 (when the first third party safety programs began) through 2003 year end,
on a cumulative basis, the year-end accident frequency was reduced by 54%, and
lost time accidents by 61%.</font></p>
<p style="margin-top:5pt; margin-bottom:10pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Capital
Expenditures</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Since
1995, Pan American has undertaken a program of capital and non-operating
expenditures at the Quiruvilca mine to improve its operations, ensure compliance
with its PAMA and reduce operating costs. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">During
2003, capital expenditures were approximately $664,000 and consisted of:</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Reclamation
    expenses of $240,000;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Constancia
    tailings treatment of $185,000;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Civil,
    electromechanic and mine works at level 340 of $181,000; and</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Other
    minor works totalling $58,000.</font></li>
</ul>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">During
2002, capital expenditures were approximately $626,000 and consisted of:</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">mine
    and related structures on the mine's 340 level of $519,000; and</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">tailings
    dam expansion at a cost of $98,000.</font></li>
</ul>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American has budgeted $0.4 million for 2004 capital expenditures at the
Quiruvilca mine consisting of sustaining capital and mine deepening.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American expects to fund future capital expenditures from cash flow from the
Quiruvilca mine. &nbsp;In the event that cash flow from the Quiruvilca mine is
insufficient to fund the capital expenditure program, Pan American will fund the
remainder of the capital expenditure program from working capital.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Marketing</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
principal products from the Quiruvilca mine are silver rich zinc, lead and
copper concentrates. &nbsp;All of these concentrates are sold under contracts to
arm's length metals trading companies or arm's length integrated mining and
smelting companies. In 2002, zinc concentrate was sold under the last year of a
two-year contract. For 2003, that contract has been replaced with a contract
which runs until 2006, which contract has a minimum one-year extension clause at
the option of either party. &nbsp;Lead concentrates have been sold under a
four-year contract expiring in 2004. In 2003, an agreement with Noranda, one of
the metal trading companies to which concentrates are sold,&nbsp; allowed&nbsp;
the company to cancel some tonnage that was subsequently sold at market terms in
spot contracts to Glencore, Cormin, Doe Run and BHL. &nbsp;Copper concentrate
has been sold under a contract</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
14 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">that
also expires at the end of 2004. &nbsp;All contracts are at arms length.
&nbsp;Mina Quiruvilca receives payment for an agreed percentage of the silver
and lead, zinc, or copper contained in the concentrate, after deduction of
smelting and refining costs. Existing lead concentrate contract for 2005 and
2006 with a minimum one-year extension beyond the contract period at the option
of either party.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">During
2003, the revenue per type of concentrate produced by the Quiruvilca mine was as
follows:</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="151.2" colspan="2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="132.267">
        <p style="margin:0pt; text-indent:28.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3"><b><u>Revenue</u></b><u><sup>1</sup></u></font></p>
      </td>
      <td valign="top" width="84.6">
        <p style="margin:0pt; text-indent:15.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Average
        Price<u><br>
        per Tonne</u></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="150.533">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Zinc
        Concentrate</font></p>
      </td>
      <td valign="top" width="132.267" colspan="2">
        <p style="margin:0pt; padding-left:14.3pt; padding-right:22.35pt; font-family:Times New Roman" align="right"><font size="3">$5,088,269</font></p>
      </td>
      <td valign="top" width="85.267">
        <p style="margin:0pt; padding-right:10.9pt; font-family:Times New Roman" align="right"><font size="3">25,339</font></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin:0pt; padding-right:26.15pt; font-family:Times New Roman" align="right"><font size="3">$201</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="150.533">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Lead
        Concentrate</font></p>
      </td>
      <td valign="top" width="132.267" colspan="2">
        <p style="margin:0pt; padding-left:14.3pt; padding-right:22.35pt; font-family:Times New Roman" align="right"><font size="3">$2,891,538</font></p>
      </td>
      <td valign="top" width="85.267">
        <p style="margin:0pt; padding-right:10.9pt; font-family:Times New Roman" align="right"><font size="3">6,014</font></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin:0pt; padding-right:26.15pt; font-family:Times New Roman" align="right"><font size="3">$481</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="150.533">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Copper
        Concentrate</font></p>
      </td>
      <td valign="top" width="132.267" colspan="2">
        <p style="margin:0pt; padding-left:14.3pt; padding-right:22.35pt; font-family:Times New Roman" align="right"><font size="3">$7,389,166</font></p>
      </td>
      <td valign="top" width="85.267">
        <p style="margin:0pt; padding-right:10.9pt; font-family:Times New Roman" align="right"><font size="3">7,188</font></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin:0pt; padding-right:26.15pt; font-family:Times New Roman" align="right"><font size="3">$1,028</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:51.6pt; line-height:13pt; font-family:Times New Roman" align="justify"><sup><font size="3">________________</font></sup></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; line-height:15pt; font-family:Times New Roman" align="justify"><sup><font size="3">1</font></sup></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:8pt" align="justify"><font size="3">Consists
of sales to arm's length customers.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">During
2002, the revenue per type of concentrate produced by the Quiruvilca mine was as
follows:</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="151.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="132.267">
        <p style="margin:0pt; text-indent:28.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3"><b><u>Revenue</u></b><u><sup>1</sup></u></font></p>
      </td>
      <td valign="top" width="84.6">
        <p style="margin:0pt; text-indent:15.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Average
        Price<u><br>
        per Tonne</u></font></b></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="150.533">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Zinc
        Concentrate</font></p>
      </td>
      <td valign="top" width="132.267">
        <p style="margin:0pt; padding-left:14.3pt; padding-right:22.35pt; font-family:Times New Roman" align="right"><font size="3">$6,018,898</font></p>
      </td>
      <td valign="top" width="85.267">
        <p style="margin:0pt; padding-right:10.9pt; font-family:Times New Roman" align="right"><font size="3">27,408</font></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin:0pt; padding-right:26.15pt; font-family:Times New Roman" align="right"><font size="3">$220</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="150.533">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Lead
        Concentrate</font></p>
      </td>
      <td valign="top" width="132.267">
        <p style="margin:0pt; padding-left:14.3pt; padding-right:22.35pt; font-family:Times New Roman" align="right"><font size="3">$4,450,154</font></p>
      </td>
      <td valign="top" width="85.267">
        <p style="margin:0pt; padding-right:10.9pt; font-family:Times New Roman" align="right"><font size="3">9,851</font></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin:0pt; padding-right:26.15pt; font-family:Times New Roman" align="right"><font size="3">$452</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="150.533">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Copper
        Concentrate</font></p>
      </td>
      <td valign="top" width="132.267">
        <p style="margin:0pt; padding-left:14.3pt; padding-right:22.35pt; font-family:Times New Roman" align="right"><font size="3">$4,975,952</font></p>
      </td>
      <td valign="top" width="85.267">
        <p style="margin:0pt; padding-right:10.9pt; font-family:Times New Roman" align="right"><font size="3">4,710</font></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin:0pt; padding-right:26.15pt; font-family:Times New Roman" align="right"><font size="3">$1,056</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:51.6pt; line-height:13pt; font-family:Times New Roman" align="justify"><sup><font size="3">_____________</font></sup></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:50.8pt; line-height:15pt; font-family:Times New Roman" align="justify"><sup><font size="3">1</font></sup></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:50.8pt; text-indent:21.2pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Consists
of sales to arm's length customers.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
zinc concentrates produced by the Quiruvilca mine are highly marketable as they
contain low levels of impurities and low silver content. The lead concentrates
have arsenic and antimony as impurities but are attractive to lead smelters due
to their high lead, silver and gold content. Although the silver-rich copper
concentrate produced by the Quiruvilca mine contains arsenic and antimony
impurities, its marketability is not affected because of the high amount of
silver contained in the concentrate. &nbsp;To date, Pan American has not
experienced difficulty in securing contracts for the sale of the Quiruvilca mine's
zinc, lead or copper concentrates.</font></p>
<p style="margin-top:5pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Huaron
Mine</font></i></b></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Ownership
and Property Description</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Company owns 99.85% of a private Peruvian company, Minera Huaron, which owns and
operates the Huaron mine.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Huaron mine is an underground silver mine and the property consists of
exploitation claims covering approximately 17,075 hectares, 70,000 hectares of
exploration claims and 473 hectares of surface rights and a lease over 178
hectares of surface rights covering the main workings. &nbsp;</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Location,
Access, Climate and Infrastructure</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Huaron mine is located in the Department of Pasco, Province of Pasco, District
of Huayllay in central Peru, 320 km northeast of Lima. &nbsp;The property lies
on the eastern flank of the western branch of the Andean mountain range from an
elevation of 4,250 metres to 4,800 metres above sea level.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Access
to the Huaron property is by a continuously maintained 285 kilometers paved
highway between Lima and Unish and a well maintained 35-kilometre gravel road
between Unish and the Huaron property.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
15 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
relief at the mine site is hilly and uneven with local slopes of more than sixty
degrees. &nbsp;Natural vegetation is mainly grasses, forming meadows.
&nbsp;These meadows have permitted development of varied livestock operations.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
climate at the mine site is semi-humid with average annual temperatures ranging
from three to ten degrees Celsius. &nbsp;The Huaron mine operates throughout the
entire year.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
primary source of power for the Huaron mine is the Peruvian national power grid.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Historically,
the supply of water has been abundant and is provided by local lakes and rivers.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Peru's
economy is dependent on mining and there is a large local source of mining
personnel.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Royalties
and Encumbrances</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Huaron property was subject to a 3% net smelter return royalty, which was
payable after 4,300,000 tonnes of ore from the Huaron property has been
recovered. &nbsp;In October 2003, Pan American bought back this 3% net smelter
royalty on the Huaron mine from a group of Peruvian companies for a total of
$2.5 million in cash. &nbsp;The buyout of the royalty should reduce the mine's
cash costs by approximately $850,000 per year, starting 2006.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">At
December&nbsp;31, 2003, substantially all of Huaron's plant, equipment and
mining rights were subject to a mortgage and charge in favour of Glencore that
was acting as guarantor against Banco de Credito del Peru for the liabilities
and obligations of Pan American Silver Peru under a $6,500,000 loan facility
made available to Minera Huaron for working capital purposes. &nbsp;At December
31, 2003, Pan American's debt balance under this facility was $3.23 million.
&nbsp;In April 2004, Pan American repaid its outstanding debt balance under the
Banco de Credito facility.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">To
the best of Pan American's knowledge, the Huaron property is not subject to
any royalties or encumbrances other than those set out above.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Huaron
has environmental liabilities that have not yet been quantified. &nbsp;However,
to date the Company has taken a charge against operations of approximately
$606,000 as a reclamation accrual.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Pan
American's Acquisition of Huaron</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">On
March 6, 2000, the Company entered into a Stock Purchase Agreement with Cementos
Pacasmayo S.A.A., Mauricio Hochschild &amp; Cia Ltda. S.A.C. ("Hochschild")
and Cia. Minera Arcata S.A., three Peruvian corporations at arm's length to
Pan American (the "Huaron Vendors"), pursuant to which the Company acquired
71.8% of the common shares of Minera Huaron (which owns 100% of the Huaron
property) in consideration for: (i) the issuance of 1,780,389 common shares of
the Company; (ii) the issuance of stock options to purchase up to 700,000 common
shares of the Company exercisable at $4.00 per common share (expiring March 6,
2010); and (iii) the grant of the Huaron Royalty to the Huaron Vendors.
&nbsp;The 700,000 stock options were issued to a representative of the Huaron
Vendors, Hannibal International, Inc., a Panamanian corporation arm's length
to the Company. &nbsp;All of these options to purchase common shares of the
Company have been exercised.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Included
in the liabilities of Minera Huaron at the date of acquisition was $3,174,000
payable to former majority shareholders of Minera Huaron. &nbsp;This liability
was discharged from the sale proceeds of certain assets of Minera Huaron
($1,980,000) and corporate funds ($1,194,000).</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Between
March&nbsp;6, 2000 and December&nbsp;31, 2000, the Company increased its
ownership of Minera Huaron from 71.8% to 72.6% through the purchase of
additional common shares of Minera Huaron from minority shareholders at arm's
length to the Company for $65,000.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
16 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
August 2001, Pan American received an additional 27.2% of the common shares of
Minera Huaron, $200,000 in cash, $500,000 in shares of Volcan and 33 Million of
Kw/h (worth $1,200,000) to be deliver by two of Volcan's hydroelectric plants
in exchange for transferring 9,321 hectares of exploration and exploitation
claims to Volcan.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">History</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Huaron mine is an underground mine with narrow veins of silver-rich base metal
sulphides. &nbsp;The mine, mill and supporting villages were originally built
and operated by a subsidiary of the French Penarroya company from 1912 to 1987.
&nbsp;In 1987 the mine was sold to Hochschild. &nbsp;Prior to its acquisition by
Pan American, approximately 22 million tonnes of silver-rich base metals
sulphide ore were mined from the Huaron property. &nbsp;Silver was the main
constituent, contributing about 49% of the historic sales value, the rest being
zinc 33%, lead 15% and copper 3%. &nbsp;Ore from the mine was processed on-site
by crushing, grinding, and differential flotation to produce copper, lead and
zinc concentrates.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
April, 1998, a portion of the lakebed of nearby Lake Naticocha collapsed and
water from the lake flowed into the adjacent Animon mine, operated by an
unrelated company, and through interconnected tunnels the water entered and
flooded the Huaron mine, causing its closure.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Before
the 1998 closure, between 800 and 1,500 tonnes per day were processed at the
Huaron mine, and 700 to 1,200 tonnes per day of tailings were produced.
&nbsp;About 60% of the tailings were used as underground backfill. &nbsp;The
rest were gravity fed for disposal into tailings containment ponds.</font></p>
<p style="margin-top:0pt; margin-bottom:5pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
production rates for the last periods of operation, before the flooding, at the
Huaron Mine are set forth in the following table.</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="3"><br>
</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="105.8"><font size="3">&nbsp;</font></td>
      <td valign="top" width="186.133" colspan="2">
        <p style="margin-top:0pt; margin-bottom:2.25pt; text-indent:-14.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Production
        Rate</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="105.8">
        <p style="margin-top:0pt; margin-bottom:2.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u><font size="3">Year</font></u></b></p>
      </td>
      <td valign="top" width="90.133">
        <p style="margin-top:0pt; margin-bottom:2.25pt; text-indent:-4.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><b><u><font size="3">Tonnes
        / year</font></u></b></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:2.25pt; text-indent:-12.95pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><b><u><font size="3">Tonnes
        / month</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="105.8">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">1998
        (4 months)</font></p>
      </td>
      <td valign="top" width="90.133">
        <p style="margin:0pt; text-indent:12.2pt; font-family:Times New Roman" align="justify"><font size="3">158,000</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; text-indent:16.05pt; font-family:Times New Roman" align="justify"><font size="3">43,500</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="105.8">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">1997</font></p>
      </td>
      <td valign="top" width="90.133">
        <p style="margin:0pt; text-indent:12.2pt; font-family:Times New Roman"><font size="3">442,000</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; text-indent:16.05pt; font-family:Times New Roman"><font size="3">37,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="105.8">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">1996</font></p>
      </td>
      <td valign="top" width="90.133">
        <p style="margin:0pt; text-indent:12.2pt; font-family:Times New Roman"><font size="3">305,000</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; text-indent:16.05pt; font-family:Times New Roman"><font size="3">25,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="105.8">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">1995</font></p>
      </td>
      <td valign="top" width="90.133">
        <p style="margin:0pt; text-indent:12.2pt; font-family:Times New Roman"><font size="3">303,000</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; text-indent:16.05pt; font-family:Times New Roman"><font size="3">25,000</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">After
the April 1998 flooding, the Huaron mine operations were shut down, the labour
force was terminated, the village closed, and work was undertaken to clean up
the flood damage, drain the workings and prepare for an eventual restart of
production. &nbsp;Currently the lake, which provided the source of floodwater,
is dry and will not be refilled. &nbsp;There is no threat of further flooding.
&nbsp;Chungar, in accordance with a settlement agreement reached with Minera
Huaron in September 2000, constructed a channel to route water around the lake
to provide water for the Huaron's mine operation and to reduce the water in
upstream lakes to prevent agricultural flooding which had created local social
pressures.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Rehabilitation
of Huaron Mine</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">After
Pan American's acquisition of the Huaron mine, a $12 million credit facility
with Standard Bank London Limited was obtained in early September 2000 to
provide the funding necessary to place the mine back into production. &nbsp;Pan
American commenced construction and rehabilitation in September 2000, which was
substantially completed by April 2001. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
steps taken to place the mine back in operation included:</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">rehabilitation
    of underground ramps and access ways;</font></li>
</ul>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
17 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">rehabilitation
    of existing, or construction of new, underground services in particular
    ventilation, hydraulic backfill and electrical distribution;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">stope
    preparation work for initial mining as well as the commencement of longer
    term development (access and raises);</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">rehabilitation
    of the mill, with the major areas being the installation of a larger ball
    mill to allow for finer grinding, electrical upgrades and mechanical
    overhauls; and</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">infrastructure
    upgrades with the major component being earthwork on the tailings dam.</font></li>
</ul>
<p style="margin-top:5pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Milling
operations at the rehabilitated Huaron mine were started in April 2001.
&nbsp;The mine and mill achieved commercial production in May 2001. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Capital
costs of the rehabilitation, including preproduction mining and operations were
approximately $11.1 million.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
$12 million credit facility with Standard Bank was repaid in 2002, and replaced
with the $6,500,000 loan facility from Banco de Credito.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Geology
and Mineralization</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
main lithology in the Huaron area is a sequence of continental lacustrine "redbeds"
consisting of interbedded sandstones, limestones, marls, conglomerates, breccias
and limey cherts of the Abigarrada and Casapalca Formations of Upper Cretaceous
to Lower Tertiary age. &nbsp;These rocks unconformably overlay massive marine
limestones of the Upper Cretaceous Jumasha Formation. &nbsp;To the west of the
mine a series of andesites and dacites of the mid to lower Tertiary Calipuy
Formation outcrop. &nbsp;A series of sub-vertical porphyritic quartz monzonite
dykes, thought to be contemporaneous with the volcanics strike generally
north-south and cut across the mine stratigraphy.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
rocks in the central part of the mine and at lower elevations are principally
thinly bedded marls and sandstones known as the lower redbeds. &nbsp;In the
eastern side of the mine the upper redbeds occur. &nbsp;The upper section of
these rocks consists of calcareous Sevilla chert that overlies sandstones and
calcareous marls. &nbsp;The bottom of this sequence consists of the Barnabe
quartzite conglomerate. &nbsp;In the western side of the mine rocks consist of a
series of interbedded conglomerates (San Pedro) and sandstones. &nbsp;The
conglomerate contains poorly sorted limestone and quartz clasts in a sandy
matrix. &nbsp;Throughout the mine area a series of quartz porphyry monzonite
dykes cut the sediments.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Huaron mine is within an anticline formed by east-west compressional forces.
&nbsp;The axis of the anticline is approximately north-south and it plunges
gently to the north. &nbsp;There are two series of faults, the principal one
formed by a series of compressional faults generally parallel to the axis of the
anticline and the secondary tensional faults, which are oriented in an east-west
direction. &nbsp;On the western side of the anticline the north-south faults are
considered to be reverse faults. &nbsp;The intrusives strike in two principal
directions N70<sup>o</sup>E and S10<sup>o</sup>E. &nbsp;Later erosion has left most of the area
covered with recent soils except where the more resistant cherts and
conglomerates form ridges parallel to the flanks of the anticline. &nbsp;These
outcrops are discontinuous and frequently offset by the crosscutting east-west
faults.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Huaron
is a polymetallic deposit (hosting silver, lead, zinc and copper, with silver
being the most important) consisting of mineralized structures probably related
to Miocene monzonite dykes principally within but not confined to the Huaron
anticline. &nbsp;Mineralization is encountered as veins in the north-south and
east-west striking fault systems, beds and lenses associated with the calcareous
sections of the conglomerates and breccias</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
18 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">where
they are intersected by veins, irregular bodies that occur at favourable
stratigraphic horizons, and disseminated bodies in the monzonite intrusives
surrounding favorable vein intersections.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
first pulse of mineralization was associated with the emplacement of intrusive
bodies and subsequent opening of the structures, during which zinc, iron, tin,
and tungsten minerals were deposited. &nbsp;This was followed by a copper, lead
and silver rich stage, and finally by an antimony/silver phase associated with
quartz.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">More
than 95 minerals have been identified at Huaron with the most important economic
minerals being tennantite-tetrahydrite containing most of the silver, sphalerite
and galena. &nbsp;The principal gangue minerals are pyrite, quartz, calcite and
rhodochrosite. &nbsp;Enargite and pyrrhotite are common in the central copper
core of the mine and zinc oxides and silicates are encountered in structures
with deep weathering. &nbsp;Silver is also found in sulfosalts, pyrargyrite,
proustite, polybasite and pearceite.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">There
is a definite mineral zoning at Huaron and the mine has been divided into seven
separate zones. &nbsp;There is a central copper core (Zone 5) where the
principal economic mineral was enargite. &nbsp;The structures contain copper
with pyrite and quartz. &nbsp;This area was extensively mined by previous
operators but because of the high arsenic and antimony content and poor metal
recoveries mining in this area could be problematic. &nbsp;To the east and west
of the central core are Zones 2, 3 and 4 where silver, lead and zinc are found
in carbonates principally calcite and rhodochrosite. &nbsp;Zone 1 to the north
of the central core contains silver, lead and zinc associated with pyrite.
&nbsp;Zone 6 is along the west side of the axis of the anticline and south of
Zone 2 is principally lead and zinc with lower silver values within carbonates.
&nbsp;Zone 7 is a narrow band running north-south along the general axis of the
anticline and to the south of Zone 3 and contains principally yellow sphalerite
and sulfosalts with rhodochrosite.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
central core of the district has adularia-sericite alteration overprinted with
strong silicification and epidote-pyrite. &nbsp;This core is surrounded by a
zone containing epidote-pyrite-quartz that grades outwardly to a zone containing
chlorite and magnetite. &nbsp;The mineralized structures are concentrated in the
central core of the district but important structures continue into the outer
zones.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Drilling,
Sampling and Analysis</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Exploration
at Huaron is conducted using a combination of underground drilling and drifting.
&nbsp;Generally, underground drillholes that intersect promising ore grade
mineralization are followed up by drifting for resource and reserve definition.
&nbsp;During 2003, 10,091 metres were drilled using four drill rigs. In
addition, there was 4,704 meters of underground drifting for resource and
reserve definition.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Drill
core is split with half remaining on-site for further reference. &nbsp;Assaying,
for both drill samples and underground channel samples, is done at the mine
laboratory. &nbsp;The quality assurance/quality control program includes checks
run at an outside lab and the submission of standards to the mine lab.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">All
of the geologic activities, including sampling, are conducted under the direct
supervision of the Huaron Chief Geologist.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
October 2003, a $1 million drill program was initiated to upgrade the mine's
resources to proven and probably reserves and to identify additional resources.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Mine
Expansion</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
the fall of 2003, Pan American initiated a technical and economic evaluation of
a possible expansion of the Huaron mine to increase the mine's production.
&nbsp;In September 2003, a feasibility study on the Huaron expansion was
launched. &nbsp;This study is expected to be completed in late 2004. &nbsp;As
part of the feasibility study, the $1 million drill program was initiated.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
19 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Mineral
Reserves</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American's management has estimated proven and probable mineral reserves at
the Huaron mine, as at December 31, 2003, to be as follows:</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="485" colspan="6">
        <p style="margin:0pt; font-family:Times New Roman" align="center"><b><u><font size="3">Huaron
        Reserves <sup>1, 2</sup></font></u></b></p>
      </td>
    </tr>
    <tr>
      <td width="82.8">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Reserve</font></b></p>
      </td>
      <td width="77.533"><font size="3">&nbsp;</font></td>
      <td width="103.933">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Silver</font></b></p>
      </td>
      <td width="68.267"><font size="3">&nbsp;</font></td>
      <td width="66.2"><font size="3">&nbsp;</font></td>
      <td width="86.267"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="82.8">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Category</font></u></b></p>
      </td>
      <td width="77.533">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td width="103.933">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">per
        tonne</font></u></b></p>
      </td>
      <td width="68.267">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Zinc</font></u></b></p>
      </td>
      <td width="66.2">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Lead</font></u></b></p>
      </td>
      <td width="86.267">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Copper</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="82.8">
        <p style="margin:0pt; text-indent:7.1pt; font-family:Times New Roman" align="justify"><font size="3">Proven</font></p>
      </td>
      <td valign="top" width="77.533">
        <p style="margin:0pt; text-indent:5.25pt; font-family:Times New Roman" align="justify"><font size="3">4,554,000</font></p>
      </td>
      <td valign="top" width="103.933">
        <p style="margin:0pt; text-indent:31.75pt; font-family:Times New Roman"><font size="3">237</font></p>
      </td>
      <td valign="top" width="68.267">
        <p style="margin:0pt; text-indent:6.3pt; font-family:Times New Roman"><font size="3">4.22</font></p>
      </td>
      <td valign="top" width="66.2">
        <p style="margin:0pt; text-indent:6.95pt; font-family:Times New Roman"><font size="3">2.41</font></p>
      </td>
      <td valign="top" width="86.267">
        <p style="margin:0pt; text-indent:17.55pt; font-family:Times New Roman"><font size="3">0.41</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="82.8">
        <p style="margin:0pt; text-indent:7.1pt; font-family:Times New Roman" align="justify"><font size="3">Probable</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="77.533">
        <p style="margin:0pt; text-indent:5.25pt; font-family:Times New Roman"><font size="3">1,994,000</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="103.933">
        <p style="margin:0pt; text-indent:31.75pt; font-family:Times New Roman"><font size="3">250</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="68.267">
        <p style="margin:0pt; text-indent:6.3pt; font-family:Times New Roman"><font size="3">4.06</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="66.2">
        <p style="margin:0pt; text-indent:6.95pt; font-family:Times New Roman"><font size="3">2.42</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="86.267">
        <p style="margin:0pt; text-indent:17.55pt; font-family:Times New Roman"><font size="3">0.52</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="82.8">
        <p style="margin:0pt; text-indent:7.1pt; font-family:Times New Roman"><font size="3">Total</font></p>
      </td>
      <td valign="top" width="77.533">
        <p style="margin:0pt; text-indent:5.25pt; font-family:Times New Roman" align="justify"><font size="3">6,548,000</font></p>
      </td>
      <td valign="top" width="103.933">
        <p style="margin:0pt; text-indent:31.75pt; font-family:Times New Roman"><font size="3">241</font></p>
      </td>
      <td valign="top" width="68.267">
        <p style="margin:0pt; text-indent:6.3pt; font-family:Times New Roman" align="justify"><font size="3">4.17</font></p>
      </td>
      <td valign="top" width="66.2">
        <p style="margin:0pt; text-indent:6.95pt; font-family:Times New Roman" align="justify"><font size="3">2.41</font></p>
      </td>
      <td valign="top" width="86.267">
        <p style="margin:0pt; text-indent:17.55pt; font-family:Times New Roman"><font size="3">0.44</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:60pt; line-height:13pt; font-family:Times New Roman" align="justify"><sup><font size="3">_____________</font></sup></p>
<p style="margin-top:4pt; margin-bottom:-12pt; padding-left:57.6pt; font-family:Times New Roman" align="justify"><sup><font size="3">1</font></sup></p>
<p style="margin-top:0pt; margin-bottom:1.35pt; padding-left:57.6pt; text-indent:14.4pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="justify"><font size="3">Calculated
using a price of $5.00 per ounce of silver and $900 per tonne of zinc.</font></p>
<p style="margin-top:4pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-14.4pt; font-family:Times New Roman" align="justify"><sup><font size="3">2</font></sup></p>
<p style="margin-top:0pt; margin-bottom:8pt; padding-left:72pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="justify"><font size="3">Mineral
reserves have been calculated by the mine staff of the Company's subsidiary,
Minera Huaron, under the supervision of an independent "qualified person",
Donald F. Earnest, P.Geo. &nbsp;Mr.&nbsp;Earnest has reviewed and tested the
information developed by the Company's operating subsidiary and, based upon
those reviews and tests, Pan American is satisfied with the accuracy of the
reserve calculations.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Reconciliation
of Mineral Reserves</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Mineral
reserves are adjusted by the amount mined, by additions and deletions resulting
from new geological information and interpretation and in connection with
changes in operating parameters and metal prices. &nbsp;However, proven and
probable mineral reserves are not usually revised in response to short-term
cyclical price variations of metal markets. &nbsp;The following is a
reconciliation of the proven and probable mineral reserves at Huaron to
December&nbsp;31, 2003:</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="438" colspan="3">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><b><u><font size="3">Reconciliation
        of Mineral Reserves at Huaron</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="264"><font size="3">&nbsp;</font></td>
      <td valign="top" width="36"><font size="3">&nbsp;</font></td>
      <td valign="top" width="138">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="264">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Opening
        balance, December&nbsp;31, 2002</font></p>
      </td>
      <td valign="top" width="36"><font size="3">&nbsp;</font></td>
      <td valign="top" width="138">
        <p style="margin:0pt; padding-right:26.1pt; font-family:Times New Roman" align="right"><font size="3">5,914,700</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="264">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Additions
        <sup>1</sup></font></p>
      </td>
      <td valign="top" width="36"><font size="3">&nbsp;</font></td>
      <td valign="top" width="138">
        <p style="margin:0pt; padding-right:26.1pt; font-family:Times New Roman" align="right"><font size="3">1,097,800</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="264">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Losses
        <sup>2</sup></font></p>
      </td>
      <td valign="top" width="36"><font size="3">&nbsp;</font></td>
      <td valign="top" width="138">
        <p style="margin:0pt; padding-right:26.1pt; font-family:Times New Roman" align="right"><font size="3">38,500</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="264">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Tonnes
        mined from reserves</font></p>
      </td>
      <td valign="top" width="36"><font size="3">&nbsp;</font></td>
      <td valign="top" width="138">
        <p style="margin:0pt; padding-right:26.1pt; font-family:Times New Roman" align="right"><font size="3">426,000</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="264"><font size="3">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="36"><font size="3">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="138"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="264">
        <p style="margin-top:4.15pt; margin-bottom:4.15pt; font-family:Times New Roman"><font size="3">Closing
        balance, December&nbsp;31, 2003</font></p>
      </td>
      <td valign="top" width="36"><font size="3">&nbsp;</font></td>
      <td width="138">
        <p style="margin-top:4.15pt; margin-bottom:4.15pt; padding-right:26.1pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:3pt double #000000" align="right"><font size="3">6,548,000</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:68.4pt; font-family:Times New Roman"><font size="3">___________</font></p>
<p style="margin-top:5pt; margin-bottom:-12pt; padding-left:85.5pt; text-indent:-18pt; font-family:Times New Roman"><sup><font size="3">1</font></sup></p>
<p style="margin-top:0pt; margin-bottom:4pt; padding-left:85.5pt; line-height:10pt; font-family:Times New Roman"><font size="3">Additions
are from tonnes added through exploration (431,095) or reinterpretation
(666,705) mostly due to higher metal prices.</font></p>
<p style="margin-top:5pt; margin-bottom:-12pt; padding-left:85.5pt; text-indent:-18pt; font-family:Times New Roman"><sup><font size="3">2</font></sup></p>
<p style="margin-top:0pt; margin-bottom:8pt; padding-left:85.5pt; line-height:10pt; font-family:Times New Roman"><font size="3">Losses
are from 38,500 tonnes lost through reinterpretation.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Management
of the company believes that reserves at the Huaron Mine are sufficient for at
least ten years at current production rates.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
20 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:5pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Mineral
Resources</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American's management estimates that mineral resources at the Huaron mine, as
of December&nbsp;31, 2003, are as follows:</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="470.267" colspan="6">
        <p style="margin:0pt; font-family:Times New Roman" align="center"><b><u><font size="3">Huaron
        Resources<sup>1, 2</sup></font></u></b></p>
      </td>
    </tr>
    <tr>
      <td width="93.933">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Resource</font></b></p>
      </td>
      <td width="85.067"><font size="3">&nbsp;</font></td>
      <td width="97.8">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Silver</font></b></p>
      </td>
      <td width="66.133"><font size="3">&nbsp;</font></td>
      <td width="56.667">
        <p style="margin:0pt; text-indent:8.75pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3"><br>
        </font></u></b></p>
      </td>
      <td width="70.667">
        <p style="margin:0pt; text-indent:8.8pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3"><br>
        </font></u></b></p>
      </td>
    </tr>
    <tr>
      <td width="93.933">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Category</font></u></b></p>
      </td>
      <td width="85.067">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td width="97.8">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">per
        tonne</font></u></b></p>
      </td>
      <td width="66.133">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Zinc</font></u></b></p>
      </td>
      <td width="56.667">
        <p style="margin-top:0pt; margin-bottom:2.05pt; text-indent:-19pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Lead</font></u></b></p>
      </td>
      <td width="70.667">
        <p style="margin-top:0pt; margin-bottom:2.05pt; text-indent:-27.45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Copper</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="93.933">
        <p style="margin:0pt; text-indent:11.95pt; font-family:Times New Roman"><font size="3">Measured</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin:0pt; text-indent:5.25pt; font-family:Times New Roman" align="justify"><font size="3">1,810,000</font></p>
      </td>
      <td valign="top" width="97.8">
        <p style="margin:0pt; text-indent:24.6pt; font-family:Times New Roman"><font size="3">204</font></p>
      </td>
      <td valign="top" width="66.133">
        <p style="margin:0pt; text-indent:10.9pt; font-family:Times New Roman"><font size="3">4.11</font></p>
      </td>
      <td valign="top" width="56.667">
        <p style="margin:0pt; text-indent:3.75pt; font-family:Times New Roman"><font size="3">2.37</font></p>
      </td>
      <td valign="top" width="70.667">
        <p style="margin:0pt; text-indent:8.1pt; font-family:Times New Roman" align="justify"><font size="3">0.37</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="93.933">
        <p style="margin:0pt; text-indent:11.95pt; font-family:Times New Roman"><font size="3">Indicated</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin:0pt; text-indent:12.75pt; font-family:Times New Roman"><font size="3">573,000</font></p>
      </td>
      <td valign="top" width="97.8">
        <p style="margin:0pt; text-indent:24.6pt; font-family:Times New Roman"><font size="3">228</font></p>
      </td>
      <td valign="top" width="66.133">
        <p style="margin:0pt; text-indent:10.9pt; font-family:Times New Roman"><font size="3">4.01</font></p>
      </td>
      <td valign="top" width="56.667">
        <p style="margin:0pt; text-indent:3.75pt; font-family:Times New Roman"><font size="3">2.40</font></p>
      </td>
      <td valign="top" width="70.667">
        <p style="margin:0pt; text-indent:8.1pt; font-family:Times New Roman"><font size="3">0.47</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="93.933">
        <p style="margin:0pt; text-indent:11.95pt; font-family:Times New Roman"><font size="3">Inferred</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin:0pt; text-indent:5.25pt; font-family:Times New Roman"><font size="3">2,341,000</font></p>
      </td>
      <td valign="top" width="97.8">
        <p style="margin:0pt; text-indent:24.6pt; font-family:Times New Roman"><font size="3">245</font></p>
      </td>
      <td valign="top" width="66.133">
        <p style="margin:0pt; text-indent:10.9pt; font-family:Times New Roman"><font size="3">3.97</font></p>
      </td>
      <td valign="top" width="56.667">
        <p style="margin:0pt; text-indent:3.75pt; font-family:Times New Roman"><font size="3">2.46</font></p>
      </td>
      <td valign="top" width="70.667">
        <p style="margin:0pt; text-indent:8.1pt; font-family:Times New Roman"><font size="3">0.37</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:76.8pt; font-family:Times New Roman"><font size="3">___________</font></p>
<p style="margin-top:5pt; margin-bottom:-12pt; padding-left:90pt; text-indent:-14.4pt; font-family:Times New Roman"><sup><font size="3">1</font></sup></p>
<p style="margin-top:0pt; margin-bottom:1.35pt; padding-left:90pt; line-height:10pt; font-family:Times New Roman"><font size="3">Calculated
using a price of $5.00 per ounce of silver and $900 per tonne zinc.</font></p>
<p style="margin-top:4pt; margin-bottom:-12pt; padding-left:93.6pt; text-indent:-18.7pt; font-family:Times New Roman" align="justify"><sup><font size="3">2</font></sup></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:93.6pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="justify"><font size="3">Mineral
resources have been calculated by the mine staff of the Company's subsidiary,
Minera Huaron, under the supervision of an independent "qualified person",
Donald F. Earnest, P.Geo. &nbsp;Mr.&nbsp;Earnest has reviewed and tested the
information developed by the Company's operating subsidiary and, based upon
those reviews and tests, Pan American is satisfied with the accuracy of the
resource calculations.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Mining</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Huaron mine is located under a mountain range with development from elevation
4,250 metres above sea level to 4,650 metres above sea level. &nbsp;Initially,
Pan American's mining activities will extend over an area of two kilometers by
two kilometers.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
main mine access is by a four metre by four metre ramp which is used for truck
haulage of ore out of the mine. &nbsp;There are two existing shafts on the
property but these have not been used since the late 1980's.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
2004 it is expected that stopes from 15 different veins will be mined with
approximately 45 stopes active at any time. &nbsp;The mining method is 100%
mechanized cut-and-fill using mill tailings as the backfill material.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
second half of the year 2004, Pan American will assume mining of 20 stopes from
one of the working zones, which will mean savings in operating costs.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
the second quarter of year 2004, Pan American will start rehabilitation of the
500 level in order to change the ore haulage system, from commercial 12 cubic
meter-capacity trucks to electric locomotives for the ore transport. This will
mean savings in operating costs, as well as the possibility to access new zones
with ore reserves.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Milling</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">During
the year 2003, the concentrator plant processed 605,790 tonnes of ore. &nbsp;The
plant has operated basically the same circuits of crushing, ball mill grinding,
selective flotation and filtering since it started in 2001.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
daily mill treatment was improved to an average of 2,020 tonnes of ore per day,
processing over 54,000 tonnes of ore in some months of the year. Likewise, some
metallurgical indexes have been improved, as silver and lead recoveries (89.21%
and 89.19%). Additionally, slightly better quality of concentrates has been
obtained, such the copper concentrate with a higher silver content (12,580.96
grams per tonne) and lead and zinc concentrates (53.44% and 50.95%).</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Energy
consumption has been reduced from 30 Kw-hh per tonne to 28.05 Kw-hr per tonne.
&nbsp;The treatment cost has reached an average of $4.16 per tonne.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
21 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">For
the year 2004 it is expected to increase the daily treatment over 2,040 tonnes
per day, and to reduce operating costs, as well as to decrease the energy
consumption to levels under 28 Kw-hr per tonne.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Environment,
Health and Safety</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Before
Pan American acquired its interest in the Huaron Mine, in compliance with
Peruvian regulations, Cia Minera Huaron had filed a program of environmental
remediation and management (PAMA) with the government on July 26, 1996.
&nbsp;The PAMA addressed, among other things, stability of tailings
impoundments, water quality and the fact that liquid effluents from the mine
exceeded certain permissible levels of metals, as well as revegetation of a
historic tailings area near the adjacent town . &nbsp;The PAMA set forth an
implementation time line of nine months for Minera Huaron to make certain
expenditures to address the environmental issues raised. &nbsp;In January of
1997 and March of 1998, the Minister of Energy and Environment consented to the
modification of certain expenditures under the PAMA and an extension of the
implementation time line.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">As
a result of the 1998 flood of the adjacent Animon mine (held by others), waters
inundated portions of the Huaron Mine, causing the closure of the mine.
&nbsp;For this reason, Minera Huaron was not able to satisfy all of its
obligations under the PAMA in accordance with the established implementation
time line. &nbsp;Given the magnitude of the accident at the Huaron mine, in
December 2001, the Minister of Energy and Environment granted further
modification of the PAMA and an extension of the time for implementation.
&nbsp;At the same time, the Minister of Energy and Environment approved a
special program of environmental management ("PEMA") to continue until the
end of 2005.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Minera
Huaron completed requirements under the PAMA program, and compliance and
expenditures have been audited by third party consultants. &nbsp;Under the PEMA
program, work continues on two projects: &nbsp;remediation of water quality
exiting the old workings; and closure of the historic Huayllay tailings
impoundment. &nbsp;Expenditures required to complete the first project are to be
reviewed at the end of 2004, when the company is to make a final remediation
proposal based on results achieved with field tests.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
October 2003, the Peruvian government passed legislation requiring active mining
operations to file closure plans within six months of the date of passage of the
legislation. &nbsp;&nbsp;To date, accompanying administrative rules which lay
out detailed closure requirements, including bonding and tax deductibility of
reclamation and rehabilitation expenses are not yet promulgated. &nbsp;Huaron's
Closure Plan was filed by mid-year 2004. &nbsp;Pan American has taken a charge
against operations of approximately $606,000 as a reclamation accrual for Huaron.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American's operations at the Huaron mine currently comply in all material
respects with applicable Peruvian laws. &nbsp;The most significant environmental
issues currently associated with the mine are metal-laden neutral waters
discharged from the mine, localized areas of acid rock drainage from the mine's
tailings deposit areas and the containment and stability of the active tailings
ponds. During 2003, water quality at the compliance point has met pH standards
and a majority of metal compliance standards. &nbsp;The closure planning
process, now underway with the support of an independent consultant, will define
closure and mitigation options for improving water quality exiting the site.
&nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Water
quality will likely remain as the most important environmental issue at the
Huaron mine due to both suspended solids and dissolved metals. &nbsp;More
precise information on flows and water quality is required before effective and
integrated solutions can be developed to define a site water balance model.
&nbsp;Dissolved metals in mine waters and other drainages can be managed using
various types of water treatment, such as addition of lime or other reagents to
precipitate metals. &nbsp;A program of regular water sampling is ongoing to
provide base line data. &nbsp;These data will be used to assist the
decision-making process for the development of the appropriate mitigation
measures to bring site water quality into compliance with maximum permissible
levels.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
22 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Following
its purchase of the mine, Pan American implemented a modified version of the
third party safety and training program for employees and contractors used
successfully at its Quiruvilca Mine. &nbsp;All employees are required to undergo
safety and environmental training and all new underground employees are required
to undergo task specific training prior to being assigned to their first
position. &nbsp;</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Capital
Expenditures</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
2003, capital expenditures at the Huaron mine were approximately $1,862,000 and
consisted of:</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Ongoing
    rehabilitation of the mine's 250 level drainage tunnel of $658,000;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Exploration
    plan for Huaron's expansion of $266,000;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Tailings
    dam No. 5 works and preparation for expansion of $218,000;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Purchase
    of diesel scoop of $150,000; and</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Other
    mine expenditures totalling $570,000.</font></li>
</ul>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">During
2002, capital expenditures at the Huaron mine were approximately $887,000 and
consisted of:</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Ongoing
    rehabilitation of the mine's 250 level drainage tunnel of $390,000;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Purchase
    of an exploration diamond drill machine and secondary cone crusher for
    $286,000; and</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Infrastructure
    and site improvement work of $114,000.</font></li>
</ul>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Marketing</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
products of value to be produced from the Huaron mine are silver rich zinc, lead
and copper concentrates. &nbsp;In 2002, long-term contracts for the sale of
Huaron's zinc and lead concentrate were signed with an arm's length metals
trading company. &nbsp;These contracts extend through 2006 with an option to
extend through 2007. &nbsp;In 2002, a contract for the sale of Huaron's 2003
and 2004 excess lead concentrate production &nbsp;was signed with an arm's
length metals trading company. &nbsp;Copper concentrate was sold under a
contract that expires at the end of 2005. &nbsp;All contracts are at arms
length. &nbsp;Huaron will receive payment for an agreed percentage of the
silver, lead, zinc or copper contained in the concentrate after deduction of
smelting and refining costs. &nbsp;Also some tonnage under these contracts was
cancelled and sold at market terms on a spot basis for 2003 and 2004.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">During
2003, 100% of Huaron's zinc concentrate was sold to a metals trading company;
100% of Huaron's lead concentrate was sold to an integrated metals smelter or
a metals trading company; and 100% of Huaron's copper concentrate was sold to
a Peruvian integrated metals smelter.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
2002 and 2003, the revenues per type of concentrate produced by the Huaron mine
were as follows:</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify">&nbsp;</p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify">&nbsp;</p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="151.2"><b><u><font size="3">&nbsp;2003</font></u></b></td>
      <td valign="top" width="132.267">
        <p style="margin:0pt; text-indent:28.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u><font size="3">Revenue</font></u></b></p>
      </td>
      <td valign="top" width="84.6">
        <p style="margin:0pt; text-indent:15.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Average
        Price<u><br>
        per Tonne</u></font></b></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="150.533">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman"><font size="3">Zinc
        Concentrate</font></p>
      </td>
      <td valign="top" width="132.267">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:14.3pt; padding-right:22.35pt; font-family:Times New Roman" align="right"><font size="3">$5,361,873</font></p>
      </td>
      <td valign="top" width="85.267">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:10.9pt; font-family:Times New Roman" align="right"><font size="3">31,662</font></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:26.15pt; font-family:Times New Roman" align="right"><font size="3">$169</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="150.533">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman"><font size="3">Lead
        Concentrate</font></p>
      </td>
      <td valign="top" width="132.267">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:14.3pt; padding-right:22.35pt; font-family:Times New Roman" align="right"><font size="3">$11,122,849</font></p>
      </td>
      <td valign="top" width="85.267">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:10.9pt; font-family:Times New Roman" align="right"><font size="3">25,239</font></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:26.15pt; font-family:Times New Roman" align="right"><font size="3">$441</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="150.533">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman"><font size="3">Copper
        Concentrate</font></p>
      </td>
      <td valign="top" width="132.267">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:14.3pt; padding-right:22.35pt; font-family:Times New Roman" align="right"><font size="3">$9,817,419</font></p>
      </td>
      <td valign="top" width="85.267">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:10.9pt; font-family:Times New Roman" align="right"><font size="3">5,064</font></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:26.15pt; font-family:Times New Roman" align="right"><font size="3">$1,939</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
23 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="151.2" colspan="2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><b><u><font size="3">2002</font></u></b></p>
      </td>
      <td valign="top" width="132.267">
        <p style="margin:0pt; text-indent:29.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u><font size="3">Revenue</font></u></b></p>
      </td>
      <td valign="top" width="84.6">
        <p style="margin:0pt; text-indent:15.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Average
        Price<u><br>
        per Tonne</u></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="150.533">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman"><font size="3">Zinc
        Concentrate</font></p>
      </td>
      <td valign="top" width="132.267" colspan="2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:14.3pt; padding-right:22.35pt; font-family:Times New Roman" align="right"><font size="3">$8,803,506</font></p>
      </td>
      <td valign="top" width="85.267">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:10.9pt; font-family:Times New Roman" align="right"><font size="3">43,827</font></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:26.15pt; font-family:Times New Roman" align="right"><font size="3">$201</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="150.533">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman"><font size="3">Lead
        Concentrate</font></p>
      </td>
      <td valign="top" width="132.267" colspan="2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:14.3pt; padding-right:22.35pt; font-family:Times New Roman" align="right"><font size="3">$9,285,097</font></p>
      </td>
      <td valign="top" width="85.267">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:10.9pt; font-family:Times New Roman" align="right"><font size="3">26,088</font></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:26.15pt; font-family:Times New Roman" align="right"><font size="3">$356</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="150.533">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman"><font size="3">Copper
        Concentrate</font></p>
      </td>
      <td valign="top" width="132.267" colspan="2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:14.3pt; padding-right:22.35pt; font-family:Times New Roman" align="right"><font size="3">$8,596,221</font></p>
      </td>
      <td valign="top" width="85.267">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:10.9pt; font-family:Times New Roman" align="right"><font size="3">6,022</font></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:26.15pt; font-family:Times New Roman" align="right"><font size="3">$1,427</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="150.533"><font size="3">&nbsp;</font></td>
      <td valign="top" width="132.267" colspan="2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="85.267"><font size="3">&nbsp;</font></td>
      <td valign="top" width="132.467"><font size="3">&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Under
the terms of its concentrate sales agreements Huaron is entitled to receive
partial payments for the value of concentrate that it has produced but not yet
delivered ("Advance Payments"). &nbsp;Minera Huaron is obliged to make
deliveries of concentrate in order to discharge these Advance Payments.
&nbsp;The Company has guaranteed Minera Huaron's performance, up to $2 million
under Huaron's lead concentrate agreement with one purchaser, to discharge
this obligation.</font></p>
<p style="margin-top:5pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><i><font size="3">La&nbsp;Colorada
Mine</font></i></b></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Ownership
and Property Description</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Pan American Silver's wholly-owned subsidiary, Pan American Mexico, owns and
operates the La Colorada property. &nbsp;Pan American acquired La Colorada in
March 1998.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
La Colorada property consists of six non-contiguous blocks of exploration
permits and exploitation claims totalling approximately 1,947 hectares.
&nbsp;Approximately 1,405 hectares of exploration permits, 542 hectares of
exploitation claims and 464 hectares of surface rights cover the main mine
workings and the mine's ore zones. &nbsp;Additional exploration permits
covering an area of approximately 110 hectares and 98 hectares of exploitation
claims are located to the north of the main workings. &nbsp;There was a minor
boundary dispute between Pan American Mexico and a local landowner regarding
less than 1% of the surface rights in the area held by Pan American Mexico.
&nbsp;The complaint against Pan American Mexico was dismissed by a Mexican
court.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">On
June&nbsp;17, 2002 Pan American entered into a $10,000,000 project debt facility
with IFC pursuant to which Pan American granted security over its shares of Pan
American Mexico and all of the assets of Pan American Mexico of which $9.5
million was drawn down to complete the project expansion by mid-2003. &nbsp;In
April 2004, Pan American notified IFC of its intention to prepay the entire
amount drawn under the facility.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">To
the best of Pan American's knowledge, there are no other royalties or
encumbrances that affect the La Colorada property.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">A
technical report on the La Colorada Mine (the "La Colorada Report") dated
August&nbsp;29, 2003 has been prepared for Pan American in accordance with
NI&nbsp;43-101 by Norm Pitcher, P.Geo., John Wright, P.Eng. and Robert Barnes,
P.Eng., all of whom were "qualified persons" then employed by the Company.
&nbsp;The following summary of the La Colorada Mine is based on and, in some
cases, is extracted directly from the La Colorada Report.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
projected capital expenditures, production estimates, cash flow projections and
other projections in respect of the La Colorada mine included in this Annual
Information Form have been extracted from the La Colorada Report. &nbsp;These
projected capital expenditures, production estimates, cash flow projections and
other projections have been included in this Annual Information Form based on
the requirements of applicable Canadian securities regulations and were not
prepared with a view towards compliance with the published guidelines of the
United States Securities Exchange Commission, or the guidelines published by the
Canadian Institute of Chartered Accountants or the American Institute of
Certified Public Accountants for preparation and presentation of prospective
financial information. &nbsp;Pan American's current and former auditors have
neither examined nor compiled the accompanying prospective financial information
and, accordingly, do not express opinions or any other form of assurance with
respect thereto.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
24 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Location,
Access, Climate and Infrastructure</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
La&nbsp;Colorada Mine is located in the Chalchihuites district in Zacatecas
State, Mexico, approximately 156 kilometres northwest of the city of Zacatecas
and 99 kilometres south of the city of Durango. &nbsp;The main municipality in
the district is the city of Chalchihuites, 16 kilometres northwest of the La
Colorada Mine, with a population of approximately 1,000. &nbsp;The district's
general coordinates are 23<sup>o</sup>, 23' North Latitude and 103<sup>o</sup>, 46' West Longitude.
&nbsp;The property is situated at elevations between 2,100 and 2,550 metres
above sea level. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
La Colorada Mine is accessed primarily from the city of Durango by a
continuously maintained 120 kilometre all-weather, paved, two lane highway
(Highway 45) and a 23 kilometre public, all weather, gravel road.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
physiography of the region around the mine site resembles a basin and range area
with wide flat valleys and narrow relatively low mountains and ranges.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
climate at the project site is arid to semi-arid. &nbsp;Vegetation typically
includes mesquite and cactus. &nbsp;The rainy season is from July to September
but precipitation in the area is quite low. &nbsp;Average winter temperatures
are around 0 degrees Celsius during the night.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">La
Colorada receives its power through the Mexican national power grid which was
upgraded in 2001. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
existing water system at the La Colorada Mine is currently supplied from an
underground source. &nbsp;As permitted by Mexican law, underground water is
pumped to surface head tanks for use in the mill process and for domestic
services. &nbsp;Underground water is also pumped to a water treatment plant,
which was constructed in 2002, to provide potable water. &nbsp;Pan American
estimates that the current volume of water supply meets the existing and planned
future requirements of the project.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">There
is a long history of silver mining in Zacatecas State and as a result there is
adequate infrastructure and an experienced workforce in the area.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">All
permits and licences required for the conduct of mining operations at La
Colorada are currently in good standing.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Taxation</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
principal taxes of Mexico affecting Pan American include income tax, assets tax,
employee profit sharing taxes, annual fees for holding mineral properties,
various payroll and social security taxes and a refundable value added tax.
&nbsp;The overall tax burden in Mexico is less than the Canadian tax burden.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">History</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
production history of the Chalchihuites district began during pre-colonial times
when natives produced silver and malachite in primitive ways. &nbsp;During the
sixteenth century, the Spaniards founded the village of Chalchihuites and began
intermittent exploitation of the mineral deposits in the area. &nbsp;By the
nineteenth century, the Spanish operations achieved continuous silver
production, which was interrupted by the Mexican War of Independence.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
1925 the Dorado family operated mines at two locations on the La&nbsp;Colorada
property. &nbsp;From 1929 to 1955 Candelaria y Canoas S.A., a subsidiary of
Fresnillo S.A., installed a 100 ton per day flotation plant and worked the old
dumps of two previous mines on the La&nbsp;Colorada property. &nbsp;From 1933 to
the end of World War II La Compania de Industrias Penoles also conducted
mining operations on a single breccia pipe on the property. &nbsp;From 1949 to
1993 Compania de Minas Victoria Eugenia S.A. de C.V. operated a number of
mines on the La&nbsp;Colorada property.</font></p>
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25 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
1994 Minas La Colorada S.A. de C.V. ("MLC") acquired the exploration and
exploitation claims and surface rights of Compania de Minas Victoria Eugenia
S.A. de C.V. &nbsp;Until 1997 MLC conducted mining operations on three of the
old mines on the La&nbsp;Colorada property, producing approximately 6,000 tons
per month.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Geology
and Mineralization</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
La Colorada property is located on the eastern flanks of the Sierra Madre
Occidental at the contact between the lower volcanic complex and the upper
volcanic supergroup.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
oldest rocks exposed in the mine area are Cretaceous carbonates and calcareous
clastic rocks. &nbsp;Overlying the calcareous rocks is a conglomerate unit
containing clasts derived mostly from the subadjacent sedimentary rocks.
&nbsp;Most of the outcrop in the mine area is represented by intermediate to
felsic volcanic rocks of the regional lower volcanic complex.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
stratigraphically highest rocks in the mine area are felsic tuffs correlated
with the upper volcanic sequence. &nbsp;These tuffs unconformably overlie the
trachyte along the southern property boundary, and are distinctly maroon
coloured and show varying degrees of welding.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Thirteen
breccia pipes have been mapped on the surface or in underground workings.
&nbsp;All of the pipes are located along or to the south of the No Conocida (NCP/NC2)
vein complex. &nbsp;The pipes are round to ovoid in shape, up to 100 meters in
diameter, and can extend vertically more than 400 meters below the surface.
&nbsp;The breccias contain clasts of limestone and trachyte (often mineralized)
in an altered trachyte matrix. &nbsp;The ratio of limestone to trachyte clasts
varies from pipe to pipe.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">East
to northeast striking faults form the dominant structures in the project area
and play a strong role in localizing mineralization. &nbsp;Most of these faults
dip moderately to steeply to the south and juxtapose younger hanging wall strata
against older footwall rocks. &nbsp;Evidence suggests down-dip motion on these
faults, however most of the faults have been reactivated at some point so the
movement direction during the initial formation is uncertain. Stratigraphic
contacts are displaced from tens to over a hundred meters lower on down dropped
blocks.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
trachyte unit displays an eastward tilting that may reflect displacement on
regional, orogenparallel structures outside the project area. &nbsp;This tilting
probably reflects the final episode of deformation.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">La
Colorada represents a typical epithermal silver gold deposit, with a transition
in the lower reaches of the deposit to a more base metal predominant system.
&nbsp;There are indications of what might be skarn style mineralization in the
deepest drill holes on the property.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">There
are four dominant styles of mineralization at La Colorada: (i) breccia pipes;
(ii) vein-hosted mineralization; (iii) replacement mantos within limestone; and
(iv) deeper seated transitional mineralization (transition zone).</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Mineralization
in the breccia pipes generally has lower silver values and elevated base metal
values. &nbsp;Mineralization is associated with intense silicification and
occurs as disseminated galena and sphalerite with minor chalcopyright and
bornite. &nbsp;Sulphides are found in the clasts and the matrix.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Most
mineralized veins on the property strike east to northeast and dip moderately to
steeply to the south. &nbsp;Veins occur in the trachyte and limestone units and
cut across the bedding and contacts with little change in the width or grades of
the vein. &nbsp;Mineralized widths in the veins are generally less than two
meters but may be wider if there is a halo of replacement or brecciated
material. &nbsp;The No Conocida Poniente (NCP) Corridor strikes east west and
dips moderately to the south, with average widths of approximately 12 meters.</font></p>
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26 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Vein
fillings consist of quartz, calcite, and locally barite and rhodochorosite.
&nbsp;Where the veins are unoxidized, galena, sphalerite, pyrite, native silver
and silver sulfosalts are present. &nbsp;The major mineralised veins, including
the Corridor, are strongly brecciated and locally oxidized, obscuring original
textural features. &nbsp;Less deformed veins show mineralogical layering,
crystal-lined open vugs, and hydrofracture vein breccias, indicating typical
multi-stage growth.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
depth to the surface and the permeability of the mineralized zone control the
level of oxidation in the veins. &nbsp;These factors result in an uneven but
generally well-defined redox boundary.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Manto
style mineralization is found near vein contacts where the primary host rock is
limestone. &nbsp;At Recompensa, the mantos appear to be controlled by thrust
faulting adjacent to the veins, and can form bodies up to six meters wide.
&nbsp;Most commonly they occur in the footwall north of the steeply dipping
vein, but depending on the orientation of the fault they can occur in the
footwall, the hanging wall, or both. &nbsp;The mineralogy of the mantos is
characterized by galena and sphalerite with minor pyrite and chalcopyrite.
&nbsp;Gangue minerals are quartz, rhodochorosite, pyrolusite and other manganese
oxides.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
deep seated transition mineralization consists of both vein type mineralization
and more diffuse stockwork and breccia zones.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
ore zones at La Colorada as well as their orientation (strike/dip) and style of
mineralization are as follows.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><i>NCP
and NCP Corridor</i> - Average orientation 75/60S. &nbsp;The Corridor consists
of the NCP structure west of the Candelaria Breccia. &nbsp;This zone is
characterized by a broad mineralised shear within limestone containing one or
more quartz veins parallel to the orientation of the shear. &nbsp;The majority
of the silver mineralization is found in the quartz veins, however the limestone
is mineralised through with grades up to 1,000 grams of silver per tonne.
&nbsp;The Corridor is generally oxidised, although there is a poorly defined
mixed zone and there are also unoxidized areas, particularly in the extreme
western portion. &nbsp;The Corridor is exposed on the 295 level and is unmined
below that level. &nbsp;Above 295 some sporadic mining has taken place.
&nbsp;The NCP vein is east of the Candelaria Breccia, and is a typical narrow
vein structure.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><i>NC2E
</i>- Average orientation 45/70S. &nbsp;NC2E is a narrow (one-to-two meter)
sulphide vein that contains the bulk of the current sulphide resources. &nbsp;It
has a strike length of over 700 meters and is open to the east where there is a
wedge of inferred material below the east mine fault. &nbsp;NC2E is exposed on
the 295 level and has been drilled to below the 495 level.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><i>NC2W</i>
- - Average orientation 35/65S. &nbsp;NC2W is probably the faulted, western
extension of NC2E. &nbsp;The western portion of NC2W is oxide and averages 2.1
meters wide. &nbsp;The eastern portion is sulphide and averages 1.1 meters wide.
&nbsp;NC2W is unmined, and has been exposed on the recently developed 100 and
150 levels. &nbsp;It has a strike length of over 300 meters and extends from the
surface to slightly above the 295 level. &nbsp;Below the 295 level the structure
becomes more complicated and further work is needed in this area to define
additional resources.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><i>4235
</i>- Average orientation 90/75N. &nbsp;4235 is a narrow (approximately one
meter) vein which occurs in the hanging wall of the NCP and NC2 vein systems.
&nbsp;It has a strike length of approximately 140 meters, and has been exposed
by recent development on the 295 level and by drilling above and below that
level. &nbsp;The western half of 4235 is sulphide, the eastern half is oxide.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><i>Recompensa</i>
- - Average orientation is 90/80N. &nbsp;Recompensa is a combination of vein and
manto mineralization located more than a kilometre north and west of the NC2 and
NCP vein complex. &nbsp;The vein mineralization is narrow</font></p>
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</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
27 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">(less
than one meter) but irregular shaped mantos can be up to ten meters thick.
&nbsp;Recompensa contains both oxide and sulphide material.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><i>Amolillo</i><b>
</b>- Average orientation 45/70S. &nbsp;Amolillo is a small oxide vein located
500 meters north of the NC2 and NCP vein complex.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><i>Footwall
and Hanging Wall Veins</i> - Orientation generally parallel to NC2E.
&nbsp;These veins (all sulphide) occur in the footwall and hanging wall of the
NC2E structure, and are generally narrow (less than one meter) with limited
strike and dip extents.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><i>NC2E
Deep</i> - Average orientation variable. &nbsp;This mineralization occurs as
the down dip extension of the NC2E structure on the east end. &nbsp;This zone
has received limited drilling due to restricted access. &nbsp;The current
interpretation of this area, based on work by Pan American geologists and a
structural consultant, is that the mineralization represents a transition from
typical epithermal veins to a deeper seated, intrusion related system. &nbsp;As
a result, this zone shows characteristics of vein-style mineralization as well
as thicker, more diffuse, stockwork, breccia, and replacement-type
mineralization. &nbsp;The zone tends to have lower silver values and higher
lead-zinc values.</font></p>
<p style="margin-top:5pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Exploration
and Drilling</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
bulk of Pan American's exploration of the La Colorada property has been
surface and underground diamond drilling and underground drifting on the veins
and mineralized zones.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">From
1997 to 2002 Pan American drilled 49 surface holes and 127 underground holes,
for 32,327 total meters of drilling. &nbsp;Surface drilling was done with NQ
sized core and underground drilling used BQ, except for certain Corridor
drilling in 2000, which was done with HQ core in an attempt to improve recovery.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Prior
to Pan American's involvement in the La Colorada project, previous operators
had drilled 131 holes for a total of 8,665 meters. &nbsp;These holes were not
used in Pan American's reserve or resource calculation, with the exception of
four holes where the original core was found and assayed by Pan American.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Drill
holes generally ranged in length from 100 to 300 meters with dips of plus 45<sup>o</sup>
to minus 90<sup>o</sup>. &nbsp;Standard logging and sampling processes were used to record
information from the holes drilled by Pan American. &nbsp;Interval samples were
cut with a diamond saw and all of the remaining core is stored on-site.
&nbsp;Hole collars were surveyed by a total station survey equipment.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Recovery
in the drill holes was generally high (plus 80%), with the exception of holes
drilled into the Corridor ore zone. &nbsp;In the Corridor zone, the recovery
averaged 67%. &nbsp;There was no bias in the poorer recovery drill holes.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
drilling programs were successful in projecting ore below the lowest level of
the mine (the 295 level) in NC2E and the Corridor zone, and below the 150 level
in NC2W. &nbsp;Drilling was also used as a recognizance tool outside of the main
mine area.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Underground
drifting along the mineralized structures was the other principal method of
exploration. &nbsp;Approximately 4,400 meters of horizontal and ramp development
was done in NC2W, NC2E, 5235 and the San Fermin areas. &nbsp;The drifting
allowed detailed mapping and structural interpretation of the ore zones, as well
as key grade information.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">No
exploration drilling was conducted during 2003.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
28 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Sampling
and Analysis</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
La Colorada database consists of two types of samples - underground channel
samples and diamond drill core samples.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Underground
development was channel sampled every four meters. &nbsp;Samples were broken out
geologically, and vein and wall rock is sampled separately. &nbsp;Sample size is
approximately three kilos. &nbsp;To provide an accurate representation of vein
grades, samples are taken regardless of whether the vein appears to be above
cut-off or not. &nbsp;Any waste lenses within the vein are included in the vein
sample. &nbsp;In almost all cases the vein is usually distinguishable from the
wall rock, due to the high quartz and sulphide content of the vein material.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
addition to the samples taken from development, the database now includes stope
samples taken from mining during 2001 and 2002. &nbsp;Stope sampling methodology
is the same as the development sampling.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Drill
holes are sampled and logged accordingly to industry-accepted standards.
&nbsp;Holes are logged for lithology, alternation, mineralogy and recovery.
&nbsp;As with the underground sampling, the samples are broken out by geology,
and vein and wall rock are sampled separately.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American has used three commercial labs for the exploration assaying at La
Colorada: Bondar Clegg (Vancouver, B.C.), Chemex (Vancouver, B.C.) and Luismin
(Durango, Mexico). &nbsp;During 2001 and 2002, production samples were also
assayed at the La Colorada lab under Pan American's direction. &nbsp;All
assaying by the commercial labs for gold and silver has been done using fire
assay with either an AA or gravimetric finish on a one-assay tonne charge.
&nbsp;Base metals were assayed using acid solution and AA determination.
&nbsp;The La Colorada lab uses fire assay for gold and silver on a ten gram
charge with a gravimetric finish. &nbsp;Base metals are assayed using acid
digestion and titration.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">A
quality assurance/quality control program consisting of check assays and blank
samples at an independent laboratory were used throughout the drilling program.
&nbsp;The results of the re-assaying shows variation between the La Colorada lab
and the independent laboratory. &nbsp;However, the mean of the assays for both
silver and gold are lower from the on-site lab, which would introduce an element
of conservatism into the sulphide resource and reserve calculations.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">All
of the drilling, sampling and quality assurance/quality control programs were
conducted under the direct supervision of Pan American's geology staff.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Mineral
Reserves</font></i></b></p>
<p style="margin:0pt; text-indent:36pt; line-height:11pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American's management estimates that mineral reserves at La Colorada, as at
December 31, 2003, are as follows:</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="center"><b><u><font size="3">La
Colorada Mineral Reserves <sup>1, 2</sup></font></u></b></p>
<p style="margin:0pt; text-indent:36pt; line-height:11pt; font-family:Times New Roman" align="justify"><b><u><font size="3">Oxide</font></u></b></p>
<p style="margin:0pt; text-indent:36pt; line-height:11pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td width="181.067">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><font size="3">Reserve<br>
        <u>Category</u></font></b></p>
      </td>
      <td width="75">
        <p style="margin-top:0pt; margin-bottom:2.05pt; padding-left:9.4pt; padding-right:1.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td width="102.4">
        <p style="margin-top:0pt; margin-bottom:2.05pt; padding-left:-2.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Silver<br>
        <u>per tonne</u></font></b></p>
      </td>
      <td width="93.6">
        <p style="margin-top:0pt; margin-bottom:2.05pt; padding-left:-1.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Gold<br>
        <u>per tonne</u></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="181.067">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Proven
        Vein and Stockpile</font></p>
      </td>
      <td valign="top" width="75">
        <p style="margin:0pt; padding-left:1.45pt; padding-right:1.3pt; font-family:Times New Roman" align="right"><font size="3">560,000</font></p>
      </td>
      <td valign="top" width="102.4">
        <p style="margin:0pt; padding-left:-2.3pt; text-indent:26.4pt; font-family:Times New Roman"><font size="3">462</font></p>
      </td>
      <td valign="top" width="93.6">
        <p style="margin:0pt; padding-left:-1.55pt; text-indent:28.7pt; font-family:Times New Roman"><font size="3">0.5</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="181.067">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Probable
        Tailings</font></p>
      </td>
      <td valign="top" width="75">
        <p style="margin:0pt; padding-left:1.7pt; padding-right:1.3pt; font-family:Times New Roman" align="right"><font size="3">436,000</font></p>
      </td>
      <td valign="top" width="102.4">
        <p style="margin:0pt; padding-left:-2.3pt; text-indent:26.4pt; font-family:Times New Roman"><font size="3">113</font></p>
      </td>
      <td valign="top" width="93.6">
        <p style="margin:0pt; padding-left:-1.55pt; text-indent:30.35pt; font-family:Times New Roman"><font size="3">-</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="181.067">
        <p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="3">Probable
        Vein</font></p>
      </td>
      <td valign="top" width="75">
        <p style="margin:0pt; padding-left:1.7pt; padding-right:1.3pt; font-family:Times New Roman" align="right"><font size="3">1,183,000</font></p>
      </td>
      <td valign="top" width="102.4">
        <p style="margin:0pt; padding-left:-2.3pt; text-indent:26.4pt; font-family:Times New Roman"><font size="3">492</font></p>
      </td>
      <td valign="top" width="93.6">
        <p style="margin:0pt; padding-left:-1.55pt; text-indent:28.7pt; font-family:Times New Roman"><font size="3">0.5</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<font size="3"><br>
<br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
29 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="3"><br>
</font></p>
<p style="margin:0pt; text-indent:36pt; line-height:11pt; font-family:Times New Roman" align="justify"><b><u><font size="3">Sulfide</font></u></b></p>
<p style="margin:0pt; text-indent:36pt; line-height:11pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="103.333">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><font size="3">Reserve<br>
        <u>Category</u></font></b></p>
      </td>
      <td valign="top" width="81.6">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td valign="top" width="104">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Silver<br>
        <u>per tonne</u></font></b></p>
      </td>
      <td valign="top" width="110">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Gold<br>
        <u>per tonne</u></font></b></p>
      </td>
      <td valign="top" width="72.067">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Lead</font></u></b></p>
      </td>
      <td valign="top" width="66">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Zinc</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="103.333">
        <p style="margin:0pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Proven
        Vein</font></p>
      </td>
      <td valign="top" width="81.6">
        <p style="margin:0pt; text-indent:0.45pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">180,000</font></p>
      </td>
      <td valign="top" width="104">
        <p style="margin:0pt; text-indent:24.1pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">583</font></p>
      </td>
      <td valign="top" width="110">
        <p style="margin:0pt; text-indent:27.15pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">0.5</font></p>
      </td>
      <td valign="top" width="72.067">
        <p style="margin:0pt; text-indent:7.15pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">1.0</font></p>
      </td>
      <td valign="top" width="66">
        <p style="margin:0pt; text-indent:4.9pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">2.0</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="103.333">
        <p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Probable
        Vein</font></p>
      </td>
      <td valign="top" width="81.6">
        <p style="margin-top:0pt; margin-bottom:10pt; text-indent:-9.65pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">106,000</font></p>
      </td>
      <td valign="top" width="104">
        <p style="margin-top:0pt; margin-bottom:10pt; text-indent:24.1pt; line-height:13pt; font-family:Times New Roman"><font size="3">571</font></p>
      </td>
      <td valign="top" width="110">
        <p style="margin-top:0pt; margin-bottom:10pt; text-indent:27.15pt; line-height:13pt; font-family:Times New Roman"><font size="3">0.5</font></p>
      </td>
      <td valign="top" width="72.067">
        <p style="margin-top:0pt; margin-bottom:10pt; text-indent:7.15pt; line-height:13pt; font-family:Times New Roman"><font size="3">1.0</font></p>
      </td>
      <td valign="top" width="66">
        <p style="margin-top:0pt; margin-bottom:10pt; text-indent:4.9pt; line-height:13pt; font-family:Times New Roman"><font size="3">2.0</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; text-indent:36pt; line-height:11pt; font-family:Times New Roman Bold" align="justify"><b><u><font size="3">Total</font></u></b></p>
<p style="margin:0pt; text-indent:36pt; line-height:11pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td width="89.933">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Reserve<br>
        <u>Category</u></font></b></p>
      </td>
      <td width="88">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td width="113.933">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Silver<br>
        <u>per tonne</u></font></b></p>
      </td>
      <td width="99.2">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Gold<br>
        <u>per tonne</u></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="89.933">
        <p style="margin:0pt; text-indent:13.6pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Proven</font></p>
      </td>
      <td valign="top" width="88">
        <p style="margin:0pt; text-indent:11.75pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">740,000</font></p>
      </td>
      <td valign="top" width="113.933">
        <p style="margin:0pt; text-indent:28.8pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">491</font></p>
      </td>
      <td valign="top" width="99.2">
        <p style="margin:0pt; text-indent:24.15pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">0.5</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="89.933">
        <p style="margin:0pt; text-indent:13.6pt; line-height:13pt; font-family:Times New Roman"><font size="3">Probable</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="88">
        <p style="margin:0pt; text-indent:4.25pt; line-height:13pt; font-family:Times New Roman"><font size="3">1,725,000</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="113.933">
        <p style="margin:0pt; text-indent:28.8pt; line-height:13pt; font-family:Times New Roman"><font size="3">401</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="99.2">
        <p style="margin:0pt; text-indent:24.15pt; line-height:13pt; font-family:Times New Roman"><font size="3">0.4</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="89.933">
        <p style="margin:0pt; text-indent:13.6pt; line-height:13pt; font-family:Times New Roman"><font size="3">Total</font></p>
      </td>
      <td valign="top" width="88">
        <p style="margin:0pt; text-indent:4.25pt; line-height:13pt; font-family:Times New Roman"><font size="3">2,465,000</font></p>
      </td>
      <td valign="top" width="113.933">
        <p style="margin:0pt; text-indent:28.8pt; line-height:13pt; font-family:Times New Roman"><font size="3">428</font></p>
      </td>
      <td valign="top" width="99.2">
        <p style="margin:0pt; text-indent:24.15pt; line-height:13pt; font-family:Times New Roman"><font size="3">0.4</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:37.2pt; font-family:Times New Roman"><font size="3">___________</font></p>
<p style="margin-top:4pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman"><sup><font size="3">1</font></sup></p>
<p style="margin-top:0pt; margin-bottom:1.35pt; padding-left:54pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">Calculated
using a price of $5.00 per ounce of silver.</font></p>
<p style="margin-top:4pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman"><sup><font size="3">2</font></sup></p>
<p style="margin-top:0pt; margin-bottom:8pt; padding-left:54pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">Mineral
reserves have been prepared by the Company's wholly owned subsidiary, Pan
American Mexico, and were reviewed by an independent "qualified person",
Donald F. Earnest, P.Geo.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Management
of the Company believes that reserves at the La Colorada Mine are sufficient for
at least nine years at planned production rates.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Mineral
Resources</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American's management estimates that mineral resources at La Colorada as at
December 31, 2003 are as follows:</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b><u><font size="3">Vein
and Mantos Mineral Resources <sup>1, 2, 3</sup></font></u></b></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="73.2">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Resource<br>
        <u>Category</u></font></b></p>
      </td>
      <td valign="top" width="95.533">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td valign="top" width="95.867">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Silver<u> per tonne</u></font></b></p>
      </td>
      <td valign="top" width="103.933">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Gold<br>
        <u>per tonne</u></font></b></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Lead</font></u></b></p>
      </td>
      <td valign="top" width="75.6">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Zinc</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="73.2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:1.7pt; text-indent:2.45pt; font-family:Times New Roman"><font size="3">Measured</font></p>
      </td>
      <td valign="top" width="95.533">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:6.6pt; font-family:Times New Roman" align="center"><font size="3">562,000</font></p>
      </td>
      <td valign="top" width="95.867">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="center"><font size="3">438</font></p>
      </td>
      <td valign="top" width="103.933">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:21.6pt; font-family:Times New Roman" align="right"><font size="3">0.53</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:15.85pt; font-family:Times New Roman" align="right"><font size="3">1.0</font></p>
      </td>
      <td valign="top" width="75.6">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:15.85pt; font-family:Times New Roman" align="right"><font size="3">1.4</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="73.2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:1.7pt; text-indent:2.45pt; font-family:Times New Roman"><font size="3">Indicated</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="95.533">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:6.6pt; font-family:Times New Roman" align="center"><font size="3">2,189,000</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="95.867">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="center"><font size="3">418</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="103.933">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:21.6pt; font-family:Times New Roman" align="right"><font size="3">0.53</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="85.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:15.85pt; font-family:Times New Roman" align="right"><font size="3">1.0</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="75.6">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:15.85pt; font-family:Times New Roman" align="right"><font size="3">2.0</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="73.2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:1.7pt; text-indent:2.45pt; font-family:Times New Roman"><font size="3">Total</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="95.533">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:6.6pt; font-family:Times New Roman" align="center"><font size="3">2,751,000</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="95.867">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="center"><font size="3">422</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="103.933">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:21.6pt; font-family:Times New Roman" align="right"><font size="3">0.53</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="85.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:15.85pt; font-family:Times New Roman" align="right"><font size="3">1.0</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="75.6">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:15.85pt; font-family:Times New Roman" align="right"><font size="3">1.6</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="73.2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:1.7pt; text-indent:2.45pt; font-family:Times New Roman"><font size="3">Inferred</font></p>
      </td>
      <td valign="top" width="95.533">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:6.6pt; font-family:Times New Roman" align="center"><font size="3">452,000</font></p>
      </td>
      <td valign="top" width="95.867">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="center"><font size="3">597</font></p>
      </td>
      <td valign="top" width="103.933">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:21.6pt; font-family:Times New Roman" align="right"><font size="3">0.53</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:15.85pt; font-family:Times New Roman" align="right"><font size="3">-</font></p>
      </td>
      <td valign="top" width="75.6">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:15.85pt; font-family:Times New Roman" align="right"><font size="3">2.5</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:44.4pt; font-family:Times New Roman"><font size="3">___________</font></p>
<p style="margin-top:5pt; margin-bottom:-12pt; padding-left:58.5pt; text-indent:-16.5pt; font-family:Times New Roman"><sup><font size="3">1</font></sup></p>
<p style="margin-top:0pt; margin-bottom:1.35pt; padding-left:58.5pt; line-height:10pt; font-family:Times New Roman"><font size="3">Calculated
using a price of $5.00 per ounce of silver.</font></p>
<a NAME="OLE_LINK1"></a>
<p style="margin-top:5pt; margin-bottom:-12pt; padding-left:58.5pt; text-indent:-16.5pt; font-family:Times New Roman"><sup><font size="3">2</font></sup></p>
<p style="margin-top:0pt; margin-bottom:1.35pt; padding-left:58.5pt; line-height:10pt; font-family:Times New Roman"><font size="3">These
resources are in addition to La Colorada mineral reserves.</font></p>
<p style="margin-top:5pt; margin-bottom:-12pt; padding-left:58.5pt; text-indent:-16.5pt; font-family:Times New Roman"><sup><font size="3">3</font></sup></p>
<p style="margin-top:0pt; margin-bottom:1.35pt; padding-left:58.5pt; line-height:10pt; font-family:Times New Roman"><font size="3">Mineral
resources were prepared by Pan American and were reviewed by an independent "qualified
person", Donald F. Earnest, P.Geo.</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><b><u><font size="3">Breccia
Mineral Resources<sup> 1, 2, 3</sup></font></u></b></p>
<p style="margin:0pt; font-family:Times New Roman" align="center"><font size="3"><br>
</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="73.2">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Resource<br>
        <u>Category</u></font></b></p>
      </td>
      <td valign="top" width="95.533">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td valign="top" width="95.867">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of silver<u> per tonne</u></font></b></p>
      </td>
      <td valign="top" width="103.933">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Gold<br>
        <u>per tonne</u></font></b></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Lead</font></u></b></p>
      </td>
      <td valign="top" width="75.6">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Zinc</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="73.2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:4.15pt; font-family:Times New Roman"><font size="3">Inferred</font></p>
      </td>
      <td valign="top" width="95.533">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:14.85pt; font-family:Times New Roman" align="center"><font size="3">6,715,000</font></p>
      </td>
      <td valign="top" width="95.867">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman" align="center"><font size="3">112</font></p>
      </td>
      <td valign="top" width="103.933">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:21.6pt; font-family:Times New Roman" align="right"><font size="3">0.24</font></p>
      </td>
      <td valign="top" width="85.067">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:15.85pt; font-family:Times New Roman" align="right"><font size="3">-</font></p>
      </td>
      <td valign="top" width="75.6">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:15.85pt; font-family:Times New Roman" align="right"><font size="3">0.6</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:45.6pt; font-family:Times New Roman"><font size="3">___________</font></p>
<p style="margin-top:5pt; margin-bottom:-12pt; padding-left:63pt; text-indent:-17.4pt; font-family:Times New Roman"><sup><font size="3">1</font></sup></p>
<p style="margin-top:0pt; margin-bottom:1.35pt; padding-left:63pt; line-height:10pt; font-family:Times New Roman"><font size="3">Calculated
using a price of $5.00 per ounce of silver.</font></p>
<p style="margin-top:5pt; margin-bottom:-12pt; padding-left:63pt; text-indent:-17.4pt; font-family:Times New Roman"><sup><font size="3">2</font></sup></p>
<p style="margin-top:0pt; margin-bottom:1.35pt; padding-left:63pt; line-height:10pt; font-family:Times New Roman"><font size="3">These
resources are in addition to La Colorada mineral reserves.</font></p>
<p style="margin-top:0pt; margin-bottom:1.35pt; padding-left:63pt; line-height:10pt; font-family:Times New Roman"><font size="3">Mineral
resources were prepared by Pan American and were reviewed by an independent "qualified
person", Donald F. Earnest, P.Geo.</font></p>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:35.45pt; line-height:10pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<font size="3"><br>
<br>
<br>
<br>
<br>
</font>
<p style="text-indent: -5; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
30 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
<br>
</font>
<p style="margin-top:5pt; margin-bottom:-12pt; padding-left:63pt; text-indent:-17.4pt; font-family:Times New Roman"><sup><font size="3">3</font></sup></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Development
of Mining Operations</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Initial
development work</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">During
2000, development work at La Colorada included diamond drilling and underground
drilling for reserve definition, the preparation of a bankable feasibility
study, negotiation with banks for project financing, independent engineering
review, repairs to the existing shaft and rehabilitation of the existing mill to
restart operation in 2001. &nbsp;During the fall of 2000 repairs involving
shotcrete and steel were made to the existing shaft to ready the mine for full
development.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Following
successful drilling, which substantially increased the oxide reserves at the
property, a bankable feasibility study was completed in June 2000 using H.A.
Simons Ltd. for mill design, Agra Earth and Environmental Ltd. for tailing
design, and Beacon Hill Consultants and R. Barnes Consultant for mine design.
&nbsp;An Environmental Impact Study ("EIS") was prepared to World Bank
standards by Dew Point International, LLC and reviewed by Clifton Associates
Ltd.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Also
in 2000, a credit facility mandate letter was signed with IFC. &nbsp;The
feasibility study was reviewed by IFC's independent engineers and the EIS was
posted on the World Bank's web site for review and comments. &nbsp;Pan
American received conditional IFC board approval in February 2001 for a loan
facility of up to $28.6 million for the construction and development of the La
Colorada project. &nbsp;It was a condition precedent to loan drawdown that Pan
American hedge enough silver to cover several years of operating costs at a
price greater than $5.00 per ounce of silver. &nbsp;Due to declining silver
prices in 2001 the definitive loan documentation was not signed and Pan American
and the IFC allowed the financing arrangements to lapse.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Rehabilitation
of Existing Mill and Limited Production</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American decided to rehabilitate the existing mill at La Colorada to allow for
limited production in 2001. &nbsp;Limited production commenced in January 2001
at approximately 90 tonnes per day, which increased to approximately 120 tonnes
per day as of March 2001 and reached a consistent production rate of 150 tonnes
per day in June 2001. &nbsp;In January, 2002 the mill's operating capacity was
increased to 200 tonnes per day following the addition of another small ball
mill and additional lead floatation capacity. &nbsp;The feed for the mill is
underground sulphide ore from the La Colorada property. &nbsp;&nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
mining method utilized is cut and fill, with backfill material largely coming
from waste development. &nbsp;Third party contractors carry out mining and mine
development with Pan American providing supervision.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American expended approximately US$250,000 to restart the mill in 2001 and
payback of this capital expenditure was received within 12 months.
&nbsp;Approximately US$100,000 was spent to upgrade the mill's capacity to 200
tonnes of sulphide ore per day in late 2001.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Expanded
Production</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
January of 2002 Pan American prepared an internal update to the June 2000
Feasibility Study (qualified persons: &nbsp;John H. Wright, P.Eng. and Norman
Pitcher, P.Geo) (the "Updated Feasibility Study"). &nbsp;This Updated
Feasibility Study recommended proceeding with a 210,000 tonnes per year
underground mining operation for oxide ore in conjunction with and continued
mining of 70,000 tonnes per year of sulphide ore.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
31 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Construction
of the new oxide mill commenced in July 2002 and produced the first dore bars
in August 2003. &nbsp;The rest of the facilities, including the surface areas
and sulphides plant rehabilitation, road upgrades and the first phase of the
tailings dam construction were 95% complete by December 31, 2003. &nbsp;Total
project construction work including the second phase of the tailings dam is
expected to be complete by June 2004.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American Mexico's 2003 capital expenditures, including the construction in
progress at La Colorada, were $12.3&nbsp;million.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Mining</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
mining method utilized for the oxide ore is mechanized cut and fill from the
property's NCP, 4235 footwall, NC2W and San Fermin veins. &nbsp;Fill material
is sourced from development muck, waste slashed from walls in the stopes and a
surface open pit. &nbsp;No tailing backfill is planned. &nbsp;Based on the
results that La Colorada operations had in the narrower sulphide stopes, no
conventional slusher cut and fill stopes for narrow veins are planned.
&nbsp;Mechanized cut and fill will be used for narrow veins with 1.5 yard scoop
trams for mucking. &nbsp;In narrow stopes the ore will typically be blasted by
taking down the back. &nbsp;If the ore outline is too narrow for the scoop tram,
the access for mucking the next cut will be provided by slashing the walls after
the ore is mucked. &nbsp;The slashing will also provide backfill. &nbsp;Rock
bolts will be used for ground control, with 1.2 meter by 1.2 meter pattern
bolting used about 50% of the time.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Mechanized
equipment includes three yard, two yard and 1.5 yard scoop trams, low profile
nine tonne trucks for haulage in NC2W and NC2E ramps, jack legs for drilling and
battery locomotives/Granby cars for sill haulage.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
2006, hoisting capacity from the 395 level and below will be upgraded by
installing a larger 350 HP - 900 rpm motor gear reducer. &nbsp;Additional
upgrades to clutches, braking system, Lilly controls and other electrical
controls will also be performed.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
mine plan was developed for mining all areas concurrently. &nbsp;The NCP oxide
area is expected to &nbsp;produce 400 tonnes per day; NC2E sulphide is expected
to produce 150 tonnes per day and the San Fermin/NC2W is expected to produce 200
tonnes per day oxide and 50 tonnes per day sulphide. &nbsp;As the San Fermin and
NC2W reserves are mined out, the rate of mining in NCP and NC2E will be
increased to compensate.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Milling</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Milling
consist of a 600 tonne per day conventional cyanide recovery plant for oxide ore
as well as the existing 200 tonne per day flotation circuit for sulphide ore
processing. &nbsp;During the mine's life, it is estimated that 80% of the
silver will be produced in dore form and 20% of the silver will be contained in
base metal concentrates. &nbsp;Treatment of sulphide material will produce lead
and zinc concentrates with the majority of silver reporting to the lead
concentrate.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Metallurgy</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Predicted
metal recoveries in oxide ore based on all available test work is as follows:</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
32 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="150">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:13pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Structure</font></u></b></p>
      </td>
      <td valign="top" width="132">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:13pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Silver
        Recovery %</font></u></b></p>
      </td>
      <td valign="top" width="126">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:13pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Gold
        Recovery %</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="150">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">NC2W</font></p>
      </td>
      <td valign="top" width="132">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">90.00</font></p>
      </td>
      <td valign="top" width="126">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">87.5</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="150">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">4235</font></p>
      </td>
      <td valign="top" width="132">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">90.00</font></p>
      </td>
      <td valign="top" width="126">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">87.5</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="150">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">NCP</font></p>
      </td>
      <td valign="top" width="132">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">84.45</font></p>
      </td>
      <td valign="top" width="126">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">75.0</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="150">
        <p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">Tailings</font></p>
      </td>
      <td valign="top" width="132">
        <p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">73.00</font></p>
      </td>
      <td valign="top" width="126">
        <p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">80.0</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Economic
Analysis and Payback</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
current mine life extends to 2013, which mines out the proven and probable oxide
and sulphide reserves.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
total cost of the mine, mill, plant site and services (including debt financing)
is estimated at $20 million and will be completed by mid 2004. &nbsp;Estimated
mine operating costs are $19.57 per tonne of NCP oxide ore, $19.70 per tonne of
NC2W/San Fermin ore and $21.19 per tonne of sulphide ore. &nbsp;The process
operating costs at La Colorada are estimated to be&nbsp;$10.86 per tonne of NCP
oxide ore, $8.96 per tonne of NC2W/San Fermin ore and $10.11 per tonne of
sulphide ore. &nbsp;Assuming production of 800 tonnes per day and a silver price
of $4.50 per ounce, the La Colorada mine is estimated to produce cumulative net
cash flow of approximately $26 million through 2011. &nbsp;Based on this
production rate and these cash flows, the La Colorada mine is expected to return
the capital investment in 3.4 years, including funding sustaining capital.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">During
2004, Pan American will continue to ramp production up to originally estimated
feasability levels of 800 tonnes per day, which is expected to be achieved by
the third quarter.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
project economics are most sensitive to the price of silver, operating costs and
capital costs. &nbsp;Project economics are barely affected by changes in the
prices of gold, lead and zinc.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Environment</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">An
environmental impact study and risk assessment by Clifton Associates Ltd. on the
La Colorada property was submitted to Mexican environmental authorities in early
March 1999. &nbsp;The EIS described the impacts of proposed development and
mining activities and provides conceptual plans for closure and remediation.
&nbsp;The EIS was approved by the Mexican authorities in November 1999.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
permits issued to Pan American Mexico allow for the commencement of construction
and set out the conditions required for compliance prior to and during
construction and operation. &nbsp;Approved design allows for an underground mine
of up to 1,500 tonnes per day capacity and processing by cyanide leaching,
flotation or a combination of both. &nbsp;These permits are valid until November
2004.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
three most significant environmental issues currently associated with the
La&nbsp;Colorada property are the erosional stability of existing tailings
facilities on the property, domestic waste water discharge from on-site
buildings, and an uncovered solid waste landfill on the western portion of the
La&nbsp;Colorada property.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Inactive
tailings impoundments containing oxide and sulphide materials are located on the
La&nbsp;Colorada property, neither of which has been regraded, covered or
vegetated. &nbsp;The slopes of these impoundments have undergone extensive
erosion and require remediation. &nbsp;Pan American estimates the costs of this
remediation work to be less than $400,000. &nbsp;Pan American expects to
profitably re-treat oxide tailings.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Activities
necessary to ensure long-term compliance with Mexican waste water discharge
parameters will be completed during mine construction. &nbsp;As part of this
construction an Imhoff tank was constructed to process domestic waste waters,
with clarified waters discharged to the new tailings pond.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
33 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">A
solid waste landfill is located on the western portion of the La&nbsp;Colorada
property. &nbsp;The historic landfill wastes on the arroyo slope are not covered
but new fill is deposited into open trenches atop the<b> </b>landfill and
covered on a weekly basis. &nbsp;Reclamation of the landfill will require
re-grading slopes to reduce the angle of repose, and covering. &nbsp;Culverts
may be required to prevent blockage of the arroyo drainage.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Marketing</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">All
of La Colorada's concentrate production is sold under a one-year contract
expiring in 2004 to an arm's length integrated smelter located in Torreon,
Mexico. &nbsp;An agreement for dore production from the new oxide mill has been
completed with Johnson Matthey in Salt Lake City, Utah, U.S.A.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">During
2003 the revenue produced by the La Colorada mine was as follows:</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify">&nbsp;</p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify">&nbsp;</p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="151.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><b><u><font size="3">2002</font></u></b></p>
      </td>
      <td valign="top" width="132.267">
        <p style="margin:0pt; text-indent:29.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u><font size="3">Revenue</font></u></b></p>
      </td>
      <td valign="top" width="84.6">
        <p style="margin:0pt; text-indent:15.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Average
        Price<u><br>
        per Tonne</u></font></b></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="150.533">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman"><font size="3">Dore</font></p>
      </td>
      <td valign="top" width="132.267">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:14.3pt; padding-right:22.35pt; font-family:Times New Roman" align="center"><font size="3">$1,055,552</font></p>
      </td>
      <td valign="top" width="85.267">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:10.9pt; font-family:Times New Roman" align="right"><font size="3">1.1892</font></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:26.15pt; font-family:Times New Roman" align="right"><font size="3">$887,615</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="150.533">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman"><font size="3">Zinc
        Concentrate</font></p>
      </td>
      <td valign="top" width="132.267">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:14.3pt; padding-right:22.35pt; font-family:Times New Roman" align="center"><font size="3">$259,000</font></p>
      </td>
      <td valign="top" width="85.267">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:10.9pt; font-family:Times New Roman" align="right"><font size="3">848</font></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:26.15pt; font-family:Times New Roman" align="right"><font size="3">$305</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="150.533">
        <p style="margin-top:0pt; margin-bottom:2.5pt; font-family:Times New Roman"><font size="3">Lead
        Concentrate</font></p>
      </td>
      <td valign="top" width="132.267">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:14.3pt; padding-right:22.35pt; font-family:Times New Roman" align="center"><font size="3">$3,240,000</font></p>
      </td>
      <td valign="top" width="85.267">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:10.9pt; font-family:Times New Roman" align="right"><font size="3">1,250</font></p>
      </td>
      <td valign="top" width="132.467">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:26.15pt; font-family:Times New Roman" align="right"><font size="3">$2,592</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:5pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:5pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Stockpiles</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American transports and sells silver-rich pyrite Stockpiles at a small-scale
operation in central Peru. &nbsp;These operations are not material to the
Company.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Stockpiles were accumulated over several years by Volcan, a Peruvian mining
company which is one of the largest silver producers in the Cerro de Pasco
mining district in central Peru. &nbsp;Until recently silver could not be
extracted from the Stockpiles by standard metallurgical processes.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">On
November&nbsp;8, 2002, Pan American entered into two agreements to acquire the
Stockpiles. &nbsp;The first agreement grants Pan American the right to mine and
sell 600,000 tonnes of the highest grade silver Stockpiles to a smelter, where
ore is used as process flux and Pan American is paid for the silver contained.
&nbsp;A ten-year contract to process the Stockpile material was negotiated with
Doe Run's La Oroya smelter. &nbsp;Production from the Stockpiles in 2003
totalled 68,388 tonnes of ore containing 810,829 ounces of silver. &nbsp;For
2004 and beyond, Stockpile sales are expected to average approximately 72,000
tonnes per year resulting in annual silver production of approximately 850,000
ounces of silver. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
second agreement gives Pan American the option to acquire a 60% ownership in a
number of other Stockpiles by spending $2 million on exploration over 3 years,
with a further option to increase its interest to 100% by paying $3 million plus
a production royalty within the following 12 months. &nbsp;Pan American has
begun detailed definition drilling to confirm estimated resources and will
perform metallurgical studies and an economic evaluation as to whether silver
can be commercially extracted from these additional Stockpiles.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American reached a further agreement with Volcan which, inter alia, extends the
option above by 12 months. &nbsp;This Agreement is not yet finalized.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American's management has estimated mineral reserves and resources at the
Stockpiles, as at December 31, 2003, to be as follows:</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
34 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="center"><b><u><font size="3">Stockpile
Mineral Reserves and Resources<sup>1,2</sup></font></u></b></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="147.533">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Reserve
        or<br>
        Resource<br>
        <u>Category</u></font></b></p>
      </td>
      <td valign="top" width="135.933" colspan="2">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td valign="top" width="158.733">
        <p style="margin-top:0pt; margin-bottom:2.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u><font size="3">Grams
        of Silver per Tonne</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="147.533"><font size="3">&nbsp;</font></td>
      <td valign="top" width="135.933" colspan="2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="158.733"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="bottom" width="147.533">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:8.65pt; font-family:Times New Roman"><font size="3">Probable
        Reserve</font></p>
      </td>
      <td valign="bottom" width="135.267">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:-7.05pt; padding-right:21.6pt; font-family:Times New Roman" align="right"><font size="3">522,000</font></p>
      </td>
      <td valign="bottom" width="159.4" colspan="2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:10.9pt; font-family:Times New Roman" align="center"><font size="3">313</font></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="147.533">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:8.65pt; font-family:Times New Roman"><font size="3">Inferred
        Resource</font></p>
      </td>
      <td valign="bottom" width="135.267">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-left:-6pt; padding-right:21.6pt; font-family:Times New Roman" align="right"><font size="3">21,337,000</font></p>
      </td>
      <td valign="bottom" width="159.4" colspan="2">
        <p style="margin-top:0pt; margin-bottom:2.5pt; padding-right:10.9pt; font-family:Times New Roman" align="center"><font size="3">162</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<u>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:117.35pt; padding-right:36pt; text-indent:26.65pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></u></p>
<p style="margin-top:4pt; margin-bottom:-12pt; padding-left:99.35pt; padding-right:36pt; text-indent:-18pt; font-family:Times New Roman" align="justify"><sup><font size="3">1</font></sup></p>
<p style="margin-top:0pt; margin-bottom:1.35pt; padding-left:99.35pt; padding-right:36pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="justify"><font size="3">Calculated
using a price of $5.00 per ounce of silver.</font></p>
<p style="margin-top:4pt; margin-bottom:-12pt; padding-left:99.35pt; padding-right:36pt; text-indent:-18pt; font-family:Times New Roman" align="justify"><sup><font size="3">2</font></sup></p>
<p style="margin-top:0pt; margin-bottom:8pt; padding-left:99.35pt; padding-right:36pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="justify"><font size="3">Mineral
reserves and resources have been calculated by staff of Pan American Peru, under
the supervision of an independent "qualified person", Donald F. Earnest,
P.Geo. &nbsp;Mr.&nbsp;Earnest reviewed and tested the information prepared by
the Company's subsidiary and, based upon those reviews and tests, Pan American
is satisfied with the accuracy of the reserve calculations.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman"><font size="3">Management
of the Company believes that reserves at the Stockpiles are sufficient for at
least 10 years of production at planned rates.</font></p>
<p style="margin-top:5pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Metals
Trading</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American has, from time to time, engaged in hedging base metal prices for
production from its mines.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
July, 2003 Pan American sold forward 15,500 tonnes of zinc at an average price
of $827 per tonne. &nbsp;These sales were a hedge of the future price for a
portion of the July 2003 through July 2004 zinc production. &nbsp;In October,
2003 Pan American sold forward 2,800 tonnes of zinc at $901 per tonne.
&nbsp;These sales were a hedge of the future price for a portion of the zinc
production from November 2003 to December 2004.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
December, 2003 Pan American sold forward 2,075 tonnes of lead at an average
price of $622 per tonne. &nbsp;These sales were a hedge of the future price for
a portion of the production for the months of April, June and December of 2004.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">At
December 31, 2003 the Company had sold 8,300 tonnes of zinc forward at an
average price of $848 per tonne and 2,075 tonnes of lead at an average price of
$622 per tonne.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Acquisition
of the Morococha Property</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">General</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">On
January 20, 2004, the Company entered into an agreement with 14 arm's-length
individuals, estates and companies, all of whom are members of the Gubbins
family or entities in which members of the Gubbins family hold beneficial
interests (the "Morococha Vendors"), to purchase 92.014% of the voting
shares of Argentum, a <i>sociedad anonima</i> organized under Peruvian company
law, for $35,425,390 in cash. &nbsp;Argentum will acquire, through a corporate
restructuring undertaken under Peruvian company law, the Anticona and Manuelita
mining units and related infrastructure and processing assets from Sociedad
Minera Corona S.A. ("SMC"). &nbsp;Argentum will hold, in its treasury as
cash, all profits earned by SMC's Anticona and Manuelita mining operations
since November 1, 2003. &nbsp;The transaction is subject to regulatory approval
and a number of conditions, including: (i) the completion of the corporate
restructuring (which is subject to approval by the shareholders of SMC); (ii)
the listing on the Lima Stock Exchange of 100% of the shares of Argentum,
including those issued in connection with the corporate restructuring; and (iii)
Pan American successfully undertaking a public bid (an "OPA") for not less
than 92.014% of the voting shares of Argentum through the Lima Stock Exchange.
&nbsp;If the Company's OPA is contested by a competitive third party offer,
the Company may choose to outbid such competitive offer and the Morococha</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
35 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">&nbsp;Vendors
shall reimburse the Company the difference between $35,425,390 and the higher
price paid by the Company for the shares of Argentum under the OPA.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">On
February 24, 2004, the Company entered into a further agreement with the
Morococha Vendors to purchase all of the issued and outstanding shares of a
corporation organized under Peruvian company law, which holds mining concessions
and operations that are complementary to the Anticona and Manuelita mining units
(collectively these concessions and mining operations and the Anticona and
Manuelita mining units are referred to as the "Morococha property") for $1.5
million in cash. &nbsp;This acquisition is expected to close contemporaneously
with the Company's acquisition of Argentum, which the Company expects to occur
in June 2004.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">A
report entitled "Morococha Operations, Yauli Province, Peru - Technical
Report", dated February 2004 (the "REI Report"), was been prepared for the
Company in accordance with National Instrument&nbsp;43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101") by an independent "qualified
person", Donald F. Earnest, P. Geol., President of Resource Evaluation Inc. ("REI").
&nbsp;The following summary of the Morococha property is based on and, in some
cases, is extracted directly from the REI Report.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
projected capital expenditures, production estimates, cash flow projections and
other projections in respect of the Morochocha property included in this Annual
Information Form have been extracted from the REI Report. &nbsp;Such projected
capital expenditures, production estimates, cash flow projections and other
projections were prepared by the Company and reviewed by Mr. Earnest.
&nbsp;These projected capital expenditures, production estimates, cash flow
projections and other projections have been included in this Annual Information
Form based on the requirements of applicable Canadian securities regulations and
were not prepared with a view toward compliance with the published guidelines of
the United States Securities Exchange Commission, or the guidelines established
by the Canadian Institute of Chartered Accountants or the American Institute of
Certified Public Accountants for preparation and presentation of prospective
financial information. &nbsp;Pan American's current and former auditors have
neither examined nor compiled the accompanying prospective financial information
and, accordingly do not express opinions or any other form of assurance with
respect thereto.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Ownership
and Property Description</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Morococha property is located in the Morococha District, Yauli Province, Junin
Department, Peru, on the east side of the continental divide just below Ticlo
summit, approximately 38 kilometres west of the city of La Oroya and 137
kilometres east of Lima. &nbsp;The Morococha property's general coordinates
are latitude 11<font face="Symbol" size="3"><sup>o</sup></font> 36' S and longitude 76<font face="Symbol" size="3"><sup>o</sup></font>
10' W.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Morococha property is comprised of three economic administrative units ("UEA")
and various concessions held outside of these UEAs. &nbsp;The three UEAs contain
435 mining concessions owned outright by SMC or its subsidiaries, 15 mining
concessions held jointly with Peru's national mining company, Centromin Peru ("Centromin"),
nine concessions held jointly with other third parties, one leased concession
(El Proletario), 11 concessions leased from Silver Lead Mining Company and 35
concessions leased from Corporacion Minera Sacracancha S.A., which together
total 9,166.73 hectares. &nbsp;In addition, there are 19 mining concessions
outside of the three UEAs that comprise part of the Morococha property, eight of
which have been assigned to Compania Minera Volcan S.A.A. ("Volcan"), four
of which are owned jointly with Volcan and five of which are leased from third
parties, which together total 2,129.57 hectares. &nbsp;The majority of the
mining concessions comprising the Morococha property are contiguous. &nbsp;All
known mineralized zones in which mining operations are currently conducted and
in which known mineral reserves exist are set out within these concessions.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">SMC
does not own any of the surface lands that overlie the mining concessions which
comprise the Morococha property. &nbsp;These surface lands are owned by
Centromin, the Peruvian national mining company. &nbsp;The Morococha property's
process plants, shafts and access roads are all located on Centromin's surface
lands. &nbsp;SMC's</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
36 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">and
its predecessors' use of these surface lands has been exercised for decades
with Centromin's acknowledgement. &nbsp;Accordingly, the Company anticipates
no action by Centromin to interfere with the future use of these surface lands.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Centromin
has granted a subsidiary of SMC a right to use certain of Centromin's surface
lands throughout the useful life of its mining operations, provided such use
does not interfere with the development of a mine in respect of the Toromocha
disseminated copper system, which overlies certain of SMC's mining concessions
and underground mining operations. &nbsp;SMC is obligated to pay Centromin
$60,000 (which amount will be adjusted annually to account for inflation)
quarterly commencing May&nbsp;28, 2003 as consideration for this right.
&nbsp;This right to use will be acquired by the Company at the time of its
acquisition of the Argentum shares.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Morococha property is not subject to any royalties, overrides, back-in rights or
other encumbrances. &nbsp;A recent report from the Energy and Mines Commission
of the Peruvian Congress has recommended the approval of a bill to establish a
3% mining royalty applicable on invoiced "production value" based on
international prices. &nbsp;See "Taxes".</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">All
permits necessary for mining operation on the Morococha property are held by SMC
or its subsidiaries. &nbsp;The Company's agreement to acquire shares of
Argentum is conditional upon transfer of permits held by SMC to Argentum.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Location,
Access, Climate and Infrastructure</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Morococha property is accessible via Peru's paved central highway, by
travelling approximately 137 kilometres east of Peru's capital city of Lima,
then five kilometres south via a public, all-weather gravel road. &nbsp;Rail
service from Lima is also available via a national rail line that passes
adjacent to the Morococha operations. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
topography of the Morococha property is characterized by steep, rugged ridges
and peaks ranging in elevation from 4,400 metres to 4,900 metres above sea
level. &nbsp;Vegetation is sparse, and wildlife is limited to mostly birds and
small mammals, amphibians and reptiles.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
climate of the Morococha district is typical of the Andean Cordillera in Peru,
with two distinct seasons - wetter summer months (November through March) and
dryer, colder winter months (April through October). &nbsp;Because all mining
currently takes place underground, climate has minimal effect on ore production
at the Morococha property.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Mining
has taken place on the Morococha property and nearby areas (Casapalca, Cerro de
Pasco) for more than 100 years, resulting in a well developed regional
transportation and power infrastructure and a large local labour pool.
&nbsp;Water for processing is plentiful, and tailings disposal areas are
adequate. &nbsp;Several mine development waste disposal sites exist on the
Morococha property and are sufficient to meet the needs of mining operations.
&nbsp;Two existing processing plant sites are sufficient for all proposed
operations.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">History</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Mining
began in the region around the Morococha property during the Inca Period before
1500, and production has been continuous in the district since the late 1800s.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Between
1915 and 1918, much of the district was reorganized and incorporated into the
Cerro de Pasco Mining Company ("Cerro de Pasco"). &nbsp;By 1924, Cerro de
Pasco was producing at a rate of 1,500 tonnes per day from primarily copper ores
containing 6% copper. &nbsp;Between 1929 and 1934, Cerro de Pasco excavated the
11.5 kilometre Kingsmill Tunnel, successfully dewatering all of the Morococha
district mine workings above the 4,020 metre tunnel elevation. &nbsp;The
Kingsmill tunnel is still in use and is a vital feature of the Morococha mining
district,</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
37 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">providing
production access for deeper underground mining operations that otherwise would
have been too challenging and expensive to develop.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
the 1940s, the Gubbins family began operating mines in the Morococha district
through Minera Santa Rita S.A. and Minera Yauli S.A., which were subsequently
consolidated in the late 1990s into SMC. &nbsp;Cerro de Pasco continued to
operate in the Morococha district until 1974, when its mines were nationalized
by the Peruvian government. &nbsp;Production from the Cerro de Pasco mines in
the district continued under the Peruvian national mining company, Centromin,
until 2003, when SMC acquired these operations from Centromin through
privatization.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Historical
production from the Morococha property over the past 15&nbsp;years is set out in
the following table.</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="637.2" colspan="7">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><b><font size="3">Morococha
        Property<br>
        Historical Production</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="97.2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Year</font></u></b></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Silver<br>
        <u>&nbsp;&nbsp;&nbsp;&nbsp;per Tonne&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></b></p>
      </td>
      <td valign="top" width="84">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Lead</font></u></b></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Copper</font></u></b></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Zinc</font></u></b></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Tonnes
        per<u> &nbsp;&nbsp;&nbsp;Month&nbsp;&nbsp;&nbsp;&nbsp;</u></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="97.2">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">1989</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">466,543</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">189</font></p>
      </td>
      <td valign="top" width="84">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">1.3</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">0.4</font></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">3.2</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">38,879</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="97.2">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">1990</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">461,342</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">166</font></p>
      </td>
      <td valign="top" width="84">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">1.3</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">0.5</font></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">3.6</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">38,445</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="97.2">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">1991</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">454,960</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">184</font></p>
      </td>
      <td valign="top" width="84">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">1.6</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">0.4</font></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">4.5</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">37,913</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="97.2">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">1992</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">458,257</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">202</font></p>
      </td>
      <td valign="top" width="84">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">2.0</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">0.4</font></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">5.8</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">38,188</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="97.2">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">1993</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">494,033</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">194</font></p>
      </td>
      <td valign="top" width="84">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">1.9</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">0.6</font></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">5.5</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">41,169</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="97.2">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">1994</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">503,160</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">227</font></p>
      </td>
      <td valign="top" width="84">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">1.5</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">0.5</font></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">4.9</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">41,930</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="97.2">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">1995</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">531,542</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">232</font></p>
      </td>
      <td valign="top" width="84">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">1.5</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">0.6</font></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">4.0</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">44,295</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="97.2">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">1996</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">534,148</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">237</font></p>
      </td>
      <td valign="top" width="84">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">1.5</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">0.5</font></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">3.8</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">44,512</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="97.2">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">1997</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">511,584</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">250</font></p>
      </td>
      <td valign="top" width="84">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">1.7</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">0.5</font></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">4.1</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">42,632</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="97.2">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">1998</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">539,008</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">251</font></p>
      </td>
      <td valign="top" width="84">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">2.1</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">0.4</font></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">4.9</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">44,834</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="97.2">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">1999</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">590,570</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">250</font></p>
      </td>
      <td valign="top" width="84">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">2.2</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">0.4</font></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">5.7</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">49,214</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="97.2">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">2000</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">656,318</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">215</font></p>
      </td>
      <td valign="top" width="84">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">2.1</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">0.4</font></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">5.2</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">54,693</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="97.2">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">2001</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">606,980</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">236</font></p>
      </td>
      <td valign="top" width="84">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">1.8</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">0.4</font></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">5.0</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">50,582</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="97.2">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">2002</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">550,075</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">274</font></p>
      </td>
      <td valign="top" width="84">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">1.7</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">0.5</font></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">4.4</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">45,840</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="97.2">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><font size="3">2003</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">529,651</font></p>
      </td>
      <td valign="top" width="108">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:0.3pt; font-family:Times New Roman" align="center"><font size="3">272</font></p>
      </td>
      <td valign="top" width="84">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">1.5</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">0.4</font></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">3.9</font></p>
      </td>
      <td valign="top" width="90">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-right:18.9pt; font-family:Times New Roman" align="right"><font size="3">44,138</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Geology
and Mineralization</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">A
2000 metre thick Paleozoic-Mesozoic sequence of schists, volcanic rocks and
predominantly carbonate sediments cut by a series of Upper Tertiary intrusions
provide the host rocks for the mineralization in the Morococha district.
&nbsp;The structures that account for the majority of the vein mineralization in
the Morococha district trend predominantly northeast to east-northeast.
Mineralization includes epi-mesothermal silver-lead-copper-zinc veins and bedded
silver-base metal replacements or mantos (which together account for the
majority of the past and present economic mineralization at the Morococha
property), intrusive-sediment contact skarns, and the quartz porphyry-hosted
Toromocha disseminated copper system. &nbsp;The size and geometry of individual
ore shoots in the veins can range up to 400 metres in length and more than 800
metres down plunge. &nbsp;Undiluted district vein width averages are on the
order of 1.2 metres. &nbsp;Replacement manto mineralization is generally
restricted to receptive stratigraphic horizons where favorable lithologies are
intersected by mineralized veins or are proximal to pre-mineral intrusives.
&nbsp;Mantos can have a significant strike extent where the veins are closely
spaced, and can range</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
38 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">from
less that one metre in width up to seven metres. &nbsp;Intrusive contact related
skarn bodies, while common locally, are generally small and irregular, with
disseminated rather than massive sulfide mineralization. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Ore
and gangue mineralogy is similar in veins and mantos but it varies considerably
across the property. &nbsp;Sphalerite, galena, and chalcopyrite are the most
important primary minerals for zinc, lead and copper and silver is generally
present as freibergite (Ag-tetrahedrite) or argentiferous galena. &nbsp;Gangue
generally consists of quartz, calcite, barite and rhodochrosite, the latter
having a strong correlation with higher silver grades. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">As
with most of the large Peruvian polymetallic deposits, Morococha exhibits a
distinct lateral and vertical metal zonation. &nbsp;A central copper zone
centered on the Toromocha copper deposit grades outward through a
lead-zinc-minor silver zone and then into an outermost zone that is richer in
silver but still containing significant lead-zinc contents. &nbsp;There is also
a distinct trend for higher silver grades at higher elevations on the west side
of the Morococha property. &nbsp;Individual silver assays of greater than 2,200
grams per tonne ("g/mt") are not uncommon above 4,800 metres in certain
areas, and greater than 300 g/mt silver ore grades also are common in the outer
silver-lead-zinc zone above the 4,400 metre elevation in certain areas. &nbsp;In
veins that have been mined over significant vertical extents (such as those in
Manuelita), silver grades tend to decrease as lead-zinc grades increase with
depth. &nbsp;However, several of the major veins currently being mined on the
4,020 metre Kingsmill Tunnel level still contain silver grades in the 200 g/mt
to 250 g/mt range. &nbsp;The hydrothermal alteration present at Morococha is
typical for central Peruvian zoned polymetallic deposits. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Exploration</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">SMC
has conducted only minimal exploration in the Morococha district since the late
1990s. &nbsp;However, exploration potential is considered to be excellent
throughout the district due to the significant vertical extent (over 800&nbsp;metres)
of economic veins and the prevalence of multiple carbonate units favorable for
replacement mineralization. &nbsp;Additionally, of the very few drill holes
(less than ten) that tested depth extensions of known veins or mantos below
developed ore, all intersected potentially economic material. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Drilling</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">SMC
utilized surface and underground diamond drilling only to test for potential
ore-grade mineralization in the various veins, replacement mantos, and skarn
bodies. &nbsp;Once the results of drilling determined the presence of ore grade
mineralization, the vein or manto was accessed by underground crosscutting and
drifting for further exploration and delineation of ore reserves. &nbsp;Thus,
assay data generated by drilling was seldom used in block grade estimations for
mineral reserves.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Sampling
and Analysis</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
data used for the estimation of mineral reserves and resources at the Morococha
property consist almost entirely of underground chip channel samples from the
backs of drifts, the ribs of crosscuts, the backs of stopes and the ribs of
raises. &nbsp;The samples are taken every 1.0 metre across the veins or mantos.
&nbsp;Stopes are sampled at least once a month on 2.0-metre centers along
strike. &nbsp;Before estimating ore reserves at the end of each quarter, each
active stope back is sampled on 1.0-metre centers to provide the close spacing
required for the definition and calculation of block grades.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Company believes that sample security (chain of custody) is not an issue at the
Morococha property. &nbsp;Sample preparation, assays, and analyses are done on
site, and samples remain in the control of Morococha employees. &nbsp;Several
inconsistent or inappropriate pre-laboratory sample preparation procedures have
been observed, including some loss of sample during breaking of the large
fragments, loss of sample during transfer of the sample to the sample tarp,
sample homogenization, and transfer of the split retained for assay back into
the sample sack, and</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
39 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">inadequate
reduction of sample particle size prior to homogenization and splitting.
&nbsp;The Company believes that these issues, while deserving immediate
correction, do not constitute a material concern relative to the integrity of
the resulting assay data.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">All
samples from both the Morococha mine and mill are first run for silver, lead,
copper, and zinc using an atomic absorption ("AA") unit. &nbsp;Samples with
initial AA analyses for silver greater than 25 ounces per ton are rerun by fire
assay, using assay charges that vary in size from 10 to 15 grams depending on
the grade of the initial AA assay (the larger the AA assay value, the larger the
fire assay charge). &nbsp;Wet chemical analysis for lead and zinc is reserved
for concentrate samples.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">No
quality assurance/quality control ("QA/QC") program was ever established for
the analysis of mine samples at either of SMC's laboratories. &nbsp;This lack
of QA/QC data makes it difficult to assess the performance and reliability of
either laboratory. &nbsp;An examination of the reconciliations between mine
production and reported mill throughput over the past seven years from the
Manuelita and Codiciada zones indicate consistently higher grades reported by
the mine compared to the mill for all metals, except copper, which in 1998 was
five percent higher for the mill. &nbsp;This consistent difference suggests a
high global bias in the mine sample assay results (on which the mine production
grades are based) generated by SMC's recently closed laboratory.
&nbsp;However, a recent independent sampling of ore stockpiles by the Company
(where the samples were prepared and assayed by the new SMC laboratory) showed a
consistent low bias in the assays for all metals, except zinc, relative to the
assay results from pulp duplicates.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Mineral
Resources and Mineral Reserve Estimates</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Mineral
Reserve Estimate</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
estimated proven and probable mineral reserves for the Morococha property as of
June 30, 2003, are set out in the following table:</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="551" colspan="6">
        <p style="margin:0pt; font-family:Times New Roman" align="center"><b><font size="3">Morococha
        Property</font></b></p>
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><b><font size="3">Proven
        and Probable Reserve Estimate</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="127.2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Reserve
        Category</font></u></b></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td valign="top" width="132">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Silver<u><br>
        per Tonne</u></font></b></p>
      </td>
      <td valign="top" width="71.6">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Copper</font></u></b></p>
      </td>
      <td valign="top" width="72.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Lead</font></u></b></p>
      </td>
      <td valign="top" width="75.8">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Zinc</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="127.2">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-left:8.85pt; line-height:13pt; font-family:Times New Roman"><font size="3">Proven</font></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="right"><font size="3">1,161,000</font></p>
      </td>
      <td valign="top" width="132">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">270</font></p>
      </td>
      <td valign="top" width="71.6">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">1.8%</font></p>
      </td>
      <td valign="top" width="72.4">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">0.5%</font></p>
      </td>
      <td valign="top" width="75.8">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">4.9%</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="127.2">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-left:8.85pt; line-height:13pt; font-family:Times New Roman"><font size="3">Probable</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="right"><font size="3">133,000</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="132">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">270</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="71.6">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">1.9%</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="72.4">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">0.6%</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="75.8">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">5.4%</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="127.2">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-left:8.85pt; line-height:13pt; font-family:Times New Roman"><font size="3">TOTAL</font></p>
      </td>
      <td valign="top" width="72">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="right"><font size="3">1,294,000</font></p>
      </td>
      <td valign="top" width="132">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">270</font></p>
      </td>
      <td valign="top" width="71.6">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">1.9%</font></p>
      </td>
      <td valign="top" width="72.4">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">0.5%</font></p>
      </td>
      <td valign="top" width="75.8">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">4.9%</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:10pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
foregoing mineral reserves were estimated by SMC's geology and engineering
staff and were reviewed by an independent "qualified person", Donald F.
Earnest, P.Geo. with Resource Evaluation Inc. ("REI").
&nbsp;Mr.&nbsp;Earnest has tested and verified the information developed by SMC
and has concluded that the reserves were estimated in accordance with the
guidelines set forth in NI 43-101 and accepted Canadian mining industry
practices. &nbsp;In Mr.&nbsp;Earnest's opinion, the overall mineral reserve
estimate can be considered conservative due to certain adjustment factors
applied to individual mineral reserve blocks by the Morococha geology staff
during reserve estimation, including: &nbsp;(i) local severe cutting of high
grade outlier assays; (ii) extraction factors that varied by block and run as
low as 50%; and (iii) grade discounting factors that were applied based on
reconciliations between mine production estimates and mill through-put for
previous years.<br>
<br>
</font></p>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
40 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:10pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
following mineral prices were used in connection with the above mineral reserve
estimate: &nbsp;silver - $4.75 per troy ounce; lead - $480 per tonne; copper - $1,760 per tonne; zinc - $800 per tonne; and gold - $350 per troy ounce. &nbsp;A
cut-off value of US$35.00 per tonne was used in the estimation of each of the
reserve categories.</font></p>
<p style="margin-top:10pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Reserve
block boundaries above and below each level are determined either by assays from
raise sampling or by projection distance limits established for each vein.
&nbsp;The vertical projection distance limits vary from 15 to 25 metres for
proven blocks. &nbsp;Probable blocks extend from each proven block upwards or
downwards for a distance of 25 metres to 35 metres to a 50 metre projection
limit, so that the maximum total projection distance (proven and probable blocks
combined) from level sample data does not exceed 50 metres. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Once
the block boundaries are established, block areas in the plane of the vein are
computed by measuring block lengths and widths on the vertical longitudinal
sections and applying a factor to account for the average dip of the vein.
&nbsp;Block volumes are then calculated by taking the block areas and
multiplying by the weighed average mining width for each block (derived from
drift and raise sampling). &nbsp;The mining widths used for computing block
volumes include extending internal dilution out to minimum mining widths, and in
certain cases, the application of additional external dilution.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Block
grades are estimated for silver, lead, copper, and zinc simply by obtaining
weighted averages of the assays from the 1.0 metre drift and raise sampling that
falls within the boundaries of a block. &nbsp;The average grade for each block
is then adjusted downwards to allow for dilution. &nbsp;The amount of dilution
applied varies by vein.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman"><i><font size="3">Mineral
Resources Estimates</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Historically,
no mineral resource inventory has been carried at the Morococha property by SMC.
&nbsp;In order to provide the Company with a reasonable mineral resource
inventory on which to base its investment decisions, an independent "qualified
person", Mr.&nbsp;Donald F. Earnest, P.Geo. with REI, completed the following
manual measured and indicated resource estimate based on data provided by SMC as
of June&nbsp;30, 2003. &nbsp;Mr.&nbsp;Earnest has tested and verified such data
provided by SMC. &nbsp;Each of the resource categories were estimated based on
the same mineral price assumptions and cut-off value used in connection with the
calculation of the mineral reserve estimates.</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="619.8" colspan="6">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><b><font size="3">Morococha
        Property<br>
        Measured and Indicated Resource Estimate</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="126.533">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Resource
        Category</font></u></b></p>
      </td>
      <td valign="top" width="101.933">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td valign="top" width="114">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Silver<br>
        <u>per Tonne</u></font></b></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Lead</font></u></b></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Copper</font></u></b></p>
      </td>
      <td valign="top" width="85.333">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Zinc</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="126.533">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-left:6pt; line-height:13pt; font-family:Times New Roman"><font size="3">Measured</font></p>
      </td>
      <td valign="top" width="101.933">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">119,000</font></p>
      </td>
      <td valign="top" width="114">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">340</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">1.1%</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">0.5%</font></p>
      </td>
      <td valign="top" width="85.333">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">2.7%</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="126.533">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-left:6pt; line-height:13pt; font-family:Times New Roman"><font size="3">Indicated</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="101.933">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">707,000</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="114">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">270</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">1.6%</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">0.5%</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="85.333">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">4.6%</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="126.533">
        <p style="margin-top:0pt; margin-bottom:5pt; padding-left:6pt; line-height:13pt; font-family:Times New Roman"><font size="3">TOTAL</font></p>
      </td>
      <td valign="top" width="101.933">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">826,000</font></p>
      </td>
      <td valign="top" width="114">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">280</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">1.6</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">0.5%</font></p>
      </td>
      <td valign="top" width="85.333">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">4.3%</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
maximum projection distance from sample data for proven and probable ore reserve
blocks totalled 50 metres from sample data in the plane of veins or mantos.
&nbsp;In general, maximum projection distances of 15 metres and 35 metres were
used for proven and probable blocks, respectively. &nbsp;These same projection
distances were held for the construction of measured (15 metres) and indicated
(35 metres) blocks. &nbsp;The resource blocks constructed were either extensions
beyond proven and probable blocks that did not span the full 50 metres from
data, extensions of ore-grade mineralization immediately below mined areas on
lower levels, or extensions above stopes or levels. &nbsp;The minimum mining
width, dilution, and specific gravity criteria established by SMC were adhered
to for ore reserve block volume and tonnage estimations. &nbsp;Where resource
blocks are extensions of existing ore reserve blocks, measured and indicated
block grades were taken from the adjacent proven and probable ore reserve
blocks. &nbsp;Where resource blocks were extensions of mined stopes, the grade
of the closest up-dip or down-dip reserve block was</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
41 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">used.
&nbsp;Because existing proven and probable block grades were used for adjacent
resource blocks, the resource block grades include all grade adjustment factors
(high grade outlier capping, sampling and assaying error corrections) applied by
SMC. &nbsp;However, because the resource block tonnages were computed
independently, no extraction factors were applied to resource block tonnes.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
addition to the measured and indicated resources listed above, the Company
developed an estimate of the inferred resource on the Morococha property, which
is set out in the following table:</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="619.8" colspan="6">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><b><font size="3">Morococha
        Property<br>
        Inferred Resource Estimate</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="126.533">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Resource
        Category</font></u></b></p>
      </td>
      <td valign="top" width="101.933">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td valign="top" width="114">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Silver<br>
        <u>per Tonne</u></font></b></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Lead</font></u></b></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Copper</font></u></b></p>
      </td>
      <td valign="top" width="85.333">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">%
        Zinc</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="126.533">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman"><font size="3">Inferred</font></p>
      </td>
      <td valign="top" width="101.933">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">7,635,000</font></p>
      </td>
      <td valign="top" width="114">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">250</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">2.0%</font></p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">0.4%</font></p>
      </td>
      <td valign="top" width="85.333">
        <p style="margin-top:0pt; margin-bottom:5pt; line-height:13pt; font-family:Times New Roman" align="center"><font size="3">4.4%</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:5pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
inferred resource tonnages for each vein were estimated by the Company as part
of its assessment of the potential of the many veins and mantos at the Morococha
property. &nbsp;The Company divided its assessment into two categories - "known"
potential and "geologic" potential. &nbsp;Known potential was estimated by
projecting known ore shoots in the veins or mantos down-dip from the lower
working levels of each vein. &nbsp;The lateral (strike) limits to the known
potential were established using mined stopes as guidelines,<b> </b>and the
projection down-dip was allowed to extend to the 4,020 metre elevation of the
Kingsmill drain tunnel in the stronger veins and mantos that have demonstrated
past production over significant lateral and vertical extents. &nbsp;Factors
were also applied to known potential tonnage estimates based on visual estimates
made from the longitudinal sections of ore extracted by past mining, and also to
allow for property boundary considerations. &nbsp;The down-dip trend of mined
stopes was used to establish plunges to the projections of the known potential
outlines, and wallrock geology was also considered where distinctions between
more and less favorable wallrock units could be established. &nbsp;An
independent "qualified person", Mr.&nbsp;Donald F. Earnest, P.Geo. with REI,
has reviewed the foregoing inferred resource estimate and concluded that it was
prepared using reasonable projections and in accordance with the guidelines set
forth in NI&nbsp;43-101 and accepted Canadian mining industry practices.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">There
are no known environmental, permitting, legal, title, social-economic, marketing
or political issues that could materially affect the above mineral reserve or
mineral resource estimates, other than depletion of mineral reserves by normal
mining (which should be offset by ongoing new mineral reserve additions from
exploration and delineation work) and there are no known mining or metallurgical
factors that could have a similar material effect.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">No
mineral reserves are included in the estimates of measured, indicated or
inferred mineral resources described above. &nbsp;Mineral resources which are
not mineral reserves do not have demonstrated economic viability.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Mining</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Underground
mining operations at the Morococha property consist primarily of typical
overhand cut and fill, shrinkage, and mechanized room and pillar methods using
waste rock for backfill where needed. &nbsp;Holes are drilled in the mining face
using jacklegs which are loaded with explosives and blasted twice per day
between shifts. &nbsp;Slushers are used in the cut and fill and shrink stopes to
transport the broken rock to chutes that report to levels with track haulage.
&nbsp;Locomotives transport the ore from the chutes to one of three shafts for
hoisting. &nbsp;Highway dump trucks then haul the ore from shaft coarse ore bins
to mill stockpiles. &nbsp;In addition to the three main shafts, some ore is also
transported from certain sectors of the mine to stockpiles using scoop trams.
&nbsp;The mine operates two eight hour shifts per day, six days a week.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 00; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
42 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Yauli, Maria and Central production shafts provide access down to the Kingsmill
drainage tunnel level at an elevation of 4,020 metres. &nbsp;The Central shaft
is located approximately 1,500 metres west of the Maria Shaft and 2,500 metres
west of the Yauli shaft. &nbsp;The Maria and Central shafts are equipped with
above ground head frames, hoists and ore bins. &nbsp;The Maria Shaft has a
single split drum hoist with two 2.0-tonne skips. &nbsp;The Central Shaft is
larger with two split drum hoists. &nbsp;One hoist is fitted with two 3.5-tonne
skips and the other is used for men and materials. &nbsp;The Yauli shaft is
equipped with two 2.6-tonne skips and its collar is located beneath the surface.
&nbsp;Ore from the Yauli shaft feeds into chutes from which it is then
transported by a small locomotive to an adjacent subsurface truck loading
facility. &nbsp;The three shafts have a combined capacity to support production
schedules in excess of 600,000 tonnes per year.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Morococha property includes the Sacracancha and Amistad process plant facilities
that are separated by approximately five&nbsp;kilometres. &nbsp;Both process
plants are conventional selective flotation facilities capable of producing
individual copper, lead, and zinc concentrates. &nbsp;These flotation
concentrates are shipped to third party smelters for final refining. &nbsp;In
December 2003, the Amistad plant became the primary milling facility for all
Morococha mine ores. &nbsp;Although much of the Amistad plant is at least 80
years old and many repairs and upgrades are needed, the SMC operators have been
able to obtain satisfactory production and reasonable metallurgical performance
with the plant in its current condition.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Metallurgy</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
metallurgy of the Morococha ore is highly variable according to the mineral
assemblage. &nbsp;There are numerous vein and manto deposits that form the
mineral reserves and resources of the Morococha property, each with unique
mineral assemblages. &nbsp;The SMC staff has developed individual metallurgical
projections according to the expected deposit mineral assemblages. &nbsp;These
projections have been established with consideration and experience of the many
years of operating results and testing of the various Morococha deposits.
&nbsp;These metallurgical performance projections are summarized in the
following table:</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="638.4" colspan="9">
        <p style="margin-top:0pt; margin-bottom:5pt; font-family:Times New Roman" align="center"><b><font size="3">Morococha
        Property<br>
        Metallurgical Projections (By Mine Area)</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="124.867"><font size="3">&nbsp;</font></td>
      <td valign="top" width="53.2">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">units</font></u></b></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Manuelita</font></u></b></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Codiciada</font></u></b></p>
      </td>
      <td valign="top" width="64.6">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Sulfuruso</font></u></b></p>
      </td>
      <td valign="top" width="57">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">San
        <u>Antonio</u></font></b></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Alapampa</font></u></b></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Yacumina</font></u></b></p>
      </td>
      <td valign="top" width="65.133">
        <p style="margin-top:2.25pt; margin-bottom:2.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">San
        <u>Florencia</u></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="124.867">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">Ag
        Head Grade</font></p>
      </td>
      <td valign="top" width="53.2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">gpt</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">265</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">240</font></p>
      </td>
      <td valign="top" width="64.6">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">299</font></p>
      </td>
      <td valign="top" width="57">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">225</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">229</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">415</font></p>
      </td>
      <td valign="top" width="65.133">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">258</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="124.867">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">Pb
        Head Grade</font></p>
      </td>
      <td valign="top" width="53.2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">1.92</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">1.92</font></p>
      </td>
      <td valign="top" width="64.6">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">1.34</font></p>
      </td>
      <td valign="top" width="57">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">2.73</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">1.16</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">1.38</font></p>
      </td>
      <td valign="top" width="65.133">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">3.28</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="124.867">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">Cu
        Head Grade</font></p>
      </td>
      <td valign="top" width="53.2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">0.53</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">0.36</font></p>
      </td>
      <td valign="top" width="64.6">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">1.02</font></p>
      </td>
      <td valign="top" width="57">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">0.38</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">1.16</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">0.15</font></p>
      </td>
      <td valign="top" width="65.133">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">0.18</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="124.867">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">Zn
        Head Grade</font></p>
      </td>
      <td valign="top" width="53.2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">4.72</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">5.81</font></p>
      </td>
      <td valign="top" width="64.6">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">3.11</font></p>
      </td>
      <td valign="top" width="57">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">5.76</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">7.07</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">2.48</font></p>
      </td>
      <td valign="top" width="65.133">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">5.96</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="124.867">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">Cu
        Conc Grade</font></p>
      </td>
      <td valign="top" width="53.2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">24.2%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">24.2%</font></p>
      </td>
      <td valign="top" width="64.6">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">28.5%</font></p>
      </td>
      <td valign="top" width="57">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">28.5%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">28.5%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">22.7%</font></p>
      </td>
      <td valign="top" width="65.133">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">21.4%</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="124.867">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">Pb
        Conc Grade</font></p>
      </td>
      <td valign="top" width="53.2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">53.9%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">53.9%</font></p>
      </td>
      <td valign="top" width="64.6">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">54.0%</font></p>
      </td>
      <td valign="top" width="57">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">54.0%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">54.0%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">52.6%</font></p>
      </td>
      <td valign="top" width="65.133">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">52.2%</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="124.867">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">Zn
        Conc Grade</font></p>
      </td>
      <td valign="top" width="53.2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">50.2%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">50.2%</font></p>
      </td>
      <td valign="top" width="64.6">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">50.4%</font></p>
      </td>
      <td valign="top" width="57">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">50.4%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">50.4%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">50.8%</font></p>
      </td>
      <td valign="top" width="65.133">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">53.9%</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="124.867">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">Ag
        in Cu Recovery</font></p>
      </td>
      <td valign="top" width="53.2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">55.9%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">55.9%</font></p>
      </td>
      <td valign="top" width="64.6">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">59.1%</font></p>
      </td>
      <td valign="top" width="57">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">59.1%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">59.1%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">58.1%</font></p>
      </td>
      <td valign="top" width="65.133">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">56.5%</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="124.867">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">Ag
        in Pb Recovery</font></p>
      </td>
      <td valign="top" width="53.2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">22.7%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">22.7%</font></p>
      </td>
      <td valign="top" width="64.6">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">18.1%</font></p>
      </td>
      <td valign="top" width="57">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">18.1%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">18.1%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">20.3%</font></p>
      </td>
      <td valign="top" width="65.133">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">28.2%</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="124.867">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">Ag
        in Zn Recovery</font></p>
      </td>
      <td valign="top" width="53.2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">6.9%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">6.9%</font></p>
      </td>
      <td valign="top" width="64.6">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">9.6%</font></p>
      </td>
      <td valign="top" width="57">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">9.6%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">9.6%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">11.9%</font></p>
      </td>
      <td valign="top" width="65.133">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">5.0%</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="124.867">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">Overall
        Ag Recovery</font></p>
      </td>
      <td valign="top" width="53.2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">85.5%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">85.5%</font></p>
      </td>
      <td valign="top" width="64.6">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">86.8%</font></p>
      </td>
      <td valign="top" width="57">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">86.8%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">86.8%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">90.3%</font></p>
      </td>
      <td valign="top" width="65.133">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">89.6%</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="124.867">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">Cu
        Recovery</font></p>
      </td>
      <td valign="top" width="53.2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">65.7%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">65.7%</font></p>
      </td>
      <td valign="top" width="64.6">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">67.0%</font></p>
      </td>
      <td valign="top" width="57">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">67.0%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">67.0%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">52.5%</font></p>
      </td>
      <td valign="top" width="65.133">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">50.3%</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="124.867">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">Pb
        Recovery</font></p>
      </td>
      <td valign="top" width="53.2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">76.0%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">76.0%</font></p>
      </td>
      <td valign="top" width="64.6">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">68.1%</font></p>
      </td>
      <td valign="top" width="57">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">68.1%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">68.1%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">82.7%</font></p>
      </td>
      <td valign="top" width="65.133">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">85.3%</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="124.867">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><font size="3">Zn
        Recovery</font></p>
      </td>
      <td valign="top" width="53.2">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">82.7%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">82.7%</font></p>
      </td>
      <td valign="top" width="64.6">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">84.1%</font></p>
      </td>
      <td valign="top" width="57">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">84.1%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">84.1%</font></p>
      </td>
      <td valign="top" width="68.4">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">77.0%</font></p>
      </td>
      <td valign="top" width="65.133">
        <p style="margin-top:0pt; margin-bottom:4.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">81.1%</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<font size="3"><br>
<br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
43 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American carefully evaluated the metallurgical performance of the Sacracancha
process plant during the month of October 2003. &nbsp;The SMC metallurgical
projections from the table above were applied to the ore ton and grade
distributions by mine area to determine a weighted average metallurgical
performance projection for the ores treated at the Sacracancha plant during
October 2003. &nbsp;This projection was compared to the actual performance as
determined from the reported month-end metallurgical balance. &nbsp;Overall,
using common metal sales prices and marketing terms, the unit net smelter return
on an ore ton processed basis during October 2003 at the Sacracancha plant was
2.9% less than that predicted by the metallurgical projection targets used for
the Morococha reserve estimation.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Mine
Plan and Development Program</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American has developed a long range mine plan and development program for the
Morococha property, based on an average production of 1,600 tonnes of ore per
day through 2007 (40,000 tonnes per month, 480,000 tonnes annually) and an
average of 1,840 tonnes of ore per day from 2008 to 2018 (46,000 tonnes per
month, 552,000 tonnes annually), assuming an average of 25 production days per
month. &nbsp;Production is scheduled to come from all areas of the Morococha
operation at different levels through 2018.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
long range mine plan was completed based on the following prices: &nbsp;silver -
$5 per troy ounce; copper - $1,900 per tonne; lead - $600 per tonne; and zinc -
$900 per tonne. &nbsp;These prices are higher than the metal prices used by SMC
for proven and probable reserve estimates, due to improvements in metal prices
since June 30, 2003.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
mine plan was sequenced using, in order or preference, proven and probable
reserves, measured and indicated resources, and finally, inferred resources.
&nbsp;Thus, the earliest years of the mine plan can be considered as a
short-term plan having a high degree of certainty. &nbsp;Total material
processed in the 15 year mine plan is approximately eight million tonnes.
&nbsp;Of the total material processed in the plan, 1.5 million tonnes (18%) are
mineral reserves and measured and indicated resources. &nbsp;The remaining 82%
of the material scheduled is inferred resources. A combination of diamond
drilling in the first two years and underground drifting for the entire mine
life is included in the plan to convert inferred resources to reserves prior to
mining. &nbsp;SMC has not historically recorded a running success rate regarding
the conversion of inferred resources to proven reserves, as SMC has not
historically estimated inferred resource data for the Morococha mine.
&nbsp;Instead, SMC has recorded the number of tonnes of new reserves estimated
for every metre of development advance. &nbsp;Pan American's drifting program
applies those historical conversion rates to the inferred resources Pan American
has identified. &nbsp;Rather, in each production year the amount that has been
mined has been replaced with new reserves. &nbsp;Pan American has assumed that
both diamond drilling and drifting would be accelerated in the first years of
the mine plan to extend the mine life beyond its present three year proven and
probable reserve life.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
mine plan and development program includes several capital improvements designed
to increase productivity. &nbsp;These include:</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Extending
    the length of the stopes to 70 metres which will result in a 30% reduction
    of raise preparation. &nbsp;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Implementation
    of development drilling to improve the development performance ratio (tonnes
    of ore converted per metre of development) to 55 tonnes per metre from the
    current 20 tonnes per metre;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Better
    control of external dilution in the Codiciada Alta, Sulfurosa, and Alapampa
    areas (which averaged 8% in 2003), bringing it in line with the Codiciada
    Baja, Manuelita, and Yacumina areas, where the average excess external
    dilution in 2003 was minimal (0.06%).</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">The
    development of additional ore passes and waste passes in 2004 and 2005 in
    Codiciada and Alapampa and in 2007 in areas of Yacumina in order to reduce
    ore handling;</font></li>
</ul>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
44 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Repairs
    to the Central shaft, including realignment of 150 metres of timber and
    guides, electrical improvements to the hoist, new cables, and installation
    of equipment that will provide for the simultaneous hoisting of ore and
    waste, avoiding the current necessity to campaign the separate materials;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">The
    development of main haulage levels in the lower areas of the mine that will
    allow the use of 10-tonne trolley locomotives and 100 cubic foot cars;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">The
    centralization of the ore flow to the Central shaft and the Manuelita shaft,
    which will reduce ore handling; and</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Improvements
    to compressed air and drilling water supply services, and ventilation.</font></li>
</ul>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Economic
Analysis and Payback</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Capital
cost estimates for the mine, plant, infrastructure, environmental and sustaining
capital over three years total approximately $16 million. &nbsp;These capital
expenditures are necessary in order to achieve the overall long term planned
production rate of 48,000 metric tons per month, prepare the operation for
sustained production beyond the three year proven and probable reserve life and
to achieve forecast cash flow.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Operating
costs of the Morococha property over the three year period during which the
current proven and probable reserves would be mined are estimated to be
approximately $18.13 million, $18.77 million and $17.79 million in each of the
three years of the mine plan, respectively. &nbsp;This represents unit operating
costs per tonne of $38.62, $39.37 and $36.51 in each of the three years of the
mine plan, for an average unit operating cost per tonne of $38.15. &nbsp;The
operating cost assumptions were developed using source data provided by SMC.
&nbsp;Historic production basis and accounting costs records for SMC were
analysed and reconciled in order to obtain the most accurate present costs
incurred in the operations. &nbsp;Adjustments were made where it is known the
costs under Pan American's stewardship will differ from present costs.
&nbsp;The primary data source for the operating cost estimate was taken from
actual costs incurred from January to October in 2003. &nbsp;An increase of five
percent has been added to the contractor's worker salaries, which results in
an increase of 3.3% to the unit costs. &nbsp;Cost estimates included provisions
for administrative office expenses, annual mining concession payments and
insurance. &nbsp;The power supply costs were based on a review of the expected
power consumption using a commercially available rate of $0.05326 per kilowatt
hour. &nbsp;The operating costs estimate also included costs for exploration
drilling.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">A
cash flow forecast for the Morococha property was generated from the
June&nbsp;30, 2003 proven and probable reserves estimate and a projection of the
December&nbsp;31, 2003 proven and probable reserve base. &nbsp;The cash flow
forecast estimated net after tax cash flows of the future production profile
incorporating estimates for production rates, metallurgical performance, mined
ore grades, direct mine operating costs, development costs, exploration drilling
costs, general and administration costs, marketing costs, capital expenditures,
employee profit sharing and corporate income taxes. &nbsp;The three year cash
flow forecast totals approximately $9.3 million ($444,000 in year one,
$4,604,000 in year two and $4,258,000 in year three). &nbsp;This forecast cash
flow does not provide payback for the Company's costs of acquiring Argentum
based solely on the proven and probable reserves, as these only provide for a
three year mine life. &nbsp;However, the Company believes that sustained mining
will continue well beyond the life of the current proven and probable reserves
and has included development and sustaining cost provisions based on this
assumption.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
economics of the Company's long range, 15 year mine plan and development
program for the Morococha property is based upon the assumption that future
drilling and underground drifting will convert inferred resources to reserves
prior to mining at a rate similar to SMC's historic rate of generating new
reserves for every metre of development advance. &nbsp;This mine plan and
development program is necessarily preliminary in nature, because it includes
inferred mineral resources that are considered too speculative geologically to
have the economic considerations applied to them that would enable them to be
categorized as mineral reserves. &nbsp;There is no certainty</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
45 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">that
inferred resources will be converted to mineable reserves in sufficient
quantities to support Pan American's long range mine plan and development
program.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Mine
Life</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
estimated proven and probable reserves on the Morococha property provide for a
three-year mine life at Pan American's short-term planned production rate of
40,000 tonnes per month. &nbsp;However, Pan American expects the mine will
continue to produce for at least 15 years as reserve definition programs are
carried out. &nbsp;Historically, most underground mines in mature mining
districts, in countries such as Canada, the United States and Peru, have carried
no more than three to five years of proven and probable reserves ahead of
production. &nbsp;This is because of the very significant capital costs required
to maintain sufficient mine development to provide access for the drilling and
sampling required to support the conversion of indicated and inferred resources
to proven and probable reserves. &nbsp;As a result, at any given point in a
typical underground mine's life, a valuation of the mine based only on proven
and probable reserves would not be likely to justify purchase of the mine by a
third party. &nbsp;At Morococha, SMC has been successful at generating new
reserves to replace those mined each year. &nbsp;In Pan American's opinion,
given the demonstrated geologic potential of the district, this trend can
reasonably be expected to continue for the 15-year period in Pan American's
long range plan.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Environment</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Morococha mine area is located between 4,500 and 4,900 metres above sea level.
&nbsp;At this altitude, vegetation is sparse and wildlife is limited to birds,
small mammals, reptiles, and amphibians. &nbsp;Human use of the area is almost
exclusively for mining and exploration activities, except for the occasional
grazing of sheep and llamas. &nbsp;Soil development is generally poor, and is
limited to a thin (10-20 centimetre) layer of sandy loam with low organic
content. &nbsp;The area has significant impacts from historic mining and related
activities.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
landforms of the area have been created by glacial activity with U-shaped
valleys, hanging valleys and tarns (hanging lakes). &nbsp;These landforms create
locally isolated surface water basins and locally steep valley walls.
&nbsp;Several drainages are tributary to Rio Yauli, which in turn is tributary
to Rio Mantaro. &nbsp;The Kingsmill drainage tunnel discharges between 1.5 to
1.8 cubic metres per second of water into the Rio Yauli and has been determined
to be a significant polluter according to studies performed in the late 1990s.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
assessment of the potential closure and post-closure liabilities at the
Morococha site is based on an evaluation of the potential risks to the local
environment. &nbsp;Some of the local environmental conditions preclude impacts
to critical resources, given the harsh conditions, elevation, limited human
activity apart from mining and exploration, and the conditions of the natural
mineralized outcrops that exist in the area.</font></p>
<p style="text-indent: 36pt; line-height: 13pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0" align="justify"><font size="3">The
single largest environmental liability identified is the Morococha mine's
share of the cost of a proposed Kingsmill tunnel water treatment plant. &nbsp;Morococha's
share was defined by a study completed in 1997 by Water Management Consultants ("WMC"),
which apportioned responsibility for the costs of the treatment plant as
follows:</font></p>
<p style="text-indent: 36pt; line-height: 13pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0" align="justify">&nbsp;</p>
<ul>
  <li>
    <p style="line-height: 15pt; font-family: Symbol; margin-top: 0pt; margin-bottom: 0; padding-left: 108pt" align="justify"><font size="3"><font FACE="Times New Roman">Centromin</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    72.2%</font></li>
  <li>
    <p style="line-height: 15pt; font-family: Symbol; margin-top: 0pt; margin-bottom: 0; padding-left: 108pt" align="justify"><font size="3"><font FACE="Times New Roman">Morococha
    operations</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    12.3%</font></li>
  <li>
    <p style="line-height: 15pt; font-family: Symbol; margin-top: 0pt; margin-bottom: 0; padding-left: 108pt" align="justify"><font size="3"><font FACE="Times New Roman">Soc.
    Minera Puquiococha</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    8.5%</font></li>
  <li>
    <p style="line-height: 15pt; font-family: Symbol; margin-top: 0pt; margin-bottom: 0; padding-left: 108pt" align="justify"><font size="3"><font FACE="Times New Roman">Soc.
    Minera Austria Duvaz</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    4.9%</font></li>
  <li>
    <p style="line-height: 15pt; font-family: Symbol; margin-top: 0pt; margin-bottom: 0; padding-left: 108pt" align="justify"><font size="3"><font FACE="Times New Roman">Minera
    Centrominas</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    2.1%</font></li>
</ul>
<p style="line-height: 15pt; font-family: Symbol; margin-top: 0pt; margin-bottom: 0; padding-left: 108pt" align="justify">&nbsp;</p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
capital and operating costs for the water treatment facility are directly
proportional to both constituent load and flow determined in the 1997 WMC study.
&nbsp;The Company understands that Centromin is currently</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
46 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">conducting
an update to the 1997 WMC study, but the results of the update are not yet
available. &nbsp;As part of its due diligence efforts, Pan American conducted
its own sampling of the Kingsmill tunnel discharge. Based on the results of this
sampling, which indicated an improvement to water quality since 1997, it appears
unlikely that the update will materially change the responsibility calculations
determined in the 1997 WMC study.</font></p>
<p style="text-indent: 36pt; line-height: 13pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0" align="justify"><font size="3">The
Huascacocha Lake, which is adjacent to the Morococha mining operations, has been
used for tailings disposal since 1960. &nbsp;The facility has additional
capacity for 15 years of tailings once a dike raise is completed. &nbsp;Initial
deposition created a beach of tailings that eventually raised environmental
concerns related to dust and acid generation. &nbsp;WMC completed a study in
2001 to determine what may be required to mitigate the historical tailings.
&nbsp;The WMC plan includes raising the dike to submerge a larger portion of
tailings and covering the remaining beach tailings with topsoil. &nbsp;The share
of responsibility for this tailings mitigation has been allocated in the WMC
plan as follows:</font></p>
<p style="text-indent: -18pt; line-height: 15pt; font-family: Symbol; margin-top: 0pt; margin-bottom: 0; padding-left: 108pt" align="justify"></p>
<ul>
  <li>
    <p style="line-height: 15pt; font-family: Symbol; margin-top: 0pt; margin-bottom: 0; padding-left: 108pt" align="justify"><font size="3" FACE="Times New Roman">Centromin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </font><font size="3">67.15%</font></li>
  <li>
    <p style="line-height: 15pt; font-family: Symbol; margin-top: 0pt; margin-bottom: 0; padding-left: 108pt" align="justify"><font size="3"><font FACE="Times New Roman">Morococha
    Operations</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    21.01%</font></li>
  <li>
    <p style="line-height: 15pt; font-family: Symbol; margin-top: 0pt; margin-bottom: 0; padding-left: 108pt" align="justify"><font size="3" FACE="Times New Roman">Soc.
    Minera Austria Duvaz&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </font><font size="3">11.84%</font></li>
</ul>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Although
there are some uncertainties associated with certain recently enacted Peruvian
environmental regulations, Pan American has estimated final site reclamation
costs for the Morococha property to be approximately $3.31 million.
&nbsp;Assuming a minimum 15-year mine life, Pan American anticipates that the
annual funding of final site reclamation will require payments of $221,000 per
year. &nbsp;In addition to final site reclamation costs, other non-environmental
closure costs are estimated at $1.85 million for employee severance and
warehouse closures.</font></p>
<a NAME="one"></a>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Markets</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Sales
of copper, lead, and zinc concentrates by large and medium size mining companies
in Peru occur through tenders to international traders and smelters.
&nbsp;Currently, part of SMC's production from the Morococha mine is sold
locally to the Doe Run smelter in Peru and Cajamarquilla refineries and the
balance is exported. &nbsp;Most mining companies in Peru sell directly to
traders, mainly Glencore, Trafigura, BHL, Pechiney, and Transamine, but in
lesser amounts to Hochschild Partners, Marc Rich, Euromin, Mintrade, LN Metals,
Samsung, among others, with less participation. &nbsp;Foreign refineries that
buy directly from producers include UMICORE (Belgium), Paraibuna (Brazil) and
other, less significant, traders and refiners. &nbsp;Pan American, through its
Huaron and Quiruvilca operations, already has developed business relationships
with many of these traders and smelters.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">No
marketing contracts are being assumed by Argentum from SMC. &nbsp;Pan American
has existing marketing contracts for its other operations in Peru, and under the
terms of the Argentum share purchase agreement Pan American is free to pursue
new marketing contracts for Morococha's production.</font></p>
<p style="margin-top:10pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Development
Projects</font></b></p>
<p style="margin-top:5pt; margin-bottom:5pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Alamo
Dorado Project</font></i></b></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Ownership
and Property Description</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Alamo Dorado Project is located 67 kilometres southeast of the town of Alamos,
Sonora, near the border with the State of Sinaloa in northwest Mexico at 26<sup>o</sup>,
44', 44.2'' North Latitude and 108<sup>o</sup>, 40', 00.7'' West Longitude.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Alamo Dorado Project consists of two concessions, the Alamo Ocho Concession and
the Alamo Dorado Concession, covering a total area of 5,369 hectares. &nbsp;The
Alamo Ocho Concession was purchased by Corner</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
47 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Bay
from Alfredo Duran Viramontes and Roberto Duran Viramontes for $425,000 in
semi-annual payments from 1997 to 2002 and a balance payment of $300,000, all of
which have been paid. &nbsp;An exploration concession for the Alamo Ocho
Concession was granted on December 13, 1993 and Pan American has made an
application for an exploitation concession to be granted in respect of this
property. &nbsp;An exploration concession for the Alamo Dorado Concession was
granted on May 27, 1998 and expires on May 26, 2004.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">A
technical report dated July 21, 2003 (the "Mintec Report") has been prepared
for Pan American in accordance with NI43-101 by an independent "qualified
person", John C. Thornton, Vice President, Consulting Engineering of Mintec,
Inc. ("Mintec") &nbsp;Except where otherwise indicated, the following
summary on the Alamo Dorado Project is based on and, in some cases, is extracted
directly from the Mintec Report.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
projected capital expenditures, production estimates, cash flow and other
projections included in this Annual Information Form with respect to the Alamo
Dorado Project have been extracted from the Mintec Report. &nbsp;Such projected
capital expenditures, production estimates, cash flow projections and other
projections were prepared by AMEC E&amp;C Services, Inc. ("AMEC") in
connection with a June 2002 feasibility study and reviewed by Mr. Thornton.
&nbsp;These projected capital expenditures, production estimates, cash flow
projections and other projections have been included in this Annual Information
Form based on the requirements of applicable Canadian securities regulations and
were not prepared with a view towards compliance with published guidelines of
the United States Securities Exchange Commission, or the guidelines established
by the Canadian Institute of Chartered Accountants or the American Institute of
Certified Public Accountants for preparation and presentation of prospective
financial information. &nbsp;Pan American's current and former auditors have
neither examined nor compiled the accompanying prospective financial information
and do not express any opinions or any other form of assurance with respect
thereto.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Location,
Access, Climate and Infrastructure</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Alamo Dorado Project can be accessed from the United States via toll highway 15
which is a well-maintained, four-lane, paved road that starts at the border town
of Nogales, Sonora. &nbsp;The project is 67 kilometres southeast of Alamos on a
well-maintained gravel road. &nbsp;Major airports in the state of Sonora are
located in Hermosillo in the central sector of the state, and Ciudad Obregon to
the south. &nbsp;The airport at Ciudad Obregon is approximately 75 kilometres
north of Navojoa.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
climate of the Alamo Dorado Project area is transitional between the tropical
climates further south and the subtropical desert lands typical of the Pacific
Coast of Baja, California.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Annual
mean temperature is approximately 22 degrees Celsius. &nbsp;The hottest months
are June to September with mean monthly temperatures between 28 degrees Celsius
and 32 degrees Celsius. &nbsp;Precipitation at the Alamo Dorado property is
bi-seasonal, averaging approximately 826 millimeters. &nbsp;Most of the rainfall
occurs in the form of summer tropical storms during the months of July, August
and September with June and October marking the beginning and end of the rainy
season. &nbsp;There is a secondary, minor rainy season in the winter, with
precipitation occurring primarily in December and January. &nbsp;The spring
months, from February through May typically have little or no rainfall. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
area is on the western flanks of the Sierra Madre Occidental geologic province
and within Mexico's Sonoran Desert and Buried Ranges physiographic provinces.
&nbsp;It is in an area of rolling hills where the climate is semi-dry and
semi-warm to warm. &nbsp;The vegetation, in general, is sparse and can be
classified as being of the low caducipholian forest type. &nbsp;The Alamo Dorado
deposit itself lies on the top of a steep, north trending ridge, which is
elevated some 250 meters above the valley floor.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
48 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
site currently contains no existing infrastructure. &nbsp;The project will
require a power line to be constructed, which will start near the Miguel Hidalgo
hydroelectric station. &nbsp;A 14 kilometre water supply line and pumping system
also will be required to provide water to the site from the Miguel Hidalgo
reservoir. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
following major permits are required for development of the Alamo Dorado
Project: (i) a permit from the Mexican National Water Commission (the "CNA")
for erecting structures within the federal zone surrounding the Rio Fuerte,
which is needed to construct a water diversion project at the river and to
install pumps and motors; (ii) a permit from the CNA to appropriate 3,000,000
cubic metres of surface waters from the Miguel Hidalgo Reservoir; (iii) a change
of land use permit for water line and power line right-of-ways from the Mexican
Secretary of the Environment and Natural Resources; and (iv) a blasting permit.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">History</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Prior
to 1997, there is no record of any modern exploration conducted on the Alamo
Dorado Project nor are there any records of production, although there is
evidence of a few old adits in the general area. &nbsp;All recorded drilling at
the property has been undertaken since 1997.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Geology
and Mineralization</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Alamo
Dorado deposit lies within Jurassic metavolcanic rocks, the youngest member of a
Precambrian thru to Mesozoic aged metamorphic and sedimentary sequence of
gneisses, metasedimentary and metavolcanic rocks. &nbsp;This sequence is
underlain by an extensive Late Cretaceous or Tertiary age granite - granodiorite, likely part of the Sonoran Batholith. &nbsp;The property geology
consists of a complex of ductilely deformed and metamorphosed felsic
metavolcanic and high-level intrusive rocks which have been intruded by, and
essentially engulfed by, a younger, relatively undeformed granitic pluton (Sonoran
Batholith unit). &nbsp;The felsic metavolcanic units comprise rhyolitic &nbsp;to
&nbsp;rhyodacitic high level intrusive rocks to sill-like bodies, and lesser
dacite, rhyolite, rhyodacite tuffs. &nbsp;Cross-cutting rhyolite and andesite
dykes also occur. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
silver-gold mineralization at Alamo Dorado is predominantly fracture-controlled
and associated with moderate to intense pervasive silification. &nbsp;About 50
percent of the silver mineralization is in strongly fractured rhyodacites and
about 30 and 10 percent in the rhyolites and dacites, respectively. &nbsp;The
main silver mineral at Alamo Dorado appears to be chlorargyrite which is a
silver mineral derived from a silver chloride complex occurring along with the
quartz-pyrite minerals filling the fractures. &nbsp;The gold mineralization
occurs as free, micron-size particles and/or in the crystal lattices of
micro-crystalline pyrite. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
principal zone of silver and gold mineralization is observed at surface
occurring as a 30-50 metre wide zone of oxidized, rusty and fractured rocks.
&nbsp;Progressive drill programs have now shown the mineralized zone extends up
to several hundred metres in width. The average length of drill hole has been
approximately 250 metres. The mineralized body is currently defined to be
approximately 500 metres in length, with an average width of approximately 150
metres. The mineralization has been drilled to a depth of approximately 250
metres. Drilling has traced the zone of mineralization for 600 metres from drill
section 400 South to 200 North along the north-south drill grid. &nbsp;Several
drill sections in the latest 2000 drill campaign were oriented
northeast-southwest at the mineralized zone's northern extent to better
intersect the mineralization in this area where the zone trends to the
northwest.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Exploration</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Exploration
on the Alamo Dorado Project has been comprised primarily of reverse circulation
drill campaigns conducted annually from 1998 to 2001. &nbsp;A structural geology
examination of the property was undertaken in 2000 through mapping of surface
exposures along drill access roads. &nbsp;A more comprehensive 1:2500 scale
geologic mapping program was conducted in 2001 over an area of about four square
kilometres in the project</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
49 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">area.
&nbsp;Results established surface extents of the volcanic lithologic units,
cross cutting dykes and alteration patterns and provided a linkage for the
interpretation of the drilling geological data. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Drilling</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Alamo Dorado Project has been evaluated in four separate drilling campaigns
using reverse circulation (RC) drilling techniques and diamond drill coring
methods. &nbsp;A total of 79 drill holes have been drilled on the property:
&nbsp;75 RC holes and four core holes. &nbsp;The 19 discovery drill holes were
drilled in 1998 and 11 of the 19 holes were deepened in 1999. &nbsp;An
additional 23 new RC drill holes were drilled in 1999, along with 4 large
diameter core holes. &nbsp;The core drilling was specifically for metallurgical
testing. &nbsp;In 2000, 14 previously drilled holes were deepened and 25 new RC
holes were drilled. &nbsp;Eight more RC holes were drilled in 2001. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Drilling
totals 20,674 metres in 79 drill holes. The holes generally range in length from
90 to 390 metres, averaging 262 metres. &nbsp;Drill holes were drilled at a
declination of between 38<sup>o</sup> and 70<sup>o</sup>, with a single vertical hole. &nbsp;The
major bearing was easterly (090) with a subordinate number of holes drilled from
the west (270). &nbsp;Drill hole collars were located respective to a property
grid. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Standard
logging and sampling conventions were used to capture information from the
cuttings and drill core. &nbsp;Inspection of the model and drill hole data in
plans and sections, together with the spatial statistical work showed reasonable
geologic and grade continuity in the main area of mineralization. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Sampling
and Analysis</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
database used to estimate the mineral resources and reserves at Alamo Dorado
consists of samples from the 75 RC and four drill core holes drilled from 1998
to 2001. &nbsp;Sample recovery was computed for 9,008 intervals, and averages 70
percent. &nbsp;This is remarkably high for dry RC drilling. &nbsp;All samples
were assayed for silver and gold; a lesser amount was analysed for copper, lead,
zinc, molybdenum, arsenic, antimony, bismuth and mercury. &nbsp;Data transfer
was verified through checks of the resource database to original assay
certificates. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Corner
Bay conducted a reasonable program to assure the quality of its sample
preparation and assaying. &nbsp;The routine assaying was done at Bondar Clegg's
independent laboratories in Vancouver, B.C. and Hermasillo, Mexico. &nbsp;This
laboratory performed duplicate assays on coarse reject material, and the
precision of these duplicate assays (approximate 15 percent relative standard
deviation of pair differences) is typical of that achieved for similar deposits
within the mining industry. &nbsp;Check assays were done on pulps at a number of
laboratories. &nbsp;The vast majority of these checks confirm the original
assays which will be used to perform resource estimation. &nbsp;A small
percentage of potentially contaminated assay intervals were identified in RC
holes, all within zones drilled under wet conditions. &nbsp;These data were set
to zero for the purposed of resource estimation. &nbsp;Accordingly, the
resulting resource estimates could be considered to be slightly conservative.
&nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Mineable
Reserves and Resources</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
mineral resource and mineral reserve estimates for the Alamo Dorado Project were
made from 3-dimensional block models utilizing commercial mine planning
software. &nbsp;Modelling philosophy was based on rock types and intensity of
silicification. &nbsp;Industry-accepted methods were used in creating
interpolation domains based on the mineralised geology. &nbsp;Assays were
composited into five metre bench composites. &nbsp;Outlier grades for silver and
gold were identified by using observed breaks in trends defined in the
cumulative distribution for the metals: the values were 350 gpt silver and 1.4
gpt gold. &nbsp;&nbsp;A restricted outlier approach was implemented to control
the spread of grade values above these threshold grade values. &nbsp;The
modelling procedure used grade estimation based on inverse distance to the third
power. &nbsp;&nbsp;Reasonableness of grade interpolation was reviewed by visual
inspection of sections and plans displaying block model grades, drill hole
composite values and geology. &nbsp;</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
50 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Inspection
of the model and drill hole data in plans and sections, together with the
spatial statistical work showed reasonable geologic and grade continuity in the
main area of mineralization. &nbsp;The existing drilling grid over the
mineralized area is about a nominal 40 meters on and between sections. &nbsp;The
area covered by this data spacing demonstrates sufficient confidence to be
classified as indicated mineral resource. &nbsp;Within the nominal 40-meter
drill grid, additional local areas demonstrate good geologic and grade
continuity where the sample spacing was about 20 to 30 meters. &nbsp;Blocks in
these regions can be considered to demonstrate confidence to allow
classification to measured mineral resource. &nbsp;A model block was assigned as
measured mineral resource if at least two composites were used to interpolate a
grade item and at least one composite was within 25 meters of the block center.
&nbsp;For indicated mineral resources, a two-pass approach was used.
&nbsp;Blocks were assigned as indicated mineral resource if a block was
interpolated with at least one composite within 25 meters of a block center, or
if a block was interpolated with at least one composite within 25 to 60 meters
of a block center. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
only blocks that may be classified as proven and probable mineral reserves are
those blocks within the ultimate pit that have a recoverable silver equivalent
metal content of minimum of 19.7 g/t, which when valued at $0.15 per gram
results in an expected net cash flow of $2.96 per tonne. This is the project
cutoff, and is the minimum value that a tonne may be estimated at to be placed
on the heap at cost breakeven considering area recovery of silver and gold
contained within the tonne being valued. The $2.96 includes the fixed cost of
$2.62 per tonne, and the variable cyanide consumption. The cutoff is also
dependent on the selected price for the feasibility study of $4.60/oz of silver,
and $300/oz of gold.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Reserve
and resource calculations are exclusive of each other and are as follows:</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align="center"><font size="3"><b>Alamo
Dorado Reserves and Resources </b><font FACE="Times New Roman Bold"><b><sup>1, 2</sup></b></font></font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="bottom" width="138">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><b><u><font size="3">Class</font></u></b></p>
      </td>
      <td valign="bottom" width="102">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">Tonnes</font></u></b></p>
      </td>
      <td valign="bottom" width="120">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Silver<u><br>
        per tonne</u></font></b></p>
      </td>
      <td valign="bottom" width="114">
        <p style="margin:0pt; padding-right:3.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><font size="3">Grams
        of Gold<u><br>
        per tonne</u></font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="bottom" width="138"><font size="3">&nbsp;</font></td>
      <td valign="bottom" width="102"><font size="3">&nbsp;</font></td>
      <td valign="bottom" width="120"><font size="3">&nbsp;</font></td>
      <td valign="bottom" width="114"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="138">
        <p style="margin:0pt; font-family:Times New Roman; font-size:9pt" align="justify"><b><u><font size="3">Reserve
        Category</font></u></b></p>
      </td>
      <td valign="top" width="102"><font size="3">&nbsp;</font></td>
      <td valign="top" width="120"><font size="3">&nbsp;</font></td>
      <td valign="top" width="114"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="138">
        <p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="3">Proven</font></p>
      </td>
      <td valign="top" width="102">
        <p style="margin:0pt; padding-right:7.9pt; font-family:Times New Roman" align="right"><font size="3">23,360,000</font></p>
      </td>
      <td valign="top" width="120">
        <p style="margin:0pt; padding-right:21.6pt; font-family:Times New Roman" align="right"><font size="3">72</font></p>
      </td>
      <td valign="top" width="114">
        <p style="margin:0pt; padding-right:22.5pt; font-family:Times New Roman" align="right"><font size="3">0.27</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="138">
        <p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="3">Probable</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="102">
        <p style="margin:0pt; padding-right:7.9pt; font-family:Times New Roman" align="right"><font size="3">12,144,000</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="120">
        <p style="margin:0pt; padding-right:21.6pt; font-family:Times New Roman" align="right"><font size="3">60</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="114">
        <p style="margin:0pt; padding-right:22.5pt; font-family:Times New Roman" align="right"><font size="3">0.24</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="138">
        <p style="margin:0pt; font-family:Times New Roman" align="justify"><font size="3">Total</font></p>
      </td>
      <td valign="top" width="102">
        <p style="margin:0pt; padding-right:7.9pt; font-family:Times New Roman" align="right"><font size="3">35,504,000</font></p>
      </td>
      <td valign="top" width="120">
        <p style="margin:0pt; padding-right:21.6pt; font-family:Times New Roman" align="right"><font size="3">69</font></p>
      </td>
      <td valign="top" width="114">
        <p style="margin:0pt; padding-right:22.5pt; font-family:Times New Roman" align="right"><font size="3">0.26</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="138"><font size="3">&nbsp;</font></td>
      <td valign="top" width="102"><font size="3">&nbsp;</font></td>
      <td valign="top" width="120"><font size="3">&nbsp;</font></td>
      <td valign="top" width="114"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="138">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><b><u><font size="3">Resource
        Category</font></u></b></p>
      </td>
      <td valign="top" width="102"><font size="3">&nbsp;</font></td>
      <td valign="top" width="120"><font size="3">&nbsp;</font></td>
      <td valign="top" width="114"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="138">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Measured</font></p>
      </td>
      <td valign="top" width="102">
        <p style="margin:0pt; padding-right:7.9pt; font-family:Times New Roman" align="right"><font size="3">3,034,000</font></p>
      </td>
      <td valign="top" width="120">
        <p style="margin:0pt; padding-right:21.6pt; font-family:Times New Roman" align="right"><font size="3">38</font></p>
      </td>
      <td valign="top" width="114">
        <p style="margin:0pt; padding-right:22.5pt; font-family:Times New Roman" align="right"><font size="3">0.20</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="138">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Indicated</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="102">
        <p style="margin:0pt; padding-right:7.9pt; font-family:Times New Roman" align="right"><font size="3">4,262,000</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="120">
        <p style="margin:0pt; padding-right:21.6pt; font-family:Times New Roman" align="right"><font size="3">44</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="114">
        <p style="margin:0pt; padding-right:22.5pt; font-family:Times New Roman" align="right"><font size="3">0.19</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="138">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Total
        Measured &amp; Indicated</font></p>
      </td>
      <td valign="top" width="102">
        <p style="margin:0pt; padding-right:7.9pt; font-family:Times New Roman" align="right"><font size="3">7,296,000</font></p>
      </td>
      <td valign="top" width="120">
        <p style="margin:0pt; padding-right:21.6pt; font-family:Times New Roman" align="right"><font size="3">42</font></p>
      </td>
      <td valign="top" width="114">
        <p style="margin:0pt; padding-right:22.5pt; font-family:Times New Roman" align="right"><font size="3">0.19</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-top:0.5pt solid #000000" valign="top" width="138"><font size="3">&nbsp;</font></td>
      <td style="border-top:0.5pt solid #000000" valign="top" width="102"><font size="3">&nbsp;</font></td>
      <td style="border-top:0.5pt solid #000000" valign="top" width="120"><font size="3">&nbsp;</font></td>
      <td style="border-top:0.5pt solid #000000" valign="top" width="114"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="138">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><font size="3">Total
        for All Reserves<br>
        <u>and Resources</u></font></b></p>
      </td>
      <td valign="top" width="102"><font size="3">&nbsp;</font></td>
      <td valign="top" width="120"><font size="3">&nbsp;</font></td>
      <td valign="top" width="114"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="138">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Proven
        and Probable and Measured and Indicated</font></p>
      </td>
      <td valign="top" width="102">
        <p style="margin:0pt; padding-right:7.9pt; font-family:Times New Roman" align="right"><font size="3">42,800,000</font></p>
      </td>
      <td valign="top" width="120">
        <p style="margin:0pt; padding-right:21.6pt; font-family:Times New Roman" align="right"><font size="3">64</font></p>
      </td>
      <td valign="top" width="114">
        <p style="margin:0pt; padding-right:22.5pt; font-family:Times New Roman" align="right"><font size="3">0.25</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:117.35pt; padding-right:36pt; text-indent:-36pt; font-family:Times New Roman" align="justify"><u><font size="3">_________</font></u></p>
<p style="margin-top:4pt; margin-bottom:-12pt; padding-left:99.35pt; padding-right:36pt; text-indent:-18pt; font-family:Times New Roman" align="justify"><sup><font size="3">1</font></sup></p>
<p style="margin-top:0pt; margin-bottom:1.35pt; padding-left:99.35pt; padding-right:36pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="justify"><font size="3">Assumes
$4.60 silver per ounce and $300 gold per ounce.</font></p>
<p style="margin-top:4pt; margin-bottom:-12pt; padding-left:99.35pt; padding-right:36pt; text-indent:-18pt; font-family:Times New Roman" align="justify"><sup><font size="3">2</font></sup></p>
<p style="margin-top:0pt; margin-bottom:8pt; padding-left:99.35pt; padding-right:36pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="justify"><font size="3">John
Thorton, Mintec Inc., "qualified person".</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Metallurgy</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
primary metallurgical testing program for the Alamo Dorado project was developed
under the direction of Corner Bay in consultation with METCON Research Inc.
&nbsp;AMEC independently reviewed the test data and results obtained.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
51 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Two
metallurgically significant areas or zones have been defined based upon degree
of oxidation and silicification in conjunction with the variability coarse
bottle roll testing results and overall geologic interpretation. Zone 1
consisted of a more intensely oxidized and silicified supergene material in the
epithermal core zone of the deposit and Zone 2 comprise the lesser oxidized/silicified
supergene material, in the areas north and south of and below the epithermal
core of the deposit. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
leaching criteria for the Alamo Dorado project envisions heap lifts of
approximately six meters in height that will be leached in a primary wetting
cycle of 90 days with subsequent leaching occurring as a result of secondary
solution flow (i.e., leaching solutions that have passed through one or more
layers of leach material). &nbsp;The leaching results from the most
representative column tests were adjusted for the efficiency in testing versus
operations and the extension in leach time related to building the heaps and
solution inventory, to determine the metal production to be used on an
annualized basis.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Metal
leaching and recovery results for Zone 1 yield an ultimate recovery estimate of
70.8% silver and 77% gold, which corresponds to the demonstrated recoveries from
column testing. &nbsp;Results for Zone 2 give an ultimate recovery estimate of
51% silver and 77% gold, which corresponds to the recoveries from column
testing. &nbsp;In both Zones, it is understood that recovery has not stopped at
the cessation of the column tests, but solution grades and incremental metal
extractions are not reliable in the ranges beyond those used. &nbsp;Incremental
recovery that may occur beyond that of the column test results is left as an
opportunity. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
deposit contains zones of significant base metal (copper and some zinc) content
across both metallurgical zones. &nbsp;Cyanide consumption is strongly related
to the copper and silver content of the materials. &nbsp;The copper grades in
the mine model have not been developed to the same level as the silver/gold
values. &nbsp;Only limited data has been used, with geologic interpretation, to
define the copper grade distributions for cyanide consumption. &nbsp;Cyanide
soluble copper is not modelled, but estimated from results in the bottle roll
and column testing programs where such data exists. &nbsp;In Zone 1 the average
soluble copper content is estimated to be 72 ppm, resulting in average cyanide
consumption for heap leaching of 0.53 kilograms per tonne. &nbsp;In Zone 2, the
average soluble copper content is estimated to be 45 ppm, resulting in average
cyanide consumption for heap leaching of 0.35 kilograms per tonne.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Mining</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
mine development plan for the Alamo Dorado Project is based on open pit mining
using conventional truck and shovel equipment. &nbsp;With annual production
requirements ranging from 8 to 12 million total tonnes the choice of open pit
mining equipment narrows to 12 cubic meter front-end loaders and 90-tonne
haulage trucks. &nbsp;Support equipment required for mining will include a
grader, tracked dozer, rubber-tired dozer, water truck for road watering, and a
backhoe. &nbsp;Primary production equipment of this size and capability dictate
haul road characteristics and mine bench design. &nbsp;Haul roads are designed
at widths of 30 meters including berms for all ex-pit haulroads and at 23 meters
including berms for all in-pit haulroads. &nbsp;These widths are narrowed to
15-meter minimum for mining the uppermost benches in a new development or the
lowest few benches in a phase or ultimate pit development. &nbsp;Maximum ramp
grades are normally maintained at ten percent for both uphill and downhill hauls
although for pioneer development and the last few benches this grade can be
increased to 15 percent.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Nominal
bench heights are five meters in all areas except the initial stripping at
surface and final pit walls. &nbsp;For surface stripping as well as pit limits
triple benching is planned for an overall bank height of 15 meters. The AMEC
geotechnical study permits stacking four benches for a total of 20 meters height
and should be considered for the final mine planning and pit designs. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Overall
the mining or production schedule envisions a nine-year operation from a
two-phase pit. &nbsp;The first phase is mined during the first five years (one
year of pre-production and four years of operations), and the second phase
starts in Year Four (Year Three of operations) and continues through Year Nine
when the operation winds</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
52 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">down.
&nbsp;Overall the first phase mines between ten to 14 benches per year, and the
second phase from 12 to 14 benches per year. &nbsp;Mintec believes that this is
attainable if the ramping systems within the two phases are kept relatively
simple. &nbsp;If the ramping becomes complex, then this forecast will be
difficult to achieve. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
mining reserves are scheduled for an annual forecast of projected ore tonnes and
grade available in each year. &nbsp;The mining schedule is based on moving
approximately 13,000 ore tonnes per day over a planning period of 350 operating
days per year. &nbsp;This equates to a target of 4.5 million tonnes per year of
heap grade material being mined and crushed. &nbsp;In early periods lower grade
ore is stockpiled for processing in the final period of the mine life.
&nbsp;Mining of waste rock is scheduled to allow the annual ore production to be
achieved and to provide minimal fluctuations in mining rates between periods.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Mining
operations will be conducted through a mining contractor with oversight by Pan
American. &nbsp;Pan American will be responsible for all technical aspects of
the mining operation, including, pit surveying, ore control, short and long term
planning, and other technical support required for mining operations.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Heap
Leach Facility</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">AMEC
carried out a geotechnical evaluation and basic level design for the heap leach
facility. &nbsp;AMEC also carried out a site selection study, a preliminary
geotechnical evaluation of the preferred leach pad site that included site
reconnaissance, geotechnical investigation, laboratory testing and evaluation of
the results for the purpose of design of the heap leach facilities for use in
mine planning and project permitting.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
design consists of an integrated facility consisting of two phases with nine
internal cells with a width of 85 metres spaced uniformly across the pad.
&nbsp;The initial construction will consist of Phase 1 with a design storage
capacity of 13.5 million tonnes. &nbsp;Phase 1 will achieve the required storage
capacity stacked to approximately six lifts (36 metres in height). &nbsp;Phase 1
covers an area of approximately 374,150 square metres and Phase 2 covers an area
of 227,900 square metres. &nbsp;The leach pad is designed to provide an ultimate
storage capacity for approximately 40&nbsp;million tonnes of crushed ore using a
tonnage factor of 1.6 tonnes per cubic metre.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Three
ponds will be constructed adjacent to the southwest corner of the Phase 1
facility that will serve both phases of the facility. The pond system consists
of two process solution ponds (a pregnant solution pond and an intermediate
solution pond), and an emergency storm pond. The two process solution ponds will
be double lined with a geomembrane and will have leak detection, collection and
monitoring systems. &nbsp;Pregnant solution will be pumped to the adjacent
process facility while intermediate solution will be returned to the heap for
enrichment (secondary leaching). &nbsp;The emergency storm pond will be
single-lined with provision made to pump solution back to the process.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Crushing,
Conveying and Stacking</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
proposed crushing, conveying and stacking system for Alamo Dorado consists of
all equipment required to receive ore from the mine and place it on the heap
leach pad. &nbsp;The system is designed to produce a crushed product size of P<sub>80</sub>
minus 6.4 mm (1/4 inch) and convey and stack the material on the heap leach pad
in six metre lifts. &nbsp;The feed for the crushing system was based on standard
run-of-mine tables since no run-of-mine material was available for gradation
analysis. &nbsp;This complete system is designed to process approximately 12,500
tonnes per day including regularly scheduled maintenance.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">During
the course of the Alamo Dorado feasibility study, two used equipment
opportunities were identified which were evaluated by AMEC. &nbsp;The Briggs
Mine Crushing Plant, located in California and owned by Canyon Resources
Corporation, was found to provide significant synergy and opportunity for the
Alamo Dorado project. &nbsp;The plant was inspected, the flow sheet modified for
increased rates, and capital and operating costs were</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
53 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">developed,
all of which supported the incorporation of the Briggs Mine Crushing Plant.
Based on this work and a recommendation by AMEC, on June&nbsp;14,&nbsp;2002,
Corner Bay purchased the Briggs Mine Crushing Plant.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Process
Plant</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
proposed process plant will recover silver and gold from leach solution to
produce dore. The precious metals will be recovered from the pregnant solution
in a typical Merrill-Crowe zinc precipitation circuit. The precipitate will be
mixed with fluxes and will be added to a 150 kilowatt, 500 kilogram
steel-capacity electric furnace. At the end of the melt in the furnace, 1,000
ounce dore bars will be poured. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
major unit processes include:</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:90pt; text-indent:18pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Solution
    application to the heap;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:90pt; text-indent:18pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Merrill-Crowe
    circuit to recover silver and gold;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:90pt; text-indent:18pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Acid
    treatment of zinc precipitated to remove leached metals including copper,
    zinc, selenium and cadmium;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:90pt; text-indent:18pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Neutralization
    of leach solution; and</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:90pt; text-indent:18pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">Refining
    of leach residue to produce silver-gold dore.</font></li>
</ul>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
process plant is designed based on a 4,500,000 tonnes per year heap leach
facility and will process 908 cubic metres per hour of pregnant leach solution.
&nbsp;At the planned throughput rate, the plant will produce 1,940 kilograms per
day of zinc precipitate.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Economic
Analysis and Payback</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Average
operating expenditures at Alamo Dorado are estimated to be $24.4 million dollars
per year. &nbsp;Direct cash costs are estimated to be $3.25 per ounce silver
equivalent. The total estimated site operating cost (operating and capital) is
$4.13 per ounce silver equivalent produced, or $6.97 per tonne processed at a
throughput rate of 12,500 tonnes per day (4.5 million tonnes per year).
&nbsp;The operating cost estimates do not include a contingency allowance nor
sustaining capital.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Excluding
the cost of the Briggs Mine Crushing Plan, which is considered a sunk cost, the
estimated cost to construct, install and commission the facilities described in
the Alamo Dorado feasibility study is $45.1 million. &nbsp;This amount covers
the direct field costs of executing the project, plus owner's costs and
indirect costs associated with design, construction and commissioning. &nbsp;The
estimate is based on utilizing the Briggs Mine Crushing Plant, which was
purchased on June&nbsp;14,&nbsp;2002 from Canyon Resources Corporation. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Working
capital is calculated as a percentage of operating supplies in the financial
model. &nbsp;The initial working capital required is $3,800,000 in the
pre-production period and the balance peaks in the third year at $5,000,000.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Alamo Dorado project was analyzed assuming 100 percent equity financing using a
discounted cash-flow approach starting in the second quarter of 2002. &nbsp;The
base case metal prices project evaluation were $5 per ounce of silver and $325
per ounce of gold. &nbsp;Projections for annual revenues and costs are based on
data developed for the mine plan, leach and process plant production, capital
expenditures and operating costs. &nbsp;Mine life, including mineral processing,
will be nine years. &nbsp;The results of the base case analysis indicate that
the project has a potential after-tax IRR of 17.3 percent and an after-tax NPV
of $19.1 million at a discount rate of five percent. &nbsp;</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
54 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
effects of changes to gold and silver prices, capital cost and operating costs
were examined in a sensitivity analysis. &nbsp;This analysis indicated that the
project would be most sensitive to changes in silver prices and operating costs
and least sensitive to changes in gold prices and capital costs. &nbsp;The base
case scenario has a projected payback period of approximately 2.8 years.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Updated
Feasibility Study</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">During
2003, Pan American completed a confirmation diamond drill program on the Alamo
Dorado project in Mexico. &nbsp;In addition, many of the original holes drilled
by Corner Bay prior to its acquisition by Pan American were resurveyed.
&nbsp;The drilling and resurveying data has been collected to confirm and update
the resource model that was prepared by Corner Bay. &nbsp;Depending on the
results, additional drilling may be required. &nbsp;Metallurgical testing to
update AMEC's 2002 feasibility study has almost been completed.
&nbsp;Additional work in 2004 will also include reserve modeling and mine
planning. &nbsp;An updated feasibility study will examine the economic merits of
processing ore from the Alamo Dorado deposit in a conventional oxide leaching
mill circuit versus heap leach processing. &nbsp;The updated study is expected
to be completed in the third quarter of 2004.&nbsp; Total planned expenditures
for Alamo Dorado development are&nbsp; expected to be $4.7 million in 2004 and
will be capitalized.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Environment</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American holds all necessary permits for its current activities, but must
obtain, on a timely basis, permits for work planned for the future development
of, and production from, the Alamo Dorado Project. &nbsp;There is no guarantee
that such permits will be issued.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
original environmental permitting work considered options developed for the 2001
Feasibility Study, and was provided by Corner Bay in conjunction with Agauyo
Consultoria Ambiental, Corner Bay's environmental consultant and coordinator.
&nbsp;AMEC reviewed the environmental impact statement and risk assessment
study, as well as ancillary documents submitted by Corner Bay to the Mexican
Secretary for Environmental and Natural Resources (SEMARNAT) to identify
potential major deficiencies and for appropriateness for permitting Alamo
Dorado. &nbsp;Environmental impacts arising from the development of the mine are
greatly outweighed by the overall benefits. &nbsp;SEMARNAT recommended a finding
of no significant impact in the original impact statement/permitting document.
&nbsp;Following completion of the updated feasibility study which will include
consideration of a mill option, the original environmental impact statement and
risk assessment study documents will need to be revised and re-submitted to
SEMARNAT.</font></p>
<p style="margin-top:5pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Investment,
Exploration and Resource Properties and Expenditures</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American owns interests in a variety of investment, exploration and resource
properties in Mexico, Argentina, Peru, Russia, Bolivia and the United States,
none of which are material to the Company. &nbsp;A brief description of the most
advanced of these properties follows:</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
55 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="100.733"><font size="3">&nbsp;</font></td>
      <td valign="top" width="99.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="84.8"><font size="3">&nbsp;</font></td>
      <td valign="top" width="102.4"><font size="3">&nbsp;</font></td>
      <td valign="top" width="67.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="51.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="91.2"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="bottom" width="100.733">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><u><font size="3">Property</font></u></b></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center">&nbsp;</p>
      </td>
      <td valign="bottom" width="99.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><u><font size="3">Location</font></u></b></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center">&nbsp;</p>
      </td>
      <td valign="bottom" width="84.8">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><u><font size="3">Type</font></u></b></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center">&nbsp;</p>
      </td>
      <td valign="bottom" width="102.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3"><b>Reserve
        or<br>
        Resource<br>
        <u>Category </u></b><font FACE="Times New Roman Bold"><b><sup>1</sup></b></font></font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center">&nbsp;</p>
      </td>
      <td valign="bottom" width="67.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><u><font size="3">Tonnes</font></u></b></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center">&nbsp;</p>
      </td>
      <td valign="bottom" width="51.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><u><font size="3">g/t
        Ag</font></u></b></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center">&nbsp;</p>
      </td>
      <td valign="bottom" width="91.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><u><font size="3">By-Products</font></u></b></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="100.733"><font size="3">&nbsp;</font></td>
      <td valign="top" width="99.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="84.8"><font size="3">&nbsp;</font></td>
      <td valign="top" width="102.4"><font size="3">&nbsp;</font></td>
      <td valign="top" width="67.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="51.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="91.2"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td width="100.733">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">Manantial
        Espejo<sup>2, 3</sup></font></p>
        <p style="margin:0pt; font-family:Times New Roman Bold; font-size:8pt" align="center"><font size="3"><br>
        </font></p>
      </td>
      <td width="99.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">Argentina</font></p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3"><br>
        </font></p>
      </td>
      <td width="84.8">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">vein</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">vein</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">vein</font></p>
      </td>
      <td width="102.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">Meas.
        resource</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">Ind.
        Resource</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">Inf.
        resource</font></p>
      </td>
      <td width="67.2">
        <p style="margin:0pt; padding-right:1.35pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">1,398,000</font></p>
        <p style="margin:0pt; padding-right:1.35pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">2,993,000</font></p>
        <p style="margin:0pt; padding-right:1.35pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">1,590,000</font></p>
      </td>
      <td width="51.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">235</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">277</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">258</font></p>
      </td>
      <td width="91.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">5.23
        g/t Au</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">4.17
        g/t Au</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">3.65
        g/t Au</font></p>
      </td>
    </tr>
    <tr>
      <td width="100.733">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">Dukat<sup>2,
        4</sup></font></p>
        <p style="margin:0pt; font-family:Times New Roman Bold; font-size:8pt" align="center"><font size="3"><br>
        </font></p>
      </td>
      <td width="99.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">Russia</font></p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3"><br>
        </font></p>
      </td>
      <td width="84.8">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">vein</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">vein</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">vein</font></p>
      </td>
      <td width="102.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">P&amp;P
        reserve</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">M&amp;I
        resource</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">Inf.
        resource</font></p>
      </td>
      <td width="67.2">
        <p style="margin:0pt; padding-right:1.35pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">10,550,000</font></p>
        <p style="margin:0pt; padding-right:1.35pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">3,750,000</font></p>
        <p style="margin:0pt; padding-right:1.35pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">17,060,000</font></p>
      </td>
      <td width="51.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">755</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">489</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">295</font></p>
      </td>
      <td width="91.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">1.5
        g/t Au</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">1.0
        g/t Au</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">0.66
        g/t Au</font></p>
      </td>
    </tr>
    <tr>
      <td width="100.733">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">San
        Vincente<sup>5</sup></font></p>
      </td>
      <td width="99.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">Bolivia</font></p>
      </td>
      <td width="84.8">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">vein</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">vein</font></p>
      </td>
      <td width="102.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">Ind.
        resource</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">Inf.
        resource</font></p>
      </td>
      <td width="67.2">
        <p style="margin:0pt; padding-right:1.35pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">2,053,400</font></p>
        <p style="margin:0pt; padding-right:1.35pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">1,764,200</font></p>
      </td>
      <td width="51.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">393</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">398</font></p>
      </td>
      <td width="91.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">4.5%
        Zn</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">4.4%
        Zn</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="100.733">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">Hog
        Heaven<sup>6</sup></font></p>
      </td>
      <td valign="top" width="99.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">Montana</font></p>
      </td>
      <td valign="top" width="84.8">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">stockwork</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">stockwork</font></p>
      </td>
      <td valign="top" width="102.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">M&amp;I
        resource</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">Inf.
        resource</font></p>
      </td>
      <td valign="top" width="67.2">
        <p style="margin:0pt; padding-right:1.35pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">2,741,000</font></p>
        <p style="margin:0pt; padding-right:1.35pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">7,439,000</font></p>
      </td>
      <td valign="top" width="51.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">170</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">141</font></p>
      </td>
      <td valign="top" width="91.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">0.69
        g/t Au</font></p>
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">-</font></p>
      </td>
    </tr>
    <tr>
      <td width="100.733">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">Waterloo<sup>6</sup></font></p>
      </td>
      <td width="99.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">California</font></p>
      </td>
      <td width="84.8">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">stockwork</font></p>
      </td>
      <td width="102.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">Ind.
        resource</font></p>
      </td>
      <td width="67.2">
        <p style="margin:0pt; padding-right:1.35pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">33,758,000</font></p>
      </td>
      <td width="51.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">93</font></p>
      </td>
      <td width="91.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">-</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<u>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:10.8pt; text-indent:61.2pt; font-family:Times New Roman"><font size="3"><br>
</font></u></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:26.4pt; text-indent:-15.6pt; font-family:Times New Roman" align="justify"><sup><font size="3">1</font></sup></p>
<p style="margin:0pt; padding-left:26.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="3">P&amp;P
= proven and probable reserves</font></p>
<p style="margin:0pt; padding-left:26.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="3">M&amp;I
= measured and indicated resources</font></p>
<p style="margin:0pt; padding-left:26.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="3">Meas.
resource = measured resources</font></p>
<p style="margin:0pt; padding-left:26.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="3">Ind
resource = indicated resources</font></p>
<p style="margin:0pt; padding-left:26.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="3">Inf
resource = inferred resources</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:26.4pt; text-indent:-15.6pt; font-family:Times New Roman" align="justify"><sup><font size="3">2</font></sup></p>
<p style="margin:0pt; padding-left:26.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="3">Totals
include only 50% of Manantial Espejo and 20% of Dukat.</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:26.4pt; text-indent:-15.6pt; font-family:Times New Roman" align="justify"><sup><font size="3">3</font></sup></p>
<p style="margin:0pt; padding-left:26.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="3">Resource
estimate by Pincock Allen &amp; Holt, Stewart Wallis, P.Geo., "qualified
person".</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:26.4pt; text-indent:-15.6pt; font-family:Times New Roman" align="justify"><sup><font size="3">4</font></sup></p>
<p style="margin:0pt; padding-left:26.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="3">Reserve
and resource calculations were prepared by Kilborn Engineering Pacific Ltd. in a
supplemental feasibility study completed in January 1999 and were reviewed by an
independent "qualified person", Donald F. Earnest, P.Geo., to reduce the
reserve or resource, as the case may be, to the amount reported in 2003.</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:26.4pt; text-indent:-15.6pt; font-family:Times New Roman" align="justify"><sup><font size="3">5</font></sup></p>
<p style="margin:0pt; padding-left:26.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="3">Mineral
resources have been prepared by the Company's wholly owned subsidiary, Pan
American Bolivia, and reviewed by an independent "qualified person", Donald
F. Earnest, P.Geo.</font></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:26.4pt; text-indent:-15.6pt; font-family:Times New Roman" align="justify"><sup><font size="3">6</font></sup></p>
<p style="margin:0pt; padding-left:26.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="justify"><font size="3">Resources
for Hog Heaven and Waterloo are based on historic estimates prepared by CoCa
Mines and American Mine Services in 1988 as part of a feasibility study in the
case of Hog Heaven and exploration records of ASARCO Incorporated in the case of
Waterloo. &nbsp;Pan American believes these historical estimates to be relevant
and reliable.</font></p>
<p style="margin:0pt; padding-left:26.4pt; text-indent:-15.6pt; font-family:Times New Roman; font-size:9pt"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Manantial
Espejo Project</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
late 2003, Pan American Silver and Silver Standard Resources Inc. made a
decision to initiate a feasibility study for their 50/50 joint venture on the
Manantial Espejo silver-gold property in Argentina. &nbsp;A 6,000 metre infill
drilling program and related geotechnical and environmental work were ongoing as
of December&nbsp;31, 2003. &nbsp;Drilling results to date have confirmed the
size of the deposit and increased Pan American's confidence in its geological
model. &nbsp;Pan American has hired a project manager who will be leading the
feasibility work which is now in progress. &nbsp;Work to be performed in
connection with the feasibility study will include metallurgical scoping and
optimization studies, reserve modeling and mine planning, determining optimum
facilities layouts, power and water supply studies, advanced environmental
analysis and permitting. &nbsp;Pan American plans to spend $1.6 million in 2004
(its 50% share) on this feasibility study and related activities at the
Manantial Espejo property.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Dukat
Mine</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">From
1996 until 1999 Pan American was actively involved in financing and constructing
a new mine on the Dukat property, in far eastern Russia. &nbsp;In 2000, this
activity was frustrated and, after significant legal action, Pan American and
OAO MNPO Polimetall ("Polimetall"), agreed to form a new company owned 80%
by Polimetall and 20% by Pan American to own and operate the Dukat project.
&nbsp;Pan American's restructured minority interest in Dukat required no
further contribution to project expenditures. &nbsp;Due to the loss of control
of the Dukat deposit, Pan American wrote off its $37 million investment in Dukat
in 2000. &nbsp;In November 2002, Polimetall announced that it had started
production of the Dukat mine, but no silver sales were actually made in 2002.
&nbsp;In 2003, Polimetall reported production from Dukat of 9.7 million ounces
of silver and sales of silver amounting to 6.6 million ounces. &nbsp;At this
time, Pan American is unable to determine when or if it will receive financial
benefits from its minority</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
56 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">ownership
interest in Dukat. &nbsp;As a result, Pan American did not include its 20% share
of Dukat's production (1.94 million ounces) in its production totals for 2003.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">San
Vincente Project</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
late 2001, Pan American and COMIBOL, the Bolivian state mining company that
optioned the San Vincente property to Pan American, entered into a two-year toll
mining agreement with EMUSA, a well-established Bolivian mining company, to
process up to 250 tonnes of San Vincente's ore per day at EMUSA's nearby
mill. &nbsp;Pan&nbsp;American did not take credit for silver ounces produced by
EMUSA's toll mining operation but booked proceeds derived from a gross revenue
royalty. &nbsp;Pan&nbsp;American earned $422,000 in cash from San Vincente toll
mining in 2003, which more than offset the project's holding costs.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">On
October&nbsp;30, 2003, mining activities related to the two-year toll mining
agreement were completed. &nbsp;During 2003, a total of 108,809 tonnes of ore
was processed under the agreement at an average mill feed grade of 400 gpt
silver and 3.45% zinc.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">On
November&nbsp;1, 2003 Pan&nbsp;American entered into a share purchase agreement
with EMUSA, whereby EMUSA could acquire up to 49% of the outstanding shares of
Pan American Bolivia. &nbsp;This agreement requires EMUSA to fund feasibility
and development related expenses to an aggregate of $2,500,000 by May&nbsp;1,
2005. &nbsp;It is anticipated that EMUSA will fund approximately $1.27 million
of feasibility and development related expenditures &nbsp;at San Vincente in
2004, including 7,000 metres of surface and underground drilling, 2,000 metres
of underground development, mine planning and design, project metallurgy,
infrastructure and water supply development and permitting.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Mineral
Property Expenditures</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
following table sets out Pan American's acquisition, exploration and
development expenditures for the periods indicated:</font></p>
<div align="center">
  <center>
  <table cellspacing="0" width="462">
    <tr>
      <td valign="top" width="146"><font size="3">&nbsp;</font></td>
      <td valign="top" width="207">
        <p style="margin-top:0pt; margin-bottom:3.75pt; font-family:Times New Roman" align="center"><b><u><font size="3">Years
        Ended December 31</font></u></b></p>
      </td>
      <td valign="top" width="97"><font size="3">&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(in
thousands of U.S. dollars)</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="215.533"><font size="3">&nbsp;</font></td>
      <td valign="top" width="73.6">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">2003</font></u></b></p>
      </td>
      <td valign="top" width="90.4">
        <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b><u><font size="3">2002</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="215.533">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Acquisition:</font></p>
      </td>
      <td valign="top" width="73.6"><font size="3">&nbsp;</font></td>
      <td valign="top" width="90.4"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="215.533">
        <p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font size="3">Corner
        Bay</font></p>
      </td>
      <td valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;80,076</font></p>
      </td>
      <td valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="215.533">
        <p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font size="3">Manantial
        Espejo</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,012</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="215.533"><font size="3">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;81,575</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,012</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="215.533">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Development:</font></p>
      </td>
      <td valign="top" width="73.6"><font size="3">&nbsp;</font></td>
      <td valign="top" width="90.4"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="215.533">
        <p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font size="3">Huaron</font></p>
      </td>
      <td valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,907</font></p>
      </td>
      <td valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="215.533">
        <p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font size="3">Quiruvilca</font></p>
      </td>
      <td valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,283</font></p>
      </td>
      <td valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="215.533">
        <p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font size="3">La
        Colorada</font></p>
      </td>
      <td valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;12,263</font></p>
      </td>
      <td valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,300</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="215.533">
        <p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font size="3">Alamo
        Dorado</font></p>
      </td>
      <td valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738</font></p>
      </td>
      <td valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="215.533">
        <p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font size="3">Other</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="215.533"><font size="3">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;20,191</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,606</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<font size="3"><br>
<br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
57 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="215.533">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Exploration:</font></p>
      </td>
      <td valign="top" width="73.6"><font size="3">&nbsp;</font></td>
      <td valign="top" width="90.4"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="215.533">
        <p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font size="3">San
        Vicente</font></p>
      </td>
      <td valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906</font></p>
      </td>
      <td valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="215.533">
        <p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font size="3">La
        Colorada</font></p>
      </td>
      <td valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172</font></p>
      </td>
      <td valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="215.533">
        <p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font size="3">Manantial
        Espejo</font></p>
      </td>
      <td valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956</font></p>
      </td>
      <td valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="215.533">
        <p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font size="3">Ocotlan</font></p>
      </td>
      <td valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
      <td valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="215.533">
        <p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font size="3">Turkey</font></p>
      </td>
      <td valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131</font></p>
      </td>
      <td valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="215.533">
        <p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font size="3">Morococha</font></p>
      </td>
      <td valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240</font></p>
      </td>
      <td valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="215.533">
        <p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font size="3">Other</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="215.533"><font size="3">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,461</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="215.533">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Investment:</font></p>
      </td>
      <td valign="top" width="73.6"><font size="3">&nbsp;</font></td>
      <td valign="top" width="90.4"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="215.533">
        <p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font size="3">Waterloo</font></p>
      </td>
      <td valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58</font></p>
      </td>
      <td valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="215.533">
        <p style="margin:0pt; padding-left:18pt; font-family:Times New Roman"><font size="3">Hog
        Heaven</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="215.533"><font size="3">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78</font></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="215.533">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">TOTAL</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="73.6">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;104,309</font></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="90.4">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,583</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; font-family:Times New Roman; font-size:9pt" align="center"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><font size="3">Employees</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Company employs 14 full-time employees and two part-time employees at its head
office in Vancouver, including two geologists, one metallurgical engineer, two
mining engineers and one health, safety and environmental specialist.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">As
at December&nbsp;31, 2003, Mina Quiruvilca employed 736&nbsp;persons (462
permanent and 274 temporary) in connection with the operation of the Quiruvilca
mine. During 2003 the company decided to finish the private agreements with a
number of Peruvian contractors so currently the mine is being operated by its
own workers. &nbsp;Approximately 280 of the workers employed by Mina Quiruvilca
are members of either the Sindicato de Trabajadores de Pan American Silver S.A.C.
- - Mina Quiruvilca (the "Quiruvilca Union") or the Sindicato de
Trabajadores de Shorey y Anexos (the "Shorey Union"). &nbsp;Mina Quiruvilca
considers its relations with its employees to be satisfactory.
&nbsp;Negotiations for 2004 are proceeding at the present time.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Minera
Huaron employs 125 full time employees and indirectly 850 persons through
agreements with Peruvian mining contractors.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">A
decision has been taken to exploit the south zone of the mine ourselves and
terminate current private agreement with the south zone mine contractor,
therefore in April 2004 it is expected that 185 people will be added to the
current full time company employees. The number of persons indirectly working
through mining contractors is expected to decrease to 650 persons at that time.
&nbsp;&nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American Silver Peru employs 22 full-time employees and 5 contractors.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American Mexico employs 32 employees, 127 mining contractors, including four
geologists, one civil engineer and three mining engineers, and 355 construction
contractors.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American Bolivia has 16 employees and one part-time contractor, including one
geologist.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><font size="3">Research
and Development</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American conducts research and development activities in order to develop
improved production processes and exploration techniques. &nbsp;Costs associated
with this work are expensed as incurred. &nbsp;Pan American did not incur any
significant research and development costs during 2001, 2002 or 2003 and has not
budgeted any significant amounts for any significant costs during 2004.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
58 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Competitive
Conditions</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
mining industry is intensely competitive particularly in the acquisition of
additional reserves and resources in all of its phases and Pan American competes
with many companies possessing greater financial and technical resources.
&nbsp;Competition in the mining business for limited sources of capital could
adversely affect Pan American's ability to acquire and develop suitable silver
mines, silver developmental projects, silver producing companies or properties
having significant silver reserves or resources or significant exploration
potential. &nbsp;As a result, there can be no assurance that Pan American's
acquisition and exploration programs will yield new mineral reserves to replace
or expand current mineral reserves.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American's competitive position is largely determined by its costs compared to
other producers throughout the world and its ability to maintain its financial
integrity through metal price cycles. &nbsp;Costs are governed to a large extent
by the location, grade and nature of Pan American's mineral reserves as well
as by operating and management skills. &nbsp;As one of few mining companies
focusing on silver production, development and exploration, Pan American is
subject to unique competitive advantages and disadvantages related to the price
of silver. &nbsp;If silver prices substantially increase Pan American will be in
a relatively stronger competitive position than diversified mining companies
that produce, develop and explore for other minerals in addition to silver.
&nbsp;Conversely, if silver prices substantially decrease, Pan American would be
at a competitive disadvantage to diversified mining companies.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Working
Capital</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Management
of Pan American believes that its working capital of $81.9 million as at
December 31, 2003 is sufficient to ensure liquidity throughout 2005, given
current plans and metal market conditions.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><font size="3">Environment</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">All
phases of Pan American's operations are subject to environmental regulation in
the various jurisdictions in which it operates. &nbsp;To the best of management's
knowledge, Pan American is currently in compliance in all material respects with
such environmental regulations applicable to its mining operations, development
and exploration activities. &nbsp;The costs associated with environmental
compliance are considered to be normal operating costs necessary to maintain
operations on an ongoing basis. &nbsp;Other than specific environmental concerns
discussed in this Annual Information Form under the headings "Quiruvilca Mine
- - Environment", "La Colorada - Environment" and "Huaron - Environment",
the Company is not aware of any material environmental matters requiring
significant capital outlays in the immediate future.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
the financial year-end dated December&nbsp;31, 2003 Pan American's
environmental operating costs were $463,277 and environmental project costs were
$420,329. &nbsp;Operating costs were incurred principally for the acid water
treatment plant at Quiruvilca and project costs were principally for tailings
dam stabilization and rehabilitation of a drainage tunnel at Huaron. &nbsp;</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Other
than the Quiruvilca and Huaron mines and the La&nbsp;Colorada property, none of
Pan American's properties has any outstanding material reclamation or
environmental concerns. &nbsp;As at December 31, 2003, an accounting provision
for reclamation in the amount of $21,192,000 had been made in respect of the
Quiruvilca, Huaron and La Colorada mines.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Environmental
legislation in all of the jurisdictions in which Pan American operates is
evolving in a manner which will require stricter standards and will be subject
to increased enforcement, fines and penalties for non-compliance, more stringent
environmental assessments of proposed projects and a heightened degree of
responsibility for companies and their officers, directors and employees.
&nbsp;Changes in environmental regulation, if</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
59 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">any,
may adversely affect Pan American's operations and profitability. &nbsp;In
addition, environmental hazards may exist on Pan American's properties which
are unknown to Pan American at present, which have been caused by previous or
existing owners or operators of the property, or by the past or present owners
of adjacent properties or by natural conditions. &nbsp;The occurrence of any of
these hazards or conditions could have a material adverse effect on Pan American's
operations or profitability.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Trends
and Uncertainties</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
following is a discussion of trends, commitments, events and uncertainties that
are both presently known to management of Pan American and are expected
reasonably to have a material effect on Pan American's business, financial
condition or results of operations.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Risks
Relating to the Acquisition of Argentum and the Morococha Property</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">There
are a number of specific risks associated with the Company's acquisition of
Argentum and the Morococha property.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
current proven and probable reserves on the Morococha property only provide for
a three year mine life. &nbsp;The estimated cash flow over this three year mine
life does not provide a payback for the Company's costs to acquire Argentum.
&nbsp;For Pan American to recover these costs, inferred resources on the
Morococha property must be converted to mineable reserves. &nbsp;Although Pan
American expects the Morococha mine to continue operations for at least 15 years
as reserve definition programs are carried out, there is no certainty that
inferred resources will be converted to mineable reserves or that the Company's
investment costs for the Morococha property will ever be paid back.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Morococha mine is currently dependent on the Manuelita zone for 50% of its
monthly production. &nbsp;This zone will be exhausted in two to three years and
in order to maintain the mine's operating cost profile, a replacement for the
Manuelita's zone must be found. &nbsp;While Pan American expects to find a
replacement for the Manuelita's zone over the course of upgrading the inferred
mineral resources to proven and probable mineral reserves in accordance with its
long range mine plan and development program, there can be no assurance that
such a replacement zone will be found or that Pan American's production
estimates will be met after the third year of the mine plan.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
equipment on site at the Morococha property, particularly the Amistad plant, is
old and may require higher capital investment than Pan American has estimated.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Argentum
does not own, and the Company will not acquire, any surface lands in the areas
that overlie its mining concessions. &nbsp;These surface lands belong to
Centromin. &nbsp;Although the use by SMC and its predecessors of Centromin's
surface lands for mining and processing operations has been exercised for
decades with Centromin's acknowledgement, there is no assurance that Centromin
will continue to allow unimpeded use of these surface lands by the Morococha
operations. &nbsp;In particular, the development of the adjacent Toromocha
disseminated copper system into a mine may interfere with operations on
Morococha property. &nbsp;In such an event, Pan American could be required to
incur potentially significant costs and expense to acquire surface rights for
its Morococha operations and could be required to cease certain Morococha
operations altogether if such surface rights cannot be obtained for reasonable
consideration.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">There
is a degree of uncertainty attributable to the calculation of mineral reserves
and mineral resources and corresponding grades being mined or dedicated to
future production. &nbsp;At the Morococha property, Pan American has observed
several inconsistent or inappropriate pre-laboratory sample preparation
procedures. &nbsp;In addition, no QA/QC program was ever established for the
analysis of mine samples at either of SMC's laboratories on the Morococha
property. &nbsp;These flaws in sample preparation procedures and lack of QA/QC
data makes it difficult to</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
60 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">assess
the performance and reliability of either laboratory, the data from which is
critical in calculating mineral reserves and mineral resources and corresponding
grades. &nbsp;Accordingly, there may be a greater degree of uncertainty
associated with the calculation of mineral reserves and mineral resources and
the grades thereof at the Morococha property than would be the case if North
American standards of pre-laboratory sample preparation and QA/QC were observed.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Responsibility
for construction of a water treatment plant for the Kingsmill Tunnel and
tailings mitigation program at Huascacocha Lake has been apportioned by WMC in
environmental studies among the Morococha mine and mining companies operating
neighbouring projects, including Centromin, Soc. Minera Austria Duvaz, Soc.
Minera Buquiococha and Minera Centrominas. &nbsp;In the event that one or more
of these companies defaults on its funding obligation for the Kingsmill water
treatment plant or the Huascacocha Lake tailings mitigation program, Pan
American's proportionate share of the costs of such environmental projects
could increase and reduce cash flow from Morococha operations.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Company's acquisition of an interest in Argentum is subject to regulatory
approval and a number of conditions, including: (i) completion of the corporate
restructuring (which is subject to approval by the shareholders of SMC); (ii)
the listing on the Lima Stock Exchange of 100% of the shares of Argentum,
including those issued in connection with the corporate restructuring; and (iii)
Pan American successfully undertaking an OPA for not less than 92.014% of the
voting shares of Argentum through the Lima Stock Exchange. &nbsp;Although the
Company anticipates that such approvals will be obtained and such conditions
will be met to allow the acquisition to close in June 2004, many of these
approvals and conditions are outside of the control of Pan American and there is
no assurance that all necessary approvals will be obtained or conditions met to
allow the acquisition to close by June 2004, or at all.</font></p>
<p style="margin-top:5pt; margin-bottom:5pt; padding-left:36.7pt; font-family:Times New Roman" align="justify"><b><i><font size="3">Risks
Relating to the Company's Business</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Metal
Price Fluctuations</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
majority of the Company's revenue is derived from the sale of silver, zinc,
lead and copper and therefore fluctuations in the price of these commodities
represent one of the most significant factors affecting its operations and
profitability. &nbsp;The price of silver and other metals are affected by
numerous factors beyond the Company's control, including:</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">levels
    of supply and demand;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">global
    or regional consumptive patterns;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">sales
    by government holders;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">metal
    stock levels maintained by producers and others;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">increased
    production due to new mine developments and improved mining and production
    methods;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">speculative
    activities;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">inventory
    carrying costs;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">availability
    and costs of metal substitutes;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">international
    economic and political conditions.</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">interest
    rates;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">currency
    values; and</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">inflation.</font></li>
</ul>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
61 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Declining
market prices for these metals could materially adversely affect the Company's
operations and profitability.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Foreign
Operations</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
majority of the Company's current operations are conducted by its subsidiaries
outside of Canada in Peru, Mexico, Bolivia and Argentina, and all of the Company's
current production and revenue is derived from its operations in Peru and
Mexico. &nbsp;Pan American also holds a non-operating interest in a producing
silver mine located in Russia. &nbsp;As Pan American's business is carried on
in a number of foreign countries it is exposed to a number of risks and
uncertainties, including:</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">terrorism
    and hostage taking;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">military
    repression;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">expropriation
    or nationalization without adequate compensation;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">difficulties
    enforcing judgments obtained in Canadian or United States courts against
    assets located outside of those jurisdictions;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">labor
    unrest;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">high
    rates of inflation;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">extreme
    fluctuations in currency exchange rates; and</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">volatile
    local political and economic developments.</font></li>
</ul>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Local
opposition to mine development projects has arisen in Peru in the past, and such
opposition has at times been violent. In particular, in February of 2001, the
exploration premises of a Canadian mineral exploration company, Manhattan
Minerals Inc., at Tambo Grande in Northern Peru, were stormed by approximately
5,000 people, who burned machinery and injured approximately 30 people. Although
the Company's operations in Peru are located in communities that have been
supportive of mining for decades and no discernable local opposition has arisen
to the Company's projects, there can be no assurance that such local
opposition will not arise in the future. If the Company were to experience
resistance or unrest in connection with its foreign operations, an adverse
effect on the Company's operations or profitability could result.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Governmental
Regulation</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American's operations and exploration and development activities are subject
to extensive Canadian, United States, Peruvian, Mexican, Bolivian, Argentinian
and other foreign federal, state, provincial, territorial and local laws and
regulations governing various matters, including:</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">environmental
    protection;</font></li>
  <li>
    <p style="line-height: 13pt; font-family: Symbol; margin-top: 0pt; margin-bottom: 5; padding-left: 54pt" align="justify"><font face="Times New Roman" size="3">royalties
    on mineral production;&nbsp; (the Government of Peru is currently
    considering imposing such a royalty)</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">management
    and use of toxic substances and explosives;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">management
    of natural resources;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">exploration,
    development of mines, production, and post-closure reclamation;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">exports;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">price
    controls;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">taxation;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">labor
    standards and occupational health and safety, including mine safety; and</font></li>
</ul>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
62 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">historic
    and cultural preservation.</font></li>
</ul>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
costs associated with compliance with these laws and regulations are substantial
and possible future laws and regulations, or more stringent enforcement of
current laws and regulations by governmental authorities, could cause additional
expense, capital expenditures, restrictions on or suspensions of Pan American's
operations and delays in the development of its properties. &nbsp;Moreover,
these laws and regulations may allow governmental authorities and private
parties to bring lawsuits based upon damages to property and injury to persons
resulting from the environmental, health and safety impacts of our past and
current operations, and could lead to the imposition of substantial fines,
penalties or other civil or criminal sanctions.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Renewal
of Government Permits</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
the ordinary course of business, Pan American is required to obtain and renew
governmental permits for the operation and expansion of existing operations or
for the commencement of new operations. &nbsp;Obtaining or renewing the
necessary governmental permits is a complex and time-consuming process involving
numerous jurisdictions and often involving public hearings and costly
undertakings on Pan American's part. &nbsp;The duration and success of Pan
American's efforts to obtain and renew permits are contingent upon many
variables not within its control including the interpretation of applicable
requirements implemented by the permitting authority. &nbsp;Pan American may not
be able to obtain or renew permits that are necessary to its operations, or the
cost to obtain or renew permits may exceed what it expects. &nbsp;Any unexpected
delays or costs associated with the permitting process could delay the
development or impede the operation of a mine, which could adversely affect Pan
American's operations and profitability.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Compliance
With Local Laws and Standards</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
some of the countries in which Pan American operates, failure to comply strictly
with applicable laws, regulations and local practices relating to mineral right
applications and tenure could result in loss, reduction or expropriation of
entitlements, or the imposition of additional local or foreign parties as joint
venture partners with carried or other interests. &nbsp;Any such loss, reduction
or imposition of partners could have a materially adverse effect on Pan American's
operations or business.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Operating
Hazards and Risks</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
operation and development of a mine or mineral property involves many risks
which even a combination of experience, knowledge and careful evaluation may not
be able to overcome. &nbsp;These risks include:</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">environmental
    hazards;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">industrial
    accidents and explosions;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">the
    encountering of unusual or unexpected geological formations;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">ground
    fall and cave-ins;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">flooding;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">earthquakes;
    and</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">periodic
    interruptions due to inclement or hazardous weather conditions. &nbsp;</font></li>
</ul>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">These
occurrences could result in:</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">environmental
    damage and liabilities;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">work
    stoppages and delayed production;</font></li>
</ul>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
63 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">increased
    production costs;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">damage
    to, or destruction of, mineral properties or production facilities;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">personal
    injury or death;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">asset
    write downs;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">monetary
    losses; and</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:10pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">other
    liabilities. &nbsp;</font></li>
</ul>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Liabilities
that Pan American incurs may exceed the policy limits of its insurance coverage
or may not be insurable, in which event Pan American could incur significant
costs that could adversely affect its business, operations or profitability.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Exploration
and Development Risks</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
long-term operation of Pan American's business and its profitability is
dependent, in part, on the cost and success of its exploration and development
programs. Mineral exploration and development involve a high degree of risk and
few properties that are explored are ultimately developed into producing mines.
There is no assurance that Pan American's mineral exploration and development
programs will result in any discoveries of bodies of commercial mineralization.
There is also no assurance that even if commercial quantities of mineralization
are discovered that a mineral property will be brought into commercial
production. Development of Pan American's mineral properties will follow only
upon obtaining satisfactory exploration results. Discovery of mineral deposits
is dependent upon a number of factors, not the least of which is the technical
skill of the exploration personnel involved. The commercial viability of a
mineral deposit once discovered is also dependent upon a number of factors, some
of which are the particular attributes of the deposit (such as size, grade and
proximity to infrastructure), metal prices and government regulations, including
regulations relating to royalties, allowable production, importing and exporting
of minerals and environmental protection. Most of the above factors are beyond
the control of Pan American. As a result, there can be no assurance that Pan
American's acquisition, exploration and development programs will yield new
reserves to replace or expand current reserves. Unsuccessful exploration or
development programs could have a material adverse impact on Pan American's
operations and profitability.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Uncertainty
in the Calculation of Mineral Reserves, Resources and Silver and Base Metal
Recovery</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">There
is a degree of uncertainty attributable to the calculation of mineral reserves
and mineral resources and corresponding grades being mined or dedicated to
future production. Until mineral reserves or mineral resources are actually
mined and processed the quantity of mineral and reserve grades must be
considered as estimates only. In addition, the quantity of mineral reserves and
mineral resources may vary depending on, among other things, metal prices. Any
material change in quantity of mineral reserves, mineral resources, grade or
stripping ratio may affect the economic viability of Pan American's
properties. In addition, there can be no assurance that silver recoveries or
other metal recoveries in small scale laboratory tests will be duplicated in
larger scale tests under on-site conditions or during production.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Infrastructure</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Mining,
processing, development and exploration activities depend, to one degree or
another, on adequate infrastructure. &nbsp;Reliable roads, bridges, power
sources and water supply are important determinants, which affect capital and
operating costs. Unusual or infrequent weather phenomena, sabotage, government
or other interference in the maintenance or provision of such infrastructure
could adversely affect Pan American's operations and profitability.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
64 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Smelter
Supply Arrangements</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
zinc, lead and copper concentrates produced by Pan American are sold through
long-term supply arrangements to metal traders or integrated mining and smelting
companies. Should any of these counter parties not honour supply arrangements,
or should any of them become insolvent, Pan American may be forced to sell its
concentrates in the spot market or it may not have a market for its concentrates
and therefore its future operating results may be materially adversely affected.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Environmental
Hazards</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">All
phases of Pan American's operations are subject to environmental regulation in
the various jurisdictions in which it operates. Environmental legislation in all
of the jurisdictions in which Pan American operates is evolving in a manner
which will require stricter standards and will be subject to increased
enforcement, fines and penalties for non-compliance, more stringent
environmental assessments of proposed projects and a heightened degree of
responsibility for companies and their officers, directors and employees.
Changes in environmental regulation, if any, may adversely affect Pan American's
operations and profitability. In addition, environmental hazards may exist on
Pan American's properties which are currently unknown to Pan American.
&nbsp;Pan American may be liable for losses associated with such hazards, or may
be forced to undertake extensive remedial cleanup action or to pay for
governmental remedial cleanup actions, even in cases where such hazards have
been caused by previous or existing owners or operators of the property, or by
the past or present owners of adjacent properties or natural conditions. The
costs of such cleanup actions may have a material adverse effect on Pan American's
operations and profitability.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Reclamation
Obligations</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Reclamation
requirements vary depending on the location of the property and the managing
governmental agency, but they are similar in that they aim to minimize long-term
effects of exploration and mining disturbance by requiring the operating company
to control possible deleterious effluents and to re-establish to some degree
pre-disturbance land forms and vegetation. &nbsp;Pan American is actively
providing for or has carried out any requested reclamation activities on its
properties. &nbsp;Any significant environmental issues that may arise, however,
could lead to increased reclamation expenditures and have a materially adverse
impact on Pan American's financial resources.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Peruvian
Mine Closure Law</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">On
October 14, 2003, the Peruvian government published Law 28090 "Mine Closure
Law" which establishes provisions relating to mine closure plans. &nbsp;For
existing mining operations the law provides that a mine closure plan must be
submitted for certification to the Peruvian Ministry of Energy and Mines within
six months of the law entering into force. &nbsp;No enabling regulations were
published with the law. &nbsp;Therefore, the effect of the law on Pan American's
Peruvian mining and exploration activities cannot yet be determined.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
law provides that a mine operator must grant an environmental warranty for the
estimated costs associated with its mine closure plan. &nbsp;The law does not
establish when such warranties must be in place and does not specify the form of
the required warranty. &nbsp;However, the law indicates that a warranty may take
the form of insurance, cash collateral, a trust agreement or other forms, as
permitted by the Civil Code of Peru. &nbsp;Pan American's Huaron and
Quiruvilca mines and, when acquired, the Morococha mine will submit closure
plans as required by the law, but until these plans have been certified and the
nature and form of whatever environmental warranty is required have been
determined, the impact of this law on Pan American's Peruvian mining and
exploration activities cannot be determined.</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
65 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Hedging
Activities</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">From
time to time, the Company engages in hedging activities in connection with base
metals, such as forward sales contracts, to minimize the effect of declines in
metal prices on our operating results. &nbsp;While these hedging activities may
protect the Company against low metal prices, they may also limit the price the
Company can receive on hedged products. &nbsp;As a result, the Company may be
prevented from realizing possible revenues in the event that the market price of
a metal exceeds the price stated in forward sale or option contracts. &nbsp;As
of March 1, 2004, the Company's zinc forward contract position had a negative
value of approximately $2.44 million and its lead forward contract position as
at March 1, 2004 had a negative value of approximately $1.21 million. &nbsp;In
addition, the Company may experience losses if a counterparty fails to purchase
under a contract when the contract price exceeds the spot price of a commodity.
&nbsp;The Company's current policy is to not hedge the price of silver and
therefore it is fully exposed to declines in the price of silver.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Employee
Relations</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Certain
of Pan American's employees and the employees of Peruvian mining contractors
indirectly employed by Pan American are represented by unions. &nbsp;Pan
American has experienced labour strikes and work stoppages in the past.
&nbsp;The labour agreements with the Quiruvilca Union and the Shorey Union
expired on January 1, 2004, and ordinary course negotiations to renew the
contracts will be ongoing in 2004. &nbsp;There can be no assurance that these
contracts will be renewed on terms favourable to Pan American, if at all, and
Pan American may experience future work stoppages.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Title
to Assets</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
validity of mining or exploration titles or claims, which constitute most of Pan
American's property holdings, can be uncertain and may be contested. Pan
American has used its best efforts to investigate its title or claims to its
various properties and, to the best of its knowledge, those titles or claims are
in good standing. However no assurance can be given that applicable governments
will not revoke or significantly alter the conditions of the applicable
exploration and mining titles or claims and that such exploration and mining
titles or claims will not be challenged or impugned by third parties. Pan
American operates in countries with developing mining laws and changes in such
laws could materially affect Pan American's rights to its various properties
or interests therein.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Although
Pan American has received title opinions for those properties in which it has a
material interest there is no guarantee that title to such properties will not
be challenged or impugned. Pan American has not conducted surveys of all the
claims in which it holds direct or indirect interests and therefore, the precise
area and location of such claims may be in doubt. Pan American's properties
may be subject to prior unregistered liens, agreements or transfers, native land
claims or undetected title defects.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Acquisitions</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">An
element of the Company's business strategy is to make selected acquisitions.
&nbsp;For example, the Company completed the acquisition of Corner Bay Silver
Inc. in February 2003 and entered into an agreement to acquire Argentum in
January 2004. &nbsp;The Company expects to continue to evaluate acquisition
opportunities on a regular basis and intends to pursue those opportunities that
it believes are in its long-term best interests. &nbsp;The success of the
Company's acquisitions will depend upon its ability to effectively manage the
operations of entities it acquires and to realize other anticipated benefits.
&nbsp;The process of managing acquired businesses may involve unforeseen
difficulties and may require a disproportionate amount of management resources.
&nbsp;There can be no assurance that the Company will be able to successfully
manage the operations of businesses it acquires or that the anticipated benefits
of its acquisitions will be realized.</font></p>
<font size="3"><br>
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</font>
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66 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Competition
for New Properties</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Mines
have limited lives and as a result, Pan American continually seeks to replace
and expand its reserves through the acquisition of new properties. &nbsp;In
addition, there is a limited supply of desirable mineral lands available in
areas where Pan American would consider conducting exploration and/or production
activities. &nbsp;Because Pan American faces strong competition for new
properties from other mining companies, some of which have greater financial
resources than it does, Pan American may be unable to acquire attractive new
mining properties on terms that it considers acceptable.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"><i><font size="3">Doing
Business in Russia</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Pan
American owns a 20% non-operating interest in the producing Dukat silver mine
located in Russia. &nbsp;Due to its absence of control of the Dukat deposit, Pan
American wrote off its entire $37,000,000 investment in Dukat in 2000.
&nbsp;Although Pan American does not actively engage in business in Russia and
its minority interest in the Dukat project requires no further contribution to
project expenditures, Pan American's remaining interest in the Dukat property
is subject to the significant risks of doing business in Russia.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><u><font size="3">Russian
Political and Economic Environment</font></u></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Since
the break-up of Soviet Union at the end of 1991, the Russian Federation has
experienced significant, and not always peaceful, political, economic and social
change. &nbsp;Accordingly, no assurance can be given that the Russian Federation's
political system will remain stable or that any increased stability would have
an adverse effect on Pan American's interest in the Dukat Project. &nbsp;As
well, the Magadan Region government's current policy of encouraging foreign
investment may change, or other government limitations, restrictions or
requirements not at present foreseen, may be implemented.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Russian Federation's transition towards a market-oriented economy has been
difficult. The country has experienced severe economic problems since 1990,
including shortages in supply of goods and services (including energy and heat),
hyper-inflation, dramatic currency devaluations, high unemployment and
non-payment of wages, pensions and indebtedness. &nbsp;Russia has also
experienced shortages, failures and other problems with utilities,
transportation, communication and other infrastructure. &nbsp;A high incidence
of corruption and organized crime within the Russian Federation has been widely
reported by the press. There can be no assurance that these circumstances and
the general economic and political situation in the Russian Federation will not
persist or deteriorate. Also, there can be no assurance that the economic
measures being taken by the government will be effective in improving economic
conditions and achieving greater economic liberalization and stability.
Furthermore, there can be no assurance that the Russian Federation's current
transition to a market-based economy will not be reversed and that the
government will not re-nationalize industries deemed to be of national or
strategic importance, such as mineral production, and/or re-introduce central
planning.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Adverse
political, economic and social changes may have a material adverse effect on Pan
American's interest in the Dukat Project. &nbsp;Pan American's interest in
the Dukat Project may be affected in varying degrees by government regulations
with respect to restrictions on production, price controls, export controls,
foreign exchange controls, taxes, environmental legislation, mining activities,
use of infrastructure, mine safety, labour relations or any similar matters.
Taxes and other fiscal measures and customs and other import regulations are
particularly susceptible to revision in reaction to political or economic change
and the pressure on the government of the Russian Federation to generate revenue
or to conserve hard currency.</font></p>
<font size="3"><br>
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</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
67 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><u><font size="3">Uncertain
Legal Environment in the Russian Federation</font></u></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
current legislative framework governing investment in Russia remains in a state
of flux. The significant amount of business related legislation has only
recently been enacted, while additional legislation remains to be enacted. The
current legal environment is characterized by poorly drafted and inconsistent
legislation, gaps where legislation is not yet available, and uncertainty in the
application of legislation due to frequent policy shifts and lack of
administrative experience. Particular uncertainty is caused by the piecemeal
replacement of the laws of the former Soviet Union with legislation being passed
by the Russian Federation. In particular, as a significant portion of current
legislation has been enacted quickly and concurrently with other legislation,
thorough reviews of pre-existing legislation which remain in effect have not
been completed. &nbsp;Amendments to laws have been implemented by different
governing bodies, often resulting in many uncertainties and inconsistencies.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Reliable
texts of laws and regulations at the sub-federal and administrative levels may
not be available, and usually are not updated or catalogued. As a result,
applicable law is often difficult to ascertain and apply. In addition, the laws
and regulations may be subject to different and changing interpretations and
administrative applications. There are uncertainties in conclusively determining
all necessary information about required permits, approvals and licenses, and
there is no comprehensive index or system for determining all relevant
legislation. As well, the legal system of the Russian Federation is a civil law
system, and legal precedents are not of the same determinative nature as in a
common law system. Officials often interpret regulations in an arbitrary or
unpredictable way. The possibility that the present laws might be arbitrarily
interpreted and applied in a manner inconsistent with Pan American's present
understanding and to the detriment of Pan American's interest in the Dukat
Project cannot be ruled out. As a result of these factors, even the best efforts
to comply with the laws of the Russian Federation may not always result in full
compliance.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Russian Federation's laws often provide general statements of principles
rather than a specific guide to operations and government officials may be
delegated or exercise broad authority to determine matters of significance to
Pan American's interest in the Dukat Project. Such authority may be exercised
in an arbitrary unpredictable way and effective appeal processes may not be
available. In addition, breaches of the Russian Federation's laws, especially
in the areas of taxation and currency control, may involve severe penalties and
consequences that would be regarded in more established legal systems as being
disproportionate to the offence.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Exploration
for and extraction of minerals in the Russian Federation is governed by the Law
of the Russian Federation on the Subsoil and subsidiary legislation. Under this
law, the committee of the Russian Federation on Geology and Use of the Subsoil,
its territorial subdivisions and local agencies of state power are entrusted
with regulation of subsoil use. Given the fact that this legislative scheme and
the regulatory bodies governing this scheme are of relatively recent origin, the
law has been subject to varying interpretations and inconsistent application.
Therefore it can be difficult to determine with certainty in any given
circumstance the exact nature of legal rights possessed by persons using the
subsoil.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">There
can be no assurance that Polimetall, the operator of the Dukat Project, has
complied with all applicable laws or obtained all necessary approvals in the
Russian Federation. Furthermore, political events and legislative changes could
have the effect of reducing or eliminating Pan American's interest in the
Dukat project or the project's economic benefits to Pan American. In addition,
there is no established system of registration or certification on which Pan
American can rely, as is typically done in countries with reliable legal and
title systems.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">There
can be no assurance that laws, orders, rules, regulations and other Russian
legislation currently relating to Pan American's investment in the Russian
Federation will not be altered, in whole or in part, or that a Russian court or
any other authority will not interpret existing Russian legislation, whether
retroactively or otherwise, in such a way that would have an adverse impact on
Pan American. Although, there are civil protections</font></p>
<font size="3"><br>
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</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
68 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">available
in the Russian Federation against the retroactive effects of legislation, there
can be no certainty that these will be applied with the desired result in Pan
American's favour.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">In
general, there remains great uncertainty as to the extent to which Russian
parties and entities, particularly governmental agencies, are or will be
prepared to respect the contractual and other rights of non-Russian parties with
whom they deal and also the extent to which the "rule of law" and western
concepts of "justice" have taken hold and will be upheld in the Russian
Federation. Procedures for the protection of rights, such as the taking of
security, the enforcement of claims and proceedings for injunctive relief or to
obtain damages are still relatively undeveloped. Accordingly, it may be with
great difficulty, expense and a high degree of uncertainty that Pan American is
able to protect and enforce its rights (including contractual rights) within the
Russian Federation. There can be no assurance that this will not have a material
adverse affect upon Pan American's interest in the Dukat Project.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">There
can be no assurance that Pan American's interest in the Dukat Project will not
be subject to nationalization, requisition or confiscation, whether legitimate
or not, by any authority or body in the Russian Federation. While there may
exist provisions for compensation and reimbursement of losses to foreign
investors under such circumstances, there can be no assurance that such
provisions would be effective to restore Pan American, the market value or value
of the original investment. Under current legislation in the Russian Federation,
there can be no assurance that any proceeds received from a sale of precious
metals extracted in the Russian Federation can be freely exchanged or converted
to hard currency or transferred from the Russian Federation. &nbsp;Although the
current policy of the Russian government is to favour some level of repatriation
of profits earned in the Russian Federation, there remain restrictions on such
repatriation and further, there can be no assurance that such policy will be
maintained in its present form.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><u><font size="3">Taxation
Risks in the Russian Federation</font></u></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
taxation system in the Russian Federation is at an early stage of development
and the tax risks of investing in the Russian Federation are substantial. Tax
legislation is evolving and is subject to varying interpretations, frequent
changes and inconsistent enforcement at the federal, regional and local levels.
In certain instances, new taxes have been given retroactive effect and generally
increased enforcement of the tax requirements is anticipated. Taxes payable by
Russian companies to federal, regional and local budgets are high and include
corporate profits tax, VAT, subsoil use royalty payments, mineral replacement
taxes, property taxes, turn-over base taxes and payroll taxes. &nbsp;It is
difficult for western companies to comply with all of the myriad tax laws of the
Russian Federation and penalties for failure to strictly comply with any tax
laws are extremely high. Changes to Russian tax legislation and taxation rates
may have an adverse impact on Pan American's interest in the Dukat Project.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><u><font size="3">Restricted
Rights to Sell Silver in Russia</font></u></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Under
Russian legislation, the sale of extracted silver is under the strict control of
the Ministry of Finance and the Ministry of Internal Affairs. The Central Bank
of Russia has a first right of refusal to buy and process silver from subsoil
users and to sell that silver on local and foreign markets and has the authority
to set annual quotas on the amount of silver to be purchased. Similarly,
regional governments within the Russian Federation have a second right of
refusal to buy and process silver from subsoil users and to sell that silver on
local and foreign markets. Such rights may be exercised only in certain
circumstances which include prepayment for a portion of the metal to be
purchased pursuant to exercise of these rights. In this manner, the government
exercises monopolistic control over the silver market in the Russian Federation.
The level of compensation that Pan American can expect for its interest in the
Dukat Project's silver and the amount of silver that may be mined at Dukat are
therefore not easily predictable.</font></p>
<font size="3"><br>
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</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
69 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman"><u><font size="3">Repatriation
of Earnings</font></u></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Russian
Federation laws and regulations affecting foreign investment continue to evolve.
Foreign investment in Russian companies is, in certain cases, both politically
sensitive and legally restricted. In theory, existing legislation guarantees the
right of foreign investors to transfer abroad income received on Russian
investments, such as profits, dividends and interest (subject to settlement of
all applicable taxes and duties). In practice, foreign currency transactions in
Russia are generally subject to strict controls. &nbsp;There can be no certainty
that such controls will not have an adverse impact on Pan American's interest
in the Dukat Project.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">United
States Mining Legislation</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">There
is a movement in the United States Congress to reform the current mining laws.
While it is not expected that any reform legislation will pass the United States
Congress in the current session, it is not unlikely that some changes to U.S.
mining laws will occur in the future. These changes may include the payment of
royalties to the government, increased holding fees and restrictions or
prohibitions on patenting mining claims. In addition, prospective legislation
could be expected to include various environmental and land use requirements,
which may restrict, or in some cases, prevent mining operations. Although none
of the mineralization on the properties on which Pan American holds direct or
indirect interests are within unpatented claims, Pan American's interest in
unpatented claims on federal land could have an overall impact on the value of
its properties in the United States.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Foreign
Exchange Rate Fluctuations</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Fluctuations
in currency exchange rates, particularly the weakening or strengthening of the
U.S. dollar (being the currency in which Pan American's products are sold)
against the Canadian dollar (used to pay corporate head office costs), the
Peruvian sole and the Mexican peso (being the currencies in which a significant
portion of Pan American's operating costs are incurred), could have a
significant effect on Pan American's results of operations. &nbsp;Pan American
does not engage in currency hedging transactions.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">Level
of Indebtedness</font></i></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">As
of December 31, 2003, the Company had approximately $99.69 million of
consolidated indebtedness, including the nominal face value of the Debentures of
$86.25 million. &nbsp;Canadian GAAP requires that the Debenture be treated as
part debt and part equity on the Company's consolidated balance sheet.
&nbsp;In addition, the terms of the Company's bank agreements and the
Indenture governing the Debentures permit the Company and its subsidiaries to
incur additional debt.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Company's debt may have important consequences to shareholders. &nbsp;For
instance, it could:</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">make
    it more difficult for the Company to satisfy its financial obligations;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">require
    the Company to dedicate a substantial portion of any cash flow from
    operations to the payment of interest and principal due under its debt,
    which would reduce funds available for other business purposes;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">increase
    its vulnerability to general adverse economic and industry conditions,
    including a decrease in the price of silver, zinc or lead;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">limit
    its flexibility in planning for, or reacting to, changes in its business;</font></li>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">place
    it at a competitive disadvantage compared with its competitors that have
    less debt or greater financial resources; and</font></li>
</ul>
<font size="3"><br>
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<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
70 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<ul>
  <li>
    <p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; line-height:13pt; font-family:Symbol" align="justify"><font FACE="Times New Roman" size="3">limit
    its ability to obtain additional financing required to fund working capital
    or capital expenditures or for other general corporate purposes.</font></li>
</ul>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Company's ability to make payments on its indebtedness and to fund its
operations, working capital and capital expenditures, will depend on its ability
to generate cash in the future. &nbsp;This is subject to general economic,
industry, financial, competitive, legislative, regulatory, and other factors
that are beyond the Company's control. &nbsp;In particular, global or regional
economic conditions could cause the price of silver to fall and hamper the
Company's ability to repay its indebtedness, including the Debentures.
&nbsp;The Company's operations may not generate sufficient cash flow or
borrowings may not be available in an amount sufficient to enable the Company to
pay its indebtedness, or to fund its other cash needs. &nbsp;The Company may
need to refinance all or a portion of its indebtedness on or before maturity,
but such refinancing may be unavailable to it on commercially reasonable terms,
or at all, to meet its obligations or to successfully execute its business
strategy.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<font size="3"><br>
<br>
<br>
</font>
<p style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt" align="center"><font size="3">-
71 -</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:18pt; margin-bottom:12pt; padding-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; border-bottom:2.25pt solid #000000" align="center"><b><font size="3">SELECTED
CONSOLIDATED FINANCIAL INFORMATION</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><b><font size="3">Annual
Information</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Selected
consolidated financial information of the Company for each of the last five
completed financial years is as follows:</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="204.8"><font size="3">&nbsp;</font></td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="center"><b><u><font size="3">2003</font></u></b></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="center"><b><u><font size="3">2002</font></u></b></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="center"><b><u><font size="3">2001</font></u></b></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="center"><b><u><font size="3">2000</font></u></b></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="center"><b><u><font size="3">1999</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="204.8"><font size="3">&nbsp;</font></td>
      <td valign="top" width="75.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="76.8"><font size="3">&nbsp;</font></td>
      <td valign="top" width="75.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="75.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="76.8"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="204.8"><font size="3">&nbsp;</font></td>
      <td valign="top" width="379.2" colspan="5">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">(thousands
        of U.S. dollars, except per share amounts)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="204.8"><font size="3">&nbsp;</font></td>
      <td valign="top" width="379.2" colspan="5"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="204.8">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Revenue</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;&nbsp;45,122</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;&nbsp;45,093</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;&nbsp;37,296</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;&nbsp;29,931</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;&nbsp;26,851</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="204.8">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Operating
        loss</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,608)</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35,229)</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,540)</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;(45,878)</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,837)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="204.8">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Operating
        loss per share</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;&nbsp;&nbsp;(0.21)</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84)</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;&nbsp;&nbsp;(0.24)</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;&nbsp;&nbsp;(1.37)</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="204.8">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Net
        loss</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,794)</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33,977)</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,077)</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;(45,878)</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,837)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="204.8">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Net
        loss per share</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;&nbsp;&nbsp;(0.20)</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81)</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;&nbsp;&nbsp;(0.22)</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;&nbsp;&nbsp;(1.35)</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="204.8">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Cash
        and short-term investments</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89,129</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,198</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,844</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,590</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,873</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="204.8">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Total
        assets</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279,883</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102,945</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91,517</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83,087</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107,829</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="204.8">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Total
        long-term financial liabilities</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,803</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,942</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,010</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,987</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;---
        &nbsp;&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="204.8">
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Total
        shareholder's equity</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184,098</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,492</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,877</font></p>
      </td>
      <td valign="top" width="75.2">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,544</font></p>
      </td>
      <td valign="top" width="76.8">
        <p style="margin:0pt; font-family:Times New Roman" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94,884</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; font-family:Arial"><font size="3"><br>
</font></p>
<p style="margin:0pt; line-height:13pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Selected
unaudited consolidated financial information of the Company for each of the last
eight quarterly periods is as follows:</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="136.4"><font size="3">&nbsp;</font></td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="240" colspan="4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><font size="3">2003</font></b></p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="248" colspan="4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><font size="3">2002</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="136.4"><font size="3">&nbsp;</font></td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><font size="3">&nbsp;Three
        months ended</font></b></p>
      </td>
      <td valign="top" width="57.6">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><font size="3">&nbsp;Three
        months ended</font></b></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><font size="3">&nbsp;Three
        months ended</font></b></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><font size="3">&nbsp;Three
        months ended</font></b></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><font size="3">&nbsp;Three
        months ended</font></b></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><font size="3">&nbsp;Three
        months ended</font></b></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><font size="3">&nbsp;Three
        months ended</font></b></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><font size="3">&nbsp;Three
        months ended</font></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="136.4"><font size="3">&nbsp;</font></td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><u><font size="3">&nbsp;March
        31</font></u></b></p>
      </td>
      <td valign="top" width="57.6">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><u><font size="3">&nbsp;June
        30</font></u></b></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><u><font size="3">&nbsp;Sept.
        30</font></u></b></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><u><font size="3">&nbsp;Dec.
        31</font></u></b></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><u><font size="3">&nbsp;March
        31</font></u></b></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><u><font size="3">&nbsp;June
        30</font></u></b></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><u><font size="3">&nbsp;Sept.
        30</font></u></b></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><b><u><font size="3">Dec.
        31 (Restated)</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="136.4"><font size="3">&nbsp;</font></td>
      <td valign="top" width="366.4" colspan="6">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="center"><font size="3">&nbsp;(in
        thousands of U.S. Dollars, except per share amounts)</font></p>
      </td>
      <td valign="top" width="59.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="62.4"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="136.4"><font size="3">&nbsp;</font></td>
      <td valign="top" width="64"><font size="3">&nbsp;</font></td>
      <td valign="top" width="57.6"><font size="3">&nbsp;</font></td>
      <td valign="top" width="59.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="59.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="64"><font size="3">&nbsp;</font></td>
      <td valign="top" width="62.4"><font size="3">&nbsp;</font></td>
      <td valign="top" width="59.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="62.4"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="136.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">Total
        Revenue</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;&nbsp;7,822</font></p>
      </td>
      <td valign="top" width="57.6">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;$&nbsp;12,553</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;$&nbsp;11,890</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;$&nbsp;12,857</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;$
        &nbsp;10,199</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;$&nbsp;11,615</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;$&nbsp;11,195</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;$&nbsp;12,084</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="136.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">Expenses:</font></p>
      </td>
      <td valign="top" width="64"><font size="3">&nbsp;</font></td>
      <td valign="top" width="57.6"><font size="3">&nbsp;</font></td>
      <td valign="top" width="59.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="59.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="64"><font size="3">&nbsp;</font></td>
      <td valign="top" width="62.4"><font size="3">&nbsp;</font></td>
      <td valign="top" width="59.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="62.4"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="136.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">&nbsp;&nbsp;Operating
        costs</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,429</font></p>
      </td>
      <td valign="top" width="57.6">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,333</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,200</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,816</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,202</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,807</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,447</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,705</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="136.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">&nbsp;&nbsp;Depreciation</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471</font></p>
      </td>
      <td valign="top" width="57.6">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,960</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,429</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,435</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,316</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="136.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">&nbsp;&nbsp;General
        &amp; Admin.</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401</font></p>
      </td>
      <td valign="top" width="57.6">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,184</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="136.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">&nbsp;&nbsp;Stock-based
        compensation</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
      <td valign="top" width="57.6">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,893</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="136.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">&nbsp;&nbsp;Reclamation</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79</font></p>
      </td>
      <td valign="top" width="57.6">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="136.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">&nbsp;&nbsp;General
        exploration</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496</font></p>
      </td>
      <td valign="top" width="57.6">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="136.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">&nbsp;&nbsp;Investment
        income, net</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50</font></p>
      </td>
      <td valign="top" width="57.6">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165)</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359)</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149)</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="136.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">&nbsp;&nbsp;Write-off
        resource ppty</font></p>
      </td>
      <td valign="top" width="64"><font size="3">&nbsp;</font></td>
      <td valign="top" width="57.6"><font size="3">&nbsp;</font></td>
      <td valign="top" width="59.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="59.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        &nbsp;&nbsp;</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,129</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,089</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="136.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">Net
        income (loss) for the period</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;(1,104)</font></p>
      </td>
      <td valign="top" width="57.6">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(442)</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390)</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;(4,853)</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;&nbsp;(1,303)</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;&nbsp;(1,247)</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;(17,387)</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;&nbsp;(14,040)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="136.4"><font size="3">&nbsp;</font></td>
      <td valign="top" width="64"><font size="3">&nbsp;</font></td>
      <td valign="top" width="57.6"><font size="3">&nbsp;</font></td>
      <td valign="top" width="59.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="59.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="64"><font size="3">&nbsp;</font></td>
      <td valign="top" width="62.4"><font size="3">&nbsp;</font></td>
      <td valign="top" width="59.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="62.4"><font size="3">&nbsp;</font></td>
    </tr>
    <tr>
      <td valign="top" width="136.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">Earnings
        (loss) per share</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;(0.02)</font></p>
      </td>
      <td valign="top" width="57.6">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;$&nbsp;&nbsp;(0.01)</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;$&nbsp;&nbsp;(0.01)</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;$&nbsp;&nbsp;(0.16)</font></p>
      </td>
      <td valign="top" width="64">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;(0.03)</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;(0.03)</font></p>
      </td>
      <td valign="top" width="59.2">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;$&nbsp;&nbsp;(0.40)</font></p>
      </td>
      <td valign="top" width="62.4">
        <p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align="right"><font size="3">&nbsp;$
        &nbsp;&nbsp;(0.33)</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:10pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Quarterly
per share amounts have been adjusted to reflect the weighted average common
shares of the Company outstanding for the full year.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Further
discussion of the Company's financial results is contained in the MD&amp;A
incorporated by reference into this Annual Information Form.</font></p>
<p align="center"><font size="3"><br>
<br>
- - 72 -<br>
</font>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><b><font size="3">Dividends</font></b></p>
<p style="margin-top:0pt; margin-bottom:15pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Company has not, since the date of its incorporation, declared or paid any
dividends on its common shares and does not currently intend to pay dividends.
&nbsp;Earnings will be retained to finance further exploration and development.
&nbsp;Currently there are no restrictions with respect to the Company's
present or future ability to declare or pay dividends.</font></p>
<p style="margin-top:18pt; margin-bottom:12pt; padding-bottom:3pt; line-height:13pt; font-family:Times New Roman; font-size:12pt; border-bottom:2.25pt solid #000000" align="center"><b><font size="3">MANAGEMENT'S
DISCUSSION AND ANALYSIS</font></b></p>
<p style="margin-top:0pt; margin-bottom:15pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Reference
is made to "Management's Discussion and Analysis of Financial Condition and
Results of Operations" ("MD&amp;A") and the Consolidated Financial
Statements of the Company for the years ended December&nbsp;31, 2003 and 2002,
set out on pages&nbsp;6 through 19 and 20 through 44, respectively, of the
Company's 2003 Annual Report, which are incorporated by reference herein.</font></p>
<p style="margin-top:18pt; margin-bottom:12pt; padding-bottom:3pt; line-height:13pt; font-family:Times New Roman; font-size:12pt; border-bottom:2.25pt solid #000000" align="center"><b><font size="3">MARKET
FOR SECURITIES</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Company's common shares are listed and posted for trading on the Toronto Stock
Exchange under the symbol "PAA". &nbsp;The common shares of the Company are
also quoted on the Nasdaq National Market and trade under the symbol "PAAS".
&nbsp;Warrants to purchase common shares of the Company are also listed and
posted for trading on the Toronto Stock Exchange and trade under the symbol "PAA-wt".
&nbsp;Debentures are also listed and posted for trading on the Toronto Stock
Exchange under the symbol "PAA.db.u".</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p align="center"><font size="3"><br>
<br>
- - 73 -<br>
</font>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:18pt; margin-bottom:12pt; padding-bottom:3pt; line-height:13pt; font-family:Times New Roman; font-size:12pt; border-bottom:2.25pt solid #000000" align="center"><b><font size="3">DIRECTORS
AND OFFICERS</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
names and municipalities of residences of the directors and officers of the
Company, the positions held by them with the Company and their principal
occupations for the past five years are set forth below:</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="192.8" colspan="2">
        <p style="margin-top:0pt; margin-bottom:9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><font size="3">Name
        and Municipality<br>
        <u>of
        Residence&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></b></p>
      </td>
      <td valign="top" width="179.6">
        <p style="margin-top:0pt; margin-bottom:9pt; padding-right:3.6pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u><font size="3">Position
        with the Company</font></u></b></p>
      </td>
      <td valign="top" width="217.333">
        <p style="margin:0pt; padding-left:3.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><font size="3">Principal
        Occupation During the</font></b></p>
        <p style="margin:0pt; padding-left:3.7pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b><u><font size="3">Past
        Five
        Years&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="192.8" colspan="2">
        <p style="margin:0pt; font-family:Times New Roman; font-size:3.6pt"><font size="3">ROSS
        J. BEATY <sup>&nbsp;4</sup></font></p>
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Vancouver,
        B.C.</font></p>
      </td>
      <td valign="top" width="179.6">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-right:3.7pt; font-family:Times New Roman" align="justify"><font size="3">Director,
        Chairman and Chief Executive Officer (director of the Company since
        September 30, 1988)</font></p>
      </td>
      <td valign="top" width="217.333">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-left:3.6pt; font-family:Times New Roman" align="justify"><font size="3">Chairman
        and Chief Executive Officer of the Company</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="192.8" colspan="2">
        <p style="margin:0pt; font-family:Times New Roman; font-size:3.6pt"><font size="3">GEOFF
        A. BURNS <sup>&nbsp;4</sup></font></p>
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">North
        Vancouver, B.C.</font></p>
      </td>
      <td valign="top" width="179.6">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-right:3.6pt; font-family:Times New Roman"><font size="3">Director,
        President and Chief Operating Officer</font></p>
      </td>
      <td valign="top" width="217.333">
        <p style="margin-top:0pt; margin-bottom:8.35pt; padding-left:3.7pt; font-family:Times New Roman" align="justify"><font size="3">President
        and Chief Operating Officer of the Company since July 2003; and prior
        thereto Sr. Vice President and Chief Financial Officer of Coeur D'Alene
        Mines Corporation</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="192.8" colspan="2">
        <p style="margin:0pt; font-family:Times New Roman; font-size:3.6pt"><font size="3">WILLIAM
        A. FLECKENSTEIN <sup>3, 4</sup></font></p>
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Seattle,
        Washington, U.S.A.</font></p>
      </td>
      <td valign="top" width="179.6">
        <p style="margin:0pt; padding-right:3.6pt; font-family:Times New Roman" align="justify"><font size="3">Director
        of the Company since May 9, 1997</font></p>
      </td>
      <td valign="top" width="217.333">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-left:3.6pt; font-family:Times New Roman" align="justify"><font size="3">President
        of Fleckenstein Capital, Inc. (an investment counselling firm) from 1996
        to present; prior thereto Partner of Olympic Capital Management Inc. (an
        investment counselling firm)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="1.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="191.6">
        <p style="margin:0pt; font-family:Times New Roman; font-size:3.6pt"><font size="3">MICHAEL
        LARSON<sup> 4</sup></font></p>
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Seattle,
        Washington, U.S.A.</font></p>
      </td>
      <td valign="top" width="179.6">
        <p style="margin:0pt; padding-right:3.6pt; font-family:Times New Roman" align="justify"><font size="3">Director
        of the Company since November 29, 1999</font></p>
      </td>
      <td valign="top" width="217.333">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-left:3.6pt; font-family:Times New Roman" align="justify"><font size="3">Investment
        Advisor and Manager of Cascade Investment LLC (a private investment
        company)</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="192.8" colspan="2">
        <p style="margin:0pt; font-family:Times New Roman; font-size:3.6pt"><font size="3">MICHAEL
        J.J. MALONEY <sup>1, 2, 3, 4</sup></font></p>
        <p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman"><font size="3">Seattle,
        Washington, U.S.A.</font></p>
      </td>
      <td valign="top" width="179.6">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-right:3.7pt; font-family:Times New Roman" align="justify"><font size="3">Director
        of the Company from Sept. 11, 1995 to Nov. 29, 1999 and then re-elected
        on May&nbsp;15, 2000</font></p>
      </td>
      <td valign="top" width="217.333">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-left:3.6pt; font-family:Times New Roman" align="justify"><font size="3">Private
        Investor</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="192.8" colspan="2">
        <p style="margin:0pt; font-family:Times New Roman; font-size:3.6pt"><font size="3">PAUL
        B. SWEENEY <sup>1, 4</sup></font></p>
        <p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman"><font size="3">Surrey,
        B.C.</font></p>
      </td>
      <td valign="top" width="179.6">
        <p style="margin:0pt; padding-right:3.6pt; font-family:Times New Roman" align="justify"><font size="3">Director
        of the Company since August 6, 1999</font></p>
      </td>
      <td valign="top" width="217.333">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-left:3.6pt; font-family:Times New Roman" align="justify"><font size="3">Vice
        President and Chief Financial Officer of Canico Resource Corp. (a mining
        company) since February 2002; prior thereto Chief Financial Officer of
        Manhattan Minerals Inc. (a mining company) from December 1999 to May
        2001; Chief Financial Officer of Sutton Resources Inc. (a mining
        company) from February 1998 to April 1999; and prior thereto Senior Vice
        President and Chief Financial Officer at Princeton Mining Corp.</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="1.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="191.6">
        <p style="margin:0pt; font-family:Times New Roman; font-size:3.6pt"><font size="3">JOHN
        H. WRIGHT <sup>4</sup></font></p>
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Vancouver,
        B.C.</font></p>
      </td>
      <td valign="top" width="179.6">
        <p style="margin:0pt; padding-right:3.6pt; font-family:Times New Roman" align="justify"><font size="3">Director
        of the Company since September 30, 1988</font></p>
      </td>
      <td valign="top" width="217.333">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-left:3.6pt; font-family:Times New Roman" align="justify"><font size="3">President
        and Chief Operating Officer of the Company from 1998 to 2003</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p align="center"><font size="3"><br>
<br>
- - 74 -<br>
<br>
</font>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="1.2"><font size="3">&nbsp;</font></td>
      <td valign="top" width="191.6">
        <p style="margin:0pt; font-family:Times New Roman; font-size:3.6pt"><font size="3">JOHN
        WILLSON <sup>1, 2, 4</sup></font></p>
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Vancouver,
        B.C.</font></p>
      </td>
      <td valign="top" width="179.6">
        <p style="margin:0pt; padding-right:3.6pt; font-family:Times New Roman" align="justify"><font size="3">Director
        since April 4, 2002</font></p>
      </td>
      <td valign="top" width="217.333">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-left:3.6pt; font-family:Times New Roman" align="justify"><font size="3">Retired
        since April 2000; formerly Director and Chief Financial Officer of
        Placer Dome Inc.</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="192.8" colspan="2">
        <p style="margin:0pt; line-height:5.6pt; font-family:Times New Roman; font-size:3.6pt"><font size="3">A.
        ROBERT DOYLE</font></p>
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Vancouver,
        B.C.</font></p>
      </td>
      <td valign="top" width="179.6">
        <p style="margin:0pt; padding-right:3.6pt; font-family:Times New Roman" align="justify"><font size="3">Chief
        Financial Officer</font></p>
      </td>
      <td valign="top" width="217.333">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-left:3.6pt; font-family:Times New Roman" align="justify"><font size="3">Chief
        Financial Officer of the Company since January 2004; and prior thereto
        Senior Vice President-Mining Finance and Metals Marketing with Standard
        Bank</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="192.8" colspan="2">
        <p style="margin:0pt; line-height:5.6pt; font-family:Times New Roman; font-size:3.6pt"><font size="3">ROBERT
        P. PIROOZ</font></p>
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Vancouver,
        B.C.</font></p>
      </td>
      <td valign="top" width="179.6">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-right:3.6pt; font-family:Times New Roman"><font size="3">Vice
        President, Legal Affairs</font></p>
      </td>
      <td valign="top" width="217.333">
        <p style="margin-top:0pt; margin-bottom:8.35pt; padding-left:3.7pt; font-family:Times New Roman" align="justify"><font size="3">Vice
        President, Legal Affairs of the Company since January 2003; and prior
        thereto Group Vice President with the BCR Group of Companies</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="192.8" colspan="2">
        <p style="margin:0pt; line-height:5.6pt; font-family:Times New Roman; font-size:3.6pt"><font size="3">STEVEN
        BUSBY</font></p>
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Vancouver,
        B.C.</font></p>
      </td>
      <td valign="top" width="179.6">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-right:3.6pt; font-family:Times New Roman"><font size="3">Senior
        Vice President, Project Development &amp; Technical Services</font></p>
      </td>
      <td valign="top" width="217.333">
        <p style="margin-top:0pt; margin-bottom:8.35pt; padding-left:3.7pt; font-family:Times New Roman" align="justify"><font size="3">Senior
        Vice President, Project Development &amp; Technical Services of the
        Company since August 2003; Principal of S.L. Busby Consulting from
        September 2001 to August 2003 and Vice President Engineering and
        Director of Technical Services Coeur D'Alene Mines Corporation from
        August 1998 to September 2001</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="192.8" colspan="2">
        <p style="margin:0pt; line-height:5.6pt; font-family:Times New Roman; font-size:3.6pt"><font size="3">ANDREW
        POOLER</font></p>
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Vancouver,
        B.C.</font></p>
      </td>
      <td valign="top" width="179.6">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-right:3.6pt; font-family:Times New Roman"><font size="3">Senior
        Vice President, Mining Operations</font></p>
      </td>
      <td valign="top" width="217.333">
        <p style="margin-top:0pt; margin-bottom:8.35pt; padding-left:3.7pt; font-family:Times New Roman" align="justify"><font size="3">Senior
        Vice President, Mining Operations of the Company since September 2003;
        Chief Operating Officer for Colville Tribal Enterprise Corp. from 2000
        to 2003; Vice President Operations for Greenstone Resources Ltd. from
        1998 to 2000; and prior thereto Vice President Operation for Amex Gold
        1992 to 1998.</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="192.8" colspan="2">
        <p style="margin:0pt; font-family:Times New Roman; font-size:3.6pt"><font size="3">BILL
        FAUST<sup>5</sup></font></p>
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Albuquerque,
        New Mexico</font></p>
      </td>
      <td valign="top" width="179.6">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-right:3.6pt; font-family:Times New Roman"><font size="3">Vice
        President, Alamo Dorado</font></p>
      </td>
      <td valign="top" width="217.333">
        <p style="margin-top:0pt; margin-bottom:8.35pt; padding-left:3.7pt; font-family:Times New Roman" align="justify"><font size="3">Vice
        President, Alamo Dorado since February 2003; and prior thereto Vice
        President of Corner Bay Silver Inc.</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="192.8" colspan="2">
        <p style="margin:0pt; line-height:5.6pt; font-family:Times New Roman; font-size:3.6pt"><font size="3">STUART
        A. MOLLER</font></p>
        <p style="margin-top:0pt; margin-bottom:6pt; font-family:Times New Roman"><font size="3">La
        Paz, Bolivia</font></p>
      </td>
      <td valign="top" width="179.6">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-right:3.6pt; font-family:Times New Roman"><font size="3">Vice
        President,<br>
        Exploration</font></p>
      </td>
      <td valign="top" width="217.333">
        <p style="margin-top:0pt; margin-bottom:8.35pt; padding-left:3.7pt; font-family:Times New Roman" align="justify"><font size="3">Vice
        President, Exploration of the Company since July 1997; and prior thereto
        Exploration Manager in Bolivia with Barrick Gold Corporation</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p align="center"><font size="3"><br>
<br>
<br>
- - 75 -<br>
</font>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
<br>
</font>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td valign="top" width="192.8">
        <p style="margin:0pt; line-height:5.6pt; font-family:Times New Roman; font-size:3.6pt"><font size="3">BRENDA
        RADIES</font></p>
        <p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman"><font size="3">West
        Vancouver, B.C.</font></p>
      </td>
      <td valign="top" width="179.6">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-right:3.6pt; font-family:Times New Roman"><font size="3">Vice
        President,<br>
        Corporate Relations</font></p>
      </td>
      <td valign="top" width="217.333">
        <p style="margin:0pt; padding-left:3.7pt; font-family:Times New Roman" align="justify"><font size="3">Vice
        President, Corporate Relations of the Company since May 2003; and prior
        thereto Director, Corporate Communications for Placer Dome Inc. from
        2000 - 2003; and Manager, Corporate Relations for Placer Dome North
        America from 1993 - 2000.</font></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="192.8">
        <p style="margin:0pt; line-height:5.6pt; font-family:Times New Roman; font-size:3.6pt"><font size="3">GORDON
        JANG</font></p>
        <p style="margin:0pt; font-family:Times New Roman"><font size="3">Vancouver,
        B.C.</font></p>
      </td>
      <td valign="top" width="179.6">
        <p style="margin-top:0pt; margin-bottom:10pt; padding-right:3.6pt; font-family:Times New Roman"><font size="3">Controller
        and Secretary</font></p>
      </td>
      <td valign="top" width="217.333">
        <p style="margin:0pt; padding-left:3.7pt; font-family:Times New Roman" align="justify"><font size="3">Controller
        of the Company</font></p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">___________</font></p>
<p style="margin-top:1.35pt; margin-bottom:-12pt; font-family:Times New Roman; font-size:8pt"><sup><font size="3">1</font></sup></p>
<p style="margin-top:0pt; margin-bottom:4pt; text-indent:14.2pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">Member
of the Audit Committee</font></p>
<p style="margin-top:1.35pt; margin-bottom:-12pt; font-family:Times New Roman; font-size:8pt"><sup><font size="3">2</font></sup></p>
<p style="margin-top:0pt; margin-bottom:4pt; text-indent:14.2pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">Member
of the Compensation Committee</font></p>
<p style="margin-top:1.35pt; margin-bottom:-12pt; font-family:Times New Roman; font-size:8pt"><sup><font size="3">3</font></sup></p>
<p style="margin-top:0pt; margin-bottom:4pt; text-indent:14.2pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">Member
of the Nominating and Governance Committee</font></p>
<p style="margin-top:1.35pt; margin-bottom:-12pt; font-family:Times New Roman; font-size:8pt"><sup><font size="3">4</font></sup></p>
<p style="margin-top:0pt; margin-bottom:4pt; text-indent:14.2pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">Member
of the Health, Safety and Environmental Committee</font></p>
<p style="margin-top:1.35pt; margin-bottom:-12pt; font-family:Times New Roman; font-size:8pt"><sup><font size="3">5</font></sup></p>
<p style="margin-top:0pt; margin-bottom:4pt; text-indent:14.2pt; line-height:10pt; font-family:Times New Roman; font-size:8pt"><font size="3">Effective
April 30, 2004, Mr. Faust resigned from the Company.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
directors of the Company are elected at each annual general meeting to hold
office until the next annual general meeting or until their successors are
elected or appointed. &nbsp;The board currently consists of eight directors five
of whom, William A. Fleckenstein , Michael Larson, Michael J.J. Maloney, Paul B.
Sweeney and John Willson qualify as unrelated directors who are independent of
management. &nbsp;The board has established four committees: &nbsp;the Audit
Committee, the Compensation Committee, the Health, Safety and Environmental
Committee and the Nominating and Governance Committee. &nbsp;The board does not
have an Executive Committee. &nbsp;The composition of the various committees as
at December 31, 2003 is set forth in the preceding table.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">As
at April 29, 2004, the directors and officers of the Company as a group
beneficially owned, directly or indirectly, 8,360,993 common shares of the
Company representing 12.88% of the issued and outstanding common shares of the
Company.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">On
March 15, 2004 Mr.&nbsp;Michael Steinmann joined Pan American as Vice President,
Geology-Operations and Projects. &nbsp;Effective April 30, 2004, Mr.&nbsp;Bill
Faust resigned from the Company.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Effective
May 11, 2004, the Company's Board of Directors approved the separation of the
roles of Chairman and Chief Executive Officer, previously held by Mr. Ross J.
Beaty. &nbsp;Since that time, Mr. Beaty has remained actively engaged with the
Company as Chairman and Mr. Geoff A. Burns, formerly President and Chief
Operating Officer, has become President and Chief Executive Officer of the
Company.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman"><b><i><font size="3">Conflicts
of Interest</font></i></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Certain
officers and directors of the Company are officers and/or directors of, or are
associated with, other natural resource companies that acquire interests in
mineral properties. &nbsp;Such associations may give rise to conflicts of
interest from time to time. &nbsp;However, the directors are required by law to
act honestly and in good faith with a view to the best interests of the Company
and its shareholders and to disclose any personal interest which they may have
in any material transaction which is proposed to be entered into with the
Company and to abstain from voting as a director for the approval of any such
transaction.</font></p>
<p align="center"><font size="3"><br>
<br>
- - 76 -<br>
</font>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3"><br>
</font></p>
<p style="margin-top:18pt; margin-bottom:12pt; padding-bottom:3pt; line-height:13pt; font-family:Times New Roman; font-size:12pt; border-bottom:2.25pt solid #000000" align="center"><b><font size="3">ADDITIONAL
INFORMATION</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Additional
information, including directors' and officers' remuneration and
indebtedness, principal holders of the Company's securities, options to
purchase securities and interests of insiders in material transactions, is
contained in the Information Circular for the Annual General Meeting of the
Company held on May&nbsp;11, 2004. &nbsp;Additional financial information is
also provided in the Company's Audited Consolidated Financial Statements for
the years ended December&nbsp;31, 2003 and 2002 that are contained in the
Company's 2003 Annual Report.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">The
Company shall provide to any person, upon request to the Secretary of the
Company:</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman" align="justify"><font size="3">(a)</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">when
the securities of the Company are in the course of a distribution pursuant to a
shelf or short form prospectus or a preliminary short form prospectus has been
filed in respect of a distribution of its securities:</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:108pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman" align="justify"><font size="3">(i)</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">one
copy of the Annual Information Form of the Company, together with a copy of any
document or the pertinent pages of any document, incorporated by reference in
the Annual Information Form;</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:108pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman" align="justify"><font size="3">(ii)</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">one
copy of the comparative financial statements of the Company for its most
recently completed financial year together with the accompanying report of the
auditor and one copy of any interim financial statements of the Company
subsequent to the financial statements for the Company's most recently
completed financial year;</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:108pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman" align="justify"><font size="3">(iii)</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">one
copy of the information circular of the Company in respect to its most recent
annual meeting of shareholders that involved the election of directors; and</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:108pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman" align="justify"><font size="3">(iv)</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:108pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">one
copy of any other documents that are incorporated by reference into a
preliminary short form prospectus or shelf or short form prospectus and are not
required to be provided under (i) to (iii) above; or</font></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:72pt; text-indent:-36pt; line-height:15pt; font-family:Times New Roman" align="justify"><font size="3">(b)</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">at
any other time, one copy of any of the documents referred to in (a) (i), (ii)
and (iii) above, provided that the Company may require the payment of a
reasonable charge if the request is made by a person who is not a security
holder of the Company.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">Requests
for copies pursuant to the foregoing should be made to the Secretary of the
Company at 1500 - 625 Howe Street, Vancouver, British Columbia, Canada,
V6C&nbsp;2T6.</font></p>
<p style="margin:0pt; font-family:Times New Roman"><font size="3"><br>
</font></p>
<p align="center"><font size="3"><br>
<br>
- - 77 -<br>
<br>
</font>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:18pt; margin-bottom:12pt; padding-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; border-bottom:2.25pt solid #000000" align="center"><b><font size="3">GLOSSARY
OF TERMS</font></b></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>adit</i>"
- - a horizontal or nearly horizontal passage driven from the surface for the
working of a mine.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>adularia</i>"
- - a very low-temperature monoclinic potassium feldspar.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>andesite</i>"
- - a dark-coloured, fine-grained extrusive rock that, when porphyritic, contains
phenocrysts composed primarily of zoned sodic plagioclase (esp. andesine) and
one or more of the mafic minerals (e.g. biotite, horneblend, pyroxene), with a
ground-mass composed generally of the same minerals as the phenocrysts;
&nbsp;the extrusive equivalent of diorite.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>argillic</i>"
- - pertaining to clay or clay minerals, e.g. in "argillic alternation" in
which certain minerals are converted to minerals of the clay group.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>arroyo</i>"
- - a term applied in the arid and semi-arid southwestern U.S. to a small deep
flat-floored channel or gully of an ephemeral or intermittent stream. &nbsp;It
is usually dry and has steep or vertical banks of unconsolidated material.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>basalt</i>"
- - a dark-coloured igneous rock, commonly extrusive, composed primarily of calcic
plagioclase and pyroxene.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>berm</i>"
- - the space left between the upper edge of a cut and the toe of an embankment.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>breccia</i>",
"<i>brecciation</i>" - rock broken up by geological forces.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>calcareous</i>"
- - containing calcium carbonate. &nbsp;When applied to a rock name, it implies
that as much as 50% of the rock is calcium carbonate.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>chalcopyrite</i>"
- - a bright brass-yellow tetragonal mineral; generally found massive and
constitutes the most important ore of copper.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>chert</i>"
- - a hard, dense, dull to semivitreous, microcrystalline or cryptocrystalline
sedimentary rock, consisting dominantly of interlocking crystals of quartz less
than about 30mu m in diameter; it may contain amorphous silica (opal). &nbsp;It
sometimes contains impurities such as calcite, iron oxide, and the remains of
siliceous and other organisms. &nbsp;Chert occurs principally as nodular or
concretionary nodules in limestone and dolomites, and less commonly as layered
deposits (bedded chert).</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>conglomerate</i>"
- - a coarse-grained clastic sedimentary rock, composed of rounded to sub-angular
fragments larger than 2mm in diameter (granules, pebbles, cobbles, boulders) set
in fine-grained matrix of sand or silt and commonly cemented by calcium
carbonate, iron oxide, silica or hardened clay.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>cut-and-fill</i>"
- - a method of stoping in which ore is removed in slices, or lifts, following
which the excavation is filled with rock or other waste material known as back
fill, before the subsequent slice is mined. &nbsp;The back fill supports the
walls of the stope.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>dacite</i>"
- - a fine-grained extrusive rock with the same general composition as andesite,
but having less calcic plagioclase and more quartz.</font></p>
<p align="center"><font size="3"><br>
<br>
- - 78 -<br>
</font>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>diamond
drill</i>" - a type of rotary drill in which the cutting is done by abrasion
rather than by percussion. &nbsp;The drill cuts a core of rock which is
recovered in long cylindrical sections.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>dore</i>"
- - unrefined gold and silver in bullion form.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>drift</i>"
- - a horizontal passage underground that follows along the length of a vein or
rock formation.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>enargite</i>"
- - a grayish-black or iron-black orthorhombic mineral. &nbsp;It is an important
ore of copper.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>epidote</i>"
- - a basic silicate of aluminium, calcium and iron .</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>epithermal</i>"
- - formed by low-temperature (100 - 200<sup>o</sup> C.) hydrothermal processes.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>fault</i>"
- - a fracture in a rock where there has been displacement of the two sides.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>feldspar</i>"
- - a prominent group of rock-forming silicate minerals.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>fracture</i>"
- - breaks in a rock, usually due to intensive folding or faulting.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>galena</i>"
- - the most important ore of lead, found in hydro-thermal veins and as a
replacement mineral.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>gangue</i>"
- - that part of an ore deposit from which a metal or metals is not extracted.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>gneiss</i>"
- - a foliated rock formed by regional metamorphism, in which bands or lenticles
of granular minerals alternate with bands or lenticles in which minerals having
flaky or elongate prismatic habits predominate.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>granodioritic</i>"
- - similar to granitic, except that graphic texture does not seem to occur, and a
lower percentage of silicon, and a higher calcium and magnesium content is
present.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>indicated
mineral resource</i>" - mineral resources for which quantity, grade or
quality, densities, shape, physical characteristics are so well established that
they can be estimated with confidence sufficient to allow the appropriate
application of technical and economic parameters, to support mine planning and
evaluation of the economic viability of the deposit. &nbsp;The estimate is based
on detailed and reliable exploration and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits, workings
and drill holes that are spaced closely enough for geological and grade
continuity to be reasonably assumed.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">&nbsp;"<i>inferred
mineral resource</i>" - mineral resources for which quantity and grade or
quality can be estimated on the basis of geological evidence and limited
sampling and reasonably assumed, but not verified, geological grade and
continuity. &nbsp;The estimate is based on limited information and sampling
gathered through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>lacustrine</i>"
- - pertaining to, produced by, or inhabiting a lake or lakes.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>loop</i>"
- - a pattern of field observations that begin and end at the same point with a
number of intervening observations.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>manto</i>"
- - a blanket-like replacement of rock (commonly limestone) by ore. &nbsp;In some
districts, the term has been modified to designate a pipe-shaped deposit
confined within a single stratigraphic horizon.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>marls</i>"
- - a variety of materials, most of which occur as loose, earthy deposits
consisting chiefly of an intimate mixture of clay and calcium carbonate.</font></p>
<p align="center"><font size="3"><br>
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- - 79 -<br>
</font>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">"</font></i><i><font size="3">measured
mineral resource" - </font></i><font size="3">the &nbsp;part of a mineral
resource for which quantity, grade or quality, densities, shape, physical
characteristics are so well established that they can be estimated with
confidence sufficient to allow the appropriate application of technical and
economic parameters, to support production planning and evaluation of the
economic viability of the deposit. &nbsp;The estimate is based on detailed and
reliable exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits, workings
and drill holes that are spaced closely enough to confirm both geological and
grade continuity.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>mineral</i>
<i>reserve</i>" &nbsp;- the economically mineable part of a measured or
indicated mineral resource demonstrated by at least a preliminary feasibility
study. &nbsp;This study must include adequate information on mining, processing,
metallurgical, economic and other relevant factors that demonstrate, at the time
of reporting, that economic extraction can be justified. &nbsp;A mineral reserve
includes diluting materials and allowances for losses that may occur that when
the material is mined.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>mineralization</i>"
or "<i>resources</i>" or "<i>mineral resources</i>" - is a
concentration or occurrence of natural, solid, inorganic or fossilized organic
material in or on the Earth's crust in such form and quantity and of such a
grade or quality that it has reasonable prospects for economic extraction.
&nbsp;The location, quantity, grade, geological characteristics and continuity
of a mineral resource are known, estimated or interpreted from specific
geological evidence and knowledge.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>monzonite</i>"
- - a granular plutonic rock containing approximately equal amounts of orthoclase
and plagioclase, and thus intermediate between syenite and diorite. &nbsp;Quartz
is minor or absent.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>muck</i>"
- - ore or rock that has been broken by blasting.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>open
pit</i>" - a surface working open to daylight, such as a quarry.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>ore
shoot</i>" - a pipelike, ribbonlike or chimneylike mass of ore within a
deposit (usually a vein), representing the more valuable part of a deposit.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>orogeny</i>"
- - a period of mountain building.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>pearceite</i>"
- - a monoclinic mineral Ag<sub>16</sub>As<sub>2</sub>S<sub>11</sub>, having
copper as an apparent necessary minor component which is metallic black, brittle
and occurs in low-to moderate-temperature silver and base-metal ores.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:15pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>pinch</i>"
- - a compression of the walls of a vein, or the roof and floor of a coal bed,
which more or less completely displaces the ore or coal.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:15pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>polybasite</i>"
- - a monoclinic mineral (Ag,Cu)<sub>16</sub>Sb<sub>2</sub>S<sub>11</sub> that is
soft, metallic and grey to black occurring in low-temperature veins. &nbsp;A
source of silver.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:15pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>porphyry</i>"
- - an igneous rock of any composition that contains conspicuous phenocrysts in a
fine-grained ground mass.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">"</font></i><i><font size="3">probable
mineral reserve"</font></i> <font size="3">&nbsp;- &nbsp;is the economically
mineable part of an indicated, and in some circumstances, a measured mineral
resource demonstrated by at least a preliminary feasibility study. &nbsp;This
study must include adequate information on mining, processing, metallurgical,
economic and other relevant factors that demonstrate, at the time of reporting,
that economic extraction can be justified.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>proustite</i>"
- - a triangle mineral, Ag<sub>3</sub>AsS<sub>3</sub>, with rhombohedral cleavage
that is soft, ruby red and occurs in low temperature or secondary enrichment
veins. &nbsp;A minor source of silver.</font></p>
<p align="center"><font size="3"><br>
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<br>
</font>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">"</font></i><i><font size="3">proven
mineral reserve" - &nbsp;</font></i><font size="3">is the economically
mineable part of a measured mineral resource demonstrated by at least a
preliminary feasibility study. &nbsp;This study must include adequate
information on mining, processing, metallurgical, economic, and other relevant
factors that demonstrate, at the time of reporting, that economic extraction is
justified.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>pyrite</i>"
- - a mineral containing iron sulphide.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>pyroclastic</i>"
- - rock formed by the mechanical combination of volcanic fragments.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>pyrrhotite</i>"
- - a monoclinic and hexagonal mineral, FeS, invariably deficient in iron,
variably ferrimaganetic, which is metallic, bronze yellow with iridescent
tarnish and occurs in mafic igneous rocks, contact metamorphic deposits, high
temperature veins and granite pegmatites.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><i><font size="3">"</font></i><i><font size="3">qualified
person"</font></i> <font size="3">- is an individual who is an engineer or
geoscientist with at least five years experience in mineral exploration, mine
development or operation or mineral project assessment, or any combination of
these; and has experience relevant to the subject matter of the mineral project;
and who is a member in good standing of a recognized self-regulatory
organization of engineers or geoscientists.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>raise</i>"
- - a vertical or inclined underground working that has been excavated from the
bottom upward.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>resuing</i>"
- - a method of stoping wherein the wall rock on one side of the vein has been
blasted after the ore itself is broken, with the waste rock used as fill. &nbsp;Resuing
is employed on narrow veins and permits a recovery with a minimum of dilution.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>rhodochrosite</i>"
- - a hexagonal carbonate mineral, found in lead and silver-lead ore veins and in
metasomatic deposits.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>schist</i>"
- - a strongly foliated crystalline rock formed by dynamic metamorphism, that can
be readily split into thin flakes or slabs due to the well developed parallelism
of more than 50% of the minerals present, particularly those of lamellar or
elongate prismatic habit (<i>e.g.</i>, mica and hornblende).</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>shrinkage
stoping</i>" - a method of stoping which utilizes part of the broken ore as a
working platform and as support for the walls.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>silicified</i>"
- - a rock altered by a silica hydrothermal solution.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>skarn</i>"
- - rocks composed nearly entirely of lime-bearing silicates and derived from
nearly pure limestones and dolomites in which large amounts of silicon,
aluminium, iron and magnesium has been introduced.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>sphalerite</i>"
- - the main zinc ore, found in metasomatic deposits with galena, in hydro-thermal
vein deposits, and in replacement deposits.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>split</i>"
- - a coal seam that is separated from the main seam by a thick parting of other
sedimentary rock.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>stope</i>"
- - an excavation in a mine from which ore is being or has been extracted.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>strike</i>"
- - the course or bearing of a layer of rock.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>stripping
ratio</i>" - the ratio of waste material to ore experienced in mining an ore
body by open pit.</font></p>
<p align="center"><font size="3"><br>
<br>
- - 81 -<br>
</font>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<font size="3"><br>
<br>
</font>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>supergene</i>"
- - said of a mineral deposit or enrichment formed near the surface, commonly by
descending solutions; also, said of the solutions and of that environment.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>swell</i>"
- - an enlarged place in an orebody, as opposed to a <i>pinch.</i></font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>tailings</i>"
- - material rejected from a mill after recoverable valuable minerals have been
extracted.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:15pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>tennantite</i>"
- - a blackish lead-gray isometric mineral. &nbsp;It is isomorphous with
tetrahedrite, and sometimes contains zinc, silver, or cobalt replacing part of
the copper. &nbsp;It is an important ore of copper.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:15pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>tetrahedrite</i>"
- - a metallic isometric mineral. &nbsp;It is isomorphous with tennantite, and
often contains silver or other metals replacing part of the copper. &nbsp;Tetrahedrite
is an important ore of copper and sometimes an ore of silver.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>trachytes</i>"
- - fine-grained, alkali, intermediate igneous rocks.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:15pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>tuff</i>"
- - a general term for all consolidated pyroclastic rocks. &nbsp;Adj: &nbsp;<i>tuffaceous.</i></font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:13pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>tuffs</i>"
- - upon consolidation, the general name for the material derived from solid
volcanic material which has been blown into the atmosphere by explosive
activity.</font></p>
<p style="margin-top:0pt; margin-bottom:10pt; line-height:15pt; font-family:Times New Roman" align="justify"><font size="3">"</font><font size="3"><i>vein</i>"
- - an epigenetic mineral filling of a fault or other fracture, in tabular or
sheetlike form, often with associated replacement of the host rock; a mineral
deposit of this form and origin.</font></p>
<p align="center"><font size="3"><br>
- - 82 -<br>
</font>
<P style="margin:0pt; font-family:Times New Roman" align=left>&nbsp;</P>
<A NAME="FooterB"></A><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>-
3 -</P>
<P style="margin:0pt; font-family:Times New Roman"><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" align=right><B>Document No. 2</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;</P>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="57%"><b><font size="4" face="sans-serif">Pan American Silver
      Corp.</font></b></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">Consolidated Balance Sheets</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">As at December 31,</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">(in thousands of US
      dollars)</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
  </tr>
  <tr>
    <td width="57%">&nbsp;</td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">2003</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">2002</font></td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="57%">&nbsp;</td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="1" face="sans-serif">(Note 3)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="57%"><b><font size="2" face="sans-serif">Assets</font></b></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">Current</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" width="70%"><font size="2" face="sans-serif">Cash and cash
      equivalents</font></td>
    <td align="center" width="8%"><b><font size="2" face="sans-serif">$</font></b></td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">14,191</font></b></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">10,185</font></td>
  </tr>
  <tr>
    <td colspan="2" width="70%"><font size="2" face="sans-serif">Short-term
      investments</font></td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">74,938</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">13</font></td>
  </tr>
  <tr>
    <td colspan="2" width="70%"><font size="2" face="sans-serif">Accounts
      receivable, net of $nil provision for doubtful accounts</font></td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">7,545</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">4,598</font></td>
  </tr>
  <tr>
    <td colspan="2" width="70%"><font size="2" face="sans-serif">Inventories
      (Note 5)</font></td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">6,612</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">4,637</font></td>
  </tr>
  <tr>
    <td width="57%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Prepaid
      expenses</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">1,289</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">3,197</font></td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">Total Current Assets</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">104,575</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">22,630</font></td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">Mineral property, plant and
      equipment (Note 6)</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">83,574</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">67,426</font></td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">Investment and
      non-producing properties (Note 7)</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">83,873</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">4,193</font></td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">Direct smelting ore (Note
      5)</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">3,901</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">4,303</font></td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">Other assets (Note 8)</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">3,960</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">4,393</font></td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">Total Assets</font></td>
    <td width="12%">&nbsp;</td>
    <td align="center" width="8%"><b><font size="2" face="sans-serif">$</font></b></td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">279,883</font></b></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">102,945</font></td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="57%"><b><font size="2" face="sans-serif">Liabilities</font></b></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">Current</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
  </tr>
  <tr>
    <td width="57%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Operating
      line of credit</font></td>
    <td width="12%">&nbsp;</td>
    <td align="center" width="8%"><b><font size="2" face="sans-serif">$</font></b></td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">125</font></td>
  </tr>
  <tr>
    <td width="57%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Accounts
      payable and accrued liabilities (Note 9)</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">10,525</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">15,227</font></td>
  </tr>
  <tr>
    <td width="57%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Advances
      for metal shipments</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">4,536</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">2,158</font></td>
  </tr>
  <tr>
    <td width="57%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Current
      portion of bank loans and capital lease (Note 10)</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">2,639</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">1,638</font></td>
  </tr>
  <tr>
    <td width="57%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Current
      portion of non-current liabilities (Note 9)</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">4,948</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">1,083</font></td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td colspan="2" width="70%"><font size="2" face="sans-serif">Total Current
      Liabilities</font></td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">22,648</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">20,231</font></td>
  </tr>
  <tr>
    <td colspan="2" width="70%"><font size="2" face="sans-serif">Deferred
      revenue (Note 8)</font></td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">865</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">923</font></td>
  </tr>
  <tr>
    <td colspan="2" width="70%"><font size="2" face="sans-serif">Bank loans and
      capital lease (Note 10)</font></td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">10,803</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">3,942</font></td>
  </tr>
  <tr>
    <td colspan="2" width="70%"><font size="2" face="sans-serif">Liability
      component of convertible debentures (Note 11)</font></td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">19,116</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
  </tr>
  <tr>
    <td colspan="2" width="70%"><font size="2" face="sans-serif">Provision for
      asset retirement obligation and reclamation (Note 3)</font></td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">21,192</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">20,950</font></td>
  </tr>
  <tr>
    <td colspan="2" width="70%"><font size="2" face="sans-serif">Provision for
      future income tax (Notes 4 and 17)</font></td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">19,035</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">Severance indemnities and
      commitments (Note 16)</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">2,126</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">1,407</font></td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">Total Liabilities</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">95,785</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">47,453</font></td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="57%"><b><font size="2" face="sans-serif">Shareholders' Equity</font></b></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">Share capital (Note 12)</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
  </tr>
  <tr>
    <td width="57%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Authorized:
      100,000,000 common shares of no par value</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
  </tr>
  <tr>
    <td width="57%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Issued:</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
  </tr>
  <tr>
    <td width="57%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">December
      31, 2002 - 43,883,454 shares</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
  </tr>
  <tr>
    <td width="57%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">December
      31, 2003 - 53,009,851 shares</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">225,154</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">161,108</font></td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">Equity component of
      convertible debentures (Note 11)</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">66,735</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">Additional paid in capital</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">12,752</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">1,327</font></td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">Deficit</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">(120,543)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(106,943)</font></td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">Total Shareholders'
      Equity</font></td>
    <td width="12%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">184,098</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">55,492</font></td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="57%"><font size="2" face="sans-serif">Total Liabilities and
      Shareholders' Equity</font></td>
    <td width="12%">&nbsp;</td>
    <td align="center" width="8%"><b><font size="2" face="sans-serif">$</font></b></td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">279,883</font></b></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">102,945</font></td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p style="margin:0pt; font-family:Arial">APPROVED BY THE BOARD</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial"><b><i><u>Signed
Ross J. Beaty &nbsp;&nbsp;</u></i></b>&nbsp;Ross J. Beaty, Director</p>
<p style="margin:0pt; text-indent:288pt; font-family:Arial"><b><i><u>Signed
Geoff A. Burns &nbsp;&nbsp;</u></i></b>&nbsp;Geoff A. Burns, Director</p>
<p style="margin:0pt; font-family:Arial" align="right"><br>
</p>
<p style="margin:0pt; font-family:Arial" align="right">See accompanying notes to
consolidated financial statements</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin-top: 0; margin-bottom: 0"><b><font size="4" face="sans-serif">Pan
American Silver Corp.</font></b></p>
<p style="margin-top: 0; margin-bottom: 0"><font size="2" face="sans-serif">Consolidated
Statements of Operations</font></p>
<p style="margin-top: 0; margin-bottom: 0"><font size="2" face="sans-serif">For
the years ended December 31, 2003, 2002 and 2001</font></p>
<p style="margin-top: 0; margin-bottom: 0"><font size="2" face="sans-serif">(in
thousands of US dollars, except for shares and per share amounts)</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="62%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">2003</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%"><font size="2" face="sans-serif">2002</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">2001</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="62%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><sup><font size="2" face="sans-serif">(Note
      3)</font></sup></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="62%"><font size="2" face="sans-serif">Revenue</font></td>
    <td width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
    <td align="right" colspan="2" width="10%"><b><font size="2" face="sans-serif">45,122</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">45,093</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">37,296</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="62%"><font size="2" face="sans-serif">Expenses</font></td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="62%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Operating</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><b><font size="2" face="sans-serif">39,778</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">43,161</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">40,591</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="62%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">General
      and administration</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><b><font size="2" face="sans-serif">2,732</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">1,698</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">1,885</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="62%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Stock-based
      compensation</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><b><font size="2" face="sans-serif">2,893</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%"><font size="2" face="sans-serif">319</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%"><font size="2" face="sans-serif">253</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="62%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Depreciation
      and amortization</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><b><font size="2" face="sans-serif">3,325</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">4,872</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">4,312</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="62%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Reclamation</font></td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">303</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%"><font size="2" face="sans-serif">860</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%"><font size="2" face="sans-serif">620</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="62%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Exploration</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><b><font size="2" face="sans-serif">2,543</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">1,206</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%"><font size="2" face="sans-serif">892</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="62%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Interest
      expense (Notes 10 and 11)</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><b><font size="2" face="sans-serif">1,156</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%"><font size="2" face="sans-serif">988</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%"><font size="2" face="sans-serif">783</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="62%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Write-down
      of mineral properties (Note 6)</font></td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">27,218</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%">-</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="62%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Gain on
      sale of land</font></td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">(3,500)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="62%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><b><font size="2" face="sans-serif">52,730</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">80,322</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">45,836</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="62%"><font size="2" face="sans-serif">Loss from operations</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><b><font size="2" face="sans-serif">(7,608)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">(35,229)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">(8,540)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="62%"><font size="2" face="sans-serif">Interest income</font></td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">403</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%"><font size="2" face="sans-serif">269</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%"><font size="2" face="sans-serif">236</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="62%"><font size="2" face="sans-serif">Other income (Note 15)</font></td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">411</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%"><font size="2" face="sans-serif">983</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="7%"><font size="2" face="sans-serif">227</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="62%"><font size="2" face="sans-serif">Net loss for the year</font></td>
    <td width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
    <td align="right" colspan="2" width="10%"><b><font size="2" face="sans-serif">(6,794)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">(33,977)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">(8,077)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="62%"><font size="2" face="sans-serif">Basic and fully diluted
      loss per share (Note 2(k))</font></td>
    <td width="1%">&nbsp;</td>
    <td width="2%"></td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">($0.20)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%"></td>
    <td align="right" width="7%"><font size="2" face="sans-serif">($0.81)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%"></td>
    <td align="right" width="7%"><font size="2" face="sans-serif">($0.22)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="62%"><font size="2" face="sans-serif">Weighted average shares
      outstanding</font></td>
    <td align="right" colspan="3" width="11%"><b><font size="2" face="sans-serif">51,058,212</font></b></td>
    <td width="2%">&nbsp;</td>
    <td align="right" colspan="3" width="11%"><font size="2" face="sans-serif">41,849,413</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" colspan="3" width="11%"><font size="2" face="sans-serif">36,162,815</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
</table>
<br>
<p style="margin:0pt; font-family:Arial" align="right">See accompanying notes to
consolidated financial statements</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin-top: 0; margin-bottom: 0"><b><font size="4" face="sans-serif">Pan
American Silver Corp.</font></b></p>
<p style="margin-top: 0; margin-bottom: 0"><font size="2" face="sans-serif">Consolidated
Statements of Shareholders' Equity&nbsp;</font></p>
<p style="margin-top: 0; margin-bottom: 0"><font size="2" face="sans-serif">For
the years ended December 31, 2003, 2002 and 2001&nbsp;</font></p>
<p style="margin-top: 0; margin-bottom: 0"><font size="2" face="sans-serif">(in
thousands of US dollars, except for shares)</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="44%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" colspan="3" width="8%" rowspan="4" valign="bottom">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2" face="sans-serif">Additional</font></p>
      <p style="margin-top: 0; margin-bottom: 0"><font size="2" face="sans-serif">Paid
      In</font></p>
      <p style="margin-top: 0; margin-bottom: 0"><font size="2" face="sans-serif">Capital</font></p>
    </td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;</td>
    <td colspan="4" width="18%">
      <p align="center"><font size="2" face="sans-serif">Common shares</font></p>
    </td>
    <td width="2%">&nbsp;</td>
    <td align="center" colspan="2" width="6%" rowspan="3" valign="bottom">
      <p style="margin-top: 0; margin-bottom: 0"><font size="2" face="sans-serif">Convertible</font></p>
      <p style="margin-top: 0; margin-bottom: 0">&nbsp;<font size="2" face="sans-serif">Debentures</font></p>
    </td>
    <td width="2%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="4">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;</td>
    <td width="9%">
      <p align="center"><font size="2" face="sans-serif">Shares</font></p>
    </td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%"><font size="2" face="sans-serif">Amount</font></td>
    <td width="2%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="8%"><font size="2" face="sans-serif">Deficit</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="7%">
      <p align="center"><b><font size="2" face="sans-serif">Total</font></b></p>
    </td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="7%"><font size="1" face="sans-serif">(Note 3)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Balance, December 31, 2000</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">34,381,234</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="6%"><font size="2" face="sans-serif">121,302</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="6%"><font size="2" face="sans-serif">1,131</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="8%"><font size="2" face="sans-serif">(64,889)</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">57,544</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Exercise
      of stock options</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">247,000</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">789</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">789</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Shares
      issued for cash, net of share</font></td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Issue
      costs</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">3,000,000</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">8,632</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">8,632</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Fair
      value of warrants granted</font></td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">27</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">27</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Other</font></td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">(38)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">(38)</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Net loss
      for the year</font></td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%"><font size="2" face="sans-serif">(8,077)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">(8,077)</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Balance, December 31, 2001</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">37,628,234</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">130,723</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">1,120</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%"><font size="2" face="sans-serif">(72,966)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">58,877</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Stock-based
      compensation</font></td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">319</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">319</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Exercise
      of stock options</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">1,445,400</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">6,186</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">(84)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">6,102</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Shares
      issued for cash, net of share</font></td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Issue
      costs (Note 12c(i))</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">3,450,000</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">15,599</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">15,599</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Issued on
      acquisition of Manantial Espejo</font></td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">(Notes
      7 and 12c(ii))</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">231,511</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">1,250</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">1,250</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Issued on
      acquisition of royalty</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">390,117</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">3,000</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">3,000</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Issued as
      compensation (Note 12c(v))</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">69,000</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">253</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">253</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Issued on
      purchase of silver stockpiles (Note 5)</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">636,942</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">4,000</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">4,000</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Exercise
      of share purchase warrants</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">32,250</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">97</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">97</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Other</font></td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">(28)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">(28)</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Net loss
      for the year</font></td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%"><font size="2" face="sans-serif">(33,977)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">(33,977)</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Balance, December 31, 2002</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">43,883,454</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">161,108</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">1,327</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%"><font size="2" face="sans-serif">(106,943)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">55,492</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Stock-based
      compensation</font></td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">2,871</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">2,871</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Exercise
      of stock options</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">1,385,502</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">9,312</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">(1,471)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">7,841</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Issued on
      acquisition of Corner Bay</font></td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="8%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="7%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Silver
      Inc. (Note 4)</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">7,636,659</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">54,203</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">54,203</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Fair
      value of stock options granted (Note 4)</font></td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">1,136</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">1,136</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Fair
      value of share purchase warrants (Note 4)</font></td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">8,889</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">8,889</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Exercise
      of share purchase warrants</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">100,943</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">509</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">509</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Issue of
      convertible debentures (Note 11)</font></td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%"><font size="2" face="sans-serif">63,201</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">63,201</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Convertible
      debentures issue costs (Note 11)</font></td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%"><font size="2" face="sans-serif">(3,272)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">(3,272)</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Issued as
      compensation (Note 12b(ii))</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">3,293</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">22</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">22</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Accretion
      to convertible debentures (Note 11)</font></td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%"><font size="2" face="sans-serif">3,534</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%"><font size="2" face="sans-serif">(3,534)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%">-</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Net loss
      for the year</font></td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="5%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="8%"><font size="2" face="sans-serif">(6,794)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">(6,794)</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Balance, December 31, 2003</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">53,009,851</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="6%"><font size="2" face="sans-serif">225,154</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="5%"><font size="2" face="sans-serif">66,735</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" colspan="2" width="7%"><font size="2" face="sans-serif">12,752</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="8%"><font size="2" face="sans-serif">(120,543</font><b><font size="2" face="sans-serif">)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
    <td align="right" width="7%"><b><font size="2" face="sans-serif">184,098</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
</table>
<p style="margin:0pt; padding-left:9.35pt; text-indent:-9.35pt; line-height:18pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; padding-left:9.35pt; text-indent:-9.35pt; line-height:18pt; font-family:Arial" align="right">See
accompanying notes to consolidated financial statements</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="65%"><b><font size="4" face="sans-serif">Pan American Silver
      Corp.</font></b></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%"><font size="2" face="sans-serif">Consolidated Statements of
      Cash Flows</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%"><font size="2" face="sans-serif">For the years ended
      December 31, 2003, 2002, 2001</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%"><font size="2" face="sans-serif">(in thousands of US
      dollars)</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">2003</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">2002</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">2001</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="65%"><font size="2" face="sans-serif">Operating activities</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Sales
      proceeds</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">44,822</font></b></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">44,015</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">38,176</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Hedging
      activities</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">(92)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">960</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">40</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Interest
      paid</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">(561)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(988)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(783)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Other
      income and expenses</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">497</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">926</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">96</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Products
      and services purchased</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">(44,960)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(42,533)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(36,759)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Exploration</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">(1,383)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(1,102)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(892)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">General
      and administration</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">(2,149)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(2,020)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(1,964)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">(3,826)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(742)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(2,086)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="65%"><font size="2" face="sans-serif">Financing activities</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Proceeds
      of bank loans and capital lease</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">9,500</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">420</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Repayments
      of bank loans and capital leases</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">(1,764)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(3,745)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(5,044)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Proceeds
      from convertible debentures</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">86,250</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Convertible
      debentures issue costs</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">(3,272)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Shares
      issued for cash</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">8,350</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">22,821</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">9,789</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Share
      issue costs</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(962)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(340)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">99,064</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">18,534</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">4,405</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="65%"><font size="2" face="sans-serif">Investing activities</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Mineral
      property, plant and equipment expenditures</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">(17,513)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(9,780)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(6,683)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Investment
      and non-producing property expenditures</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">(1,383)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(1,158)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(24)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Acquisition
      of cash of subsidiary (Note 4)</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">2,393</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Sales
      (purchases) of short-term investments</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">(74,607)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">256</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Other</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">(122)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(81)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="65%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">(91,232)</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(10,938)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(6,532)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="65%"><font size="2" face="sans-serif">Increase (decrease) in cash
      and cash equivalents for the year</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">4,006</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">6,854</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">(4,213)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="65%"><font size="2" face="sans-serif">Cash and cash equivalents
      at beginning of year</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">10,185</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">3,331</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">7,544</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="65%"><font size="2" face="sans-serif">Cash and cash equivalents
      at end of year</font></td>
    <td width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><b><font size="2" face="sans-serif">14,191</font></b></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">10,185</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">3,331</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="65%"><font size="2" face="sans-serif">Supplemental Cash Flow
      Information (Note 14(b))</font></td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
</table>
<br>
<p style="margin:0pt; font-family:Arial" align="right"><br>
</p>
<p style="margin:0pt; font-family:Arial" align="right"><br>
</p>
<p style="margin:0pt; font-family:Arial" align="right">See accompanying notes to
consolidated financial statements</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements<br>
December 31, 2003, 2002 and 2001</small></p>
<p style="margin:0pt; font-family:Arial">(Tabular amounts are in thousands of US
dollars, except for shares, price per share and per share amounts)</p>
<p style="margin:0pt; padding-bottom:3pt; line-height:5pt; font-family:Arial; border-bottom:2.25pt solid #000000"><br>
</p>
<p style="margin:0pt; font-family:Arial"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Arial"><b>1.</b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial"><b>NATURE OF
OPERATIONS</b></p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">Pan
American Silver Corp., its subsidiaries and joint ventures (the "Company")
are engaged in silver mining and related activities, including exploration,
extraction, processing and reclamation. &nbsp;Silver, the primary product, is
produced in Mexico and Peru with exploration and project development activities
in Argentina, Peru, Mexico and Bolivia. &nbsp;</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align="justify"><b>2.</b></p>
<p style="margin:0pt; text-indent:36pt; font-family:Arial" align="justify"><b>SIGNIFICANT
ACCOUNTING POLICIES</b></p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">The
Company's consolidated financial statements are prepared in accordance with
accounting principles generally accepted in Canada. &nbsp;The preparation of
financial statements in accordance with Canadian generally accepted accounting
principles requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosures of contingent assets
and liabilities at the date of the financial statements and the reported amount
of revenues and expenses during the reporting period. &nbsp;Actual results could
differ from those estimates. &nbsp;Significant differences from United States
generally accepted accounting principles are disclosed in Note 18.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify">a)</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Basis
of presentation</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">These
consolidated financial statements are expressed in United States dollars and
include the accounts of the Company and its subsidiaries. &nbsp;All intercompany
transactions and balances have been eliminated.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Certain
comparative figures have been reclassified to conform to the current year's
presentation.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify">b)</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Revenue
recognition</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Revenue
is recognized when title and risk of ownership of metals or metal bearing
concentrate have passed and collection is reasonably assured. &nbsp;Revenue from
the sale of metals may be subject to adjustment upon final settlement of
estimated metal prices, weights and assays. &nbsp;Adjustments to revenue are
recorded in the period of final settlement of prices, weights and assays; such
adjustments have not historically been material in relation to the initial
invoice amounts.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify">c)</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Inventories</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Metals
and concentrate inventories are stated at the lower of cost and net realizable
value determined by using the first-in, first-out method. &nbsp;Metals,
concentrate and direct smelting ore inventories are carried at the lower of
average cost and replacement cost. &nbsp;Acquisition cost of direct smelting ore
is charged to operations on a per tonne of ore sold basis (Note 5).</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify">d)</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Mineral
property, plant and equipment</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; font-family:Arial" align="justify">i)</p>
<p style="margin:0pt; padding-left:54pt; text-indent:18pt; font-family:Arial" align="justify">Mineral
properties</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:72pt; font-family:Arial" align="justify">Acquisition
costs of mineral development properties together with costs directly related to
mine development expenditures and any interest thereon are deferred. &nbsp;Once
in production such costs are amortized on a units-of-production basis over a
property's ore reserves. &nbsp;Exploration costs are charged to operations.</p>
<p style="margin:0pt; padding-left:72pt; text-indent:-72pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:72pt; font-family:Arial" align="justify">The
Company's policy is to commence commercial production for accounting purposes
at the earlier of the operation achieving 60% of design capacity or one year
after substantial completion of construction activities.</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)</p>
<p style="margin:0pt; padding-left:54pt; text-indent:445.55pt; font-family:Arial" align="justify">Page
2</p>
<p style="margin:0pt; padding-bottom:3pt; line-height:5pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:72pt; text-indent:-72pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:90pt; text-indent:-36pt; font-family:Arial" align="justify">ii)</p>
<p style="text-indent: 0; font-family: Arial; margin: 0pt; padding-left: 90pt" align="justify">Mineral
property, plant and equipment, including costs associated with properties under
development, are carried at cost less depreciation and depletion.
&nbsp;Maintenance, repairs and renewals are charged to operations.
&nbsp;Betterments are capitalized. &nbsp;Any gains or losses on disposition of
property, plant and equipment are reflected in the statement of operations.
&nbsp;Depreciation is calculated on a straight-line basis over the lesser of an
asset's estimated useful life ranging from five to twenty years and the life
of the mineral property to which it relates. &nbsp;</p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:72pt; font-family:Arial" align="justify">The
carrying value of mineral properties and any related plant and equipment are
reviewed periodically for impairment in value, utilizing undiscounted estimates
of future cash flows. &nbsp;Any resulting write downs to net recoverable value
are charged to operations. &nbsp;Deferred costs relating to abandoned properties
are written off.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify">e)</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Reclamation
costs (Note 3(b))</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">All
mining operations are subject to reclamation and closure requirements.
&nbsp;Minimum standards for mine reclamation have been established by various
governmental agencies as a result of past activities. &nbsp;In such
circumstances, the liability and related asset retirement costs are recognized
when the obligation is first imposed.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">The
Company has recorded the present value of estimated future asset retirement
obligation and reclamation with a corresponding increase to the carrying amount
of the related asset. &nbsp;The carrying value will be amortized over the life
of the related assets on a unit-of production basis and the related liabilities
are accreted to the original value estimate.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">The
present value of the reclamation liabilities may be subject to change based on
management's current estimates, changes in remediation technology or changes
to the applicable laws and regulations by regulatory authorities, which affects
the ultimate cost of remediation and reclamation. &nbsp;Such charges will be
reflected in the accounts of the Company as they arise.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify">f)</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Foreign
currency translation</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; font-family:Arial" align="justify">The
Company's functional currency is the US dollar. &nbsp;The accounts of
subsidiaries, not reporting in U.S. dollars, which are integrated operations are
translated into U.S. dollars using the temporal method. &nbsp;Under this method,
monetary assets and liabilities are translated at the year-end exchange rate.
&nbsp;Non-monetary assets and liabilities are translated using historical rates
of exchange. &nbsp;Revenue and expenses are translated at the rates of exchange
prevailing on the dates such items are recognized in earnings except for
depletion and amortization of mineral property, plant and equipment which are
translated at the same rates as the assets to which they relate. &nbsp;Exchange
gains and losses are included in operating results.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:2934pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify">g)</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Derivative
financial instruments</p>
<br>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">The
Company, from time to time, uses forward sales agreements for the purpose of
managing the price of anticipated metal sales. &nbsp;These instruments are
accounted for as a hedge of anticipated transactions and are not recorded on the
balance sheet of the Company. &nbsp;Gains and losses from these contracts are
recorded as an<font COLOR="#FF0000"> </font>adjustment of revenue in the period
that related<font COLOR="#FF0000"> </font>production is delivered.</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">If
the Company enters into contracts that do not meet the requirement for hedge
accounting, the contracts are mark-to-market and any gains or losses are
included in the statement of operations.</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)</p>
<p style="margin:0pt; padding-left:54pt; text-indent:445.55pt; font-family:Arial" align="justify">Page
3</p>
<p style="margin:0pt; padding-bottom:3pt; line-height:5pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify">h)</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Cash
and cash equivalents</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Cash
and cash equivalents include cash or highly liquid, fixed income securities or
term deposits with an average current yield of 1.10% (2002 - 1.25%) and an
average term to maturity, at the date of purchase, of one month.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify">i)</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Short-term
investments</p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Management
determines the appropriate classifications of its investment in debt and equity
securities at the time of purchase. &nbsp;Equity securities are carried at the
lower of cost and market value. &nbsp;Debt securities are classified as
available for sale and are marked to market at each period end. &nbsp;Debt
securities include corporate bonds with S&amp;P rating of A- to AAA with an
overall average of single A high.</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify">j)</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Stock
option plan (Note 3(a))</p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">The
Company provides options to buy common shares of the Company to directors,
officers, employees and service providers. The board of directors grants such
options for periods of up to ten years, vesting period of up to five years and
at prices equal to or greater than the weighted average market price of the five
trading days prior to the date the options are granted. &nbsp;</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; font-family:Arial">k)</p>
<p style="margin:0pt; padding-left:36pt; text-indent:18pt; font-family:Arial">Loss
per share</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">The
diluted net loss per share is calculated based on the weighted average number of
common shares outstanding during the year, plus the effects of dilutive common
share equivalents. &nbsp;This method requires that the dilutive effect of
outstanding options and warrants issued should be calculated using the treasury
stock method. &nbsp;This method assumes that all common share equivalents have
been exercised at the beginning of the period (or at time of issuance, if
later), and that the funds obtained thereby were used to purchase common shares
of the Company at the average trading price of common shares during the period.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Arial"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial; font-size:11pt" align="justify"><font face="Arial" size="2">For
securities that may be settled in cash or shares at the holder's option the more
dilutive of cash settlement and share settlement is used in computing diluted
earnings per share. &nbsp;For settlements in common shares the if-converted
method should be used, which requires that returns on convertible senior equity
instruments and income charges applicable to convertible financial liabilities
be added back to net loss, net loss be adjusted for any non-discretionary
changes that would arise from the assumed conversion, and that the convertible
securities are assumed to be converted at the beginning of the period (or at
time of issuance, if later).</font></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Potentially
dilutive securities totaling 15,346,740 shares (2002 - 1,802,470; 2001 -
3,714,660) have been excluded from the calculation, as their effect would be
anti-dilutive.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-22.5pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">The
following table presents the adjustments to net loss to arrive at net loss
available to common shareholders in computing basic loss per share.</p>
<div align="center">
  <center>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="64%" align="left">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="8%" align="right"><font size="2" face="sans-serif">2003</font></td>
      <td width="2%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td align="right" width="8%"><font size="2" face="sans-serif">2002</font></td>
      <td width="2%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td align="right" width="8%"><font size="2" face="sans-serif">2001</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td align="left">
        <hr noshade size="1">
      </td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td align="right">&nbsp;</td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td align="right">&nbsp;</td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="64%" align="left"><font size="2" face="sans-serif">Net loss for
        the year</font></td>
      <td align="right" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td colspan="2" width="9%" align="right"><font size="2" face="sans-serif">(6,794)</font></td>
      <td width="2%" align="right">&nbsp;</td>
      <td align="right" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" colspan="2" width="9%"><font size="2" face="sans-serif">(33,977)</font></td>
      <td width="2%" align="right">&nbsp;</td>
      <td align="right" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" colspan="2" width="9%"><font size="2" face="sans-serif">(8,077)</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" width="65%" align="left"><font size="2" face="sans-serif">Add:</font></td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="8%" align="right">&nbsp;</td>
      <td width="2%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="8%" align="right">&nbsp;</td>
      <td width="2%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="8%" align="right">&nbsp;</td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" width="65%" align="left"><font size="2" face="sans-serif">Accretion
        of convertible, unsecured senior subordinated</font></td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="8%" align="right">&nbsp;</td>
      <td width="2%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="8%" align="right">&nbsp;</td>
      <td width="2%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="8%" align="right">&nbsp;</td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" width="65%" align="left"><font size="2" face="sans-serif">debentures</font></td>
      <td colspan="2" width="9%" align="right"><font size="2" face="sans-serif">(3,534)</font></td>
      <td width="2%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td align="right" width="8%">-</td>
      <td width="2%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td align="right" width="8%">-</td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" align="left">
        <hr noshade size="1">
      </td>
      <td colspan="2" align="right">
        <hr noshade size="1">
      </td>
      <td align="right">&nbsp;</td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td align="right">&nbsp;</td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="64%" align="left"><font size="2" face="sans-serif">Adjusted net
        loss for purposes of determining basic</font></td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="8%" align="right">&nbsp;</td>
      <td width="2%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="8%" align="right">&nbsp;</td>
      <td width="2%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="8%" align="right">&nbsp;</td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="64%" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">loss
        per share</font></td>
      <td align="right" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td colspan="2" width="9%" align="right"><font size="2" face="sans-serif">(10,328)</font></td>
      <td width="2%" align="right">&nbsp;</td>
      <td align="right" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" colspan="2" width="9%"><font size="2" face="sans-serif">(33,977)</font></td>
      <td width="2%" align="right">&nbsp;</td>
      <td align="right" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" colspan="2" width="9%"><font size="2" face="sans-serif">(8,077)</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td align="left">
        <hr noshade size="1">
      </td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td colspan="2" align="right">
        <hr noshade size="1">
      </td>
      <td align="right">&nbsp;</td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td colspan="2" align="right">
        <hr noshade size="1">
      </td>
      <td align="right">&nbsp;</td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td colspan="2" align="right">
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="64%" align="left"><font size="2" face="sans-serif">Loss per
        share</font></td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="1%" align="right"><font size="2" face="sans-serif">(</font></td>
      <td width="8%" align="right"><font size="2" face="sans-serif">$0.20)</font></td>
      <td width="2%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="1%" align="right"><font size="2" face="sans-serif">(</font></td>
      <td align="right" width="8%"><font size="2" face="sans-serif">$0.81)</font></td>
      <td width="2%" align="right">&nbsp;</td>
      <td width="1%" align="right">&nbsp;</td>
      <td width="1%" align="right"><font size="2" face="sans-serif">(</font></td>
      <td align="right" width="8%"><font size="2" face="sans-serif">$0.22)</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td align="left">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">&nbsp;</td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)</p>
<p style="margin:0pt; padding-left:54pt; text-indent:445.55pt; font-family:Arial" align="justify">Page
4</p>
<p style="margin:0pt; padding-bottom:3pt; line-height:5pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-22.5pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-22.5pt; font-family:Arial" align="justify">l)</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Convertible
debt instruments</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">The
equity and liability components of convertible debt instruments are presented
separately in accordance with their substance. &nbsp;The liability component is
accreted by way of charge to earnings with a corresponding credit to the
liability and interest payments are applied against the accrued liability.
&nbsp;Accretion of the equity component is recorded as a direct charge to
deficit. &nbsp;Financing costs related to the placement of the convertible debt
are charged to deficit.</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-36pt; font-family:Arial"><b>3.</b></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Arial"><b>CHANGE
IN ACCOUNTING POLICIES</b></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Arial" align="justify">a)</p>
<p style="margin:0pt; padding-left:72pt; font-family:Arial" align="justify">During
2003 the Company changed its accounting policy, retroactive to January 1, 2002,
in accordance with recommendation of CICA 3870, "Stock-based Compensation and
Other Stock-based Payments". &nbsp;As permitted by CICA 3870, the Company has
applied this change retroactively for new awards granted on or after January 1,
2002. &nbsp;Stock-based compensation awards are calculated using the Black-Scholes
option pricing model. &nbsp;Previously, the Company used the intrinsic value
method for valuing stock-based compensation awards granted to employees and
directors where compensation expense was recognized for the excess, if any, of
the quoted market price of the Company's common shares over the common share
exercise price on the day that options were granted.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial">The following pro
forma information presents the net loss and the basic loss per common share had
CICA 3870 been applied retroactively to 2001.</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial">&nbsp;</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial">&nbsp;</p>
<div align="center">
  <center>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="77%"><font size="2" face="sans-serif">Net loss for the year</font></td>
      <td align="center" width="2%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="17%"><font size="2" face="sans-serif">(8,077)</font></td>
      <td width="4%">&nbsp;</td>
    </tr>
    <tr>
      <td width="77%"><font size="2" face="sans-serif">Stock-based compensation</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="17%"><font size="2" face="sans-serif">(1,369)</font></td>
      <td width="4%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="77%"><font size="2" face="sans-serif">Pro forma net loss for
        the year</font></td>
      <td align="center" width="2%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="17%"><font size="2" face="sans-serif">(9,446)</font></td>
      <td width="4%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="77%"><font size="2" face="sans-serif">Pro forma basic loss per
        share</font></td>
      <td align="center" width="2%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="17%"><font size="2" face="sans-serif">(0.26)</font></td>
      <td width="4%">&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:54pt; font-family:Arial"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Using
the fair value method for stock-based compensation, the Company recorded an
additional charge to earnings of $2,871,000 and $319,000 for the years ended
December 31, 2003 and 2002, respectively, for stock options granted to employees
and directors. &nbsp;These amounts were determined using an option pricing model
assuming no dividends were paid, a weighted average volatility of the Company's
share price of 58% (2002 - 67.5%), weighted average expected life of 3.5
years, weighted average annual risk free rate of 4.03% (2002 - 4.16%).
&nbsp;The option valuation produced by the model is $2.74 (2002 - $4.75).</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Arial" align="justify">b)</p>
<p style="margin:0pt; padding-left:72pt; font-family:Arial" align="justify">During
the fourth quarter of 2003, the Company changed its accounting policy on a
retroactive basis with respect to accounting and reporting for obligations
associated with the retirement of long-lived assets that result from the
acquisition, construction, development and the normal operation of long-lived
assets. &nbsp;The Company adopted CICA 3110 "Asset Retirement Obligations"
whereby the fair value of the liability is initially recorded and the carrying
value of the related asset is increased by the corresponding amount. &nbsp;The
liability is accreted to its present value and the capitalized cost is amortized
over the useful life of the related asset.</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)</p>
<p style="margin:0pt; padding-left:54pt; text-indent:445.55pt; font-family:Arial" align="justify">Page
5</p>
<p style="margin:0pt; padding-bottom:3pt; line-height:5pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><br>
</p>
<div align="center">
  <center>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="90%"><font size="2" face="sans-serif">The following table
        summarizes the effect to our asset retirement obligations:</font></td>
      <td width="1%">&nbsp;</td>
      <td width="7%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="90%"><font size="2" face="sans-serif">Balance, December 31,
        2001 (as previously reported)</font></td>
      <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="7%"><font size="2" face="sans-serif">2,112</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="90%"><font size="2" face="sans-serif">Effect of change in
        accounting policy</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="7%"><font size="2" face="sans-serif">7,978</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="90%"><font size="2" face="sans-serif">Provision for Quiruvilca
        closure</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="7%"><font size="2" face="sans-serif">10,000</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="90%"><font size="2" face="sans-serif">Balance, December 31,
        2001 (as restated)</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="7%"><font size="2" face="sans-serif">20,090</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="90%"><font size="2" face="sans-serif">Additions during the year</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="7%"><font size="2" face="sans-serif">860</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="90%"><font size="2" face="sans-serif">Balance, December 31,
        2002</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="7%"><font size="2" face="sans-serif">20,950</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="90%"><font size="2" face="sans-serif">Additions during the year</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="7%"><font size="2" face="sans-serif">303</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="90%"><font size="2" face="sans-serif">Expenditures during the
        year</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="7%"><font size="2" face="sans-serif">(61)</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="90%"><font size="2" face="sans-serif">Balance, December 31,
        2003</font></td>
      <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="7%"><font size="2" face="sans-serif">21,192</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">The
Company has estimated that the total obligations associated with the retirement
of the Quiruvilca, Huaron and La Colorada mines at December 31, 2003 were
$26,531,000. &nbsp;The $21,192,000 fair value of these obligations was
determined using a 5% discount rate and expected payment of obligations over ten
years.</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">This
change was applied retroactively with restatement to 2001. &nbsp;The impact of
the change was to increase the provision for assets retirement obligation and
reclamation by $7,978,000 and increase the carrying value of the Huaron mine by
$7,031,000 and the La Colorada mine by $947,000. &nbsp;The change in accounting
policy did not have a significant impact on reported results of operations in
any year presented.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify"><b>4.</b></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Arial; font-size:11pt" align="justify">&nbsp;<b>BUSINESS
ACQUISITION</b></p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="text-indent: 0; font-family: Arial; margin: 0pt; padding-left: 36pt" align="justify">On
February 20, 2003, the Company acquired a 100% interest in Corner Bay Silver
Inc. ("Corner Bay"). &nbsp;The consideration paid to the shareholders of
Corner Bay was 7,636,659 common shares of the Company ( "Pan American shares"),
representing 0.3846 of a share of the Company for each share of Corner Bay and
3,818,329 warrants (the "Pan American warrants") to purchase common shares
of the Company, representing 0.1923 of a warrant for each share of Corner Bay.
&nbsp;The Pan American shares issued were valued at $54,203,000, which was
derived from an issue price of Cdn$11.30. &nbsp;The Pan American warrants were
valued at $8,889,000, which was equal to $2.328 per warrant. &nbsp;The Pan
American warrants were valued using an option pricing model assuming a weighted
average volatility of the Company's share price of 35% and a weighted average
annual risk free rate of 4.16%.</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">Each
whole Pan American warrant allows the holder to purchase a Pan American share
for a price of Cdn$12.00 for a five-year period ending February 20, 2008.</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;&nbsp;<br>
In addition, the Company agreed to grant 553,847 stock options to purchase
common shares of the Company. &nbsp;These options replaced 960,000 fully vested
stock options held by employees and shareholders of Corner Bay. &nbsp;The value
of the stock options granted was determined to be $1,136,000.</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial">The acquisition has
been accounted for using the purchase method, which results in the allocation of
the consideration paid to the fair value of the assets acquired and the
liabilities assumed, as follows:</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)</p>
<p style="margin:0pt; padding-left:54pt; text-indent:445.55pt; font-family:Arial" align="justify">Page
6</p>
<p style="margin:0pt; padding-bottom:3pt; line-height:5pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial"><br>
</p>
<div align="center">
  <center>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="80%">&nbsp;</td>
      <td align="right" colspan="2" width="17%"><font size="2" face="sans-serif">As
        at</font></td>
      <td width="3%">&nbsp;</td>
    </tr>
    <tr>
      <td width="80%">&nbsp;</td>
      <td align="right" colspan="2" width="17%"><font size="2" face="sans-serif">February
        20,</font></td>
      <td width="3%">&nbsp;</td>
    </tr>
    <tr>
      <td width="80%">&nbsp;</td>
      <td align="right" colspan="2" width="17%"><font size="2" face="sans-serif">2003</font></td>
      <td width="3%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td colspan="2">
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="80%"><font size="2" face="sans-serif">Fair value of net assets
        acquired</font></td>
      <td width="2%">&nbsp;</td>
      <td width="16%">&nbsp;</td>
      <td width="3%">&nbsp;</td>
    </tr>
    <tr>
      <td width="80%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Current
        assets (including cash of $2,393)</font></td>
      <td align="center" width="2%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="16%"><font size="2" face="sans-serif">2,512</font></td>
      <td width="3%">&nbsp;</td>
    </tr>
    <tr>
      <td width="80%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Equipment</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="16%"><font size="2" face="sans-serif">2,500</font></td>
      <td width="3%">&nbsp;</td>
    </tr>
    <tr>
      <td width="80%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Mineral
        properties</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="16%"><font size="2" face="sans-serif">79,008</font></td>
      <td width="3%">&nbsp;</td>
    </tr>
    <tr>
      <td width="80%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Other
        assets</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="16%"><font size="2" face="sans-serif">29</font></td>
      <td width="3%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="80%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="16%"><font size="2" face="sans-serif">84,049</font></td>
      <td width="3%">&nbsp;</td>
    </tr>
    <tr>
      <td width="80%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Less:</font></td>
      <td width="2%">&nbsp;</td>
      <td width="16%">&nbsp;</td>
      <td width="3%">&nbsp;</td>
    </tr>
    <tr>
      <td width="80%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Current
        liabilities</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="16%"><font size="2" face="sans-serif">(104)</font></td>
      <td width="3%">&nbsp;</td>
    </tr>
    <tr>
      <td width="80%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Provision
        for future income tax liability</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="16%"><font size="2" face="sans-serif">(19,035)</font></td>
      <td width="3%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="80%">&nbsp;</td>
      <td align="center" width="2%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="16%"><font size="2" face="sans-serif">64,910</font></td>
      <td width="3%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="80%"><font size="2" face="sans-serif">Consideration paid</font></td>
      <td align="center" width="2%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="16%"><font size="2" face="sans-serif">64,228</font></td>
      <td width="3%">&nbsp;</td>
    </tr>
    <tr>
      <td width="80%"><font size="2" face="sans-serif">Add: Costs of acquisition</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="16%"><font size="2" face="sans-serif">682</font></td>
      <td width="3%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="80%">&nbsp;</td>
      <td align="center" width="2%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="16%"><font size="2" face="sans-serif">64,910</font></td>
      <td width="3%">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:36pt; font-family:Arial"><br>
</p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Arial" align="justify">The
purchase consideration of $64,228,000 for 100% of Corner Bay exceeds the
carrying value of the net assets acquired by $54,108,000, which has been applied
to increase the carrying value of the mineral properties. The excess amount did
not increase the carrying value of the underlying assets for tax purposes
resulting in a temporary difference between accounting and tax values. &nbsp;The
resulting estimated future income tax liability associated with this temporary
difference of $19,035,000 was also applied to increase the carrying value of the
mineral properties.</p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Arial" align="justify">The
following table presents the unaudited pro forma results of operations for
information purposes assuming that the Company had acquired Corner Bay at the
beginning of 2003:</p>
<div align="center">
  <center>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="31%">&nbsp;</td>
      <td width="43%"><font size="2" face="sans-serif">Revenue</font></td>
      <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">45,122</font></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="31%">&nbsp;</td>
      <td width="43%"><font size="2" face="sans-serif">Net loss</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">(7,079)</font></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="31%">&nbsp;</td>
      <td width="43%"><font size="2" face="sans-serif">Basic and diluted loss
        per share</font></td>
      <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" colspan="2" width="10%"><font size="2" face="sans-serif">(0.20)</font></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="31%"><b><font size="2" face="sans-serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        INVENTORIES</font></b></td>
      <td width="43%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="31%"><font size="2" face="sans-serif">Inventories consist of:</font></td>
      <td width="43%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="31%">&nbsp;</td>
      <td width="43%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">2003</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">2002</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="31%"><font size="2" face="sans-serif">Concentrate inventory</font></td>
      <td width="43%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">4,474</font></b></td>
      <td width="2%">&nbsp;</td>
      <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="9%"><font size="2" face="sans-serif">3,128</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="31%"><font size="2" face="sans-serif">Direct smelting ore</font></td>
      <td width="43%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">4,350</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">4,753</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="31%"><font size="2" face="sans-serif">Dore inventory</font></td>
      <td width="43%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">217</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%">-</td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="31%"><font size="2" face="sans-serif">Materials and supplies</font></td>
      <td width="43%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">1,472</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">1,059</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="31%">&nbsp;</td>
      <td width="43%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">10,513</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">8,940</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2" width="73%"><font size="2" face="sans-serif">Long-term
        portion of direct smelting ore</font></td>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">(3,901)</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">(4,303)</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="2">
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="31%">&nbsp;</td>
      <td width="43%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">6,612</font></b></td>
      <td width="2%">&nbsp;</td>
      <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="9%"><font size="2" face="sans-serif">4,637</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)</p>
<p style="margin:0pt; padding-left:54pt; text-indent:445.55pt; font-family:Arial" align="justify">Page
7</p>
<p style="margin:0pt; padding-bottom:3pt; line-height:5pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">Under
an agreement entered into on November 8, 2002 with Volcan, the Company acquired
the right to mine and sell 600,000 tonnes of silver-bearing ore stockpile to a
nearby smelter. &nbsp;The consideration paid was 636,942 common shares with a
value of $4,000,000, the return to Volcan of 1,800,000 Volcan "B" shares,
carried in the Company's accounts at $500,000 and a one-third production bonus
after the Company recovers $4,500,000, operating costs, deemed taxes and
interest on the acquisition cost. &nbsp;In addition, the Company guaranteed that
Volcan would receive a minimum $4,000,000 from the sale of the Company's
common shares. &nbsp;</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">Pursuant
to this guarantee the Company made a $317,000 cash payment to Volcan.</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">Under
a second agreement with Volcan, the Company has the option to acquire a 60%
interest in certain silver-bearing stockpiles by spending $2,000,000 over a
three-year period ending November 8, 2005. In the twelve-months following this
three-year period, the Company may increase its interest to 100% by paying
Volcan $3,000,000 and granting Volcan a 7% royalty on commercial production from
the stockpiles. &nbsp;As at December 31, 2003, the Company has not made any
payments pursuant to this agreement.</p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><b>6.</b></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify"><b>MINERAL
PROPERTY, PLANT AND EQUIPMENT</b></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; line-height:7pt; font-family:Arial" align="justify"><br>
</p>
<div align="center">
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td colspan="3" width="50%">
        <p style="text-indent: 0" align="center"><font size="2" face="sans-serif">Mineral
        property, plant and equipment consist of:</font></p>
      </td>
      <center>
      <td width="2%">&nbsp;</td>
      <td width="10%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="8%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="8%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="6%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td width="49%" colspan="3">
          <p align="right">&nbsp;<font size="2" face="sans-serif">La Colorada</font></p>
        </td>
        <td width="2%" valign="bottom" align="right">&nbsp;</td>
        <td width="10%" valign="bottom" align="right"><font size="2" face="sans-serif">Quiruvilca</font></td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td width="8%" valign="bottom" align="right"><font size="2" face="sans-serif">Huaron</font></td>
        <td width="2%" valign="bottom" align="right">&nbsp;</td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td width="5%" valign="bottom" align="right"><font size="2" face="sans-serif">Other</font></td>
        <td width="2%" valign="bottom" align="right">&nbsp;</td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td align="right" width="8%" valign="bottom"><b><font size="2" face="sans-serif">2003</font></b></td>
        <td width="2%" valign="bottom" align="right">&nbsp;</td>
        <td width="1%" valign="bottom" align="right">&nbsp;</td>
        <td align="right" width="6%" valign="bottom"><font size="2" face="sans-serif">2002</font></td>
        <td width="2%">&nbsp;</td>
      </tr>
      <tr>
        <td>
          <hr noshade size="1">
        </td>
        <td colspan="2">
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td width="41%"><font size="2" face="sans-serif">Mineral Property</font></td>
        <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
        <td align="right" width="7%"><font size="2" face="sans-serif">4,153</font></td>
        <td width="2%">&nbsp;</td>
        <td width="10%"><font size="2" face="sans-serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          -</font></td>
        <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
        <td align="right" width="8%"><font size="2" face="sans-serif">1</font></td>
        <td width="2%">&nbsp;</td>
        <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
        <td align="right" width="5%">-</td>
        <td width="2%">&nbsp;</td>
        <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
        <td align="right" width="8%"><b><font size="2" face="sans-serif">4,154</font></b></td>
        <td width="2%">&nbsp;</td>
        <td width="1%"><font size="2" face="sans-serif">$</font></td>
        <td align="right" width="6%"><font size="2" face="sans-serif">4,154</font></td>
        <td width="2%">&nbsp;</td>
      </tr>
      <tr>
        <td width="41%"><font size="2" face="sans-serif">Plant and equipment</font></td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="7%"><font size="2" face="sans-serif">10,332</font></td>
        <td width="2%">&nbsp;</td>
        <td align="right" width="10%"><font size="2" face="sans-serif">15,410</font></td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="8%"><font size="2" face="sans-serif">14,417</font></td>
        <td width="2%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="5%"><font size="2" face="sans-serif">2,567</font></td>
        <td width="2%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="8%"><b><font size="2" face="sans-serif">42,726</font></b></td>
        <td width="2%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="6%"><font size="2" face="sans-serif">36,412</font></td>
        <td width="2%">&nbsp;</td>
      </tr>
      <tr>
        <td width="41%"><font size="2" face="sans-serif">Mine development</font></td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="7%"><font size="2" face="sans-serif">25,009</font></td>
        <td width="2%">&nbsp;</td>
        <td align="right" width="10%"><font size="2" face="sans-serif">8,097</font></td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="8%"><font size="2" face="sans-serif">9,907</font></td>
        <td width="2%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="5%">-</td>
        <td width="2%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="8%"><b><font size="2" face="sans-serif">43,013</font></b></td>
        <td width="2%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="6%"><font size="2" face="sans-serif">59,053</font></td>
        <td width="2%">&nbsp;</td>
      </tr>
      <tr>
        <td width="41%"><font size="2" face="sans-serif">Other</font></td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="7%"><font size="2" face="sans-serif">6,883</font></td>
        <td width="2%">&nbsp;</td>
        <td align="right" width="10%"><font size="2" face="sans-serif">1,949</font></td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="8%"><font size="2" face="sans-serif">22,913</font></td>
        <td width="2%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="5%"><font size="2" face="sans-serif">594</font></td>
        <td width="2%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="8%"><b><font size="2" face="sans-serif">32,339</font></b></td>
        <td width="2%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="6%"><font size="2" face="sans-serif">527</font></td>
        <td width="2%">&nbsp;</td>
      </tr>
      <tr>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td width="41%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="7%"><font size="2" face="sans-serif">46,378</font></td>
        <td width="2%">&nbsp;</td>
        <td align="right" width="10%"><font size="2" face="sans-serif">25,456</font></td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="8%"><font size="2" face="sans-serif">47,238</font></td>
        <td width="2%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="5%"><font size="2" face="sans-serif">3,161</font></td>
        <td width="2%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="8%"><b><font size="2" face="sans-serif">122,232</font></b></td>
        <td width="2%">&nbsp;</td>
        <td align="right" colspan="2" width="7%"><font size="2" face="sans-serif">100,146</font></td>
        <td width="2%">&nbsp;</td>
      </tr>
      <tr>
        <td width="41%"><font size="2" face="sans-serif">Accumulated
          amortization and write-downs</font></td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="7%"><font size="2" face="sans-serif">(1,473)</font></td>
        <td width="2%">&nbsp;</td>
        <td align="right" width="10%"><font size="2" face="sans-serif">(25,456)</font></td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="8%"><font size="2" face="sans-serif">(11,226)</font></td>
        <td width="2%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="5%"><font size="2" face="sans-serif">(503)</font></td>
        <td width="2%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td align="right" width="8%"><b><font size="2" face="sans-serif">(38,658)</font></b></td>
        <td width="2%">&nbsp;</td>
        <td align="right" colspan="2" width="7%"><font size="2" face="sans-serif">(32,720)</font></td>
        <td width="2%">&nbsp;</td>
      </tr>
      <tr>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
        <td colspan="2">
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
      </tr>
      <tr>
        <td width="41%">&nbsp;</td>
        <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
        <td align="right" width="7%"><font size="2" face="sans-serif">44,904</font></td>
        <td width="2%">&nbsp;</td>
        <td width="10%"><font size="2" face="sans-serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          -</font></td>
        <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
        <td align="right" width="8%"><font size="2" face="sans-serif">36,012</font></td>
        <td width="2%">&nbsp;</td>
        <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
        <td align="right" width="5%"><font size="2" face="sans-serif">2,658</font></td>
        <td width="2%">&nbsp;</td>
        <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
        <td align="right" width="8%"><b><font size="2" face="sans-serif">83,574</font></b></td>
        <td width="2%">&nbsp;</td>
        <td width="1%"><font size="2" face="sans-serif">$</font></td>
        <td align="right" width="6%"><font size="2" face="sans-serif">67,426</font></td>
        <td width="2%">&nbsp;</td>
      </tr>
      <tr>
        <td>&nbsp;</td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
        <td>
          <hr noshade size="1">
        </td>
        <td>
          <hr noshade size="1">
        </td>
        <td>&nbsp;</td>
      </tr>
    </table>
  </center>
</div>
<p style="margin:0pt; padding-left:35.45pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:35.45pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:35.45pt; font-family:Arial" align="justify">Mineral
property, plant and equipment is amortized using the straight-line method over
the lesser of estimated useful life ranging from five to twenty years or
estimated ore reserves. Mine development is amortized over estimated ore
reserves.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align="justify">On
October 23, 2003, the Company purchased an existing 3% net smelter royalty on
its Huaron silver mine for cash consideration of $2,500,000.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">On
May 23, 2002, the Company purchased an existing 5% net smelter return royalty
over the La Colorada mine. &nbsp;The purchase price was 390,117 common shares of
the Company valued at $3,000,000.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">In
2002, the Company wrote-down its investment in the Quiruvilca mine by
$25,129,000. &nbsp;This decision was reached after an evaluation of the
likelihood of recovering the carrying value of Quiruvilca in light of the mine's
recent and expected operating and financial performance. &nbsp;The amount of the
write down for the year ended December 31, 2002 was $27,218,000, including a
$1,807,000 write-down of the mine's materials and supplies inventory and
$282,000 of current capital asset expenditures. &nbsp;As at December 31, 2003,
the balance of Quiruvilca's future reclamation costs account was $12,227,000.
&nbsp;The Company continues to operate the mine.</p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">During
the fourth quarter 2003, the Company completed its expansion program at the La
Colorada mine in Mexico at a total cost of $20,693,000. &nbsp;During 2003 the
Company spent $11,365,000 (2002 - $7,143,000) on project expansion and $924,000
(2002 - $1,261,000) on capitalized pre-operating costs. &nbsp;Commercial
production for accounting purposes commenced on January 1, 2004.</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)</p>
<p style="margin:0pt; padding-left:54pt; text-indent:445.55pt; font-family:Arial" align="justify">Page
8</p>
<p style="margin:0pt; padding-bottom:3pt; line-height:5pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><b>7.</b></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify"><b>INVESTMENT
AND NON-PRODUCING PROPERTIES</b></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify">&nbsp;</p>
<div align="center">
  <center>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="76%"><font size="2" face="sans-serif">Investment and
        non-producing properties consist of:</font></td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="7%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="76%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">2003</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="7%"><font size="2" face="sans-serif">2002</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="76%"><font size="2" face="sans-serif">Investment properties</font></td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="7%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="76%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Waterloo,
        USA.</font></td>
      <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">1,000</font></b></td>
      <td width="2%">&nbsp;</td>
      <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="7%"><font size="2" face="sans-serif">1,000</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="76%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Tres
        Cruces, San Vicente and others</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">785</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="7%"><font size="2" face="sans-serif">785</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="76%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">1,785</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="7%"><font size="2" face="sans-serif">1,785</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="76%"><font size="2" face="sans-serif">Non-producing properties</font></td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="7%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="76%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Manantial
        Espejo, Argentina</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">2,012</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="7%"><font size="2" face="sans-serif">2,012</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="76%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Alamo
        Dorado, Mexico</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">80,076</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="7%"><font size="2" face="sans-serif">396</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="76%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">82,088</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="7%"><font size="2" face="sans-serif">2,408</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="76%">&nbsp;</td>
      <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">83,873</font></b></td>
      <td width="2%">&nbsp;</td>
      <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="7%"><font size="2" face="sans-serif">4,193</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify"><i>Waterloo,
USA</i></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">In
1994, the Company acquired a 100% interest in the Waterloo silver-barite
property located in the Calico Mining District of San Bernardino County,
California.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><i>Tres
Cruces, Peru</i></p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">On
May 22, 2002, the Company entered into an agreement granting New Oroperu
Resources Inc. ("Oroperu") an option to acquire a 100% interest in the Tres
Cruces gold property in northern Peru, which is currently held 50% by the
Company and 50% by Oroperu. &nbsp;In consideration for this option, Oroperu
issued 500,000 of its common shares to the Company, which was valued at $1,000.
&nbsp;These shares were sold in 2003 for a realized gain of $322,000.</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">On
October 29, 2003, the Company entered into an agreement with Oroperu to sell its
50% interest in the Tres Cruces property. &nbsp;This sale, which is subject to
Oroperu shareholders' approval, is expected to be completed in early 2004.
&nbsp;Oroperu will issue 3.5 million of its common shares to the Company and
grant a 1.5% net smelter return royalty on the property.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; text-indent:36pt; font-family:Arial" align="justify"><i>Alamo
Dorado, Mexico (Note 4)</i></p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">On
February 20, 2003, the Company acquired a 100% interest in the Alamo Dorado
silver-gold deposit located in the State of Sonora, Mexico.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><i>Manantial
Espejo, Argentina</i></p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">On
March 4, 2002, the Company acquired a 50% interest in the Manantial Espejo
property, located in Argentina, from Silver Standard Resources Ltd., which holds
the other 50%. &nbsp;The purchase price was 231,511 common shares of the Company
valued at $1,250,000, cash of $662,433 and a further cash payment of $100,000 to
eliminate a 1.2% NSR royalty on the property. &nbsp;All acquisition costs have
been capitalized while exploration costs have been charged to operations.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">On
November 8, 2002, the Company acquired from Barrick Exploraciones Argentine S.A.
a 3% NSR royalty over the Manantial Espejo property in exchange for certain of
Quiruvilca's mineral concessions. &nbsp;In December 2002, the Company sold 50%
of this royalty to Silver Standard Resources Ltd. and recorded a gain of
$300,000.</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)</p>
<p style="margin:0pt; padding-left:54pt; text-indent:445.55pt; font-family:Arial" align="justify">Page
9</p>
<p style="margin:0pt; padding-bottom:3pt; line-height:5pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">At
December 31, 2003 the Company's share of the net liabilities of the joint
venture was $260,000. &nbsp;During the year the joint venture expended
approximately $1,900,000 on exploration activities which was funded by the joint
venture partners (approximately $700,000 each) and by an increase in accounts
payable.</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><i>San
Vicente, Bolivia</i></p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">On
December 1, 2001, the Company and Comibol entered into a two-year contract to
allow EMUSA, a Bolivian company, to extract from the mine, at its cost, up to
200,000 tonnes during the life of the contract. &nbsp;The Company will receive
the greater of $13,000 per month, a 4% net smelter return royalty or depending
on metal prices, 20% - 30% of net cash flow. &nbsp;During 2003 EMUSA continued
with small scale operations until expiry of the contract and contributed a total
of $422,000 (2002 - $170,000) in cash to the Company.</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">On
November 10, 2003, the Company entered into a separate agreement with EMUSA
giving EMUSA the right to earn a 49% interest in the Company's Bolivian
subsidiary, Pan American Silver (Bolivia) S.A.. &nbsp;EMUSA can earn its share
by financing the next $2,500,000 in project expenses, including a feasibility
study. &nbsp;For the year ended December 31, 2003 the Company received from
EMUSA $154,000 in cash, as part of its earn-in interest.</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Arial" align="justify"><b>8.</b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><b>OTHER
ASSETS</b></p>
<p style="margin:0pt; text-indent:36pt; font-family:Arial" align="justify"><b><br>
</b></p>
<p style="margin:0pt; text-indent:36pt; font-family:Arial">Other assets consist
of:</p>
<b>
<p style="margin-top:0pt; margin-bottom:-12pt; text-indent:457pt; font-family:Arial" align="justify"><u>2003</u></b></p>
<p style="margin:0pt; text-indent:506.5pt; font-family:Arial" align="justify"><u>2002</u></p>
<p style="margin-top:0pt; margin-bottom:-17pt; text-indent:36pt; line-height:17pt; font-family:Arial" align="justify">Prepaid
taxes</p>
<p style="margin-top:0pt; margin-bottom:-17pt; text-indent:436pt; line-height:17pt; font-family:Arial" align="justify"><b>$</b></p>
<p style="margin-top:0pt; margin-bottom:-17pt; text-indent:454.5pt; line-height:17pt; font-family:Arial" align="justify"><b>2,441</b></p>
<p style="margin-top:0pt; margin-bottom:-17pt; text-indent:490pt; line-height:17pt; font-family:Arial" align="justify">$</p>
<p style="margin:0pt; text-indent:504pt; line-height:15pt; font-family:Arial" align="justify">3,000</p>
<p style="margin-top:0pt; margin-bottom:-17pt; text-indent:36pt; line-height:17pt; font-family:Arial" align="justify">Long-term
receivable</p>
<p style="margin-top:0pt; margin-bottom:-17pt; text-indent:454.5pt; line-height:17pt; font-family:Arial" align="justify"><b>1,414</b></p>
<p style="margin:0pt; text-indent:504pt; line-height:15pt; font-family:Arial" align="justify">1,319</p>
<p style="margin-top:0pt; margin-bottom:-17pt; text-indent:36pt; line-height:17pt; font-family:Arial" align="justify"><u>Reclamation
bond</u></p>
<u>
<p style="margin-top:0pt; margin-bottom:-17pt; text-indent:462pt; line-height:17pt; font-family:Arial" align="justify"></u><b><u>105</u></b></p>
<u>
<p style="margin:0pt; text-indent:516.5pt; line-height:15pt; font-family:Arial" align="justify">74</u></p>
<p style="margin-top:0pt; margin-bottom:-20pt; text-indent:436pt; line-height:20pt; font-family:Arial" align="justify"><b><u>$</u></b></p>
<p style="margin-top:0pt; margin-bottom:-20pt; text-indent:454.5pt; line-height:20pt; font-family:Arial" align="justify"><b><u>3,960</u></b></p>
<p style="margin-top:0pt; margin-bottom:-20pt; text-indent:490pt; line-height:20pt; font-family:Arial" align="justify"><u>$</u></p>
<p style="margin:0pt; text-indent:504pt; line-height:18pt; font-family:Arial" align="justify"><u>4,393</u></p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">The
Company has $2,441,000 of prepaid IGV taxes which is collectible as a portion of
future metal sales.</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">Long-term
receivable consists of $1,133,000 remaining on future power credits receivable
as partial consideration from the sale of Huaron land in 2001 and $458,000 in
various tax and interest payments collectible over a ten-year period. &nbsp;The
current portion of these long-term receivables of $176,000 (2002 - $580,000) is
reflected in current assets.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">At
December 31, 2003 the Company had recorded deferred revenue of $959,000 (2002 -
$1,053,000) arising from the transactions relating to the long term receivable.
&nbsp;The Company will receive the benefits as future power credits over a
five-year period at the Huaron mine of which $94,000 (2002 - $130,000) is
current and is reflected in current liabilities.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Arial" align="justify"><b>9.</b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><b>CURRENT
LIABILTIES</b></p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<div align="center">
  <center>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="75%"><font size="2" face="sans-serif">Accounts payable and
        accrued liabilities consist of:</font></td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="75%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">2003</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">2002</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="75%"><font size="2" face="sans-serif">Trade accounts payable</font></td>
      <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">8,781</font></b></td>
      <td width="2%">&nbsp;</td>
      <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="9%"><font size="2" face="sans-serif">13,528</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="75%"><font size="2" face="sans-serif">Payroll and related
        benefits</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">1,203</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">1,242</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="75%"><font size="2" face="sans-serif">Sales taxes</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">451</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">237</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="75%"><font size="2" face="sans-serif">Other</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">90</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">220</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="75%">&nbsp;</td>
      <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">10,525</font></b></td>
      <td width="2%">&nbsp;</td>
      <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="9%"><font size="2" face="sans-serif">15,227</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)</p>
<p style="margin:0pt; text-indent:494.55pt; font-family:Arial">Page 10</p>
<p style="text-indent: -36pt; font-family: Arial; border-top: 1.5pt solid #000000; margin-left: 0pt; margin-right: 0pt; margin-top: 0; margin-bottom: 0; padding-left: 36pt; padding-top: 3pt" align="justify"><br>
</p>
<div align="center">
  <center>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="74%">
        <p style="margin-top: 0; margin-bottom: 0"><font size="2" face="sans-serif">Current
        portion of non-current liabilities consists of:</font></p>
      </td>
      <td width="1%">
        <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
      </td>
      <td width="9%">
        <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
      </td>
      <td width="2%">
        <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
      </td>
      <td width="1%">
        <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
      </td>
      <td width="9%">
        <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td width="74%">
        <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
      </td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">2003</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">2002</font></td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td width="74%"><font size="2" face="sans-serif">Convertible debentures
        liability (Note 11)</font></td>
      <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">4,528</font></b></td>
      <td width="2%">&nbsp;</td>
      <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="9%">-</td>
    </tr>
    <tr>
      <td width="74%"><font size="2" face="sans-serif">Severance indemnities and
        commitments (Note 16)</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">420</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">1,083</font></td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td width="74%">&nbsp;</td>
      <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">4,948</font></b></td>
      <td width="2%">&nbsp;</td>
      <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="9%"><font size="2" face="sans-serif">1,083</font></td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="74%"><b><font size="2" face="sans-serif">10.&nbsp;&nbsp; BANK
        LOANS AND CAPITAL LEASE</font></b></td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="74%"><font size="2" face="sans-serif">Bank loans consist of:</font></td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
    </tr>
    <tr>
      <td width="74%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">2003</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">2002</font></td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td width="74%"><font size="2" face="sans-serif">Huaron pre-production
        loan facility</font></td>
      <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">3,521</font></b></td>
      <td width="2%">&nbsp;</td>
      <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="9%"><font size="2" face="sans-serif">5,416</font></td>
    </tr>
    <tr>
      <td width="74%"><font size="2" face="sans-serif">La Colorada IFC project
        loan</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">9,500</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%">-</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td width="74%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">13,021</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">5,146</font></td>
    </tr>
    <tr>
      <td width="74%"><font size="2" face="sans-serif">Current portion</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">(2,625)</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">(1,625)</font></td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td width="74%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">10,396</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">3,521</font></td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="74%"><font size="2" face="sans-serif">Capital lease consists
        of:</font></td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="74%"><font size="2" face="sans-serif">Capital lease</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">421</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">434</font></td>
    </tr>
    <tr>
      <td width="74%"><font size="2" face="sans-serif">Current portion</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">(14)</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">(13)</font></td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td width="74%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">407</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="9%"><font size="2" face="sans-serif">421</font></td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td width="74%">&nbsp;</td>
      <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
      <td align="right" width="9%"><b><font size="2" face="sans-serif">10,803</font></b></td>
      <td width="2%">&nbsp;</td>
      <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="9%"><font size="2" face="sans-serif">3,942</font></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">The
Huaron loan bears interest at 6 month LIBOR plus 3.00% and is repayable in
monthly installments of $135,000 until February 2006. &nbsp;Certain of Huaron's
assets have been pledged as security for this loan.&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;The
IFC project loan bears interest at 6-month LIBOR plus 3.50% until certain
technical and financial tests are achieved and 6-month LIBOR plus 3.25%
thereafter and is repayable in semi-annual installments of $1,000,000,
commencing November 15, 2004 until May 15, 2009. &nbsp;In addition, the loan is
subject to an additional fee (the "Fee") equal to 20% multiplied by the
average silver price for the previous calendar year less $4.75, multiplied by
the annual production from the La Colorada mine and multiplied by the scheduled
loan balance at the end of the year divided by $9,500,000. The Fee is capped
such that the internal rate of return to the IFC does not exceed 13.5%. &nbsp;As
at December 31, 2003, the Company has accrued $29,000 for the Fee. The Company's
interest in its wholly-owned subsidiary, Plata Panamericana S.A. de C.V. ("Plata")
and substantially all of the assets of Plata have been pledged as security for
the Loan. &nbsp;The Company has guaranteed the Loan repayments on behalf of
Plata until the expanded La Colorada mine achieves certain production and
financial performance targets.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
<br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">During
2003 the Company paid or had accrued $334,500 to the IFC for interest and
financing costs of which $89,500 was reflected in accounts payable and accrued
liabilities as at December 31, 2003. &nbsp;These costs have been capitalized as
part of pre-operating costs.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">The
Company entered into a capital lease for the purchase of mining equipment for
the La Colorada project. &nbsp;The capital lease bears interest at 6% per annum,
payable in semi-annual payments over 5 years.</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">Details
of principal repayments of the bank loans and capital lease are due as follows:</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-11pt; line-height:14pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)&nbsp; Page 11</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:196.55pt; font-family:Arial" align="justify"><u>Year</u></p>
<u>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:36pt; text-indent:308.05pt; font-family:Arial" align="justify">Amount
Due</u></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:196pt; font-family:Arial" align="justify">2004</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:301pt; font-family:Arial" align="justify">$</p>
<p style="margin:0pt; padding-left:36pt; text-indent:320pt; font-family:Arial" align="justify">2,639,300</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:196pt; font-family:Arial" align="justify">2005</p>
<p style="margin:0pt; padding-left:36pt; text-indent:320pt; font-family:Arial" align="justify">3,752,500</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:196pt; font-family:Arial" align="justify">2006</p>
<p style="margin:0pt; padding-left:36pt; text-indent:320pt; font-family:Arial" align="justify">2,406,200</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:196pt; font-family:Arial" align="justify">2007</p>
<p style="margin:0pt; padding-left:36pt; text-indent:320pt; font-family:Arial" align="justify">2,143,500</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:196pt; font-family:Arial" align="justify">2008</p>
<p style="margin:0pt; padding-left:36pt; text-indent:320pt; font-family:Arial" align="justify">2,000,000</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:196pt; font-family:Arial" align="justify">2009</p>
<p style="margin:0pt; padding-left:36pt; text-indent:327.5pt; font-family:Arial" align="justify">500,000</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><b>11.</b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><b>CONVERTIBLE
DEBENTURES</b></p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">On
July 30, 2003, the Company completed an offering of $86,250,000 convertible,
unsecured senior subordinated debentures (the "Debentures"), which mature on
July 31, 2009. &nbsp;The Debentures bear interest at a rate of 5.25% per annum,
payable semi-annually on January 31 and July 31 of each year, beginning on
January 31, 2004. &nbsp;The Company has the option to discharge interest
payments from the proceeds of the sale of common shares issued to a trustee for
the purpose of converting such shares into cash.</p>
<p style="margin:0pt; font-family:Arial"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">The
Debentures are convertible, at the option of the holder, at any time prior to
maturity or redemption into common shares of the Company at a price of $9.57 per
common share (the "Conversion Price"). &nbsp;The Company may not redeem the
Debentures prior to July 31, 2006. &nbsp;After July 31, 2006, the Company may
redeem the Debentures provided that the Company's common shares trade at 125%
or more of the Conversion Price. &nbsp;Since redemption can be made either by
cash or by common shares at the option of the Company, the Debentures are
classified as a compound financial instrument for accounting purposes.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">The
value of the Debentures is comprised of a $35,357,000 fair value of the
Debentures, $23,049,000 fair value of the future interest payments and
$27,844,000 fair value ascribed to the holder's option to convert the
principal balance into common shares. &nbsp;These components have been measured
at their respective fair values on the date the Debentures were issued.
&nbsp;The $23,049,000 fair value of the future interest payments is classified
as a liability and the $63,201,000 fair value of the Debentures and the
conversion option have been classified in shareholders' equity. &nbsp;Over the
six-year term of the Debentures, the fair value of the Debentures and the fair
value of the future interest payments are accreted to their future value. The
periodic accretion of the Debentures is charged to deficit and the periodic
accretion of the future interest payments is charged to operations. &nbsp;For
the year ended December 31, 2003, the Company recorded accretion of $3,534,000
related to the Debentures and $595,000 accretion expense was charged to
operations with a credit to the liability component of the Debentures.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; text-indent:36pt; font-family:Arial">The Company incurred
$3,273,000 of debt issue expenses, which were charged to deficit.</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; text-indent:0.55pt; font-family:Arial; font-size:14pt"><b>Pan
American Silver Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-11pt; line-height:14pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)&nbsp; Page 12</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><b>12.</b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><b>SHARE
CAPITAL</b></p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify">a)</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Transactions
concerning stock options and share purchase warrants are summarized as follows:</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:54pt; text-indent:205.65pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Incentive</p>
<p style="margin:0pt; padding-left:54pt; text-indent:326.5pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Share
Purchase</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:54pt; text-indent:191.2pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><u>Stock
Option Plan</u></p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:54pt; text-indent:336.4pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><u>Warrants</u></p>
<u>
<p style="margin:0pt; padding-left:54pt; text-indent:433.15pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"></u>Total</p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; text-indent:182.85pt; line-height:15pt; font-family:Arial; font-size:8pt" align="justify"><u>Shares</u></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; text-indent:239.8pt; line-height:15pt; font-family:Arial; font-size:8pt" align="justify"><u>&nbsp;&nbsp;Price
&nbsp;</u></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; text-indent:308.85pt; line-height:15pt; font-family:Arial; font-size:8pt" align="justify"><u>Shares</u></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; text-indent:365.8pt; line-height:15pt; font-family:Arial; font-size:8pt" align="justify"><u>&nbsp;&nbsp;Price
&nbsp;</u></p>
<p style="margin:0pt; padding-left:54pt; text-indent:428.7pt; line-height:13pt; font-family:Arial; font-size:8pt" align="justify"><u>Shares</u></p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:18pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify">Outstanding,
December 31, 2000</p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:193pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify">2,632,300</p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:270pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify">$4.72</p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:315pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify">&nbsp;&nbsp;2,587,110</p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:396pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify">$5.37</p>
<p style="margin:0pt; padding-left:36pt; text-indent:436pt; line-height:15pt; font-family:Arial; font-size:8pt" align="justify">5,219,410</p>
<p style="margin:0pt; padding-left:36pt; text-indent:18pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Year
ended December 31, 2001</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:27pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Granted</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:199pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">790,000</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:270pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">$3.14</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:329pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">32,250</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:396pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">$3.00</p>
<p style="margin:0pt; padding-left:36pt; text-indent:442pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">822,250</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:27pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Exercised</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:193.7pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">(247,000)</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:270pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">$3.14</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:348.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">-</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:411.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">-</p>
<p style="margin:0pt; padding-left:36pt; text-indent:436.7pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">(247,000)</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:27pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Expired</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:222.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">-</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:285.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">-</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:313.7pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">(1,950,000)</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:396pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">$5.65</p>
<p style="margin:0pt; padding-left:36pt; text-indent:430.7pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">(1,950,000)</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:27pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Cancelled</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:189.7pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><u>&nbsp;&nbsp;(130,000</u>)</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:249.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><u>$3.14-$5.81</u></p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:318.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</u></p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:393.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</u></p>
<p style="margin:0pt; padding-left:36pt; text-indent:432.7pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><u>&nbsp;&nbsp;(130,000</u>)</p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:18pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify">Outstanding,
December 31, 2001</p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:193pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify">3,045,300</p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:270pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify">$4.27</p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:325pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify">669,360</p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:396pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify">$3.26</p>
<p style="margin:0pt; padding-left:36pt; text-indent:436pt; line-height:15pt; font-family:Arial; font-size:8pt" align="justify">3,714,660</p>
<p style="margin:0pt; padding-left:36pt; text-indent:18pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Year
ended December 31, 2002</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:27pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Granted</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:199pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">103,360</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:249.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">$5.39-$6.12</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:348.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">-</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:411.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">-</p>
<p style="margin:0pt; padding-left:36pt; text-indent:442pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">103,360</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:27pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Exercised</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:187.7pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">(1,445,400)</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:249.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">$3.17-$7.70</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:323.7pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">(32,250)</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:396pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">$3.00</p>
<p style="margin:0pt; padding-left:36pt; text-indent:430.7pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">(1,477,650)</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:27pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Expired</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:193.7pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">(522,900)</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:270pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">$5.86</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:348.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">-</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:411.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">-</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:436.7pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">(522,900)<br>
</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:540pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Cancelled</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:576pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><u>&nbsp;&nbsp;&nbsp;(15,000)</u></p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:612pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.17</u></p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:684pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</u></p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:756pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</u>
&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; text-indent:792pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><u>&nbsp;&nbsp;&nbsp;(15,000)</u></p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:18pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify">Outstanding,
December 31, 2002</p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:193pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify">1,165,360</p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:270pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify">$3.89</p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:315pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637,110</p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:376pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.26</p>
<p style="margin:0pt; padding-left:36pt; text-indent:436pt; line-height:15pt; font-family:Arial; font-size:8pt" align="justify">1,802,470</p>
<p style="margin:0pt; padding-left:36pt; text-indent:18pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Year
ended December 31, 2003</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:27pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Granted</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:193pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">2,214,847</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:249.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">$3.51-$9.26</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:319pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">3,818,329</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:396pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">$9.26</p>
<p style="margin:0pt; padding-left:36pt; text-indent:436pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">6,033,176</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:27pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Exercised</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:187.7pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">(1,385,502)</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:249.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">$3.51-$9.26</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:319.7pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">(100,943)</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:375.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">$5.00-$9.26</p>
<p style="margin:0pt; padding-left:36pt; text-indent:430.7pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">(1,486,445)</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:27pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Cancelled</p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:185.7pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15,000)</u></p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:252pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.79</u></p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:320.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</u></p>
<p style="margin-top:0pt; margin-bottom:-10pt; padding-left:36pt; text-indent:375.35pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</u></p>
<p style="margin:0pt; padding-left:36pt; text-indent:432.7pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify"><u>&nbsp;&nbsp;&nbsp;&nbsp;(15,000)</u></p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:18pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify">Outstanding,
December 31, 2003</p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:189pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify"><u>&nbsp;&nbsp;1,979,705</u></p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:248pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.69</u></p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:319pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify"><u>4,354,496</u></p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:376pt; line-height:17pt; font-family:Arial; font-size:8pt" align="justify"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.56</u></p>
<p style="margin:0pt; padding-left:36pt; text-indent:436pt; line-height:15pt; font-family:Arial; font-size:8pt" align="justify"><u>6,334,201</u></p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; line-height:13pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; text-indent:18pt; line-height:13pt; font-family:Arial; font-size:8pt" align="justify"><big>The
Company has reserved 1,482,031 common shares available for the future grant of
stock options.</big></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<b>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"></b>The
following table summarizes information concerning stock options outstanding as
at December 31, 2003:</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">&nbsp;</p>
<div align="center">
  <center>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="1%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="9%">&nbsp;</td>
      <td width="7%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="43%" colspan="7" valign="bottom" style="border-bottom: 1 solid #000000">
        <p align="center">&nbsp;<font size="1" face="sans-serif">Options
        Outstanding</font></p>
      </td>
      <td width="2%" style="border-bottom: 1 solid #000000">&nbsp;</td>
      <td colspan="4" width="35%" style="border-bottom: 1 solid #000000"><font size="1" face="sans-serif">Options
        Exercisable</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="1%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="1%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="9%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="7%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="14%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="13%" rowspan="6" valign="bottom" style="border-bottom: 1 solid #000000">
        <p style="margin: 0" align="center"><font size="1" face="sans-serif">Weighted</font></p>
        <p style="margin: 0" align="center"><font size="1" face="sans-serif">Average</font></p>
        <p style="margin: 0" align="center"><font size="1" face="sans-serif">Remaining</font></p>
        <p style="margin: 0" align="center"><font size="1" face="sans-serif">Contractual</font></p>
        <p style="margin: 0" align="center"><font size="1" face="sans-serif">Life</font></p>
        <p style="margin: 0" align="center"><font size="1" face="sans-serif">(months)</font></p>
      </td>
      <td width="2%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="1%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="5%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="17%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="1%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="15%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="1%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="1%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="9%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="7%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td align="center" width="14%" rowspan="5" valign="bottom" style="border-bottom: 1 solid #000000">
        <p style="margin: 0"><font size="1" face="sans-serif">Number</font></p>
        <p style="margin: 0"><font size="1" face="sans-serif">Outstanding</font></p>
        <p style="margin: 0"><font size="1" face="sans-serif">as at</font></p>
        <p style="margin: 0"><font size="1" face="sans-serif">December</font></p>
        <p style="margin: 0"><font size="1" face="sans-serif">31, 2003</font></p>
      </td>
      <td width="2%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="1%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="5%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td align="center" width="17%" rowspan="5" valign="bottom" style="border-bottom: 1 solid #000000">
        <p style="margin: 0"><font size="1" face="sans-serif">Number</font></p>
        <p style="margin: 0"><font size="1" face="sans-serif">Exercisable</font></p>
        <p style="margin: 0"><font size="1" face="sans-serif">as at</font></p>
        <p style="margin: 0"><font size="1" face="sans-serif">December</font></p>
        <p style="margin: 0"><font size="1" face="sans-serif">31, 2003</font></p>
      </td>
      <td width="2%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="1%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="15%" valign="bottom">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="1%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="1%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="9%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="7%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td align="center" colspan="2" width="5%" rowspan="4" valign="bottom" style="border-bottom: 1 solid #000000">
        <p style="margin: 0"><font size="1" face="sans-serif">Weighted</font></p>
        <p style="margin: 0"><font size="1" face="sans-serif">Average</font></p>
        <p style="margin: 0"><font size="1" face="sans-serif">Exercise</font></p>
        <p style="margin: 0"><font size="1" face="sans-serif">Price</font></p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td align="center" colspan="2" width="16%" rowspan="4" valign="bottom" style="border-bottom: 1 solid #000000">
        <p style="margin: 0"><font size="1" face="sans-serif">Weighted</font></p>
        <p style="margin: 0"><font size="1" face="sans-serif">Average</font></p>
        <p style="margin: 0"><font size="1" face="sans-serif">Exercise</font></p>
        <p style="margin: 0"><font size="1" face="sans-serif">Price</font></p>
      </td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="1%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="1%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="9%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td align="center" width="7%" rowspan="3" valign="bottom" style="border-bottom: 1 solid #000000">
        <p style="margin: 0"><font size="1" face="sans-serif">Year</font></p>
        <p style="margin: 0"><font size="1" face="sans-serif">of</font></p>
        <p style="margin: 0"><font size="1" face="sans-serif">Expiry</font></p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="11%" colspan="3" rowspan="2" valign="bottom" align="center" style="border-bottom: 1 solid #000000">
        <p style="margin: 0">&nbsp;</p>
        <p style="margin: 0"><font size="1" face="sans-serif">Range of</font></p>
        <p style="margin: 0"><font size="1" face="sans-serif">Exercise Prices</font></p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%" valign="bottom" align="center">
        <p style="margin: 0">&nbsp;</p>
      </td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
    </tr>
    <tr>
      <td align="center" width="1%"><font size="1" face="sans-serif">$</font></td>
      <td align="center" colspan="2" width="10%"><font size="1" face="sans-serif">3.51-$7.13</font></td>
      <td align="center" width="7%"><font size="1" face="sans-serif">2004</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="14%"><font size="1" face="sans-serif">118,498</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="13%"><font size="1" face="sans-serif">6</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="1%"><font size="1" face="sans-serif">$</font></td>
      <td align="center" width="5%"><font size="1" face="sans-serif">5.96</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="17%"><font size="1" face="sans-serif">118,498</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="1%"><font size="1" face="sans-serif">$</font></td>
      <td align="center" width="15%"><font size="1" face="sans-serif">5.96</font></td>
      <td width="2%" align="center">&nbsp;</td>
    </tr>
    <tr>
      <td width="1%" align="center">
        <p align="center">&nbsp;<font size="1" face="sans-serif">$</font></p>
      </td>
      <td width="1%" align="center"></td>
      <td align="center" width="9%"><font size="1" face="sans-serif">9.26</font></td>
      <td align="center" width="7%"><font size="1" face="sans-serif">2005</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="14%"><font size="1" face="sans-serif">159,616</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="13%"><font size="1" face="sans-serif">14</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td width="1%" align="center">&nbsp;</td>
      <td align="center" width="5%"><font size="1" face="sans-serif">9.26</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="17%"><font size="1" face="sans-serif">159,616</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td width="1%" align="center">&nbsp;</td>
      <td align="center" width="15%"><font size="1" face="sans-serif">9.26</font></td>
      <td width="2%" align="center">&nbsp;</td>
    </tr>
    <tr>
      <td align="center" width="1%"><font size="1" face="sans-serif">$</font></td>
      <td align="center" colspan="2" width="10%"><font size="1" face="sans-serif">3.86-$7.52</font></td>
      <td align="center" width="7%"><font size="1" face="sans-serif">2006</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="14%"><font size="1" face="sans-serif">245,000</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="13%"><font size="1" face="sans-serif">56</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td width="1%" align="center">&nbsp;</td>
      <td align="center" width="5%"><font size="1" face="sans-serif">4.68</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="17%"><font size="1" face="sans-serif">245,000</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td width="1%" align="center">&nbsp;</td>
      <td align="center" width="15%"><font size="1" face="sans-serif">4.68</font></td>
      <td width="2%" align="center">&nbsp;</td>
    </tr>
    <tr>
      <td align="center" width="1%"><font size="1" face="sans-serif">$</font></td>
      <td align="center" colspan="2" width="10%"><font size="1" face="sans-serif">7.45-$7.79</font></td>
      <td align="center" width="7%"><font size="1" face="sans-serif">2007</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="14%"><font size="1" face="sans-serif">592,360</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="13%"><font size="1" face="sans-serif">44</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td width="1%" align="center">&nbsp;</td>
      <td align="center" width="5%"><font size="1" face="sans-serif">7.72</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="17%"><font size="1" face="sans-serif">419,360</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td width="1%" align="center">&nbsp;</td>
      <td align="center" width="15%"><font size="1" face="sans-serif">7.74</font></td>
      <td width="2%" align="center">&nbsp;</td>
    </tr>
    <tr>
      <td align="center" width="1%"><font size="1" face="sans-serif">$</font></td>
      <td align="center" colspan="2" width="10%"><font size="1" face="sans-serif">6.86-$9.26</font></td>
      <td align="center" width="7%"><font size="1" face="sans-serif">2008</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="14%"><font size="1" face="sans-serif">574,231</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="13%"><font size="1" face="sans-serif">53</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td width="1%" align="center">&nbsp;</td>
      <td align="center" width="5%"><font size="1" face="sans-serif">7.35</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="17%"><font size="1" face="sans-serif">34,231</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td width="1%" align="center">&nbsp;</td>
      <td align="center" width="15%"><font size="1" face="sans-serif">7.44</font></td>
      <td width="2%" align="center">&nbsp;</td>
    </tr>
    <tr>
      <td width="1%" align="center">&nbsp;<font size="1" face="sans-serif">$</font></td>
      <td width="1%" align="center"></td>
      <td align="center" width="9%"><font size="1" face="sans-serif">3.86</font></td>
      <td align="center" width="7%"><font size="1" face="sans-serif">2010</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="14%"><font size="1" face="sans-serif">290,000</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="13%"><font size="1" face="sans-serif">70</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td width="1%" align="center">&nbsp;</td>
      <td align="center" width="5%"><font size="1" face="sans-serif">3.86</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="17%"><font size="1" face="sans-serif">290,000</font></td>
      <td width="2%" align="center">&nbsp;</td>
      <td width="1%" align="center">&nbsp;</td>
      <td align="center" width="15%"><font size="1" face="sans-serif">3.86</font></td>
      <td width="2%" align="center">&nbsp;</td>
    </tr>
    <tr>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">
        <hr noshade size="1">
      </td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">
        <hr noshade size="1">
      </td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">
        <hr noshade size="1">
      </td>
      <td align="center">&nbsp;</td>
      <td align="center">
        <hr noshade size="1">
      </td>
      <td align="center">&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align="center">
        <hr noshade size="1">
      </td>
      <td align="center">&nbsp;</td>
    </tr>
    <tr>
      <td width="1%" align="center">&nbsp;</td>
      <td width="1%" align="center">&nbsp;</td>
      <td width="9%" align="center">&nbsp;</td>
      <td width="7%" align="center">&nbsp;</td>
      <td width="2%" align="center">&nbsp;</td>
      <td align="center" width="14%" style="border-bottom: 1 solid #000000"><font size="1" face="sans-serif">1,979,705</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000" align="center">&nbsp;</td>
      <td width="2%" style="border-bottom: 1 solid #000000" align="center">&nbsp;</td>
      <td align="center" width="13%" style="border-bottom: 1 solid #000000"><font size="1" face="sans-serif">22</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000" align="center">&nbsp;</td>
      <td align="center" width="1%" style="border-bottom: 1 solid #000000"><font size="1" face="sans-serif">$</font></td>
      <td align="center" width="5%" style="border-bottom: 1 solid #000000"><font size="1" face="sans-serif">6.69</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000" align="center">&nbsp;</td>
      <td align="center" width="17%" style="border-bottom: 1 solid #000000"><font size="1" face="sans-serif">1,267,245</font></td>
      <td width="2%" style="border-bottom: 1 solid #000000" align="center">&nbsp;</td>
      <td align="center" width="1%" style="border-bottom: 1 solid #000000"><font size="1" face="sans-serif">$</font></td>
      <td align="center" width="15%" style="border-bottom: 1 solid #000000"><font size="1" face="sans-serif">6.53</font></td>
      <td width="2%" align="center">&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:35.45pt; text-indent:-35.45pt; font-family:Arial; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">During
the year ended December 31, 2003 the Company granted 1,661,000 (2002 - 103,360; 2001
- - 790,000) options to purchase the Company's common shares at
exercise prices equal to the quoted market value of the common shares on the
dates that the options were granted. &nbsp;In addition, the Company granted
553,847 options as part of the purchase of Corner Bay as discussed in Note 4.</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-11pt; line-height:14pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)&nbsp; Page 13</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; font-family:Arial" align="justify">b)</p>
<p style="margin:0pt; padding-left:36pt; text-indent:18pt; font-family:Arial" align="justify">During
the year ended December 31, 2003, the Company:</p>
<p style="margin:0pt; padding-left:72pt; text-indent:-72pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Arial" align="justify">i)</p>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:72pt; font-family:Arial" align="justify">issued
7,636,659 common shares to acquire a 100% interest in Corner Bay Silver Inc.
&nbsp;The common shares issued were valued at $54,203,000; and</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:40.5pt; text-indent:13.5pt; font-family:Arial" align="justify">ii)</p>
<p style="margin:0pt; padding-left:40.5pt; text-indent:31.5pt; font-family:Arial" align="justify">issued
3,293 common shares at a value of $22,000 for compensation expense.</p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; font-family:Arial" align="justify">c)</p>
<p style="margin:0pt; padding-left:36pt; text-indent:18pt; font-family:Arial" align="justify">During
the year ended December 31, 2002, the Company:</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:90pt; text-indent:-36pt; font-family:Arial" align="justify">i)</p>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:90pt; text-indent:-18pt; font-family:Arial" align="justify">issued
3,450,000 common shares at $4.80 per share in a public offering, for net
proceeds of $15,599,000 after fees;</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:90pt; text-indent:-36pt; font-family:Arial" align="justify">ii)</p>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:90pt; text-indent:-18pt; font-family:Arial" align="justify">issued
231,511 common shares at a value of $1,250,000 and made a cash payment of
$762,443 to purchase a 50% interest in and to eliminate a 1.2% NSR royalty on
the Manantial Espejo project, in Argentina;</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:90pt; text-indent:-36pt; font-family:Arial" align="justify">iii)</p>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:90pt; text-indent:-18pt; font-family:Arial" align="justify">issued
390,117 common shares at a value of $3,000,000 to purchase the existing 5% net
smelter return royalty on the La Colorada silver mine in Mexico;</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Arial" align="justify">iv)</p>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:72pt; font-family:Arial" align="justify">issued
636,942 common shares at a value of $4,000,000 for the purchase of the right to
mine and sell 600,000 tonnes of silver-bearing ore stockpile from Volcan Minera
S.A. de C.V.; and</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; font-family:Arial" align="justify">v)</p>
<p style="margin-top:0pt; margin-bottom:5pt; padding-left:54pt; text-indent:18pt; font-family:Arial" align="justify">issued
69,000 common shares at a value of $253,000 for compensation expense.</p>
<p style="margin-top:5pt; margin-bottom:-12pt; font-family:Arial" align="justify"><b>13.</b></p>
<p style="margin-top:0pt; margin-bottom:5pt; text-indent:36pt; font-family:Arial" align="justify"><b>FINANCIAL
INSTRUMENTS</b></p>
<p style="margin:0pt; text-indent:36pt; font-family:Arial" align="justify"><i>Fair
value</i></p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:35.45pt; font-family:Arial" align="justify">The
Company's financial instruments include cash and cash equivalents, short-term
investments, accounts<font COLOR="#00FF00"> </font>receivable, an operating line
of credit, accounts payable and accrued liabilities, a capital lease and
advances for metal shipments. &nbsp;The carrying value of these instruments
approximates their fair value due to their immediate or short-term maturity<font COLOR="#00FF00">.
&nbsp;</font>Short-term investments have been written down to market value
resulting in a loss of $80,000.</p>
<p style="margin:0pt; padding-left:35.45pt; text-indent:-35.45pt; font-family:Arial; color:#00FF00" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:10pt; padding-left:35.3pt; font-family:Arial; color:#00FF00" align="justify"><font COLOR="#000000">Financial
instruments also include two bank loans with a remaining maturity of 25 months
and 65 months and an interest rate of 6-month LIBOR plus 3% and 3.5%,
respectively. &nbsp;Management considers that no events have occurred subsequent
to the arrangement of these loans that would indicate that fair value differs
substantially from carrying value</font>.</p>
<p style="margin:0pt; padding-left:35.45pt; font-family:Arial" align="justify"><i>Concentration
of Credit Risk</i></p>
<p style="margin:0pt; padding-left:35.45pt; text-indent:-35.45pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:35.45pt; font-family:Arial" align="justify">In
2003, the Company's six customers (2002 and 2001 - five customers) accounted
for 100% of concentrate and dore sales revenue. &nbsp;The loss of any of these
customers or curtailment of purchases by such customers could have a material
adverse affect on the Company's results of operations and financial condition.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><b>&nbsp;</b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><i>Derivatives</i></p>
<p style="margin:0pt; padding-left:35.45pt; text-indent:-35.45pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">The
Company sells metal under long-term contracts. &nbsp;Generally, the price
received for such sales is the average metal price for a month that is one month
before shipment or two months after the month in which the metal arrives at its
destination. &nbsp;In order to establish the price received for portions of its
production, the Company occasionally sells metal forward at a fixed price.</p>
<p style="margin:0pt; padding-left:35.45pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:35.45pt; font-family:Arial" align="justify">During
2003, the Company settled on 14,850 tonnes of zinc sold at an average price of
$842 per tonne and 3,500 tonnes of copper sold at an average price of $1,748 per
tonne. &nbsp;The Company realized a net loss of $92,000 from settlement of these
forward sales.</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; padding-left:35.45pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-11pt; line-height:14pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)&nbsp; Page 14</p>
<p style="margin:0pt; padding-left:35.45pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:35.45pt; font-family:Arial" align="justify">As
at December 31, 2003 the Company had sold forward 8,300 tonnes of zinc at an
average price of $848 per tonne and 2,075 tonnes of lead at an average price of
$622 per tonne. &nbsp;These forward sales represent approximately 34% and 13% of
anticipated 2004 production and will be realized between January 2004 and
December 2004. &nbsp;At December 31, 2003 these contracts had an imbedded
unrealized loss of $1,515,000.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial"><b>14.</b></p>
<p style="margin:0pt; text-indent:36pt; font-family:Arial"><b>CASH FLOW
INFORMATION</b></p>
<p style="margin:0pt; font-family:Arial"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Arial"><b>a)</b></p>
<p style="margin:0pt; text-indent:54pt; font-family:Arial"><b>CHANGES IN
OPERATING CASH FLOWS USING THE INDIRECT METHOD</b></p>
<p style="margin:0pt; font-family:Arial"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">The
consolidated statements of cash flows reports the flow of cash provided by or
consumed by the Company's operating, financing and investing activities.
&nbsp;The following presents a reconciliation between cash provided by or
consumed by operating activities and net loss for the year.</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">&nbsp;</p>
<div align="center">
  <center>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">2003</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td align="right" colspan="2" width="6%"><font size="2" face="sans-serif">2002</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">2001</font></td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td colspan="2">
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Net loss for the year</font></td>
      <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">(6,794)</font></b></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="5%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" colspan="2" width="6%"><font size="2" face="sans-serif">(33,977)</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">$ (8,077)</font></td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Items not involving cash:</font></td>
      <td width="1%">&nbsp;</td>
      <td width="8%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="10%">&nbsp;</td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Depreciation and
        amortization</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">3,325</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td align="right" colspan="2" width="6%"><font size="2" face="sans-serif">4,872</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">4,312</font></td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Write-down of mineral
        properties (Note 6)</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%">-</td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td align="right" colspan="2" width="6%"><font size="2" face="sans-serif">27,218</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%">-</td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Stock-based compensation</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">2,893</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td align="right" colspan="2" width="6%"><font size="2" face="sans-serif">319</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">253</font></td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Gain on sale of
        marketable securities</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">(318)</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="5%">-</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%">-</td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Interest accretion</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">595</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="5%">-</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%">-</td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Gain on sale of land</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%">-</td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="5%">-</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">(3,500)</font></td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Operating cost provisions</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">1,191</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td align="right" colspan="2" width="6%"><font size="2" face="sans-serif">(366)</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">559</font></td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Reclamation</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">303</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td align="right" colspan="2" width="6%"><font size="2" face="sans-serif">860</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">620</font></td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td colspan="2">
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">1,195</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td align="right" colspan="2" width="6%"><font size="2" face="sans-serif">(1,074)</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">(5,833)</font></td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Changes in non-cash
        operating working capital</font></td>
      <td width="1%">&nbsp;</td>
      <td width="8%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="10%">&nbsp;</td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Accounts receivable</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">(2,479)</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td align="right" colspan="2" width="6%"><font size="2" face="sans-serif">2,041</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">(2,601)</font></td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Inventories</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">(1,975)</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td align="right" colspan="2" width="6%"><font size="2" face="sans-serif">(1,590)</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">(242)</font></td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Prepaid expenses</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">1,908</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td align="right" colspan="2" width="6%"><font size="2" face="sans-serif">1,038</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">(3,359)</font></td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Accounts payable and
        accrued liabilities</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">(4,191)</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td align="right" colspan="2" width="6%"><font size="2" face="sans-serif">1,352</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">5,665</font></td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Advance payment for
        metals shipments</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">2,378</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td align="right" colspan="2" width="6%"><font size="2" face="sans-serif">(1,913)</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">4,071</font></td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Current portion of
        deferred revenue</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">290</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td align="right" colspan="2" width="6%"><font size="2" face="sans-serif">(513)</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%">-</td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Current portion on
        non-current liabilities</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">(952)</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="5%"><font size="2" face="sans-serif">(83)</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">(213)</font></td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">(5,021)</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="5%">&nbsp;</td>
      <td align="right" colspan="2" width="6%"><font size="2" face="sans-serif">332</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">3,747</font></td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td colspan="2">
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Cash used by operations</font></td>
      <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
      <td align="right" width="8%"><b><font size="2" face="sans-serif">(3,826)</font></b></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="5%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" colspan="2" width="6%"><font size="2" face="sans-serif">(742)</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">$ (2,086)</font></td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td colspan="2">
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="2%"><b><font size="2" face="sans-serif">b)</font></b></td>
      <td colspan="7" width="86%"><b><font size="2" face="sans-serif">&nbsp;&nbsp;&nbsp;
        SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="10%">&nbsp;</td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="8%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="5%"><b><font size="2" face="sans-serif">2003</font></b></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="5%"><font size="2" face="sans-serif">2002</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">2001</font></td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td colspan="3" width="73%"><font size="2" face="sans-serif">Shares issued
        for purchase of direct smelting ore stockpile (Note 5)</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="5%"><b><font size="2" face="sans-serif">$ -</font></b></td>
      <td width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="5%"><font size="2" face="sans-serif">4,000</font></td>
      <td width="2%">&nbsp;</td>
      <td width="10%"><font size="2" face="sans-serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        -</font></td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Shares issued for
        purchase of royalty (Note 12c (iii))</font></td>
      <td width="1%">&nbsp;</td>
      <td width="8%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="5%">-</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="5%"><font size="2" face="sans-serif">3,000</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%">-</td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Shares issued for
        acquisition of subsidiary (Note 4)</font></td>
      <td width="1%">&nbsp;</td>
      <td align="right" colspan="3" width="15%"><b><font size="2" face="sans-serif">54,203</font></b></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="5%">-</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%">-</td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Shares issued for
        resource property (Notes 7 and 12b (ii))</font></td>
      <td width="1%">&nbsp;</td>
      <td width="8%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="5%">-</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="5%"><font size="2" face="sans-serif">1,250</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%">-</td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td colspan="2" width="65%"><font size="2" face="sans-serif">Exchange of
        marketable securities for ore stockpiles (Note 5)</font></td>
      <td width="8%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="5%">-</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="5%"><font size="2" face="sans-serif">500</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%">-</td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td colspan="3" width="73%"><font size="2" face="sans-serif">Shares
        received in exchange for Tres Cruces option agreement (Note 7)</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="5%">-</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="5%"><font size="2" face="sans-serif">1</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%">-</td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td colspan="3" width="73%"><font size="2" face="sans-serif">Share
        purchase warrants issued on acquisition of subsidiary (Note 4)</font></td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="5%"><b><font size="2" face="sans-serif">8,889</font></b></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="5%">-</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%">-</td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Stock options granted on
        acquisition of subsidiary (Note 4)</font></td>
      <td width="1%">&nbsp;</td>
      <td width="8%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="5%"><b><font size="2" face="sans-serif">1,136</font></b></td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="5%">-</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%">-</td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Warrants granted pursuant
        to equity financing</font></td>
      <td width="1%">&nbsp;</td>
      <td width="8%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="5%">-</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="5%">-</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">27</font></td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Equity interest in
        subsidiary acquired through sale of land</font></td>
      <td width="1%">&nbsp;</td>
      <td width="8%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="5%">-</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="5%">-</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">2,800</font></td>
    </tr>
    <tr>
      <td width="2%">&nbsp;</td>
      <td width="64%"><font size="2" face="sans-serif">Shares acquired through
        sale of land</font></td>
      <td width="1%">&nbsp;</td>
      <td width="8%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="5%">-</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="5%">-</td>
      <td width="2%">&nbsp;</td>
      <td align="right" width="10%"><font size="2" face="sans-serif">500</font></td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; line-height:18pt; font-family:Arial"><br>
<br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-11pt; line-height:14pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)&nbsp; Page 15</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><b>15.</b></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify"><b>SEGMENTED
INFORMATION</b></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">Substantially
all of the Company's operations are within the mining sector, conducted
through operations in six countries. &nbsp;Due to differences between mining and
exploration activities, the Company has a separate budgeting process and
measures the results of operations and activities independently. &nbsp;The
Corporate office provides support to the mining and exploration activities with
respect to financial, human resource and technical support.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">Segmented
disclosures and enterprise-wide information are as follows:</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="44%">&nbsp;</td>
    <td align="right" colspan="2" width="12%"><font size="2" face="sans-serif">Mining
      &amp;</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="10%" align="right">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="10%" align="right">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td align="right" width="11%"><b><font size="2" face="sans-serif">2003</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;</td>
    <td align="right" colspan="2" width="12%"><font size="2" face="sans-serif">Development</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td colspan="2" width="11%" align="right"><font size="2" face="sans-serif">Corporate</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td colspan="2" width="11%" align="right"><font size="2" face="sans-serif">Exploration</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td align="right" width="11%"><b><font size="2" face="sans-serif">Total</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="2" align="right">
      <hr noshade size="1">
    </td>
    <td align="right">&nbsp;</td>
    <td colspan="2" align="right">
      <hr noshade size="1">
    </td>
    <td align="right">&nbsp;</td>
    <td colspan="2" align="right">
      <hr noshade size="1">
    </td>
    <td align="right">&nbsp;</td>
    <td align="right">
      <hr noshade size="1">
    </td>
    <td align="right">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Revenue from external
      customers</font></td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="11%"><font size="2" face="sans-serif">45,122</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
    <td align="right" width="11%"><b><font size="2" face="sans-serif">45,122</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Interest income</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">10</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">388</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">5</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><b><font size="2" face="sans-serif">403</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Interest expense</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(562)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(595)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><b><font size="2" face="sans-serif">(1,157)</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Other income and expenses</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(412)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">248</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">576</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><b><font size="2" face="sans-serif">412</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Exploration</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(374)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(106)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(2,063)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><b><font size="2" face="sans-serif">(2,543)</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Depreciation and
      amortization</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(3,306)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(19)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(</font><b><font size="2" face="sans-serif">3,325)</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Net income (loss)</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">466</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(5,777)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(1,483)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><b><font size="2" face="sans-serif">(6,794)</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Capital asset expenditures</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">17,719</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">42</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">1,135</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><b><font size="2" face="sans-serif">18,896</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Segment assets</font></td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="11%"><font size="2" face="sans-serif">104,756</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%"><font size="2" face="sans-serif">88,472</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%"><font size="2" face="sans-serif">86,655</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
    <td align="right" width="11%"><b><font size="2" face="sans-serif">279,883</font></b></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;</td>
    <td align="right" colspan="2" width="12%"><font size="2" face="sans-serif">Mining
      &amp;</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="10%" align="right">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="10%" align="right">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">2002</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;</td>
    <td align="right" colspan="2" width="12%"><font size="2" face="sans-serif">Development</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td align="right" colspan="2" width="11%"><font size="2" face="sans-serif">Corporate</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td align="right" colspan="2" width="11%"><font size="2" face="sans-serif">Exploration</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">Total</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Revenue from external
      customers</font></td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="11%"><font size="2" face="sans-serif">44,132</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%"><font size="2" face="sans-serif">961</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="11%"><font size="2" face="sans-serif">45,093</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Write-down of mineral
      properties</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(27,218)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(27,218)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Interest income</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">25</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">240</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">4</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">269</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Interest expense</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(988)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(988)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Other income and expenses</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">789</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">24</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">170</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">983</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Exploration</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(163)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(1,043)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(1,206)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Depreciation and
      amortization</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(4,852)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(20)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(4,872)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Net income (loss)</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(30,331)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(2,888)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(758)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(33,977)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Capital asset expenditures</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">9,759</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">21</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">1,158</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">10,938</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Segment assets</font></td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="11%"><font size="2" face="sans-serif">86,640</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%"><font size="2" face="sans-serif">11,757</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%"><font size="2" face="sans-serif">4,548</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
    <td align="right" width="11%"><font size="2" face="sans-serif">102,945</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;</td>
    <td align="right" colspan="2" width="12%"><font size="2" face="sans-serif">Mining
      &amp;</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="10%" align="right">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td width="10%" align="right">&nbsp;</td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">2001</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%">&nbsp;</td>
    <td align="right" colspan="2" width="12%"><font size="2" face="sans-serif">Development</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td align="right" colspan="2" width="11%"><font size="2" face="sans-serif">Corporate</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td align="right" colspan="2" width="11%"><font size="2" face="sans-serif">Exploration</font></td>
    <td width="2%" align="right">&nbsp;</td>
    <td width="1%" align="right">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">Total</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Revenue from external
      customers</font></td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="11%"><font size="2" face="sans-serif">37,256</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%"><font size="2" face="sans-serif">40</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="11%"><font size="2" face="sans-serif">37,296</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Gain on sale of land</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">3,500</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">3,500</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Interest income</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">104</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">126</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">6</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">236</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Interest expense</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(783)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(783)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Other income and expenses</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">204</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">23</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">227</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Exploration</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(15)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(877)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(892)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Depreciation and
      amortization</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(4,257)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(47)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(8)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(4,312)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Net income (loss)</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(5,952)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(1,796)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(329)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(8,077)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Capital asset expenditures</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">6,704</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">3</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">6,707</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="44%"><font size="2" face="sans-serif">Segment assets</font></td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="11%"><font size="2" face="sans-serif">86,424</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%"><font size="2" face="sans-serif">3,784</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%"><font size="2" face="sans-serif">1,309</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="11%"><font size="2" face="sans-serif">91,517</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
</table>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="font-family: Arial; margin: 0pt; padding-left: 36pt" align="justify">&nbsp;</p>
<p style="font-family: Arial; margin: 0pt; padding-left: 36pt" align="justify">&nbsp;</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-11pt; line-height:14pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)&nbsp; Page 16</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="font-family: Arial; margin: 0pt; padding-left: 36pt" align="justify">&nbsp;</p>
<p style="font-family: Arial; margin: 0pt; padding-left: 36pt" align="justify">&nbsp;</p>
<p style="font-family: Arial; margin: 0pt; padding-left: 36pt" align="justify">&nbsp;</p>
<table width="677" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="288">&nbsp;</td>
    <td width="10" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="53" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="10" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="49" style="border-bottom: 1 solid #000000">
      <p align="center"><font size="2" face="sans-serif">Revenue</font></p>
    </td>
    <td width="18" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="18" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="23" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="39" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="9" align="center" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td colspan="5" width="134" align="center" style="border-bottom: 1 solid #000000"><font size="2" face="sans-serif">Net
      Capital Assets</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="right" width="51"><b><font size="2" face="sans-serif">2003</font></b></td>
    <td width="8">&nbsp;</td>
    <td align="right" width="47"><font size="2" face="sans-serif">2002</font></td>
    <td width="16">&nbsp;</td>
    <td align="right" colspan="2" width="39"><font size="2" face="sans-serif">2001</font></td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><b><font size="2" face="sans-serif">2003</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">2002</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">
      <hr noshade size="1">
    </td>
    <td width="8">
      <hr noshade size="1">
    </td>
    <td width="51">
      <hr noshade size="1">
    </td>
    <td width="8">
      <hr noshade size="1">
    </td>
    <td width="47">
      <hr noshade size="1">
    </td>
    <td width="16">
      <hr noshade size="1">
    </td>
    <td colspan="2" width="39">
      <hr noshade size="1">
    </td>
    <td width="37">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288"><font size="2" face="sans-serif">Peru</font></td>
    <td align="center" width="8"><b><font size="2" face="sans-serif">$</font></b></td>
    <td align="right" width="51"><b><font size="2" face="sans-serif">45,122</font></b></td>
    <td align="center" width="8"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="47"><font size="2" face="sans-serif">42,588</font></td>
    <td align="center" width="16"><font size="2" face="sans-serif">$</font></td>
    <td align="right" colspan="2" width="39"><font size="2" face="sans-serif">35,108</font></td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" width="7"><b><font size="2" face="sans-serif">$</font></b></td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><b><font size="2" face="sans-serif">36,436</font></b></td>
    <td width="10">&nbsp;</td>
    <td align="center" width="7"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="50"><font size="2" face="sans-serif">31,907</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288"><font size="2" face="sans-serif">Canada</font></td>
    <td width="8">&nbsp;</td>
    <td align="right" width="51">-</td>
    <td width="8">&nbsp;</td>
    <td align="right" width="47"><font size="2" face="sans-serif">961</font></td>
    <td width="16">&nbsp;</td>
    <td align="right" colspan="2" width="39"><font size="2" face="sans-serif">40</font></td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><b><font size="2" face="sans-serif">62</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">20</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288"><font size="2" face="sans-serif">Mexico</font></td>
    <td width="8">&nbsp;</td>
    <td align="right" width="51">-</td>
    <td width="8">&nbsp;</td>
    <td align="right" width="47"><font size="2" face="sans-serif">1,545</font></td>
    <td width="16">&nbsp;</td>
    <td align="right" colspan="2" width="39"><font size="2" face="sans-serif">2,148</font></td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" colspan="2" width="59"><b><font size="2" face="sans-serif">127,734</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">36,471</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288"><font size="2" face="sans-serif">United States</font></td>
    <td width="8">&nbsp;</td>
    <td align="right" width="51">-</td>
    <td width="8">&nbsp;</td>
    <td align="right" width="47">-</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td align="right" width="21">-</td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><b><font size="2" face="sans-serif">1,194</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">1,194</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288"><font size="2" face="sans-serif">Argentina</font></td>
    <td width="8">&nbsp;</td>
    <td align="right" width="51">-</td>
    <td width="8">&nbsp;</td>
    <td align="right" width="47">-</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td align="right" width="21">-</td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><b><font size="2" face="sans-serif">2,012</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">2,012</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288"><font size="2" face="sans-serif">Bolivia</font></td>
    <td width="8">&nbsp;</td>
    <td align="right" width="51">-</td>
    <td width="8">&nbsp;</td>
    <td align="right" width="47">-</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td align="right" width="21">-</td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><b><font size="2" face="sans-serif">9</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">15</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">
      <hr noshade size="1">
    </td>
    <td width="8">
      <hr noshade size="1">
    </td>
    <td width="51">
      <hr noshade size="1">
    </td>
    <td width="8">
      <hr noshade size="1">
    </td>
    <td width="47">
      <hr noshade size="1">
    </td>
    <td width="16">
      <hr noshade size="1">
    </td>
    <td width="16">
      <hr noshade size="1">
    </td>
    <td width="21">
      <hr noshade size="1">
    </td>
    <td width="37">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">&nbsp;</td>
    <td align="center" width="8"><b><font size="2" face="sans-serif">$</font></b></td>
    <td align="right" width="51"><b><font size="2" face="sans-serif">45,122</font></b></td>
    <td align="center" width="8"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="47"><font size="2" face="sans-serif">45,093</font></td>
    <td align="center" width="16"><font size="2" face="sans-serif">$</font></td>
    <td align="right" colspan="2" width="39"><font size="2" face="sans-serif">37,296</font></td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" width="7"><b><font size="2" face="sans-serif">$</font></b></td>
    <td align="right" colspan="2" width="59"><b><font size="2" face="sans-serif">167,447</font></b></td>
    <td width="10">&nbsp;</td>
    <td align="center" width="7"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="50"><font size="2" face="sans-serif">71,619</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">
      <hr noshade size="1">
    </td>
    <td width="8">
      <hr noshade size="1">
    </td>
    <td width="51">
      <hr noshade size="1">
    </td>
    <td width="8">
      <hr noshade size="1">
    </td>
    <td width="47">
      <hr noshade size="1">
    </td>
    <td width="16">
      <hr noshade size="1">
    </td>
    <td colspan="2" width="39">
      <hr noshade size="1">
    </td>
    <td width="37">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td colspan="2" width="59">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288"><font size="2" face="sans-serif">Other income consists of:</font></td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td align="right" width="37"><b><font size="2" face="sans-serif">2003</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">2002</font></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">2001</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">
      <hr noshade size="1">
    </td>
    <td width="8">
      <hr noshade size="1">
    </td>
    <td width="51">
      <hr noshade size="1">
    </td>
    <td width="8">
      <hr noshade size="1">
    </td>
    <td width="47">
      <hr noshade size="1">
    </td>
    <td width="16">
      <hr noshade size="1">
    </td>
    <td width="16">
      <hr noshade size="1">
    </td>
    <td width="21">
      <hr noshade size="1">
    </td>
    <td width="37">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288"><font size="2" face="sans-serif">Sale of royalty (Note 7)</font></td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td align="right" width="16"><font size="2" face="sans-serif">$</font></td>
    <td width="21">&nbsp;</td>
    <td align="right" width="37">-</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="50"><font size="2" face="sans-serif">300</font></td>
    <td width="10">&nbsp;</td>
    <td align="center" width="7"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="50">-</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288"><font size="2" face="sans-serif">Revenue from third party</font></td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td align="right" width="37"><b><font size="2" face="sans-serif">564</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">170</font></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50">-</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288"><font size="2" face="sans-serif">Power credits (Note 8)</font></td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td align="right" width="37"><b><font size="2" face="sans-serif">36</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">326</font></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">505</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288"><font size="2" face="sans-serif">Gain on sale of marketable
      securities</font></td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td align="right" width="37"><b><font size="2" face="sans-serif">318</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50">-</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50">-</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288"><font size="2" face="sans-serif">Other revenue and expenses</font></td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td align="right" width="37"><b><font size="2" face="sans-serif">(506)</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">187</font></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">(278)</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">
      <hr noshade size="1">
    </td>
    <td width="8">
      <hr noshade size="1">
    </td>
    <td width="51">
      <hr noshade size="1">
    </td>
    <td width="8">
      <hr noshade size="1">
    </td>
    <td width="47">
      <hr noshade size="1">
    </td>
    <td width="16">
      <hr noshade size="1">
    </td>
    <td width="16">
      <hr noshade size="1">
    </td>
    <td width="21">
      <hr noshade size="1">
    </td>
    <td width="37">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td align="right" width="16"><font size="2" face="sans-serif">$</font></td>
    <td width="21">&nbsp;</td>
    <td align="right" width="37"><b><font size="2" face="sans-serif">412</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="50"><font size="2" face="sans-serif">983</font></td>
    <td width="10">&nbsp;</td>
    <td align="center" width="7"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="50"><font size="2" face="sans-serif">227</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">
      <hr noshade size="1">
    </td>
    <td width="8">
      <hr noshade size="1">
    </td>
    <td width="51">
      <hr noshade size="1">
    </td>
    <td width="8">
      <hr noshade size="1">
    </td>
    <td width="47">
      <hr noshade size="1">
    </td>
    <td width="16">
      <hr noshade size="1">
    </td>
    <td width="16">
      <hr noshade size="1">
    </td>
    <td width="21">
      <hr noshade size="1">
    </td>
    <td width="37">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3" width="351"><b><font size="2" face="sans-serif">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      SEVERANCE INDEMNITIES AND COMMITMENTS</font></b></td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="4" width="361"><font size="2" face="sans-serif">Severance
      indemnities and commitments consist of:</font></td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="8" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="51" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="8" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="47" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="16" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="16" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="21" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td align="right" width="37" style="border-bottom: 1 solid #000000"><b><font size="2" face="sans-serif">2003</font></b></td>
    <td width="10" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="7" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="7" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td align="right" width="50" style="border-bottom: 1 solid #000000"><font size="2" face="sans-serif">2002</font></td>
    <td width="10" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="7" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="50" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="10" style="border-bottom: 1 solid #000000">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td width="37">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" width="298"><font size="2" face="sans-serif">Severance
      indemnities</font></td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td align="right" width="16"><b><font size="2" face="sans-serif">$</font></b></td>
    <td width="21">&nbsp;</td>
    <td align="right" width="37"><b><font size="2" face="sans-serif">803</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="50"><font size="2" face="sans-serif">1,435</font></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" width="298"><font size="2" face="sans-serif">Employee
      benefits liability</font></td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td align="right" width="37"><b><font size="2" face="sans-serif">562</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">578</font></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" width="298"><font size="2" face="sans-serif">Other
      provisions and non-current liabilities</font></td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td align="right" width="37"><b><font size="2" face="sans-serif">1,181</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">347</font></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" width="298">
      <hr noshade size="1">
    </td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td width="37">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td align="right" width="37"><b><font size="2" face="sans-serif">2,546</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">2,360</font></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288"><font size="2" face="sans-serif">Less: current portion
      (Notes 8 and 9)</font></td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td align="right" width="37"><b><font size="2" face="sans-serif">(420)</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">(953)</font></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">
      <hr noshade size="1">
    </td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="21">&nbsp;</td>
    <td width="37">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td align="right" width="16"><b><font size="2" face="sans-serif">$</font></b></td>
    <td width="21">&nbsp;</td>
    <td align="right" width="37"><b><font size="2" face="sans-serif">2,126</font></b></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="50"><font size="2" face="sans-serif">1,407</font></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="288">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="51">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="47">&nbsp;</td>
    <td width="16">&nbsp;</td>
    <td width="16">
      <hr noshade size="1">
    </td>
    <td width="21">&nbsp;</td>
    <td width="37">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
</table>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">The
Company has an obligation to its Peruvian employees for severance indemnities.
&nbsp;At December 31, 2003 the obligation amounted to $293,000 and the current
portion of this obligation amounted to $72,000 (2002 - $753,000).</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">On
March 6, 2000 the Company acquired a 71.83% interest in Compania Minera Huaron
S.A. and assumed a $1,000,000 severance indemnity relating to former employees
of Huaron; such liability will be discharged over an estimated ten-year period.
&nbsp;At December 31, 2003 the unpaid obligation amounted to $510,000 (2002 -
$682,000) and a portion of this liability amounting to $170,000 (2002 -
$157,000) is reflected in current liabilities.</p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; font-family:Arial" align="justify">As
at December 31, 2003, the Company had accrued a $910,000 (2002 - $578,000)
liability for unpaid 1997 to 2000 hospital taxes. &nbsp;The</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:576pt; font-family:Arial" align="justify">amount
outstanding accrues interest at 6% per annum and is to be repaid over a ten-year
period ending in 2012. &nbsp;A portion of this liability amounting to $84,000 is
reflected in current liabilities. &nbsp;</p>
<p style="margin:0pt; padding-left:36pt; text-indent:1368pt; font-family:Arial" align="justify">As
at December 31, 2003 the Company has provisions and other non-current
liabilities totaling $176,000 (2002 - $347,000) of which $Nil (2002 - $347,000)
is current.</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-11pt; line-height:14pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)&nbsp; Page 17</p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial" align="justify"><b>17.</b></p>
<p style="margin:0pt; text-indent:36pt; font-family:Arial" align="justify"><b>INCOME
TAXES</b></p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">The
recovery of income taxes reported differs from the amounts computed by applying
the aggregate Canadian federal and provincial income tax rates to the loss
before tax provision due to the following:</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="left"><img border="0" src="table4.gif" width="683" height="162"></p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<u>
<p style="margin:0pt; padding-left:36pt; text-indent:1332pt; font-family:Arial" align="justify">(2,602</u>)</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">The
tax effect of each type of temporary difference that gives rise to the Company's
future tax assets and liabilities have been determined and are set out in the
following table. &nbsp;Until the Company can predict the timing of the
realization of certain potential tax assets they are not reflected in the
accounts.</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">&nbsp;</p>
<div align="center">
  <center>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="72%"><font size="2" face="sans-serif">Net Future Income Tax
        Assets and Liabilities</font></td>
      <td width="1%">&nbsp;</td>
      <td width="11%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="11%">&nbsp;</td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="72%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td width="11%">
        <p align="right"><b><font size="2" face="sans-serif">2003</font></b></p>
      </td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="11%"><font size="2" face="sans-serif">2002</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="72%"><font size="2" face="sans-serif">Excess of tax value of
        capital assets over book value</font></td>
      <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
      <td width="11%" align="right"><b><font size="2" face="sans-serif">4,867</font></b></td>
      <td width="2%">&nbsp;</td>
      <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="11%"><font size="2" face="sans-serif">7,460</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="72%"><font size="2" face="sans-serif">Canadian resource pools</font></td>
      <td width="1%">&nbsp;</td>
      <td width="11%" align="right"><b><font size="2" face="sans-serif">2,689</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="11%"><font size="2" face="sans-serif">2,830</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="72%"><font size="2" face="sans-serif">Excess tax value of
        mineral property over book value</font></td>
      <td width="1%">&nbsp;</td>
      <td width="11%" align="right"><b><font size="2" face="sans-serif">1,614</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="11%"><font size="2" face="sans-serif">1,614</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="72%"><font size="2" face="sans-serif">Operating loss
        carry-forwards</font></td>
      <td width="1%">&nbsp;</td>
      <td width="11%" align="right"><b><font size="2" face="sans-serif">23,336</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="11%"><font size="2" face="sans-serif">20,174</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="72%"><font size="2" face="sans-serif">Total future income tax
        asset</font></td>
      <td width="1%">&nbsp;</td>
      <td width="11%" align="right"><b><font size="2" face="sans-serif">32,506</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="11%"><font size="2" face="sans-serif">32,078</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="72%"><font size="2" face="sans-serif">Less: valuation allowance</font></td>
      <td width="1%">&nbsp;</td>
      <td width="11%" align="right"><b><font size="2" face="sans-serif">(17,996)</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="11%"><font size="2" face="sans-serif">(23,327)</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="72%"><font size="2" face="sans-serif">Net future income tax
        asset</font></td>
      <td width="1%">&nbsp;</td>
      <td width="11%" align="right"><b><font size="2" face="sans-serif">14,510</font></b></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="11%"><font size="2" face="sans-serif">8,751</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td width="72%"><font size="2" face="sans-serif">Excess of book value of
        capital assets over tax value</font></td>
      <td width="1%">&nbsp;</td>
      <td width="11%" align="right"><b><font size="2" face="sans-serif">(33,545</font></b><font size="2" face="sans-serif">)</font></td>
      <td width="2%">&nbsp;</td>
      <td width="1%">&nbsp;</td>
      <td align="right" width="11%"><font size="2" face="sans-serif">(8,751)</font></td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td width="72%"><font size="2" face="sans-serif">Net future income tax
        liability</font></td>
      <td align="center" width="1%"><b><font size="2" face="sans-serif">$</font></b></td>
      <td width="11%" align="right"><b><font size="2" face="sans-serif">(19,035)</font></b></td>
      <td width="2%">&nbsp;</td>
      <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
      <td align="right" width="11%">-</td>
      <td width="2%">&nbsp;</td>
    </tr>
    <tr>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td align="right">
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
      <td>
        <hr noshade size="1">
      </td>
      <td>
        <hr noshade size="1">
      </td>
      <td>&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">At
December 31, 2003 the Company had the following loss carry forwards available
for tax purposes:</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:345.2pt; font-family:Arial" align="justify"><u>Amount</u></p>
<p style="margin:0pt; padding-left:36pt; text-indent:440.75pt; font-family:Arial" align="justify"><u>Expiry</u></p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; line-height:17pt; font-family:Arial" align="justify">Canada</p>
<p style="margin-top:0pt; margin-bottom:-17pt; padding-left:36pt; text-indent:328pt; line-height:17pt; font-family:Arial" align="justify">$15,299,000</p>
<p style="margin:0pt; padding-left:36pt; text-indent:424.65pt; line-height:15pt; font-family:Arial" align="justify">2005-2010</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; font-family:Arial" align="justify">Peru</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:328pt; font-family:Arial" align="justify">$24,609,000</p>
<p style="margin:0pt; padding-left:36pt; text-indent:424.65pt; font-family:Arial" align="justify">2004-2006</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; font-family:Arial" align="justify">Mexico</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:328pt; font-family:Arial" align="justify">$27,340,000</p>
<p style="margin:0pt; padding-left:36pt; text-indent:424.65pt; font-family:Arial" align="justify">2004-2013</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; font-family:Arial" align="justify">Argentina</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:333pt; font-family:Arial" align="justify">$1,869,000</p>
<p style="margin:0pt; padding-left:36pt; text-indent:424.65pt; font-family:Arial" align="justify">2004-2008</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; font-family:Arial" align="justify">Bolivia</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:333pt; font-family:Arial" align="justify">$1,857,000</p>
<p style="margin:0pt; padding-left:36pt; text-indent:429pt; font-family:Arial" align="justify">Indefinite</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-11pt; line-height:14pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)&nbsp; Page 18</p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Arial" align="justify"><b>18.</b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><b>DIFFERENCES
BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES</b></p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify">These
financial statements are prepared in accordance with accounting principles
generally accepted in Canada ("Canadian GAAP") which differ in certain
material respects from accounting principles generally accepted in the United
States ("US GAAP"). &nbsp;Material differences between Canadian and US GAAP
and their effect on the Company's consolidated financial statements are
summarized in the tables below.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="2%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="1%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="1%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="2%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="1%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="6%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="2%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="1%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td align="right" colspan="2" width="12%" style="border-bottom: 1 solid #000000">
      <p align="left"><b><font size="2" face="sans-serif">2003</font></b></p>
    </td>
    <td width="2%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="1%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="10%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="2%" style="border-bottom: 1 solid #000000">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="4" width="25%"><font size="2" face="sans-serif">Shareholders'</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%"><b><font size="2" face="sans-serif">Consolidated Balance
      Sheets</font></b></td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td colspan="4" width="11%">
      <p align="center"><font size="2" face="sans-serif">Total Assets</font></p>
    </td>
    <td width="2%">&nbsp;</td>
    <td align="right" colspan="3" width="13%"><font size="2" face="sans-serif">Total
      Liabilities</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="10%">
      <p align="right"><font size="2" face="sans-serif">Equity</font></p>
    </td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="4">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td colspan="3">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="45%"><font size="2" face="sans-serif">Reported under Canadian
      GAAP</font></td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" colspan="3" width="9%"><font size="2" face="sans-serif">279,883</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">95,785</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%"><font size="2" face="sans-serif">184,098</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%"><font size="2" face="sans-serif">Deferred exploration (a)</font></td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="3" width="9%"><font size="2" face="sans-serif">(1,993)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(1,993)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%"><font size="2" face="sans-serif">Amortization of mineral
      property (a)</font></td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="3" width="9%"><font size="2" face="sans-serif">(1,700)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(595)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(1,105)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%"><font size="2" face="sans-serif">SFAS 150 adjustments (b)</font></td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="11%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Reclassify
      convertible debentures</font></td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">63,201</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(63,201)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Deferred
      debt issue costs</font></td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="3" width="9%"><font size="2" face="sans-serif">3,273</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">3,273</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Interest
      accretion</font></td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(595)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">595</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Interest
      expense</font></td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">1,887</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(1,887)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Amortization
      of debt issue costs</font></td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="6%"><font size="2" face="sans-serif">(454)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(454)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="45%"><font size="2" face="sans-serif">Reported under US GAAP</font></td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" colspan="3" width="9%"><font size="2" face="sans-serif">279,009</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" colspan="2" width="12%"><font size="2" face="sans-serif">159,683</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%"><font size="2" face="sans-serif">119,326</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="3">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="2">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="2%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="1%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="1%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="2%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="1%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="6%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="2%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="1%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td align="right" colspan="2" width="12%" style="border-bottom: 1 solid #000000">
      <p align="left"><b><font size="2" face="sans-serif">2002</font></b></p>
    </td>
    <td width="2%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="1%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="10%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="4" width="25%"><font size="2" face="sans-serif">Shareholders'</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="4" width="11%"><font size="2" face="sans-serif">Total
      Assets</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" colspan="3" width="13%"><font size="2" face="sans-serif">Total
      Liabilities</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">Equity</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="4">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td colspan="3">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="45%"><font size="2" face="sans-serif">Reported under Canadian
      GAAP</font></td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" colspan="3" width="9%"><font size="2" face="sans-serif">102,945</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">47,453</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%"><font size="2" face="sans-serif">55,492</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%"><font size="2" face="sans-serif">Deferred exploration (a)</font></td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="3" width="9%"><font size="2" face="sans-serif">(1,993)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(1,993)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%"><font size="2" face="sans-serif">Asset retirement obligation
      (i)</font></td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="3" width="9%"><font size="2" face="sans-serif">(7,979)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(7,979)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="3">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="45%"><font size="2" face="sans-serif">Reported under US GAAP</font></td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" colspan="3" width="9%"><font size="2" face="sans-serif">92,973</font></td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">39,474</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%"><font size="2" face="sans-serif">53,499</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="3">
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3" width="55%"><b><font size="2" face="sans-serif">Consolidated
      Statements of Shareholders' Equity</font></b></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="11%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="2%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="1%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="1%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="2%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="1%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="6%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="2%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td colspan="2" width="2%" style="border-bottom: 1 solid #000000"><b><font size="2" face="sans-serif">2003</font></b></td>
    <td width="11%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="2%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="1%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="10%" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td colspan="4" width="11%" align="right"><font size="2" face="sans-serif">Additional</font></td>
    <td width="1%">&nbsp;</td>
    <td width="11%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">Common</font></td>
    <td width="2%">&nbsp;</td>
    <td colspan="3" width="4%"><font size="2" face="sans-serif">Convertible</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td colspan="3" width="9%" align="right"><font size="2" face="sans-serif">Paid
      in</font></td>
    <td width="1%">&nbsp;</td>
    <td width="11%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%"><font size="2" face="sans-serif">Shares</font></td>
    <td width="2%">&nbsp;</td>
    <td colspan="3" width="4%"><font size="2" face="sans-serif">Debentures</font></td>
    <td width="1%" align="right">&nbsp;</td>
    <td colspan="3" width="9%" align="right"><font size="2" face="sans-serif">Capital</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">Deficit</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">Total</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td colspan="3">
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="3">
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="45%"><font size="2" face="sans-serif">Reported under Canadian
      GAAP</font></td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">225,155</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" colspan="2" width="3%"><font size="2" face="sans-serif">66,736</font></td>
    <td align="right" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" colspan="3" width="9%"><font size="2" face="sans-serif">12,753</font></td>
    <td width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(120,546)</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%"><font size="2" face="sans-serif">184,098</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="45%"><font size="2" face="sans-serif">Amortization of mineral
      property</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="2%">-</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="1%">-</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(1,105)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(1,105)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%"><font size="2" face="sans-serif">Deferred exploration (a)</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="2%">-</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="1%">-</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(1,993)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(1,993)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%"><font size="2" face="sans-serif">SFAS 150 Adjustments (b)</font></td>
    <td width="1%">&nbsp;</td>
    <td width="9%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="11%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Reclassify
      convertible debentures</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="3%"><font size="2" face="sans-serif">(63,201)</font></td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="1%">-</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(63,201)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3" width="55%"><font size="2" face="sans-serif">Reverse
      accretion of convertible debentures -</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" colspan="2" width="3%"><font size="2" face="sans-serif">(3,535)</font></td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="1%">-</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">3,535</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%">-</td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Amortization
      of debt issue costs</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="2%">-</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="1%">-</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(454)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(454)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Reverse
      interest accretion</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="2%">-</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="1%">-</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">595</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">595</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Interest
      expense</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="2%">-</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="1%">-</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(1,887)</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">(1,887)</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;&nbsp;&nbsp;<font size="2" face="sans-serif">Reverse
      debt issue costs</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="9%">-</td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="2%">-</td>
    <td width="1%">&nbsp;</td>
    <td width="6%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td align="right" width="1%">-</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="11%"><font size="2" face="sans-serif">3,273</font></td>
    <td width="2%">&nbsp;</td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="10%"><font size="2" face="sans-serif">3,273</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="45%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="9%"><font size="2" face="sans-serif">225,155</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td width="1%">&nbsp;</td>
    <td align="right" width="2%">-</td>
    <td align="right" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" colspan="3" width="9%"><font size="2" face="sans-serif">12,753</font></td>
    <td width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="11%"><font size="2" face="sans-serif">(118,582)</font></td>
    <td width="2%">&nbsp;</td>
    <td align="center" width="1%"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="10%"><font size="2" face="sans-serif">119,326</font></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td colspan="3">
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1">
    </td>
    <td>
      <hr noshade size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
</table>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-11pt; line-height:14pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)&nbsp; Page 19</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial"><br>
</p>
<table width="685" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="13"></td>
    <td width="241"></td>
    <td width="7"></td>
    <td width="69" style="border-bottom: 1 solid #000000"></td>
    <td width="24" style="border-bottom: 1 solid #000000"></td>
    <td width="48" style="border-bottom: 1 solid #000000"></td>
    <td align="right" colspan="4" width="171" style="border-bottom: 1 solid #000000">
      <p align="center"><b><font size="2" face="sans-serif">2002</font></b></td>
    <td width="10" style="border-bottom: 1 solid #000000"></td>
    <td width="7" style="border-bottom: 1 solid #000000"></td>
    <td width="7" style="border-bottom: 1 solid #000000"></td>
    <td width="50" style="border-bottom: 1 solid #000000"></td>
    <td width="10"></td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td align="right" colspan="2" width="93"><font size="2" face="sans-serif">Additional</font></td>
    <td width="9">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="center" width="69"><font size="2" face="sans-serif">Common</font></td>
    <td colspan="2" width="74" align="right"><font size="2" face="sans-serif">Convertible</font></td>
    <td align="right" colspan="2" width="93"><font size="2" face="sans-serif">Paid
      in</font></td>
    <td width="9" align="right">&nbsp;</td>
    <td width="69" align="right">&nbsp;</td>
    <td width="10" align="right">&nbsp;</td>
    <td width="7" align="right">&nbsp;</td>
    <td width="7" align="right">&nbsp;</td>
    <td width="50" align="right">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="center" width="69"><font size="2" face="sans-serif">Shares</font></td>
    <td colspan="2" width="74" align="right"><font size="2" face="sans-serif">Debentures</font></td>
    <td width="43" align="right">&nbsp;</td>
    <td align="right" width="48"><font size="2" face="sans-serif">Capital</font></td>
    <td width="9" align="right">&nbsp;</td>
    <td width="69" align="right"><font size="2" face="sans-serif">Deficit</font></td>
    <td width="10" align="right">&nbsp;</td>
    <td width="7" align="right">&nbsp;</td>
    <td width="7" align="right">&nbsp;</td>
    <td width="50" align="right"><font size="2" face="sans-serif">Total</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">
      <hr noshade size="1">
    </td>
    <td width="241">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="69">
      <hr noshade size="1">
    </td>
    <td colspan="2" width="74">
      <hr noshade size="1">
    </td>
    <td width="43">
      <hr noshade size="1">
    </td>
    <td width="48">
      <hr noshade size="1">
    </td>
    <td width="9">
      <hr noshade size="1">
    </td>
    <td width="69">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="43">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="9">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241"><font size="2" face="sans-serif">Reported under Canadian
      GAAP</font></td>
    <td align="center" width="7"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="69"><font size="2" face="sans-serif">161,108</font></td>
    <td align="center" width="24"><font size="2" face="sans-serif">$</font></td>
    <td width="48" align="right">-</td>
    <td align="right" width="43"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="48"><font size="2" face="sans-serif">1,327</font></td>
    <td width="9"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="69"><font size="2" face="sans-serif">(106,943)</font></td>
    <td width="10">&nbsp;</td>
    <td width="7"><font size="2" face="sans-serif">$</font></td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">55,492</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241"><font size="2" face="sans-serif">Deferred exploration (a)</font></td>
    <td width="7">&nbsp;</td>
    <td align="right" width="69">-</td>
    <td width="24">&nbsp;</td>
    <td width="48" align="right">-</td>
    <td width="43">&nbsp;</td>
    <td align="right" width="48">-</td>
    <td width="9">&nbsp;</td>
    <td align="right" width="69"><font size="2" face="sans-serif">(1,993)</font></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">(1,993)</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">
      <hr noshade size="1">
    </td>
    <td width="241">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="69">
      <hr noshade size="1">
    </td>
    <td width="24">
      <hr noshade size="1">
    </td>
    <td width="48">
      <hr noshade size="1">
    </td>
    <td width="43">
      <hr noshade size="1">
    </td>
    <td width="48">
      <hr noshade size="1">
    </td>
    <td width="9">
      <hr noshade size="1">
    </td>
    <td width="69">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241"><font size="2" face="sans-serif">Reported under US GAAP</font></td>
    <td align="center" width="7"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="69"><font size="2" face="sans-serif">161,108</font></td>
    <td align="center" width="24"><font size="2" face="sans-serif">$</font></td>
    <td width="48">
      <p align="right">-</p>
    </td>
    <td align="right" width="43"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="48"><font size="2" face="sans-serif">1,327</font></td>
    <td width="9"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="69"><font size="2" face="sans-serif">(108,936)</font></td>
    <td width="10">&nbsp;</td>
    <td width="7"><font size="2" face="sans-serif">$</font></td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">53,499</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">
      <hr noshade size="1">
    </td>
    <td width="241">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="69">
      <hr noshade size="1">
    </td>
    <td width="24">
      <hr noshade size="1">
    </td>
    <td width="48">
      <hr noshade size="1">
    </td>
    <td width="43">
      <hr noshade size="1">
    </td>
    <td width="48">
      <hr noshade size="1">
    </td>
    <td width="9">
      <hr noshade size="1">
    </td>
    <td width="69">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="43">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="9">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="69" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="24" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="48" style="border-bottom: 1 solid #000000">
      <p align="right">&nbsp;</p>
    </td>
    <td width="43" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td colspan="2" width="59" style="border-bottom: 1 solid #000000">
      <p align="right"><b><font size="2" face="sans-serif">2001</font></b></p>
    </td>
    <td width="69" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="10" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="7" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="7" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="50" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td align="right" colspan="2" width="93"><font size="2" face="sans-serif">Additional</font></td>
    <td width="9">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="center" width="69"><font size="2" face="sans-serif">Common</font></td>
    <td colspan="2" width="74"><font size="2" face="sans-serif">Convertible</font></td>
    <td width="43">&nbsp;</td>
    <td align="right" width="48"><font size="2" face="sans-serif">Paid in</font></td>
    <td width="9">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="center" width="69"><font size="2" face="sans-serif">Shares</font></td>
    <td colspan="2" width="74"><font size="2" face="sans-serif">Debentures</font></td>
    <td width="43">&nbsp;</td>
    <td align="right" width="48"><font size="2" face="sans-serif">Capital</font></td>
    <td width="9">&nbsp;</td>
    <td width="69">
      <p align="right"><font size="2" face="sans-serif">Deficit</font></p>
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">
      <p align="right"><font size="2" face="sans-serif">Total</font></p>
    </td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="43">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="9">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241"><font size="2" face="sans-serif">Reported under Canadian
      GAAP</font></td>
    <td align="center" width="7"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="69"><font size="2" face="sans-serif">130,723</font></td>
    <td align="center" width="24"><font size="2" face="sans-serif">$</font></td>
    <td width="48" align="right">-</td>
    <td align="right" width="43"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="48"><font size="2" face="sans-serif">1,120</font></td>
    <td width="9"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="69"><font size="2" face="sans-serif">(72,966)</font></td>
    <td width="10">&nbsp;</td>
    <td width="7"><font size="2" face="sans-serif">$</font></td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">58,877</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241"><font size="2" face="sans-serif">Deferred exploration (a)</font></td>
    <td width="7">&nbsp;</td>
    <td align="right" width="69">-</td>
    <td width="24">&nbsp;</td>
    <td width="48" align="right">-</td>
    <td width="43">&nbsp;</td>
    <td align="right" width="48">-</td>
    <td width="9">&nbsp;</td>
    <td align="right" width="69"><font size="2" face="sans-serif">(1,993)</font></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">(1,993)</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">
      <hr noshade size="1">
    </td>
    <td width="241">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="69">
      <hr noshade size="1">
    </td>
    <td width="24">
      <hr noshade size="1">
    </td>
    <td width="48" align="right">
      <hr noshade size="1">
    </td>
    <td width="43">
      <hr noshade size="1">
    </td>
    <td width="48">
      <hr noshade size="1">
    </td>
    <td width="9">
      <hr noshade size="1">
    </td>
    <td width="69">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241"><font size="2" face="sans-serif">Reported under US GAAP</font></td>
    <td align="center" width="7"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="69"><font size="2" face="sans-serif">130,723</font></td>
    <td align="center" width="24"><font size="2" face="sans-serif">$</font></td>
    <td width="48" align="right">-</td>
    <td align="right" width="43"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="48"><font size="2" face="sans-serif">1,120</font></td>
    <td width="9"><font size="2" face="sans-serif">$</font></td>
    <td align="right" width="69"><font size="2" face="sans-serif">(74,959)</font></td>
    <td width="10">&nbsp;</td>
    <td width="7"><font size="2" face="sans-serif">$</font></td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">56,884</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">
      <hr noshade size="1">
    </td>
    <td width="241">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="69">
      <hr noshade size="1">
    </td>
    <td width="24">
      <hr noshade size="1">
    </td>
    <td width="48">
      <hr noshade size="1">
    </td>
    <td width="43">
      <hr noshade size="1">
    </td>
    <td width="48">
      <hr noshade size="1">
    </td>
    <td width="9">
      <hr noshade size="1">
    </td>
    <td width="69">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="43">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="9">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td align="right" colspan="2" width="93"><b><font size="2" face="sans-serif">2003</font></b></td>
    <td width="48">&nbsp;</td>
    <td align="right" colspan="2" width="80"><font size="2" face="sans-serif">2002</font></td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" colspan="2" width="59"><font size="2" face="sans-serif">2001</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">
      <hr noshade size="1">
    </td>
    <td width="241">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="69">
      <hr noshade size="1">
    </td>
    <td width="24">
      <hr noshade size="1">
    </td>
    <td colspan="2" width="93">
      <hr noshade size="1">
    </td>
    <td width="48">
      <hr noshade size="1">
    </td>
    <td colspan="2" width="80">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td colspan="2" width="59">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td align="right" colspan="3" width="321">
      <p align="left"><b><font size="2" face="sans-serif">Consolidated
      Statements of Operations</font></b></p>
    </td>
    <td width="24">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="43">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="9">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="43">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="9">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td colspan="2" width="250"><font size="2" face="sans-serif">Loss for the
      year under Canadian GAAP</font></td>
    <td width="69">&nbsp;</td>
    <td align="center" width="24"><b><font size="2" face="sans-serif">$</font></b></td>
    <td align="right" colspan="2" width="93"><b><font size="2" face="sans-serif">(6,794)</font></b></td>
    <td align="right" width="48"><font size="2" face="sans-serif">$</font></td>
    <td align="right" colspan="2" width="80"><font size="2" face="sans-serif">(33,977)</font></td>
    <td width="10">&nbsp;</td>
    <td width="7"><font size="2" face="sans-serif">$</font></td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">(8,077)</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td align="right" colspan="3" width="321">
      <p align="left"><font size="2" face="sans-serif">Unrealized loss on
      short-term investments (c)</font></p>
    </td>
    <td width="24">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td align="right" width="43"><b><font size="2" face="sans-serif">80</font></b></td>
    <td width="48">&nbsp;</td>
    <td width="9">&nbsp;</td>
    <td align="right" width="69">-</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50">-</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241"><font size="2" face="sans-serif">Amortization of mineral
      property (a)</font></td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td align="right" colspan="2" width="93"><b><font size="2" face="sans-serif">(1,700)</font></b></td>
    <td width="48">&nbsp;</td>
    <td width="9">&nbsp;</td>
    <td align="right" width="69">-</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50">-</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241"><font size="2" face="sans-serif">Deferred exploration (a)</font></td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td align="right" width="43">-</td>
    <td width="48">&nbsp;</td>
    <td width="9">&nbsp;</td>
    <td align="right" width="69">-</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">(24)</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241"><font size="2" face="sans-serif">SFAS 150 adjustments (b)</font></td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="43">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="9">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241"><font size="2" face="sans-serif">Interest expense</font></td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td width="48"></td>
    <td align="right" width="43"><font size="2" face="sans-serif"><b>(1,887)</b></font></td>
    <td width="48">&nbsp;</td>
    <td width="9">&nbsp;</td>
    <td align="right" width="69">-</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50">-</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241"><font size="2" face="sans-serif">Interest accretion</font></td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td align="right" colspan="2" width="93"><b><font size="2" face="sans-serif">595</font></b></td>
    <td width="48">&nbsp;</td>
    <td width="9">&nbsp;</td>
    <td align="right" width="69">-</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50">-</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241"><font size="2" face="sans-serif">Amortization of debt issue
      costs</font></td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td align="right" colspan="2" width="93"><b><font size="2" face="sans-serif">(454)</font></b></td>
    <td width="48">&nbsp;</td>
    <td width="9">&nbsp;</td>
    <td align="right" width="69">-</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50">-</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">
      <hr noshade size="1">
    </td>
    <td width="241">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="69">
      <hr noshade size="1">
    </td>
    <td width="24">
      <hr noshade size="1">
    </td>
    <td colspan="2" width="93">
      <hr noshade size="1">
    </td>
    <td width="48">
      <hr noshade size="1">
    </td>
    <td width="9">
      <hr noshade size="1">
    </td>
    <td width="69">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td align="right" colspan="2" width="93"><b><font size="2" face="sans-serif">(10,160)</font></b></td>
    <td width="48">&nbsp;</td>
    <td align="right" colspan="2" width="80"><font size="2" face="sans-serif">(33,977)</font></td>
    <td width="10">&nbsp;</td>
    <td align="right" colspan="3" width="68"><font size="2" face="sans-serif">(8,101)</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241"><font size="2" face="sans-serif">Future income tax provision</font></td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td align="right" colspan="2" width="93"><b><font size="2" face="sans-serif">595</font></b></td>
    <td width="48">&nbsp;</td>
    <td width="9">&nbsp;</td>
    <td align="right" width="69">-</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50">-</td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">
      <hr noshade size="1">
    </td>
    <td width="241">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="69">
      <hr noshade size="1">
    </td>
    <td width="24">
      <hr noshade size="1">
    </td>
    <td colspan="2" width="93">
      <hr noshade size="1">
    </td>
    <td width="48">
      <hr noshade size="1">
    </td>
    <td width="9">
      <hr noshade size="1">
    </td>
    <td width="69">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241"><font size="2" face="sans-serif">Net loss under US GAAP</font></td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td align="right" colspan="2" width="93"><b><font size="2" face="sans-serif">(9,565)</font></b></td>
    <td align="right" width="48"><font size="2" face="sans-serif">$</font></td>
    <td align="right" colspan="2" width="80"><font size="2" face="sans-serif">(33,977)</font></td>
    <td width="10">&nbsp;</td>
    <td width="7"><font size="2" face="sans-serif">$</font></td>
    <td width="7">&nbsp;</td>
    <td align="right" width="50"><font size="2" face="sans-serif">(8,101)</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">
      <hr noshade size="1">
    </td>
    <td width="241">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="69">
      <hr noshade size="1">
    </td>
    <td width="24">
      <hr noshade size="1">
    </td>
    <td colspan="2" width="93">
      <hr noshade size="1">
    </td>
    <td width="48">
      <hr noshade size="1">
    </td>
    <td colspan="2" width="80">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="7">
      <hr noshade size="1">
    </td>
    <td width="50">
      <hr noshade size="1">
    </td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241"><font size="2" face="sans-serif">Basic loss per share under
      US GAAP</font></td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td width="48" style="border-bottom: 1 solid #000000"></td>
    <td align="right" width="43" style="border-bottom: 1 solid #000000"><b><font size="2" face="sans-serif">$(0
      .19)</font></b></td>
    <td width="48" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="9" style="border-bottom: 1 solid #000000"></td>
    <td align="right" width="69" style="border-bottom: 1 solid #000000"><font size="2" face="sans-serif">($0.81)</font></td>
    <td width="10" style="border-bottom: 1 solid #000000">&nbsp;</td>
    <td width="7" style="border-bottom: 1 solid #000000"><font size="2" face="sans-serif">$</font></td>
    <td width="7" style="border-bottom: 1 solid #000000"></td>
    <td align="right" width="50" style="border-bottom: 1 solid #000000"><font size="2" face="sans-serif">(0.22)</font></td>
    <td width="10">&nbsp;</td>
  </tr>
  <tr>
    <td width="13">&nbsp;</td>
    <td width="241">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="24">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="43">&nbsp;</td>
    <td width="48">&nbsp;</td>
    <td width="9">&nbsp;</td>
    <td width="69">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="50">&nbsp;</td>
    <td width="10">&nbsp;</td>
  </tr>
</table>
<p style="font-family: Arial; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0; padding-left: 54pt"><br>
<b>a)&nbsp;&nbsp;&nbsp;</b> <b>Mineral Property Expenditures</b></p>
<p style="font-family: Arial; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0; padding-left: 54pt" align="justify">&nbsp;</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Canadian
GAAP allows exploration costs and costs of acquiring mineral rights to be
capitalized during the search for a commercially mineable body of ore.
&nbsp;Prior to 2002 the Company had incurred exploration expenses that were
added to the carrying value of mineral properties as it was anticipated that
there was a continuing benefit of such expenditures. &nbsp;Subsequent to 2001
the Company has expensed all exploration costs unless such activities expand the
reserve base at one of the Company's operations. &nbsp;Under US GAAP,
exploration expenditures can only be deferred subsequent to the establishment of
reserves. &nbsp;For US GAAP purposes the Company therefore expensed its pre-2002
exploration expenditures.</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-11pt; line-height:14pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)&nbsp; Page 20</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-97.2pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Furthermore,
under US GAAP, the cost of acquisition of mineral property rights are generally
classified as intangible assets and should be amortized over their useful life
which, in the case of mineral rights, is the period to expiry of the rights.
&nbsp;Under Canadian GAAP, costs of acquiring mineral rights may be considered
as tangible property and would be amortized over the productive life of the
asset. &nbsp;As a result, for US GAAP purposes, the Company is amortizing the
cost of the mining rights acquired in the Corner Bay transaction on a straight
line basis over the life of the mining rights.</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Arial; font-size:11pt" align="justify"><b>b)</b></p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><b>Convertible
debentures</b></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">In
May 2003, FASB Statement No. 150 ("SFAS 150"), "Accounting for Certain
Financial Instruments with Characteristics of Both Liabilities and Equity" was
issued. &nbsp;This Statement requires that three types of financial instruments
be reported as liabilities by their issuers. &nbsp;Those types of instruments
include: mandatorily redeemable instruments; forward purchase contracts, written
put options and other financial instruments not in the form of shares that
either obligate the issuer to repurchase its equity shares and settle its
obligation for cash or by transferring other assets; and certain financial
instruments that include an obligation that may be settled in a variable number
of equity shares, has a fixed or benchmark tied value at inception that varies
inversely with the fair value of the equity shares. &nbsp;SFAS 150 is effective
for instruments entered into or modified after May 31, 2003. &nbsp;Under
Canadian GAAP the convertible debentures have been accounted for in accordance
with CICA Handbook Section 3870. &nbsp;Application of this section results in
the accounting as described in Note 9, with the principle component of the
debenture being treated as equity. &nbsp;In accordance with SFAS 150 the
resulting change to the financial statements would be to increase liabilities by
$63,201,000 and decrease shareholders' equity by a corresponding amount.
&nbsp;Debt issue expenses of $3,273,000 would be reclassified from shareholders'
equity to assets and would be amortized over three years at an annual rate of
$1,091,000. &nbsp;Interest expense would be higher by $1,292,000.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-97.2pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify"><b>c)</b></p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><b>Comprehensive
income</b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">The
Financial Accounting Standards Board ("FASB") issued SFAS No. 130, <i>Reporting
Comprehensive Income</i>, which was required to be adopted beginning on January
1, 1998. &nbsp;SFAS 130 establishes standards for the reporting and display of
comprehensive income and its components. The impact of adopting SFAS 130 on the
Company's financial statements is a charge of $Nil (2002 - $28,000; 2001 -
$38,000) to earnings relating to foreign exchange loss. &nbsp;Additionally,
under SFAS 115, portfolio investments classified as available for sale
securities are recorded at market value. &nbsp;The resulting gain and loss are
included in determination of comprehensive income.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:286pt; font-family:Arial" align="justify"><b><u>2003</u></b></p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:358pt; font-family:Arial" align="justify"><u>2002</u></p>
<p style="margin:0pt; padding-left:54pt; text-indent:430pt; font-family:Arial" align="justify"><u>2001</u></p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; line-height:15pt; font-family:Arial">Net
loss under US GAAP</p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; text-indent:276.8pt; line-height:15pt; font-family:Arial">(9,565)</p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; text-indent:343.8pt; line-height:15pt; font-family:Arial">(33,977)</p>
<p style="margin:0pt; padding-left:54pt; text-indent:420.8pt; line-height:13pt; font-family:Arial">(9,470)</p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; line-height:15pt; font-family:Arial">&nbsp;&nbsp;Unrealized
loss on available for sale securities</p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; text-indent:289.3pt; line-height:15pt; font-family:Arial">(80)</p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; text-indent:374.65pt; line-height:15pt; font-family:Arial">-</p>
<p style="margin:0pt; padding-left:54pt; text-indent:446.65pt; line-height:13pt; font-family:Arial">-</p>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; line-height:15pt; font-family:Arial"><u>&nbsp;&nbsp;Foreign
exchange adjustment</u></p>
<u>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; text-indent:302.65pt; line-height:15pt; font-family:Arial">-</u></p>
<u>
<p style="margin-top:0pt; margin-bottom:-15pt; padding-left:54pt; text-indent:361.3pt; line-height:15pt; font-family:Arial">(28)</u></p>
<u>
<p style="margin:0pt; padding-left:54pt; text-indent:433.3pt; line-height:13pt; font-family:Arial">(38</u>)</p>
<p style="margin-top:0pt; margin-bottom:-20pt; padding-left:54pt; line-height:20pt; font-family:Arial" align="justify"><u>Comprehensive
net loss under US GAAP</u></p>
<p style="margin-top:0pt; margin-bottom:-20pt; padding-left:54pt; text-indent:260.5pt; line-height:20pt; font-family:Arial" align="justify"><u>$</u></p>
<p style="margin-top:0pt; margin-bottom:-20pt; padding-left:54pt; text-indent:276.8pt; line-height:20pt; font-family:Arial" align="justify"><u>(9,645)</u></p>
<p style="margin-top:0pt; margin-bottom:-20pt; padding-left:54pt; text-indent:332.5pt; line-height:20pt; font-family:Arial" align="justify"><u>$</u></p>
<p style="margin-top:0pt; margin-bottom:-20pt; padding-left:54pt; text-indent:343.8pt; line-height:20pt; font-family:Arial" align="justify"><u>(34,005)</u></p>
<p style="margin-top:0pt; margin-bottom:-20pt; padding-left:54pt; text-indent:409pt; line-height:20pt; font-family:Arial" align="justify"><u>$</u></p>
<p style="margin:0pt; padding-left:54pt; text-indent:420.8pt; line-height:18pt; font-family:Arial" align="justify"><u>(9,508)</u></p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><b>Pan American Silver
Corp.<br>
</b><small>Notes to consolidated financial statements</small></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-11pt; line-height:14pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)&nbsp; Page 21</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; font-family:Arial" align="justify"><b>d)</b></p>
<p style="margin:0pt; padding-left:36pt; text-indent:18pt; font-family:Arial" align="justify"><b>Derivative
instruments and hedging activities</b></p>
<br>
<p style="text-indent: 0; font-family: Arial; margin: 0pt; padding-left: 54pt" align="justify">In
April 2003, FASB Statement No. 149 ("SFAS 149") "Amendment of SFAS No. 133
on Derivative Instruments and Hedging Activities" was issued. &nbsp;&nbsp;SFAS
149 is effective for contracts entered into or modified after June 30, 2003,
except for certain provisions that relate to SFAS No. 133 "Implementation
Issues" that had been effective prior to June 15, 2003. This Statement amends
and clarifies accounting for derivative financial instruments and for hedging
activities. &nbsp;In particular it clarifies the circumstances under which a
contract with an initial net investment meets the characteristics of a
derivative as contemplated in SFAS No. 133 and it clarifies when a derivative
contains a financing component. &nbsp;In addition, this Statement amends the
definition of an underlying to make it conform to FASB Interpretation No. 45, "Guarantor Accounting and Disclosure Requirements for Guarantees, Including
Indirect Guarantees of Indebtedness of Others" and also amends certain other
existing accounting pronouncements. &nbsp;The application of SFAS 149 did not
have a material effect on the Company's results of operations or its financial
position.</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify"><b>e)</b></p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><b>Income
taxes</b></p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">Under
Canadian GAAP, future income taxes are calculated based on enacted or
substantially enacted tax rates applicable to future years. &nbsp;Under US GAAP,
only enacted rates are used in the calculation of future income taxes.
&nbsp;This GAAP difference did not result in a difference in the financial
position, results of operations or cash flows of the Company for the years ended
December 31, 2003, 2002 and 2001.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; font-family:Arial" align="justify"><b>f)</b></p>
<p style="margin:0pt; padding-left:36pt; text-indent:18pt; font-family:Arial" align="justify"><b>Share
purchase warrants</b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">The
Company, from time to time, issues special warrants which are normally comprised
of a common share and either a whole or portion of a share purchase warrant.
&nbsp;The special warrant is issued at the current market value of the common
share and the share purchase warrant is normally exercised at or higher than
market value. &nbsp;Under Canadian GAAP, the proceeds of the special warrant are
allocated to the common share with no value being assigned to the share purchase
warrant. &nbsp;Under US GAAP, the gross proceeds would be allocated between the
shares and warrants based on the relative fair value of the special warrant
components at the date the Company has a contractual liability to issue the
special warrants.</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; font-family:Arial" align="justify"><b>g)</b></p>
<p style="margin:0pt; padding-left:36pt; text-indent:18pt; font-family:Arial" align="justify"><b>Financial
statement presentation</b></p>
<p style="margin:0pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">For
US GAAP purposes, certain items such as other income and expenses and interest
income would be excluded from the calculation of "Loss from Operations".</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify"><b>h)</b></p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><b>Controlled
entities</b></p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">The
Company owns a 50% interest in two Argentinean corporations (Note 7).
&nbsp;Under US GAAP such ventures are accounted for under the equity method as
it is considered that the Company cannot exercise sufficient control to warrant
consolidation. &nbsp;Under Canadian GAAP, it is considered that the rights of
the minority do not significantly impair the Company's right to control and
direct the operations and therefore the Company has consolidated, on a
proportionate basis, the results of operations and financial position. &nbsp;The
Company has determined that the effect of this difference on all periods
disclosed is immaterial.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify">&nbsp;</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; line-height:16pt; font-family:Arial; font-size:14pt"><b>Pan
American Silver Corp.</b></p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial">Notes
to consolidated financial statements</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-11pt; line-height:14pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)&nbsp; Page 22</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify"><b>i)</b></p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><b>Asset
Retirement Obligations</b></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">In
2003 the Company adopted Canadian GAAP standards of "Asset Retirement
Obligations" which are consistent with SFAS No. 143, "Accounting for Asset
Retirement Obligations." &nbsp;These Standards address financial accounting
and reporting for obligations associated with the retirement of tangible
long-lived assets and the associated asset retirement costs. &nbsp;These
Standards require that the fair value of a liability for an asset retirement
obligation be recognized in the period in which it is incurred if a reasonable
estimate of fair value can be made. &nbsp;The associated asset retirement costs
are capitalized as part of the carrying value of the long-lived asset. &nbsp;For
Canadian purposes the Company adopted this standard during 2003 with retroactive
restatement to 2002. &nbsp;Under US GAAP retroactive restatement is not
permitted.</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify"><b>j)</b></p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify"><b>Stock
Based Compensation</b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">As
described in Note 3a the Company has adopted the fair value based approach to
Stock Based Compensation under the provisions of CICA 3870 and SFAS No. 148.
&nbsp;The method of adoption applied by the Company is permissible under both
Canadian and US standards.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; font-family:Arial" align="justify"><b>k)</b></p>
<p style="margin:0pt; padding-left:36pt; text-indent:18pt; font-family:Arial" align="justify"><b>Recent
accounting pronouncements</b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:4.15pt; padding-left:54pt; font-family:Arial" align="justify">In
August 2001, the FASB issued SFAS&nbsp;144, &quot;<i>Accounting for the
Impairment or Disposal of Long-Lived Assets</i>.&quot; SFAS&nbsp;144 replaces
SFAS 121, &quot;<i>Accounting for the Impairment of Long-Lived Assets and for
Long-Lived Assets to Be Disposed Of</i>.&quot; The FASB issued SFAS 144 to
establish a single accounting model, based on the framework established in SFAS
121, as SFAS&nbsp;121 did not address the accounting for a segment of a business
accounted for as a discontinued operation under APB 30, &quot;<i>Reporting The
Results of Operations-Reporting The Effects of Disposal of a Segment of a
Business, and Extraordinary, Unusual and Infrequently Occurring Events and
Transactions</i>.&quot; SFAS 144 also resolves significant implementation issues
related to SFAS 121. Companies are required to adopt SFAS 144 for fiscal years
beginning after December 15, 2001, but early adoption is permitted. The Company
has adopted SFAS 144 as of January 1, 2002. The Company has determined that the
application of SFAS 144 did not have a material affect on its consolidated
financial position or results of operations.</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">In
April 2002, the FASB issued SFAS No. 145, "<i>Rescission of FASB Statement No.
4, 44 and 64, Amendment of FASB Statement No. 13, and Technical Corrections"</i>.
&nbsp;Among other things, SFAS No. 145 rescinds both SFAS No. 4, "<i>Reporting
Gains and Losses from Extinguishment of Debt</i>", and the amendment to SFAS
No. 4, SFAS No. 64, "<i>Extinguishment of Debt Made to Satisfy Sinking Fund
Requirements"</i>. &nbsp;Through this rescission, SFAS No. 145 eliminates the
requirement (in both SFAS No. 4 and SFAS No. 64) that gains and losses from the
extinguishment of debt be aggregated and, if material, classified as an
extraordinary item, net of the related income tax effect. &nbsp;Generally, SFAS
No. 145 is effective for transactions occurring after May 15, 2002. &nbsp;The
application of SFAS No. 145 did not have a material effect on the Company's
results of operations or its financial position.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial">In June 2002, the
FASB issued SFAS No. 146, "<i>Accounting for Costs Associated with Exit or
Disposal of Activities"</i>. &nbsp;SFAS No. 146 requires that the liability
for a cost associated with an exit or disposal activity be recognized at its
fair value when the liability is incurred. &nbsp;Under previous guidance, a
liability for certain exit costs was recognized at the date that management
committed to an exit plan, which was generally before the actual liability had
been occurred. &nbsp;As SFAS No. 146 is effective only for exit or disposal
activities initiated after December 31, 2003, the Company does not expect the
adoption of this statement to have a material impact on the Company's
financial statements.</p>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<p style="margin:0pt; line-height:16pt; font-family:Arial; font-size:14pt"><b>Pan
American Silver Corp.</b></p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial">Notes
to consolidated financial statements</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify">December
31, 2003, 2002 and 2001</p>
<p style="margin-top:0pt; margin-bottom:-11pt; line-height:14pt; font-family:Arial; border-bottom:2.25pt solid #000000" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)&nbsp; Page 23</p>
<p style="margin:0pt; padding-left:36pt; text-indent:-36pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial" align="justify">In
November 2002, the FASB issued FASB Interpretation No. 45, "Guarantor's
Accounting and Disclosure Requirements for Guarantee, Including Indirect
Guarantees of Indebtedness of Others, ("FIN 45"). &nbsp;FIN 45 requires that
upon issuance of a guarantee, a guarantor must recognize a liability for the
fair value of an obligation assumed under a guarantee. &nbsp;FIN 45 also
requires additional disclosures by a guarantor in its interim and annual
financial statements about the obligations associated with guarantees issued.
&nbsp;The recognition provisions of FIN 45 will be effective for any guarantees
that are issued or modified after December 31, 2003. &nbsp;The Company is
currently evaluating the effects of FIN 45; however, it does not expect that the
adoption will have a material impact on the Company's results of operations or
financial position.</p>
<p style="margin:0pt; padding-left:36pt; text-indent:18pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:54pt; font-family:Arial">In January 2003, the
FASB issued Interpretation No. 46 (FIN 46), &quot;Consolidation of Variable
Interest Entities&quot;, an Interpretation of ARB No. 51. &nbsp;FIN 46 requires
certain variable interest entities to be consolidated by the primary beneficiary
of the entity if the equity investors in the entity do not have the
characteristics of a controlling financial interest or do not have sufficient
equity at risk for the entity to finance its activities without additional
subordinated financial support from other parties. &nbsp;FIN 46 is effective for
all new variable interest entities created or acquired after January 31, 2003.
For variable interest entities created or acquired prior to February 1, 2003,
the provisions of FIN 46 must be applied for the first interim or annual period
beginning after March 15, 2004; however, earlier adoption is permitted.
&nbsp;Adoption of this standard is not expected to have a material effect on the
Company's results of operations, financial condition or disclosures.</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Arial" align="justify"><b>19.</b></p>
<p style="margin:0pt; padding-left:36pt; font-family:Arial" align="justify"><b>SUBSEQUENT
EVENTS</b></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify"><br>
</p>
<p style="text-indent: 0; font-family: Arial; margin: 0pt; padding-left: 54pt" align="justify">Subsequent
to December 31, 2003, the Company:</p>
<p style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Arial" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Arial" align="justify">a)</p>
<p style="margin:0pt; padding-left:72pt; font-family:Arial" align="justify">sold
forward 10,960 tonnes of zinc at an average price of $1,042 per tonne and 7,215
tonnes of lead at an average price of $730 per tonnes. &nbsp;These forward sales
contracts will settle between January 2004 and June 2005;</p>
<p style="margin-top:5pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Arial" align="justify">b)</p>
<p style="margin:0pt; padding-left:72pt; font-family:Arial" align="justify">signed
a binding agreement with a number of individuals, subject to regulatory approval
and other conditions, to purchase a 80.72% equity interest in Compania Minera
Argentum S.A. ("Argentum") and a 100% equity interest in an affiliated
Peruvian company for approximately $37 million. &nbsp;Argentum received the
Anticona and Manuelita mining units and related infrastructure and processing
assets, ("Morococha") from Sociedad Minera Corona S.A.. Morococha is located
in central Peru 150 km northeast of Lima. &nbsp;This proposed purchase is
expected to close in the second quarter of 2004; and</p>
<p style="margin-top:5pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Arial" align="justify">c)</p>
<p style="margin:0pt; padding-left:72pt; font-family:Arial" align="justify">issued
188,001 common shares for proceeds of $1,408,000 on exercise of employee stock
options.</p>
<br>
<P style="margin:0pt; font-family:Times New Roman" align=left>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;</P>
<A NAME="FooterB"></A><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>-
4 -</P>
<P style="margin:0pt; font-family:Times New Roman"><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" align=right><B>Document No. 3</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman"></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman"><BR></P>
<br>
<p style="margin:0pt; font-family:Arial; font-size:18pt" align="center"><br>
</p>
<p style="margin:0pt; line-height:18pt; font-family:Arial; font-size:16pt"><b>Management's
Discussion and Analysis of Financial Condition and Results of Operations</b></p>
<p style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">February
24, 2004</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:16pt; font-family:Arial; font-size:14pt"><b>Introduction</b></p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Management's
discussion and analysis ("MD&amp;A") focuses on significant factors that
affected Pan American Silver Corp.'s and its subsidiaries ("Pan American"
or the "Company") performance and such factors that may affect its future
performance. &nbsp;In order to better understand the MD&amp;A, it should be read
in conjunction with the audited consolidated financial statements and the
related notes contained herein. &nbsp;Pan American's reporting currency is the
United States dollar and all amounts in this discussion and in the consolidated
financial statements are expressed in United States dollars, unless identified
otherwise. &nbsp;The Company reports its financial position, results of
operations and cash flows in accordance with Canadian generally accepted
accounting principles ("Canadian GAAP"). Pan American's significant
accounting policies are set out in Note 2 of the audited consolidated financial
statements. Differences between Canadian and United States generally accepted
accounting principles that would affect the Company's reported financial
results are set out in Note 18.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">This
MD&amp;A is comprised of the following sections: The "Overview of 2003"
provides an analysis of Pan American's <i>financial results</i> and <i>operating
performance</i>, after discussing the <i>critical accounting policies</i> and <i>significant
events and transactions</i> that had a material bearing on the results and
performance in 2003. A detailed analysis of each mine's operating performance
in 2003 and our forecasts for 2004 are provided. Also provided under this
section is a reconciliation of our <i>consolidated cash cost per ounce of silver
produced</i>. The "Liquidity and Capital Resources" section describes our
current financial condition and discusses our expected capital and liquidity
requirements for 2004 and beyond. The "Risks and Uncertainty" section
discusses the risks associated with Pan American's business and our risk
management programs to mitigate such risks. Finally, in the "Outlook"
section we provide Pan American's expectations regarding the Company's
exploration and development projects and the metal markets.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Except
for historical information contained in this MD&amp;A, the following disclosures
are forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 or are future oriented financial information and
as such are based on an assumed set of economic conditions and courses of
action. These include estimates of future production levels, expectations
regarding mine production and development programs and capital costs, expected
trends in mineral prices and statements that describe Pan American's future
plans, objectives or goals. There is significant risk that actual results will
vary, perhaps materially, from results projected depending on such factors as
discussed under Risks and Uncertainties in this MD&amp;A and other risk factors
listed from time-to-time in the Company's Annual Information Form or Form 40-F.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Additional
information about Pan American and its business activities is available on SEDAR
at www.sedar.com.</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">1</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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>
<br>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:16pt; font-family:Arial; font-size:14pt"><b>Overview
of 2003</b></p>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">In
order to better understand Pan American's financial results and operating
performance in 2003, it is important to gain an appreciation for the <i>critical
accounting policies</i> that have been adopted by Pan American and the <i>significant
events and transactions</i> that occurred during the year.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><b>Critical
accounting policies</b></p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Pan
American has chosen to early adopt CICA Handbook Section 3870 - Stock-Based
Compensation and Other Stock-Based Payments, which requires the fair value
method of accounting for stock options. Under this method, Pan American is
required to recognize a charge to the income statement based on an
option-pricing model for all stock options that were granted and vested in the
2003 financial year, with a corresponding credit to Additional Paid in Capital
under the Shareholders' Equity section of the balance sheet. The fair value of
the stock options granted was calculated using an option-pricing model based on
the following assumptions - no dividends were paid, a weighted average
volatility of the Company's share price of 58%, weighted average annual risk
free rate of 4.03% and an expected life of 3.5 years. &nbsp;The resulting
weighted average option valuation is $2.74 per share for a total expense related
to stock options in 2003 of $2.9 million (2002 - $0.3 million).</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">The
Company has also chosen to early adopt CICA Handbook Section 3110, which is the
equivalent of FASB Statement No. 143, "Accounting for Asset Retirement
Obligations", which addresses financial accounting and reporting for
obligations associated with the retirement of long-lived assets.
&nbsp;Accordingly, the Company's provision for reclamation of $13 million was
removed from the accounts with a credit to earnings. &nbsp;The expected fair
value of future site restoration costs for the La Colorada, Huaron and
Quiruvilca mines is estimated using a discount rate of 5% at $21.2 million,
which has been recorded as part of the carrying value of the mines and as a
corresponding liability. &nbsp;We estimate the amount of this future liability
that has been incurred up until December 31, 2003 was $13 million, which we have
charged to income with a corresponding write down of the carrying value of the
assets. Thus, the net effect on income is $nil in 2003; however the Company's
assets and liabilities as stated on the balance sheet have been increased to
reflect the fair value of the anticipated future liability. The Company will
review these estimates on an annual basis. In future periods, assuming no change
in estimates, operations will be charged with annual amortization of future site
restoration costs of about $0.8 million and the annual accretion of the
liability for future site restoration costs of about $0.5 million.</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
CICA Handbook requires that both Section 3870 and Section 3110 be applied for
fiscal year beginning on or after January 1, 2004.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">2</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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>
<br>
<p style="margin:0pt; padding-left:2.9pt; font-family:Arial; font-size:11pt" align="justify">Canadian
GAAP requires that certain financial<font FACE="Times New Roman"> </font>instruments
with characteristics of both liabilities and equity be recorded as part debt and
part equity. On July 30, 2003 the Company issued 5.25% convertible unsecured
senior subordinated debentures (the "Debentures"), which fall into this
category of financial instruments and are thus accounted for as explained in
Note 11 to the audited consolidated financial statements. A reader might expect
the interest cost associated with the Debentures to be reflected in the
statement of operations as interest expense. &nbsp;However, Canadian GAAP
requires the interest payment be accounted for in a manner parallel to the
initial recognition of the Debentures as part debt, recognizing the accretion of
the liability component of the Debentures as a charge to earnings, and part
equity with the accretion of the Debenture equity component charged directly to
the Deficit. &nbsp;Similarly, a reader might expect that the Debentures issue
costs would be amortized over the minimum life of the Debentures and be
reflected as a charge in the statement of operations. &nbsp;Since all of the
issue costs were charged to Shareholders' Equity when the Debentures were
issued, no amortization of those costs is recorded.</p>
<p style="margin:0pt; padding-left:2.9pt; font-family:Arial; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:2.9pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">During
the third quarter of 2002, the Company commenced an expansion program at the La
Colorada mine in Mexico. From that point through to December 31, 2003, operating
results at La Colorada were capitalized as "Mineral Property, Plant and
Equipment". In 2003, the Company spent $12.3 million on the project expansion,
including $0.9 million in deferred pre-operating costs. From January 1, 2004, La
Colorada is in commercial production for accounting purposes and accordingly,
all revenues generated and related operating expenses will be accounted for in
the Statement of Operations. In addition, the mine's book value will be
amortized to earnings on a unit of production basis.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><b>Significant
Events and Transactions</b></p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Corner
Bay Silver Inc. Acquisition</b></p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">The
acquisition of Corner Bay Silver Inc. ("Corner Bay") was completed on
February 20, 2003. &nbsp;Corner Bay was a silver exploration company with one
significant mineral property (the Alamo Dorado property). &nbsp;The
consideration paid to acquire 100 % of Corner Bay was 7,636,659 common shares of
the Company, 3,818,329 warrants to purchase common shares of the Company (the "Pan American warrants") and 553,847 options to purchase common shares of
the Company. &nbsp;The common shares of the Company were valued at $54.2
million, the Pan American warrants were valued at $8.9 million and the options
granted had value of $1.1 million resulting in a purchase price of $64.2 million
(exclusive of acquisition costs of $0.7 million).</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">The
Alamo Dorado property is located in the State of Sonora, Mexico near the border
of Sinaloa, Mexico. &nbsp;It consists of two concessions covering an area of
5,369 hectares (13,266 acres) that, under Mexican law, are renewable for a
fifty-year term. &nbsp;In 2002, prior to the Company's acquisition of Corner
Bay, AMEC E&amp;C Services, Inc., an independent engineering consulting firm
prepared a feasibility study, which the Company believes confirmed that the
development of a mine at the Alamo Dorado property would provide an acceptable
rate of return. However, Pan American believes that it is prudent to determine
the optimum mining and processing method for the Alamo Dorado ore body by
conducting additional geological, engineering and metallurgical studies through
the first half of 2004. &nbsp;During 2003, $1.3 million was spent at Alamo
Dorado in connection with those studies, property and related payments,
permitting, environmental work and exploration. &nbsp;For the first half of
calendar 2004 the Company has budgeted $1.4 million for completion,</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">3</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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>
<br>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">culminating
in a new feasibility study. &nbsp;All direct spending related to Alamo Dorado is
capitalized. &nbsp;At December 31, 2003 the carrying value of Alamo Dorado
consists of:</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt">The
purchase price for 100 % of Corner Bay</p>
<p style="margin:0pt; text-indent:288pt; line-height:13pt; font-family:Arial; font-size:11pt">$64.2
million</p>
<p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt">Less:
Working capital acquired</p>
<p style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Arial; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
($2.4 million)</p>
<p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt">Less:
Equipment acquired</p>
<p style="margin:0pt; text-indent:288pt; line-height:13pt; font-family:Arial; font-size:11pt">($2.5
million)</p>
<p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt">Provision
for future income taxes</p>
<p style="margin:0pt; text-indent:288pt; line-height:13pt; font-family:Arial; font-size:11pt">$19.0
million</p>
<p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt">Costs
of acquiring Corner Bay</p>
<p style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Arial; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$ &nbsp;0.7 million</p>
<p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt">Direct
costs incurred in 2003</p>
<p style="margin:0pt; text-indent:288pt; line-height:13pt; font-family:Arial; font-size:11pt">$
&nbsp;1.3 million</p>
<p style="margin:0pt; text-indent:288pt; line-height:13pt; font-family:Arial; font-size:11pt">----------------</p>
<p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt">Total
carrying value</p>
<p style="margin:0pt; text-indent:288pt; line-height:13pt; font-family:Arial; font-size:11pt">$80.1
million</p>
<p style="margin:0pt; text-indent:288pt; line-height:13pt; font-family:Arial; font-size:11pt">=========</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">The
provision for future income taxes incorporated in the carrying value above
arises due to the expected difference between future years' income subject to
tax and income for accounting purposes. &nbsp;The expected difference is due to
the fact that the carrying value of Alamo Dorado for income tax purposes is
lower than the amount paid for Corner Bay. As a consequence, future years'
income subject to income tax will be greater than income for accounting purposes
which would, in the absence of other possible tax benefits, result in greater
tax payments than accounting tax provisions. &nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify"><b>Convertible
Debentures</b></p>
<p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:2.9pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">On
July 30, 2003 the Company issued $75 million of 5.25% Debentures due July 31,
2009 to a syndicate of Underwriters. As part of the underwriting agreement the
Company granted the Underwriters an option exercisable for up to 30 days after
July 30, 2003 to purchase up to an additional $11.25 million principal amount of
Debentures on the same terms and conditions. On August 8, 2003 this option was
exercised and the Company issued an additional $11.25 million of Debentures.
&nbsp;After commissions and expenses the net proceeds received from issuing the
Debentures was $83.0 million.</p>
<p style="margin:0pt; padding-left:2.9pt; font-family:Arial; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; padding-left:2.9pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Interest
on the debentures is payable semi-annually beginning on January 31, 2004.
&nbsp;The Company has the option to fund interest payments from the proceeds of
the sale of Common Shares issued by the Company to a trustee for the purpose of
making such sales on the open market.</p>
<p style="margin:0pt; padding-left:2.9pt; font-family:Arial; font-size:11pt" align="justify"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">The
Company also has the option to elect to satisfy its obligation to repay the
principal amount of the outstanding Debentures by issuing, to the holders of the
Debentures, Common Shares of the Company in an amount equal to the principal
amount of the outstanding Debentures divided by 95% of the weighted average
trading price of the Common Shares for the 20 consecutive trading days ending 5
days before the date fixed for repayment.</p>
<p style="margin:0pt; text-indent:1980pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">&nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>La
Colorada expansion</b></p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Pan
American substantially completed a major expansion at its La Colorada silver
mine in Mexico in the second half of 2003. The total cost of the expansion,
which commenced in 2002, was approximately $19 million.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">4</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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>
<br>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">The
expansion included the construction of a 600 tonne per day oxide mill, which
will add to the mine's production from the existing 200 tonne per day sulphide
mill .The feasibility study for the expanded La Colorada mine predicted
production of 2.3 million ounces of silver in 2003 increasing, in subsequent
years, to about 4 million ounces per year. &nbsp;Production at La Colorada,
however, has not reached design capacity as quickly as anticipated in the study
for the expansion. Actual silver production in 2003 was approximately 1 million
ounces and silver production for 2004 is expected to be approximately 3 million
ounces. &nbsp;Production at La Colorada is expected to reach design capacity
during the third quarter of 2004, following additional capital expenditures of
approximately $1.5 million to be incurred during 2004.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">To
finance part of the expansion, the Company's wholly-owned subsidiary Plata
Panamericana S.A. de C.V. ("Plata") drew down $9,500,000 of the La Colorada
project loan facility with International Finance Corporation ("IFC").
&nbsp;Pan American has provided a guarantee of Plata's obligations under the
project loan facility, which is secured by a pledge of the Company's ownership
in Plata until the passing of predetermined technical and financial completion
tests ("financial completion"), after which the guarantee is released. The
IFC loan bears interest at six-month LIBOR plus 3.50% until financial completion
and six-month LIBOR plus 3.25% thereafter and is repayable in semi-annual
installments of $1,000,000 commencing November 15, 2004 until November 15, 2008,
with a final repayment of $500,000 due on May 15, 2009. &nbsp;Financial
completion was expected to be achieved before the first scheduled loan
repayment. &nbsp;Management now believes that financial completion will not
occur until after November 2004, but before the second scheduled loan payment.
&nbsp;Most of the assets of Plata are pledged as security for the loan. &nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">In
addition to the interest payments on the outstanding balance of the IFC loan,
Pan American will be required to make additional payments to IFC by May 15th of
each year if the average price of silver for the preceding calendar year
exceeded $4.75 per ounce. &nbsp;Such payment would be equal to 20% of the
positive difference between the average price per ounce of silver for a year and
$4.75 multiplied by the number of ounces of silver produced by the La Colorada
mine divided by $9,500,000 and multiplied by the greater of the loan balance at
the end of the year or the originally scheduled loan balance at the end of a
year.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Huaron
Expansion</b></p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">In
July 2003, Pan American initiated technical and economic evaluations of a
possible expansion of the Huaron mine in Peru, which would increase the mine's
production. &nbsp;The first phase of the engineering portion of this study was
completed in January 2004 and the other components of the study are expected to
be completed later in 2004. &nbsp;As part of the feasibility study, a $1 million
drill program was initiated to upgrade the mine's resources and to increase
the proven and probable reserve base. Expenditures related to the expansion were
capitalized as "Mineral Property, Plant and Equipment". In 2003, the Company
spent $0.6 million on the project expansion.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">5</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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>
<br>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">In
October 2003, Pan American bought back the existing 3% net smelter royalty on
the Huaron mine from a group of Peruvian companies for a total of $2.5 million
in cash. At current production levels and a silver price of $5 per ounce, the
buyout of the royalty will reduce the mine's cash costs by approximately
$850,000 per year, starting in 2006. The cost of buying back the royalty was
added to the carrying value of the mine and will be depreciated on a unit of
production basis.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><b>Financial
Results</b></p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">The
table below sets out the quarterly results, expressed in thousands of US
dollars, for the past 12 quarters, together with select balance sheet
information for the prior three years.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>[Intentionally
left blank]</b></p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">6</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt" align="center"><br>
<img border="0" src="table1.gif" width="601" height="803"></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt" align="right"><br>
7</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<br>
<br>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">The
net loss for 2003 was $6.8 million, compared to the net loss for 2002 of $34.0
million, which included the write down at Quiruvilca of $27.2 million.
&nbsp;Included in the net loss for 2003 was $2.9 million related to recognition
of Stock option compensation expenses, of which $2.1 related to stock options
granted in 2003. &nbsp;The operating results improved greatly in 2003 as
compared to 2002 as a result of the improving price environment for the metals
that the Company produces and continued cost reductions, particularly at the
Quiruvilca mine. In addition, the Company's Pyrite Stockpiles, acquired in
November 2002, generated approximately $1.7 million in operating profit in 2003.</p>
<p style="margin:0pt; text-indent:36pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">In
2003, revenue was almost identical to that in 2002. Lower production of zinc and
lead in 2003 due to the closure of the high-cost North Zone at the Quiruvilca
mine was offset by higher realized metal prices in 2003. Relative to 2002,
higher base metal prices had a positive impact on revenue of about $3.0 million
while the decrease in production had a negative impact of $5.6 million. Included
in these numbers is the effect of the Company's base metals hedge program,
which provided a realized gain of $1.0 million in 2002 and a small loss of $0.1
million in 2003. The net decrease in base metal revenue was countered by higher
silver prices. Silver production was 8.64 million ounces, up from 7.8 million in
2002, however revenues associated with 1.0 million ounces produced at La
Colorada were deferred as the mine was in pre-production for accounting
purposes. Another factor impacting 2003 revenues was the net increase of $1.3
million concentrate inventories at the end of 2003, compared to a year earlier,
as a result of the timing of shipments. &nbsp;These concentrate inventories were
shipped and sold in early 2004, when they were recognized in revenue.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Timing
of concentrate shipments also reduced revenues in Q1 of 2003 compared to Q1 in
2002 and the other quarters in 2003. Shipping delays resulting in uneven
quarterly revenues are likely to continue as the purchasers of Pan American's
Peruvian-produced concentrates accumulate product into larger volumes in an
attempt to lower unit shipping costs, which increased sharply during 2003.
&nbsp;Other variations in quarterly revenue occurred in Q2 of 2002, when the
Huaron mine starting commercial production and the small-scale La Colorada mine
that started shortly thereafter.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">General
and administrative costs were $ 1.0 million higher than last year due to the
costs associated with recruitment of several new senior staff, increases in
insurance premiums and the strengthening of the Canadian dollar against the US
dollar. Depreciation and amortization expense was $1.5 million less in 2003 than
2002 due to the write off in 2002 of the carrying value of Quiruvilca, and all
of La Colorada's 2003 expenses being capitalized. Exploration expense
increased by $1.3 million because of increased pre-feasibility activities at the
Company's Manantial Espejo project and the due diligence expense related to
the Company's proposed acquisition of the Morococha silver mine, announced on
February 9, 2004.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Total
interest expense during 2003 amounted to $1.2 million, of which $0.6 million was
attributable to the accretion charge from the Company's Debentures.
&nbsp;Interest incurred on the Huaron start-up loan and concentrate advances
made up the balance of $0.6 million. During 2002 interest expense of $1.0
million consisted of $0.4 million on the Huaron start-up loan and charges
related to concentrate and supplier advances of $0.6 million.</p>
<p style="margin:0pt; text-indent:36pt; font-family:Arial; font-size:12pt"><br>
</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">8</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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>
<br>
<p style="margin:0pt; font-family:Arial; font-size:11pt">In 2002, the net loss
of $34.0 million compared to a net loss of $8.1 million in 2001. &nbsp;&nbsp;A
$3.5 million gain on the sale of land occurred in 2001 while a loss on write
down of Quiruvilca of $27.2 million was recognized in 2002. After excluding
these unusual items the loss in 2002 of $6.7 million compared to a loss of $11.6
million in 2001. &nbsp;The operating results for 2002 improved relative to 2001
due to better operating results at the Huaron mine and marginally better silver
prices. &nbsp;Revenue in 2002 was $7.8 million more than in 2001, principally
because 2002 was the first full year of production from the Huaron mine after
its start up in Q2 of 2001. &nbsp;&nbsp;General and administrative costs in 2002
were lower than 2001 due to the effect of staff reductions and ongoing cost
savings in response to record low silver and zinc prices.</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><b>Operating
Performance</b></p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">The
following table sets out select historic and 2004 forecast consolidated
operating information. For purposes of budgeting for 2004 and the forecast
numbers contained in this MD&amp;A, the Company has used the following price
assumptions: silver: $5.00 per oz, zinc: $900 per tonne ($0.41 per lb), lead:
$600 per tonne ($0.27 per lb), copper: $1,900 per tonne ($0.86 per lb). The
numbers below are based on the assumptions that the Company will take ownership
of the Morococha mine on June 30, 2004 and that mining activities at Quiruvilca
will terminate in the third quarter of 2004.</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="183.333">&nbsp;</td>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="87.867">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center"><b>2004
        Forecast</b></p>
      </td>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center"><b>2003</b></p>
      </td>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center"><b>2002</b></p>
      </td>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="108">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center"><b>2001</b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="183.333">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Production</b></p>
      </td>
      <td valign="top" width="87.867">&nbsp;</td>
      <td valign="top" width="96">&nbsp;</td>
      <td valign="top" width="96">&nbsp;</td>
      <td valign="top" width="108">&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" width="183.333">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Silver
        ounces</p>
      </td>
      <td valign="top" width="87.867">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">10,703,801</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">8,641,914</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">7,765,154</p>
      </td>
      <td valign="top" width="108">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">6,940,171</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="183.333">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Zinc
        tonnes</p>
      </td>
      <td valign="top" width="87.867">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">35,860</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">31,797</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">39,081</p>
      </td>
      <td valign="top" width="108">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">30,894</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="183.333">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Lead
        tonnes</p>
      </td>
      <td valign="top" width="87.867">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">18,759</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">18,990</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">20,790</p>
      </td>
      <td valign="top" width="108">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">17,187</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="183.333">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Copper
        tones</p>
      </td>
      <td valign="top" width="87.867">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">3,248</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">3,143</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">2,847</p>
      </td>
      <td valign="top" width="108">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">2,163</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="183.333">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Costs</b></p>
      </td>
      <td valign="top" width="87.867">&nbsp;</td>
      <td valign="top" width="96">&nbsp;</td>
      <td valign="top" width="96">&nbsp;</td>
      <td valign="top" width="108">&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" width="183.333">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Cash
        cost per ounce</p>
      </td>
      <td valign="top" width="87.867">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$3.34</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$4.09</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$4.03</p>
      </td>
      <td valign="top" width="108">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$4.35</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="183.333">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Non-cash
        cost per ounce</p>
      </td>
      <td valign="top" width="87.867">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right"><u>$1.00</u></p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right"><u>$0.53</u></p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right"><u>$0.76</u></p>
      </td>
      <td valign="top" width="108">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right"><u>$0.68</u></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="183.333">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Total
        cost per ounce</p>
      </td>
      <td valign="top" width="87.867">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$4.34</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$4.62</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$4.79</p>
      </td>
      <td valign="top" width="108">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$5.03</p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">The
silver production figures for 2003 above include 992,142 ounces of silver (2002 -
252,262 ounces) produced at La Colorada while the mine was in pre-production
for accounting purposes.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">No
decision has yet been made with respect to a possible closure of the Quiruvilca
Mine, which had previously been contemplated for the later part of 2004. If
management pursues a longer-term operating plan for Quiruvilca, additional
silver production in 2003 of approximately 1,250,000 ounces will be produced.
The proposed acquisition of Morococha is structured such that Pan American will
&nbsp;receive the after tax net cash flow generated by the mine from November
2003 until the closing.. Therefore, Pan American will benefit directly from
Morococha silver production for the full 2004 year. Management estimates that
1,400,000 ounces of silver will be produced at Morococha in the first half of
2004, which has not been included in the 2004 estimates above.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">An
analysis of each mine's operating performance in 2003 measured against
historical performance follows, together with Management's forecasts for each
operation's performance in 2004.</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">9</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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>
<br>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Huaron
mine</b></p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="163.2">&nbsp;</td>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="103.733">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center"><b>2004
        Forecast</b></p>
      </td>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center"><b>2003</b></p>
      </td>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center"><b>2002</b></p>
      </td>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center"><b>2001</b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Tonnes
        milled</p>
      </td>
      <td valign="top" width="103.733">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">628,500</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">605,790</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">606,300</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">367,274</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Cost
        per tonne</p>
      </td>
      <td valign="top" width="103.733">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$42.67</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$41.87</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$38.71</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$39.73</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Silver
        ounces</p>
      </td>
      <td valign="top" width="103.733">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">4,375,408</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">4,365,061</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">4,527,971</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">2,897,946</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Zinc
        tonnes</p>
      </td>
      <td valign="top" width="103.733">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">20,892</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">18,855</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">20,896</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">9,574</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Lead
        tonnes</p>
      </td>
      <td valign="top" width="103.733">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">12,968</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">14,246</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">14,006</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">8,445</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Copper
        tonnes</p>
      </td>
      <td valign="top" width="103.733">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">2,198</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">1,332</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">1,740</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">959</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Tonnes
        Shipped</p>
      </td>
      <td valign="top" width="103.733">&nbsp;</td>
      <td valign="top" width="92.133">&nbsp;</td>
      <td valign="top" width="92.133">&nbsp;</td>
      <td valign="top" width="92.133">&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">&nbsp;&nbsp;Zinc
        concentrate</p>
      </td>
      <td valign="top" width="103.733">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">40,962</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">34,819</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">43,988</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">14,237</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">&nbsp;&nbsp;Lead
        concentrate</p>
      </td>
      <td valign="top" width="103.733">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">24,915</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">27,602</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">26,219</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">14,723</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">&nbsp;&nbsp;Copper
        concentrate</p>
      </td>
      <td valign="top" width="103.733">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">7,636</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">5,687</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">6,249</p>
      </td>
      <td valign="top" width="92.133">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">3,915</p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">For
2003, the mine's NSR per tonne was close to expectations at $45.77, but its
cost per tonne was higher than expected at $41.87 compared to a forecast of
$37.96. Tonnage and grade shortfalls related to poor ground conditions resulted
in below expected production, which accounted for the higher than planned cost
per tonne. &nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Huaron's
average NSR per tonne for 2004 is expected to be about $51.60 and its budgeted
average cost per tonne is $42.67, which should generate approximately $3.1
million in operating cash flow. &nbsp;The expansion program at Huaron, together
with sustaining capital is expected to require about $5.9 million of spending in
2004.</p>
<p style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Pyrite
Stockpiles</b></p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Pan
American acquired the right to mine and sell certain stockpiled ore from Volcan
Minera S.A. de C.V. in November 2002. &nbsp;Following is a table showing
production from November 2002 to December 31, 2002, 2003 production and the
expected 2004 production.</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="138.867">&nbsp;</td>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="136.733">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center"><b>2004
        Forecast</b></p>
      </td>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="92.533">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right"><b>2003</b></p>
      </td>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="92.533">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right"><b>2002</b></p>
      </td>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="82.667">&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" width="138.867">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Tonnes
        sold</p>
      </td>
      <td valign="top" width="136.733">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">57,600</p>
      </td>
      <td valign="top" width="92.533">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">65,255</p>
      </td>
      <td valign="top" width="92.533">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">9,018</p>
      </td>
      <td valign="top" width="82.667">&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" width="138.867">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Cost
        per tonne</p>
      </td>
      <td valign="top" width="136.733">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$8.30</p>
      </td>
      <td valign="top" width="92.533">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$8.49</p>
      </td>
      <td valign="top" width="92.533">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$8.50</p>
      </td>
      <td valign="top" width="82.667">&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" width="138.867">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Silver
        ounces</p>
      </td>
      <td valign="top" width="136.733">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">706,030</p>
      </td>
      <td valign="top" width="92.533">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">790,803</p>
      </td>
      <td valign="top" width="92.533">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">101,459</p>
      </td>
      <td valign="top" width="82.667">&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">For
2003, Pan American expected to sell 45,000 tonnes of this ore containing 535,000
ounces of silver to generate a net cash flow of about $1.4 million, but actual
performance exceeded budget and generated cash flow of approximately $2.3
million during the year.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">For
2004, Management expects that 57,600 tonnes of ore will generate a net cash flow
of approximately $2.0 million.</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">10</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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>
<br>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Quiruvilca
mine</b></p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">2003
saw a significant transformation at Quiruvilca. Production levels at the mine
were reduced in August of 2003 from approximately 45,000 tonnes per month to
approximately 30,000 tonnes per month with the closure of the high-cost North
Zone. At this reduced rate, the mine has been able to decrease its operating
costs to the point where it became profitable in the last quarter. In the light
of this return to profitability, a long-term operating plan is currently being
developed. As such, no decision has yet been made with respect to a possible
closure of the Quiruvilca Mine. The projections for 2004 below assume that
mining activities will conclude sometime between July and September in 2004.</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<div align="center">
  <center>
  <table cellspacing="0">
    <tr>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="163.2">&nbsp;</td>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right"><b>2004
        Forecast</b></p>
      </td>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right"><b>2003</b></p>
      </td>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right"><b>2002</b></p>
      </td>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right"><b>2001</b></p>
      </td>
      <td style="border-bottom:0.75pt solid #007F00" valign="top" width="80.4">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right"><b>2000</b></p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Tonnes
        milled</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">205,262</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">442,093</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">508,352</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">568,451</p>
      </td>
      <td valign="top" width="80.4">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">615,382</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Cost
        per tonne</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$36.41</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$39.20</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$40.01</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$43.23</p>
      </td>
      <td valign="top" width="80.4">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$44.14</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Silver
        ounces</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">1,159,943</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">2,493,908</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">2,509,689</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">3,259,372</p>
      </td>
      <td valign="top" width="80.4">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">3,611,589</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Zinc
        tonnes</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">7,230</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">12,509</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">17,852</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">21,009</p>
      </td>
      <td valign="top" width="80.4">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">24,462</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Lead
        tonnes</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">2687</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">4,361</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">6,468</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">8,358</p>
      </td>
      <td valign="top" width="80.4">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">8,740</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Copper
        tonnes</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">426</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">1,811</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">1,107</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">1,204</p>
      </td>
      <td valign="top" width="80.4">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">1,215</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Tonnes
        Shipped</p>
      </td>
      <td valign="top" width="96">&nbsp;</td>
      <td valign="top" width="84">&nbsp;</td>
      <td valign="top" width="84">&nbsp;</td>
      <td valign="top" width="96">&nbsp;</td>
      <td valign="top" width="80.4">&nbsp;</td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">&nbsp;&nbsp;Zinc
        concentrate</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">12,450</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">27,481</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">27,511</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">39,475</p>
      </td>
      <td valign="top" width="80.4">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">42,039</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">&nbsp;&nbsp;Lead
        concentrate</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">4,479</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">6,425</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">9,901</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">12,975</p>
      </td>
      <td valign="top" width="80.4">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">14,899</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="163.2">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">&nbsp;&nbsp;Copper
        concentrate</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">2,364</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">7,938</p>
      </td>
      <td valign="top" width="84">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">4,706</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">5,602</p>
      </td>
      <td valign="top" width="80.4">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">5,970</p>
      </td>
    </tr>
  </table>
  </center>
</div>
<p style="margin:0pt; text-indent:36pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Last
year, Management expected that Quiruvilca would realize an average NSR per tonne
of $35.88 and that its operating costs would be about $40.66 per tonne milled,
generating a loss of approximately $2.5 million. &nbsp;The average NSR per tonne
realized for the year was actually $37.24 due to higher prices and better grade
than anticipated in the last quarter. With operating costs at $39.20 per tonne,
the mine generated a loss for the year of approximately $1.6 million. However,
during the fourth quarter of 2003, Quiruvilca was profitable. For 2004,
Management expects Quiruvilca's average NSR per tonne to be $45.07 and its
budgeted average cost per tonne to be $36.41, which should result in an
operating profit of approximately $4.5 million. &nbsp;</p>
<p style="margin:0pt; text-indent:36pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Pan
American has budgeted $2.9 million for concurrent reclamation and closure
related costs at Quiruvilca in calendar 2004 (including closing of adits,
rehabilitation of tailings ponds and waste dumps and water treatment).
&nbsp;This forecast could change significantly in the event that the Company
decides to continue to operate the mine to the end of 2004 and beyond. Pan
American's current expectation for future reclamation expenditures at
Quiruvilca after 2004 is approximately $12 million, which has been fully
provided for on the Company's balance sheet.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">11</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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>
<br>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>La
Colorada mine</b></p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">During
2002 the Company started a $20 million expansion of the La Colorada mine.
&nbsp;The expansion was completed in late 2003, and the mine will commence
commercial production for accounting purposes on January 1, 2004. As such, all
revenue and expense items were capitalized and added to the carrying value,
which will be amortized on a unit of production basis. At full production, 600
tonnes per day of mill throughput will consist of oxide ore that will produce
silver dore and 200 tonnes per day will be sulphide material that will produce
lead-silver and zinc concentrates. &nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">During
the 2003 pre-production period, the mine produced 1.0 million ounces of silver.
Revenues from silver and concentrate sales were netted against pre-production
operating costs with the balance of $0.9 million capitalized to carrying value.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">For
2004, Management expects the following production and cost from the mine:</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<table cellspacing="0">
  <tr>
    <td style="border-bottom:0.75pt solid #007F00" valign="top" width="183.333">&nbsp;</td>
    <td style="border-bottom:0.75pt solid #007F00" valign="top" width="87.867">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center"><b>2004
      Forecast</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Production</b></p>
    </td>
    <td valign="top" width="87.867">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Silver
      ounces</p>
    </td>
    <td valign="top" width="87.867">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">3,067,209</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Zinc
      tonnes</p>
    </td>
    <td valign="top" width="87.867">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">417</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Lead
      tonnes</p>
    </td>
    <td valign="top" width="87.867">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">658</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Gold
      ounces</p>
    </td>
    <td valign="top" width="87.867">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">2,271</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Costs</b></p>
    </td>
    <td valign="top" width="87.867">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Cash
      cost per ounce</p>
    </td>
    <td valign="top" width="87.867">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$3.66</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Non-cash
      cost per ounce</p>
    </td>
    <td valign="top" width="87.867">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right"><u>$1.54</u></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Total
      cost per ounce</p>
    </td>
    <td valign="top" width="87.867">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$5.20</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">La
Colorada's average cash cost per ounce in 2004 is expected to be about $3.66
and at forecast silver prices of $5, the mine should generate operating cash
flow of $4 million. &nbsp;Initial development capital and sustaining capital is
expected to require about $2.8 million of spending in 2004.</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><b>Morococha</b></p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">The
Company announced the proposed acquisition of the Morococha silver mine in
central Peru on February 9, 2004, which is subject to regulatory approval and
other conditions. The Company has subsequently entered into an agreement to
purchase all of the issued and outstanding shares of a corporation organized
under Peruvian company law, which holds mining concessions and operations that
are complementary to the Morococha mine for US$1.5 million in cash. &nbsp;This
acquisition is also subject to regulatory approval and a number of conditions.
The Company expects these transactions to conclude in June 2004. Morococha is
immediately accretive to production, cash flow and earnings. The following table
sets out Management's expectations for the second half of 2004:</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman">12</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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>
<br>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<table cellspacing="0">
  <tr>
    <td style="border-bottom:0.75pt solid #007F00" valign="top" width="183.333">&nbsp;</td>
    <td style="border-bottom:0.75pt solid #007F00" valign="top" width="87.867">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center"><b>2H
      2004 Forecast</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Production</b></p>
    </td>
    <td valign="top" width="87.867">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Silver
      ounces</p>
    </td>
    <td valign="top" width="87.867">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">1,395,211</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Zinc
      tonnes</p>
    </td>
    <td valign="top" width="87.867">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">7,320</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Lead
      tonnes</p>
    </td>
    <td valign="top" width="87.867">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">2,446</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Copper
      tonnes</p>
    </td>
    <td valign="top" width="87.867">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">625</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Costs</b></p>
    </td>
    <td valign="top" width="87.867">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Cash
      cost per ounce</p>
    </td>
    <td valign="top" width="87.867">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$2.88</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Non-cash
      cost per ounce</p>
    </td>
    <td valign="top" width="87.867">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right"><u>$0.74</u></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="183.333">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Total
      cost per ounce</p>
    </td>
    <td valign="top" width="87.867">
      <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$3.62</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Morococha's
average cash cost per ounce in 2004 is expected to be about $2.88 and at
forecast silver prices of $5, should generate operating cash flow of $3 million.
&nbsp;The Company plans to invest about $4.3 million into development and
upgrading the plant and other facilities at the mine in 2004.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Cost
per Ounce of Silver Calculations</b></p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Pan
American reports two performance measures - cash cost per ounce and total
production cost per ounce of silver produced. &nbsp;These non-GAAP measures are
widely reported in the silver mining industry as benchmarks for performance
measurement but do not have any standardized meaning. &nbsp;To facilitate a
better understanding of these measures as calculated by Pan American, we have
provided a detailed reconciliation of these measures to our operating,
depreciation and amortization and reclamation expenses as shown in our audited
Consolidated Statement of Operations for 2003 and 2002.</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><b>[Intentionally
left blank]</b></p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">13</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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">
<p align="center"><br>
<br>
<img border="0" src="table.gif" width="612" height="848">
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman" align="right">14</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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>
<br>
<p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt">cash
and cash equivalents plus short-term investments, a reduction in accounts
payable of $4.2 million and increased concentrate inventories of $1.3 million.</p>
<p style="margin:0pt; text-indent:720pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; text-indent:72pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Capital
resources at December 31, 2003 amounted to shareholders' equity of $184.1
million, long-term bank loans and capital leases of $10.8 million and deferred
revenue of $0.9 million. &nbsp;At the date of this MD&amp;A, the Company had
issued 53,223,852 shares.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Cash
at December 31, 2002 amounted to $10.2 million, which was an increase of $6.9
million from December 31, 2001. &nbsp;This increase, together with operating
activities of $0.7 million, investing activities of $10.9 million and loan
repayments of $3.3 million were financed by the issuance of shares for net cash
receipts of $21.9 million. &nbsp;La Colorada's construction activities
required expenditures of $8.3 million, while $0.6 million was spent at
Quiruvilca and $0.7 million at Huaron.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Working
capital was $2.4 million at December 31, 2002, compared to a working capital
deficiency at December 31, 2001 of $0.1 million. &nbsp;The $2.5 million increase
was due to the &nbsp;$6.9 million increase in cash partially offset by the
reclassification of $3.0 million of prepaid taxes to long-term assets,
&nbsp;$1.8 million write down of Quiruvilca's spare parts and supplies and net
changes in other non-cash working capital items.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Planned
capital expenditures in 2004 amount to approximately $55.6 million, including
the acquisition of the Morococha mine for $36.5 million. In addition to the
acquisition cost, the Company plans to spend a further $4.3 million on
development and upgrades to infrastructure at the mine. The expansion program at
Huaron, together with sustaining capital amounts to $5.9 million. Capital
requirements at La Colorada are anticipated to be approximately $2.8 million.
Ongoing feasibility work at Alamo Dorado is forecasted at approximately $4.6
million. In addition to these capital expenditures, the Company anticipates debt
repayments of $3.9 million and reducing reclamation liabilities through
concurrent reclamation spending at Quiruvilca of $2.9 million.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">The
Company does not expect the impact of inflation to have a material bearing on
the Company's financial position, operational performance or cash flows for
the foreseeable future.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Based
on the Company's financial position at December 31, 2003 and the operating
cash flows that are expected in 2004, management believes that the Company's
liquid assets are more than sufficient to fund planned operating and project
development and sustaining capital expenditures and discharge liabilities as
they come due. The following table sets out the Company's contractual
obligations together with the timing of payments of these obligations.</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">15</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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">
<p align="center"><br>
<img border="0" src="table3.gif" width="601" height="169">
<p>&nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; padding-left:2.9pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">The
Company expects annual interest payments related to these contractual
obligations of between $5.0 million and $4.5 million over the next 5 years.
Under the terms of the Debenture, the Company has the option to fund annual
interest payments of $4.5 million from the proceeds of the sale of Common
Shares.</p>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><br>
</p>
<p style="margin:0pt; line-height:16pt; font-family:Arial; font-size:14pt"><b>Risks
and Uncertainties</b></p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><b>Metal
Price Risk</b></p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Pan
American derives its revenue from the sale of silver, zinc, lead, copper and
gold. The Company's revenues are extremely dependent on metal prices that
fluctuate widely and are beyond the Company's control. The following table
sets out the daily high, low and average London Metal Exchange Cash Settlement
prices for base metals and the London Bullion Dealers price for silver and the
annualized historic volatility of those metal prices for the periods indicated.</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">16</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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>
<br>
<p style="margin:0pt; font-family:Arial; font-size:11pt" align="center"><img border="0" src="table44.gif" width="382" height="482"></p>
<p style="margin:0pt; font-family:Arial; font-size:11pt" align="center">&nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt" align="center"><br>
</p>
<p style="margin:0pt; text-indent:36pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Since
the Company's revenue is derived approximately 51% from silver and 31% from
zinc, changes in these two metal prices have the greatest impact on the Company's
earnings potential. The following table illustrates the affect of changes in
silver and zinc prices on anticipated net revenue for 2004, taking into account
the Company's forward sales commitments for zinc:</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
<img border="0" src="table5.gif" width="431" height="138"></p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Consistent
with the Company's mission to provide equity investors with exposure to
changes in silver prices, our current policy is to not hedge the price of
silver. &nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Pan
American mitigates the price risk associated with its base metal production by
selling some of its forecasted base metal production under forward sales
contracts, all of which</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">17</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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>
<br>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">are
designated hedges for accounting purposes. &nbsp;At December 31, 2003, the
Company had sold forward 8,300 tonnes of zinc at a weighted average price of
$848 per tonne ($0.384 per pound) and 2,075 tonnes of lead at a weighted average
price of $622 per tonne ($0.282 per pound). The Company has subsequently sold
forward an additional 10,960 tonnes of zinc at a weighted average price of
$1,042 per tonne ($0.473 per pound) and 8,685 tonnes of lead at a weighted
average price of $730 per tones ($0.331 per pound). The forward sales
commitments for zinc represent approximately 64 per cent of the Company's
forecast 2004 zinc production and 10% of the Company's forecast 2005 zinc
production. &nbsp;&nbsp;&nbsp;The lead forward sales commitments represent
approximately 60 per cent of the expected 2004 lead production. &nbsp;At 31
December 2003, the cash offered prices for zinc and lead were $995 and $728 per
tonne, respectively. The mark to market value at 31 December, 2003 was a
negative $1.5 million and at the date of this MD&amp;A was a negative
$2.8.million.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">The
Company maintains trading facilities with several banks for the purposes of
transacting the Company's hedging activities. Some of these facilities are
subject to margin arrangements, which require the Company to place collateral
with the banks to the extent that the negative valuation of the Company's
hedge positions exceeds a prescribed threshold. Such arrangements may place
additional liquidity risk on the Company. At the date of this MD&amp;A, none of
the Company's trading lines had reached the prescribed margin thresholds and
the Company does not foresee any difficulty in meeting such requirements, should
they arise.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">The
Company has long term contracts to sell the zinc, lead copper concentrates
produced by the Quiruvilca and Huaron mines. These contracts include pricing the
contained metals, including silver, based on average spot prices over defined
30-day periods. Silver dore production from La Colorada is refined under a long
term agreement with fixed refining terms. &nbsp;The refined silver is sold in
the spot market to various bullion trading banks. The Company has never had any
delivery or payment disputes with its customers and management believes that
there are no appreciable delivery or credit risks resulting from its sales
contracts.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">18</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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>
<br>
<p style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><b>Political
and Country Risk</b></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">Pan
American conducts operations in Peru, Mexico, Argentina and Bolivia, which are
potentially subject to a number of political and economic risks. The Company is
not able to determine the impact of these risks on its future financial position
or results of operations and the Company's exploration, development and
production activities may be substantially affected by factors outside of Pan
American's control. &nbsp;These potential factors include, but are not limited
to: royalty and tax increases or claims by governmental bodies, expropriation or
nationalization, foreign exchange controls, import and export regulations,
cancellation or renegotiation of contracts and environmental and permitting
regulations. &nbsp;The Company currently has no political risk insurance
coverage against these risks.</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><b>Environmental
Risks</b></p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Pan
American's activities are subject to extensive laws and regulations governing
environmental protection and employee health and safety. Environmental laws and
regulations are complex and have tended to become more stringent over time. Pan
American is required to obtain governmental permits and in some instances
provide bonding requirements under federal, state or provincial air, water
quality and mine reclamation rules and permits. Although Pan American makes
provisions for reclamation costs, it cannot be assured that these provisions
will be adequate to discharge its obligations for these costs.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Failure
to comply with applicable environmental health and safety laws can result in
injunctions, damages, suspension or revocation of permits and imposition of
penalties. There can be no assurance that Pan American has been or will be at
all times in complete compliance with such laws, regulations and permits, or
that the costs of complying with current and future environmental and health and
safety laws and permits will not materially adversely affect Pan American's
business, results of operations or financial condition.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Specifically
related to environmental risks, in mid-October 2003 a new mine closure law was
enacted in Peru. &nbsp;No enabling regulations have been published, and
therefore, determining how this law will affect the Company's Peruvian
operations is difficult; however, the law provides that within six months, each
operating mine in Peru must complete and submit for certification a mine closure
plan setting out the technical, economical, financial and social aspects of its
closure plan. &nbsp;Furthermore, the law provides that each operating mine must
provide a guarantee for payment of the eventual closure and post-closure phases
of its operation. &nbsp;The form of guarantee has not been specified, but it
seems that a guarantee may take the form of cash, a third-party guarantee or a
company guarantee. &nbsp;Until the enabling regulations are passed and the
closure certification process is complete the possible effects of this law on
the Company's financial condition and results of operation are unknown.</p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">19</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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>
<br>
<p style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><b>Employee
relations</b></p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Pan
American's business depends on good relations with its employees. Certain of
the Company's employees and the employees of Peruvian mining contractors
indirectly employed by the Company are represented by unions. At December 31,
2003, there were 270 employees represented by the Sindicato de Trebajadores de
Pan American Silver S.A.C. - Mina Quiruvilca (the "Quiruvilca Union") and
71 employees represented by the Sindicato de Trebajadores de Shorey y Anexos
(the "Shorey Union"). &nbsp;There are also 17 employees at the Huaron mine
who are members of a union committee who have rights pursuant to an agreement
dated January 1, 2003. &nbsp;The Company has experienced labour strikes and work
stoppages in the past. &nbsp;The labour agreements with the Quiruvilca Union and
the Shorey Union expired on January 1, 2004, and ordinary course negotiations to
renew the contracts will be ongoing in 2004. &nbsp;There can be no assurance
that these contracts will be renewed on terms favourable to the Company, if at
all, and the Company may experience future work stoppages.</p>
<p style="margin:0pt; font-family:Arial; font-size:14pt"><br>
</p>
<p style="margin:0pt; line-height:16pt; font-family:Arial; font-size:14pt"><b>Outlook</b></p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><b>Operations</b></p>
<p style="margin:0pt; font-family:Arial; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Consolidated
production in 2004 is forecast at 10.6 million ounces of silver, a 23% increase
as compared to 2003. Depending on the closing date of the proposed purchase of
the Morococha mine and a decision on the future at Quiruvilca, the Company could
directly benefit from 13.0 million ounces of silver in 2004, 50% above 2003's
production. Consolidated cash costs per ounce of silver produced, net of
by-product credits are forecast to decline 18% to $3.34. &nbsp;The potential
acquisition of the lower-cost Morococha mine and cost reductions at Huaron,
coupled with higher by-product credits should contribute to this significant
decline, as compared to 2003.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:14pt; font-family:Arial; font-size:12pt"><b>Project
Development</b></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">Work
has progressed steadily on the feasibility study for the Alamo Dorado silver
project. Permitting is underway and metallurgical testing is substantially
complete. Preliminary indications suggest that a conventional mill circuit will
yield a superior return on the project. Some additional testwork and drilling
may be required to complete the feasibility, due in mid-2004.</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">Feasibility
work is also progressing on the 50% owned Manantial Espejo silver-gold project
in Argentina where geotechnical and environmental testing are underway to
facilitate permitting. The Company plans to spend $1.6 million in 2004 (its 50%
share) on the feasibility study and needed activities. &nbsp;In addition to the
work already in progress, the Company plans to carry out additional
metallurgical testing and optimization program, power utilization and sourcing
studies, site layout analysis culminating in a detailed construction cost
estimate and schedule.</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" align="justify">In
Bolivia, Pan American entered into an agreement with EMUSA, a Bolivian mining
company that had been toll mining ore from the San Vicente 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>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">20</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><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>
<br>
<p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
</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">Prices
for the metals that the Company produces began to recover in 2003, after several
years of prolonged weakness. &nbsp;Factors contributing to the recovery in metal
prices during 2003 include stronger demand resulting from the improving economic
sentiment in the Western World countries, strong industrial growth in China, and
supply concerns due to under-investment in new production capacity. &nbsp;The
Company anticipates that the economic recovery will continue during 2004 and
that fundamentals for metal prices are very positive.</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">During
2003, the Company established a strong pipeline of development properties, with
feasibility work underway at Alamo, Manantial and San Vicente. In addition to
these properties, management sees significant exploration potential at our
existing Peruvian operations and the recently acquired Morococha mines. In 2003,
the Company improved its financial position through financing activities, which
to a large extent has provided the funds required to achieve our growth plans.
Significant additions were made to the senior management team at Pan American
and we feel confident in our ability to execute our plans.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman" align="right">21</p>
<p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<A NAME="FooterB"></A><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>-
5 -</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman"><B>A.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman"><B>Disclosure Controls and Procedures</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">Disclosure controls and procedures are defined by the Securities and Exchange Commission as those controls and other procedures that are designed to ensure that information required to be disclosed by Pan American Silver Corp. (the &quot;Registrant&quot;) in reports filed or submitted by it under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. The Registrant's Chief Executive Officer and Chief Financial Officer have evaluated the Registrant's disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 40-F and have determined that such disclosure controls and procedures are effective</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman"><B>B.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman"><B>Changes in Internal Control Over Financial Reporting</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">Since the most recent evaluation of the Registrant's internal controls, there has not been any significant change in the Registrant's internal control over financial reporting that has materially affected or is reasonably likely to materially affect, the Registrant's internal control over financial reporting</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman"><B>C.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman"><B>Notice of Pension Fund Blackout Period </B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">The Registrant was not required by Rule 104 of Regulation BTR to send any notice to any of its directors or executive officers during the fiscal year ended December 31, 2003. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman"><B>D.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman"><B>Audit Committee Financial Expert</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">The Registrant's board of directors has determined that Paul B. Sweeney, an individual serving on the audit committee of the Registrant's board of directors, is an audit committee financial expert, as that term is defined in General Instruction B(8)(a) of Form 40-F. &nbsp;The Registrant's board of directors has also determined that Paul D. Sweeney, Michael J.J. Maloney and John M. Willson, the individuals serving on the audit committee of the Registrant's board of directors, are independent, as that term is defined under the rules and regulations of the Nasdaq National Market.<B> &nbsp;</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman"><B>E.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman"><B>Code of Ethics</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">The Registrant has adopted a code of ethics that applies to all directors, officers and employees. The Registrant will provide a copy of the code of ethics without charge to any person that requests a copy by contacting the Corporate Secretary, Gordon Jang, at the address on the cover of this Form 40-F. </P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman"><B>F.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman"><B>Principal Accountant Fees and Services</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman"><B><I>Audit Fees</I></B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">The aggregate fees billed by Deloitte &amp; Touche LLP, the Registrant's principal accountant (the &quot;Outside Auditors&quot;), for the fiscal years ended December 31, 2002 and 2003 for professional services rendered by the Outside Auditors for the audit of the Registrant's annual financial statements or services that are normally provided by the Outside Auditors in connection with statutory and regulatory filings or engagements for such years were $107,730 and $147,117, respectively.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman"><B><I>Audit-Related Fees</I></B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">The aggregate fees billed by the Outside Auditors for the fiscal years ended December 31, 2002 and 2003 for assurance and related services rendered by it that are reasonably related to the performance of the audit or review of the Registrant's financial statements and are not reported above as audit fees were nil and nil, respectively. &nbsp;</P>
<A NAME="FooterB"></A><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center>-
6 -</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman"><B><I>Tax Fees </I></B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">The aggregate fees billed by the Outside Auditors for the fiscal years ended December 31, 2002 and 2003 for professional services rendered by it for tax compliance, tax advice, tax planning and other services were Cdn$7,360 and Cdn$8,300, respectively. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman"><B><I>All Other Fees</I></B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">The aggregate fees billed by the Outside Auditors for the fiscal years ended December 31, 2002 and 2003 for products and services provided by the Outsider Auditors, other than the services reported in the preceding three paragraphs, were Cdn$77,810 and Cdn$59,963, respectively. &nbsp;Other products and services during the year ended December 31, 2002 relate to services performed in connection with: &nbsp;(i) quarterly reviews of consolidated financial statements; (ii) the review and preparation of documents and financial statements in connection with a public offering of the Registrant's common shares; (iii) the review and preparation of documents and financial statements in connection with the Registrant's acquisition of Corner Bay Silver Inc.; (iv) certifications required by the lenders to the Registrant's expansion of the La Colorada mine; and (v) a payroll audit. &nbsp;Other products and services during the year ended December 31,
 2003 relate to services performed in connection with: &nbsp;(i) quarterly reviews of consolidated financial statements; and (ii) the review and preparation of documents and financial statements in connection with a public offering of 5.25% convertible unsecured senior subordinated debentures.</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:36pt; font-family:Times New Roman"><B><I>Audit Committee Pre-Approval Policies</I></B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">Since the enactment of the Sarbanes-Oxley Act of 2002 on July 30, 2002, all audit and non-audit services performed by the Registrant's auditor are pre-approved by the audit committee of the Registrant. </P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman"><B>G.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman"><B>Off-Balance Sheet Arrangements</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">The Registrant is not a party to any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman"><B>H.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman"><B>Tabular Disclosure of Contractual Obligations</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">The following table sets out the Registrant's known contractual obligations for its long-term liabilities and lease commitments as of the fiscal year ended December 31, 2003.</P>
<P style="font-family: Times New Roman; border-bottom: 1 solid #000000; margin-top: 0pt; margin-bottom: 10pt"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(US dollars in thousands)</I></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Payments due by period</P>
<div align="center">
  <center>
<TABLE cellspacing=0><TR><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=top width=261>&nbsp;</TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=71.8 align="center"><P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Total</P>
</TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=65.8 align="center"><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Less than</P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>1 year</P>
</TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=65.8 align="center"><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>1 to 3 years</P>
</TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=62.4 align="center"><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>4 to 5 years</P>
</TD><TD style="border-top:1pt solid #000000; border-bottom:1pt solid #000000" valign=bottom width=68.4 align="center"><P style="margin:0pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Thereafter</P>
</TD></TR>
<TR><TD valign=top width=261><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Long Term debt:</P>
</TD><TD valign=top width=71.8>&nbsp;</TD><TD valign=top width=65.8>&nbsp;</TD><TD valign=top width=65.8>&nbsp;</TD><TD valign=top width=62.4>&nbsp;</TD><TD valign=top width=68.4>&nbsp;</TD></TR>
<TR><TD valign=top width=261><P style="margin:0pt; padding-left:18pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Convertible Debentures</P>
</TD><TD valign=top width=71.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>86,250,000</P>
</TD><TD valign=top width=65.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=65.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=62.4><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=68.4><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>86,250,000</P>
</TD></TR>
<TR><TD valign=top width=261><P style="margin:0pt; padding-left:18pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Huaron Loan</P>
</TD><TD valign=top width=71.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>3,521,000</P>
</TD><TD valign=top width=65.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>1,625,000</P>
</TD><TD valign=top width=65.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>1,896,000</P>
</TD><TD valign=top width=62.4><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD valign=top width=68.4><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=261><P style="margin:0pt; padding-left:18pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">IFC Loan</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=71.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>9,500,000</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=65.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>1,000,000</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=65.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>6,000,000</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=62.4><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>2,500,000</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.4><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=261><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Total Long Term Debt</P>
</TD><TD valign=top width=71.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>99,271,000</P>
</TD><TD valign=top width=65.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>2,625,000</P>
</TD><TD valign=top width=65.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>7,896,000</P>
</TD><TD valign=top width=62.4><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>2,500,000</P>
</TD><TD valign=top width=68.4><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>86,250,000</P>
</TD></TR>
<TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=261><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Capital Lease</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=71.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>420,500</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=65.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>14,300</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=65.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>406,200</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=62.4><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=68.4><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD style="border-bottom:1.5pt solid #000000" valign=top width=261><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Total Contractual Obligations</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=71.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>99,691,500</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=65.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>2,639,300</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=65.8><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>8,302,200</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=62.4><P style="margin:0pt; padding-left:-5.4pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>2,500,000</P>
</TD><TD style="border-bottom:1.5pt solid #000000" valign=top width=68.4><P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>86,250,000</P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">Under the terms of 5.25% convertible unsecured senior subordinated debentures (the
"Debentures"), the Registrant has the option to fund annual interest payments of $4.5 million from the proceeds of the sale of common shares.</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">On March 30, 2004 the Registrant made a formal offer to encourage conversion by holders of the Registrant's $86.25 million outstanding principal amount of Debentures. &nbsp;Pursuant to this offer, which is open from April 7, 2004 to May 21, 2004, each holder who converts all or a portion of his or her Debentures during this period will receive $131.25 in cash plus 106.9290 common shares of the Registrant per $1,000 principal amount of Debentures converted. &nbsp;To date, holders of approximately $70.8 million principal amount of Debentures have converted their Debentures pursuant to the terms of this offer.</P>
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<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">On April 28, 2004 the Registrant repaid the $3.5 million remaining balance on its loan relating to the initial development of the Huaron mine and notified IFC of its intention to prepay the $9.5 million outstanding balance under its project debt facility used to expand the La Colorada mine.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman"><B>I.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman"><B>Critical Accounting Policies</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">Pan American has chosen to early adopt CICA Handbook Section 3870
- - Stock-Based Compensation and Other Stock-Based Payments, which requires the fair value method of accounting for stock options. &nbsp;Under this method, Pan American is required to recognize a charge to the income statement based on an option-pricing model for all stock options that were granted and vested in the 2003 financial year, with a corresponding credit to Additional Paid-in Capital under the Shareholders' Equity section of the balance sheet. &nbsp;The fair value of the stock options granted was calculated using an option-pricing model based on the following assumptions
- - no dividends were paid, a weighted average volatility of the Registrant's share price of 58%, weighted average annual risk free rate of 4.03% and an expected life of 3.5 years. &nbsp;The resulting weighted average option valuation is $2.74 per share for a total expense related to stock options in 2003 of $2.9 million (2002 - $0.3 million).</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">The Registrant has also chosen to early adopt CICA Handbook Section 3110
- - Accounting for Asset Retirement Obligations, which is the equivalent of FASB Statement No. 143, which addresses financial accounting and reporting for obligations associated with the retirement of long-lived assets. &nbsp;Accordingly, the Registrant's provision for reclamation of $13 million was removed from the accounts with a credit to earnings. &nbsp;The expected fair value of future site restoration costs for the La Colorada, Huaron and Quiruvilca mines is estimated using a discount rate of 5% at $21.2 million, which has been recorded as part of the carrying value of the mines and as a corresponding liability. &nbsp;We estimate the amount of this future liability that has been incurred up until December 31, 2003 was $13 million, which we have charged to income with a corresponding write down of the carrying value of the assets. Thus, the net effect on income is nil in 2003; however the Registrant's assets and liabilities as stated on the balance sheet have been increased to reflect the fair value of th
e anticipated future liability. &nbsp;The Registrant will review these estimates on an annual basis. &nbsp;In future periods, assuming no change in estimates, operations will be charged with annual amortization of future site restoration costs of about $0.8 million and the annual accretion of the liability for future site restoration costs of about $0.5 million.</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">The CICA Handbook requires that both Section 3870 and Section 3110 be applied for fiscal year beginning on or after January 1, 2004.</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">Canadian generally accepted accounting principles ("Canadian GAAP") requires that certain financial instruments with characteristics of both liabilities and equity be recorded as part debt and part equity. &nbsp;On July 30, 2003 the Registrant issued Debentures, which fall into this category of financial instruments and are thus accounted for as explained in Note 11 to the audited consolidated financial statements. &nbsp;A reader might expect the interest cost associated with the Debentures to be reflected in the statement of operations as interest expense. &nbsp;However, Canadian GAAP requires the interest payment be accounted for in a manner parallel to the initial recognition of the Debentures as part debt, recognizing the accretion of the liability component of the Debentures as a charge to earnings, and part equity with the accretion of the Debenture equity component charged directly to the deficit. &nbsp;Similarly, a reader migh
t expect that the Debentures issue costs would be amortized over the minimum life of the Debentures and be reflected as a charge in the statement of operations. &nbsp;Since all of the issue costs were charged to Shareholders' Equity when the Debentures were issued, no amortization of those costs is recorded.</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">During the third quarter of 2002, the Registrant commenced an expansion program at the La Colorada mine in Mexico. &nbsp;From that point through to December 31, 2003, operating results at La Colorada were capitalized as a
"Mineral Property, Plant and Equipment". &nbsp;In 2003, the Registrant spent $12.3 million on the project expansion, including $0.9 million in deferred pre-operating costs. &nbsp;From January 1, 2004, La Colorada is in commercial production for accounting purposes and accordingly, all revenues generated and related operating expenses will be accounted for in the Statement of Operations. &nbsp;In addition, the mine's book value will be amortized to earnings on a unit of production basis.</P>
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<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=center><B>UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman"><B>A.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman"><B>Undertaking</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify>The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman"><B>B.</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman"><B>Consent to Service of Process</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=justify>The Registrant has previously filed with the Commission a Form F-X in connection with its Common Shares.</P>
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<P style="margin:0pt; font-family:Times New Roman" align=center><B>SIGNATURE</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; text-indent:252pt; font-family:Times New Roman" align=justify><B>PAN AMERICAN SILVER CORP.</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
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<P style="font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0" align=justify>Dated: May 19, 2004</P>
<P style="text-indent: 252pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0" align=justify>By:&nbsp;
<U>//s </U><I><U>Robert Pirooz</U></I></P>
<P style="text-indent: 252pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0" align=justify>By:&nbsp;
Robert Pirooz</P>
<P style="text-indent: 252pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0" align=justify>Title:
Vice President, Legal Affairs</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
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<P style="margin:0pt; font-family:Times New Roman" align=center><B>EXHIBIT INDEX</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; text-indent:468pt; font-family:Times New Roman" align=justify><B><BR></B></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Times New Roman" align=justify><B><U>Number</U></B></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:108pt; font-family:Times New Roman" align=justify><B><U>Document</U></B></P>
<P style="margin:0pt; text-indent:468pt; font-family:Times New Roman" align=justify><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
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<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:130.5pt; padding-right:72pt; text-indent:-86pt; font-family:Times New Roman" align=justify>1.</P>
<P style="margin:0pt; padding-left:130.5pt; padding-right:72pt; text-indent:-22.5pt; font-family:Times New Roman" align=justify><a href="auditorsconsent.htm">Consent of Deloitte &amp; Touche LLP</a></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:130.5pt; padding-right:72pt; text-indent:-86pt; font-family:Times New Roman" align=justify>2.</P>
<P style="margin:0pt; padding-left:130.5pt; padding-right:72pt; text-indent:-22.5pt; font-family:Times New Roman" align=justify><a href="notice.htm">Notice of Meeting and Information Circular for the 2004 Annual Meeting</a></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:108pt; padding-right:72pt; text-indent:-68.5pt; font-family:Times New Roman" align=justify>31.</P>
<P style="margin:0pt; padding-left:108pt; padding-right:72pt; font-family:Times New Roman" align=justify>Certification of CEO and CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:108pt; padding-right:72pt; text-indent:-68.5pt; font-family:Times New Roman" align=justify>32.</P>
<P style="margin:0pt; padding-left:108pt; padding-right:72pt; font-family:Times New Roman" align=justify>Certification of CEO and CFO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</P>
<P style="margin:0pt; padding-left:108pt; text-indent:-54pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; text-indent:396pt; font-family:Times New Roman" align=center><B>Exhibit 31</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Certification</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">I, Geoffrey Burns, certify that:</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman">1.</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman">I have reviewed this annual report on Form 40-F of Pan American Silver Corp.;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman">2.</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman">Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman">3.</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman">Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman">4.</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman">The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the registrant and have:</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Times New Roman">a.</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; font-family:Times New Roman">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Times New Roman">b.</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; font-family:Times New Roman">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Times New Roman">c.</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; font-family:Times New Roman">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman">5.</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman">The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Times New Roman">a. </P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; font-family:Times New Roman">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Times New Roman">b. </P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; font-family:Times New Roman">Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.</P>
<P style="font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0; padding-left: 36pt"><BR></P>
<P style="text-indent: 36pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0">Date:&nbsp;
May 19, 2004</P>
<P style="text-indent: 252pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0"><U>//s </U><I><U>Geoffrey Burns</U></I>&nbsp;&nbsp;</P>
<P style="text-indent: 36pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0; padding-left: 216pt">By:&nbsp;&nbsp;
Geoffrey Burns&nbsp;&nbsp;&nbsp;</P>
<P style="text-indent: 36pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0; padding-left: 216pt">Title:&nbsp;&nbsp;
Chief Executive Officer</P>
<P style="margin:0pt; font-family:Times New Roman" align="center"><BR><font size="3">-
12 -</font></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">I, A. Robert Doyle, certify that:</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman">1.</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman">I have reviewed this annual report on Form 40-F of Pan American Silver Corp.;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman">2.</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman">Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman">3.</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman">Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman">4.</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman">The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the registrant and have:</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Times New Roman">a.</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; font-family:Times New Roman">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Times New Roman">b.</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; font-family:Times New Roman">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Times New Roman">c.</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; font-family:Times New Roman">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Times New Roman">5.</P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:36pt; font-family:Times New Roman">The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Times New Roman">a. </P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; font-family:Times New Roman">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-18pt; font-family:Times New Roman">b. </P>
<P style="margin-top:0pt; margin-bottom:10pt; padding-left:72pt; font-family:Times New Roman">Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.</P>
<P style="font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0; padding-left: 36pt"><BR></P>
<P style="text-indent: 36pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0">Date:&nbsp;
May 19, 2004</P>
<P style="text-indent: 252pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0"><U>s// </U><I><U>A. Robert Doyle</U></I>&nbsp;&nbsp;</P>
<P style="text-indent: 36pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0; padding-left: 216pt">By:&nbsp;
A. Robert Doyle</P>
<P style="text-indent: 36pt; font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0; padding-left: 216pt">Title:&nbsp;
Chief Financial Officer</P>
<P style="text-indent: -54pt; font-family: Times New Roman; font-size: 12pt; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0; padding-left: 108pt" align=justify><BR></P>
<P style="text-indent: 0; font-family: Times New Roman; font-size: 12pt; margin: 0pt; padding-left: 108pt" align=center><BR></P>
<P style="text-indent: 0; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 15pt" align=center>-
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<P style="margin-top:0pt; margin-bottom:15pt; text-indent:360pt; font-family:Times New Roman" align=center><B>Exhibit
32</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Certification of CEO and CFO</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman" align=center><B>Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</B></P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">In connection with the Annual Report of Pan American Silver Corp. (the &quot;Registrant&quot;) on Form 40-F for the year ended December 31, 2003, as filed with the Securities and Exchange Commission on the date hereof (the &quot;Report&quot;), Ross J. Beaty, as Chief Executive Officer of the Registrant, and A. Robert Doyle, as Chief Financial Officer of the Registrant, each hereby certifies, pursuant to 18 U.S.C. &#167; 1350, as adopted pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002, to the best of his knowledge, that:</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Times New Roman">(1)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; font-family:Times New Roman">The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Times New Roman">(2)</P>
<P style="margin-top:0pt; margin-bottom:10pt; text-indent:72pt; font-family:Times New Roman">The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Registrant.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><BR></P>
<P style="font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0"><U>//s &nbsp;</U><I><U>Geoffrey Burns</U></I></P>
<P style="font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0">By:&nbsp;
Geoffrey Burns</P>
<P style="font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0">Title:
Chief Executive Officer </P>
<P style="font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0">May 19, 2004</P>
<P style="font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><BR></P>
<P style="font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><BR></P>
<P style="font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0"><U>//s </U><I><U>A. Robert Doyle</U></I></P>
<P style="font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0">By: A. Robert Doyle</P>
<P style="font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0">Title:
Chief Financial Officer</P>
<P style="font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0">May 19, 2004</P>
<P style="font-family: Times New Roman; margin-left: 0pt; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0"><BR></P>
<P style="margin:0pt; line-height:9.9pt; font-family:Times New Roman" align=justify>This certification accompanies the Report pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Registrant for purposes of &#167;18 of the Securities Exchange Act of 1934, as amended.</P>
<p align="center">- 14 -</p>
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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>auditorsconsent.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Filed by Filing Services Canada Inc.&nbsp; 403-717-3898</TITLE>
<META NAME="author" CONTENT="Deloitte &amp; Touche">
<META NAME="date" CONTENT="05/19/2004">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<A NAME="Start"></A><P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<table border="0" width="100%">
  <tr>
    <td width="50%" valign="top"><img src="auditorsconsent004.jpg" alt="[auditorsconsent004.jpg]" align=middle height=32 width=166.667></td>
    <td width="50%">
      <p align="right"><img border="0" src="address.gif" width="158" height="122"></td>
  </tr>
</table>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:14pt"><BR></P>
<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt"><B>AUDITORS&#146; CONSENT </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:14pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:14pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">We consent to the inclusion in Pan American Silver Inc.&#146;s Annual Report on Form 40-F for the year ended December 31, 2003, of our Auditors&#146; Report dated February 24, 2004 and to the references to us in such Form 40-F. </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="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><img src="auditorsconsent006.jpg" alt="[auditorsconsent006.jpg]" align=middle height=43.133 width=264.067></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Vancouver, British Columbia </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Canada </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">May 19, 2004 </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:-85.05pt; text-indent:371.35pt; font-family:Times New Roman; font-size:12pt"><img src="auditorsconsent002.jpg" alt="[auditorsconsent002.jpg]" align=middle height=38 width=139.733></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>3
<FILENAME>notice.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Filed by Filing Services Canada Inc.&nbsp; 403-717-3898</TITLE>
<META NAME="keywords" CONTENT="503066">
<META NAME="author" CONTENT="FRP">
<META NAME="date" CONTENT="05/19/2004">
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<BR>
<BR>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>PAN AMERICAN SILVER CORP.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ADVANCE NOTICE OF ANNUAL GENERAL MEETING</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Notice is hereby given that the Annual General Meeting of the members of PAN AMERICAN SILVER CORP. (the &#147;Company&#148;) will be held on Tuesday, May 11, 2004, at which meeting it is proposed that directors of the Company will be elected for the ensuing year.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Members are invited to make written nominations for directors of the Company. &nbsp;If any nominations for a director signed by members holding in the aggregate not less than 10% of the outstanding shares of the Company having a right to vote at the meeting are delivered to the Company&#146;s registered office, 900 Waterfront Centre, 200 Burrard Street, Vancouver, British Columbia, V7X 1T2, not less than 35 days before the date of the meeting, accompanied by information about the nominee required under the <I>Company Act </I>(British Columbia), the Company will include the name of the nominee and the information as to the nominee in the Information Circular sent by management of the Company pursuant to Sections 153 and 154 of the <I>Company Act </I>(British Columbia).</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">A person may be disqualified from becoming or acting as a director by Section 114 of the <I>Company Act </I>(British Columbia). &nbsp;No additional qualifications are imposed by the Articles of the Company.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">DATED at Vancouver, British Columbia, this 11<SUP>th</SUP> day of March, 2004.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">BY ORDER OF THE BOARD</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">GORDON JANG,<BR>
Controller and Corporate Secretary</P>
<BR>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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