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<SEC-DOCUMENT>0001137171-06-000686.txt : 20060324
<SEC-HEADER>0001137171-06-000686.hdr.sgml : 20060324
<ACCEPTANCE-DATETIME>20060324124302
ACCESSION NUMBER:		0001137171-06-000686
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060324
FILED AS OF DATE:		20060324
DATE AS OF CHANGE:		20060324

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAN AMERICAN SILVER CORP
		CENTRAL INDEX KEY:			0000771992
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13727
		FILM NUMBER:		06708285

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>panamerican6k032406b.htm
<DESCRIPTION>6K FOR PAN AMERICAN SILVER
<TEXT>
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  6-K</strong></font>
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  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><strong>Washington,
  D.C. 20549</strong></font>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><strong>Pursuant
  to Rule 13a-16 or 15d-16</strong></font>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
  &nbsp;
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><strong>of
  the Securities Exchange Act of 1934</strong></font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
  &nbsp;
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">For
  the month of March, 2006</font>
  <p><font style="display: inline; font-size: 10pt; color: #000000; font-family: 'Times New Roman', serif">Commission
  File Number: 000-13727</font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
  &nbsp;
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><u>Pan
  American Silver Corp.</u></font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">(Translation
  of registrant's name into English)</font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
  <br>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><u>1500-625
  HOWE STREET</u></font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><u>VANCOUVER
  BC CANADA V6C 2T6</u></font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">(Address
  of principal executive offices)</font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
  &nbsp;
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Indicate
  by check mark whether the registrant files or will file annual reports under
  cover Form 20-F or Form 40-F.</font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
  &nbsp;
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Form
  20-F___ &nbsp;&nbsp;Form 40-F &nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
  &nbsp;<p><font style="display: inline; font-size: 10pt; color: #000000; font-family: 'Times New Roman', serif">Indicate
  by check mark if the registrant is submitting the Form 6-K in paper as
  permitted by Regulation S-T Rule 101(b)(1):&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font><p><font style="display: inline; font-size: 10pt; color: #000000; font-family: 'Times New Roman', serif">Indicate
  by check mark if the registrant is submitting the Form 6-K in paper as
  permitted by Regulation S-T Rule 101(b)(7):&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font><p>&nbsp;
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Indicate
  by check mark whether the registrant by furnishing the information contained
  in this Form is also thereby furnishing the information to the Commission
  pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
  &nbsp;
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Yes
  ..... &nbsp;No ..X...</font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
  &nbsp;
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">If
  &quot;Yes&quot; is marked, indicate below the file number assigned to the
  registrant in connection with Rule 12g3-2(b): &nbsp;82-________</font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><strong>Signatures</strong></font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
  &nbsp;
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Pursuant
  to the requirements of the Securities Exchange Act of 1934, the registrant has
  duly caused this report to be signed on its behalf by the undersigned,
  thereunto duly authorized.</font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
  &nbsp;
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><u>Pan
  American Silver Corp.</u></font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">(Registrant)</font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Date:
  </font><font style="display: inline; font-size: 10pt; color: #000000; font-family: 'Times New Roman', serif">March
  24, 2006</font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">By:<u>/s/
  Ross Beaty&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">(Signature)</font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
  &nbsp;
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">
  <font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif">Ross
  Beaty, </font><font style="display: inline; font-size: 10pt; color: #000000; font-family: 'Times New Roman', serif">Chairman</font>
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
  &nbsp;
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
  &nbsp;
</div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
  &nbsp;
</div>
<div style="display: block; text-indent: 0pt; line-height: 1.25; width: 890; height: 95; margin-left: 0pt; margin-right: 0pt" align="left">
  <font style="display: inline; font-size: 10pt; color: #000000; font-family: 'Times New Roman', serif">Exhibits:
  </font>
  <p>99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <a href="pressrelease.htm">Press
  Release dated March 23, 2006</a>

</div>

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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>pressrelease.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
   <TITLE>DC Filing Services Canada Inc. 403-717-3898</TITLE>
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<A name="page_1"></A>

<P>
<img border="0" src="pressrelease001.jpg" width="240" height="60">
</P>
<P align="right">
<B><FONT size=2 face="sans-serif">For Immediate Release</FONT></B>
</P>
<P>
<FONT size=2 face="sans-serif">March 23, 2006 </FONT>
</P>
<P>
<B><FONT size=2 face="sans-serif">PAN AMERICAN TO DEVELOP THE MANATIAL ESPEJO SILVER PROJECT</FONT></B>
</P>
<P align="center">
<I><FONT size=2 face="sans-serif">(all amounts in $US unless otherwise stated) </FONT></I>
</P>
<P>
<FONT size=2 face="sans-serif">Vancouver, Canada &#150; Pan American Silver Corp. (PAAS: NASDAQ; PAA: TSX) is pleased to announce that it has received approval from the Province of Santa Cruz Argentina for the Environmental Impact Statement on its 100% owned Manantial Espejo silver project and plans to immediately proceed with the development and construction of the mine.  The Company also signed an agreement with the Federal Government of Argentina and the Province of Santa Cruz to bring grid electrical power to the town of Gobernador Gregores with a sub-connection to Manantial Espejo. </FONT>
</P>
<P>
<FONT size=2 face="sans-serif">The recently completed feasibility study for Manantial Espejo estimates that the project will produce on average 4.3 million ounces of silver and 62,000 ounce of gold annually over a mine life of 8.5 years, based on current proven and probable reserves.  Capital costs for the project are expected to be $112.3 million including working capital and normal construction contingencies, plus $18.1 million in Argentine Value Added Tax which will be refundable once the mine is in production. </FONT>
</P>
<P>
<FONT size=2 face="sans-serif">At the feasibility study price assumptions of US$6.75 per ounce for silver and US$475 per ounce for gold, the mine will generate an undiscounted after tax net present value of $72.6 million, an internal rate of return of 12% and a capital payback of 3.5 years. Average life of mine cash costs will be $0.02 per ounce, net of gold byproduct credits. At today&#146;s prices the undiscounted after tax net present value of the project would be $169 million, the internal rate of return increases to 25% and the capital payback period would be approximately 2.3 years.</FONT>
</P>
<P>
<FONT size=2 face="sans-serif">Basic engineering for the project has been initiated and construction is expected to take 18-20 months. Existing mineral reserves are concentrated in four zones: the Maria, Karina Union, Melissa and Concepcion deposits which will be developed using both open pit and underground mining methods. Silver and gold recovery will be by conventional milling and leaching at a rate of 2,000 tonnes per day. The feasibility study estimates that the recovery rates for silver and gold will be 93% and 94%, respectively. Pan American is currently exploring financing options for the project. </FONT>
</P>
<P>
<FONT size=2 face="sans-serif">According to Pan American Chairman Ross Beaty; &#147;Development of 100% of Manantial Espejo secures Pan American&#146;s future as the world&#146;s number one primary silver producer. Together with this project, the completion of our new Alamo Dorado mine in the fourth quarter of this year and the expansion of our San Vicente and Morococha mines, we expect to double our current annual production to more than 25 million ounces of silver by the end of 2008. We have received great cooperation from the Argentine government at the federal and provincial levels, and particularly from the local community of Gobernador Gregores. I look forward to a successful mine development at Manantial Espejo for the benefit of Argentina, the local community and of course our shareholders.&#148; </FONT>
</P>
<P align="center">
<FONT size=1 face="serif">1</FONT>&nbsp;<FONT size=1 face="serif">5 0 0 - 6</FONT>&nbsp;<FONT size=1 face="serif">2 5 </FONT><FONT size=2 face="serif">H </FONT><FONT size=1 face="serif">O W E </FONT><FONT size=2 face="serif">S </FONT><FONT size=1 face="serif">T R E E T ,
</FONT>
<FONT size=2 face="serif">V </FONT><FONT size=1 face="serif">A N C O U V E R , </FONT><FONT size=2 face="serif">B C&nbsp;
C </FONT><FONT size=1 face="serif">A N A D A&nbsp;</FONT> <FONT size=1 face="serif">V 6 C 2 T 6&nbsp;
</FONT><FONT size=1 face="serif">&#149;</FONT>&nbsp;<FONT size=2 face="serif">T </FONT><FONT size=1 face="serif">E L&nbsp;
6</FONT>&nbsp;<FONT size=1 face="serif">0 4 . 6 8 4 . 1 1 7 5  &#149;&nbsp; </FONT><FONT size=2 face="serif">F </FONT><FONT size=1 face="serif">A X 6 0 4 . 6 8 4 . 0 1 4 7</FONT>
</P>
<P align="center">
<FONT size=2 face="serif">w w w . p a n a m e r i c a n s i l v e r . c o m</FONT>
</P>
<HR noshade align="center" width="100%" size=2>
<A name="page_2"></A>

<P>
<img border="0" src="pressrelease001.jpg" width="240" height="60">
</P>
<P>
<FONT size=2 face="sans-serif">*Mineral Reserves and Resources as at December 31, 2005</FONT>
</P>
<P>
<FONT size=2 face="sans-serif">Proven Mineral Reserves Probable Mineral Reserves </FONT>
</P>
<P>
<B><FONT size=2 face="sans-serif">Total  	 	 </FONT></B>
</P>
<P>
<FONT size=2 face="sans-serif">Measured Mineral Resources Indicated Mineral Resources </FONT>
</P>
<P>
<B><FONT size=2 face="sans-serif">Total  	 	 Inferred Mineral Resources </FONT></B>
</P>
<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
   <TD align="center" width="163" style="border-left: 1 solid #000000; border-top: 1 solid #000000"><FONT size=2 face="sans-serif">Tonnes</FONT></TD>
   <TD width="39" style="border-right: 1 solid #000000; border-top: 1 solid #000000">&nbsp;</TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000; border-top: 1 solid #000000"><FONT size=2 face="sans-serif">Grade</FONT></TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000; border-top: 1 solid #000000"><FONT size=2 face="sans-serif">Grade</FONT></TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000; border-top: 1 solid #000000"><FONT size=2 face="sans-serif">Silver</FONT></TD>
</TR>
<TR>
   <TD align="center" width="163" style="border-left: 1 solid #000000; border-bottom: 1 solid #000000"><FONT size=2 face="sans-serif">(000s)</FONT></TD>
   <TD width="39" style="border-right: 1 solid #000000; border-bottom: 1 solid #000000">&nbsp;</TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000; border-bottom: 1 solid #000000"><FONT size=2 face="sans-serif">(g/t Ag)</FONT></TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000; border-bottom: 1 solid #000000"><FONT size=2 face="sans-serif">(g/t Au)</FONT></TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000; border-bottom: 1 solid #000000"><FONT size=2 face="sans-serif">(ounces)</FONT></TD>
</TR>
<TR>
   <TD align="right" width="163" style="border-left: 1 solid #000000"><FONT size=2 face="sans-serif">2,743</FONT></TD>
   <TD width="39" style="border-right: 1 solid #000000">&nbsp;</TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000"><FONT size=2 face="sans-serif">176</FONT></TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000"><FONT size=2 face="sans-serif">2.47</FONT></TD>
   <TD align="right" width="230" style="border-right: 1 solid #000000"><FONT size=2 face="sans-serif">15,522,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR>
   <TD align="right" width="163" style="border-left: 1 solid #000000"><FONT size=2 face="sans-serif">2,848</FONT></TD>
   <TD width="39" style="border-right: 1 solid #000000">&nbsp;</TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000"><FONT size=2 face="sans-serif">211</FONT></TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000"><FONT size=2 face="sans-serif">3.18</FONT></TD>
   <TD align="right" width="230" style="border-right: 1 solid #000000"><FONT size=2 face="sans-serif">19,271,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR>
   <TD align="right" width="163" style="border-left: 1 solid #000000; border-bottom: 1 solid #000000"><B><FONT size=2 face="sans-serif">5,591</FONT></B></TD>
   <TD width="39" style="border-right: 1 solid #000000; border-bottom: 1 solid #000000">&nbsp;</TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000; border-bottom: 1 solid #000000"><B><FONT size=2 face="sans-serif">194</FONT></B></TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000; border-bottom: 1 solid #000000"><B><FONT size=2 face="sans-serif">2.83</FONT></B></TD>
   <TD align="right" width="230" style="border-right: 1 solid #000000; border-bottom: 1 solid #000000"><B><FONT size=2 face="sans-serif">34,793,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
</TR>
<TR>
   <TD style="border-left: 1 solid #000000" width="163">
    <p align="right"><FONT size=2 face="sans-serif">1,224</FONT></p>
   </TD>
   <TD width="39" style="border-right: 1 solid #000000">&nbsp;</TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000"><FONT size=2 face="sans-serif">108</FONT></TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000"><FONT size=2 face="sans-serif">1.22</FONT></TD>
   <TD align="right" width="230" style="border-right: 1 solid #000000"><FONT size=2 face="sans-serif">4,248,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR>
   <TD align="right" width="163" style="border-left: 1 solid #000000"><FONT size=2 face="sans-serif">1,670</FONT></TD>
   <TD width="39" style="border-right: 1 solid #000000">&nbsp;</TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000"><FONT size=2 face="sans-serif">118</FONT></TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000"><FONT size=2 face="sans-serif">1.22</FONT></TD>
   <TD align="right" width="230" style="border-right: 1 solid #000000"><FONT size=2 face="sans-serif">6,332,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR>
   <TD align="right" width="163" style="border-left: 1 solid #000000; border-bottom: 1 solid #000000"><B><FONT size=2 face="sans-serif">2,894</FONT></B></TD>
   <TD width="39" style="border-right: 1 solid #000000; border-bottom: 1 solid #000000">&nbsp;</TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000; border-bottom: 1 solid #000000"><B><FONT size=2 face="sans-serif">114</FONT></B></TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000; border-bottom: 1 solid #000000"><B><FONT size=2 face="sans-serif">1.22</FONT></B></TD>
   <TD align="right" width="230" style="border-right: 1 solid #000000; border-bottom: 1 solid #000000"><B><FONT size=2 face="sans-serif">10,580,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
</TR>
<TR>
   <TD align="right" width="163" style="border-left: 1 solid #000000; border-bottom: 1 solid #000000"><B><FONT size=2 face="sans-serif">1,042</FONT></B></TD>
   <TD width="39" style="border-right: 1 solid #000000; border-bottom: 1 solid #000000">&nbsp;</TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000; border-bottom: 1 solid #000000"><B><FONT size=2 face="sans-serif">133</FONT></B></TD>
   <TD align="center" width="230" style="border-right: 1 solid #000000; border-bottom: 1 solid #000000"><B><FONT size=2 face="sans-serif">1.20</FONT></B></TD>
   <TD align="right" width="230" style="border-right: 1 solid #000000; border-bottom: 1 solid #000000"><B><FONT size=2 face="sans-serif">4,468,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
</TR>
</TABLE><P>
<I><FONT size=1 face="sans-serif">*Michael Steinmann, P.Geo., Senior Vice-President Geology and Exploration for Pan American Silver, has estimated the mineral resources and is the Qualified Person for the resources. Martin Wafforn, P.Eng, Director of Mine Engineering for Pan American Silver is the Qualified Person for the proven/probable mineral reserves. The proven and probable reserves were calculated using a silver price of US $6.25 per ounce and a gold price of US $425 per ounce. </FONT></I>
</P>
<P>
<FONT size=2 face="sans-serif">-end- </FONT>
</P>
<P>
<FONT size=2 face="sans-serif">For Further Information Contact: Pan American Silver Corp (604) 684-1175 or visit the Company&#146;s website at </FONT><U><FONT size=2 face="sans-serif">www.panamericansilver.com</FONT></U><FONT size=2 face="sans-serif">. </FONT>
</P>
<P>
<B><FONT size=2 face="sans-serif">CAUTIONARY NOTE </FONT></B>
</P>
<P>
<B><FONT size=2 face="sans-serif">Some of the statements in this news release are forward-looking statements 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 costs, expected trends in mineral prices and statements that describe Pan American's future plans, objectives or goals. There is a significant risk that actual results will vary, perhaps materially, from results projected depending on such factors as changes in general economic conditions and financial markets, changes in prices for silver and other metals, technological and operational hazards in Pan American's mining and mine development activities, uncertainties inherent in the calculation of mineral reserves, mineral resources and metal recoveries, the timing and availability of financing, governmental and other approvals, political unrest or instability in countries where Pan American is active, labor relations and other 
risk factors listed from time to time in Pan American&#146;s Form 40-F. </FONT></B>
</P>
<P align="center">
<FONT size=1 face="serif">1</FONT>&nbsp;<FONT size=1 face="serif">5 0 0 - 6</FONT>&nbsp;<FONT size=1 face="serif">2 5 </FONT><FONT size=2 face="serif">H </FONT><FONT size=1 face="serif">O W E </FONT><FONT size=2 face="serif">S </FONT><FONT size=1 face="serif">T R E E T ,
</FONT>
<FONT size=2 face="serif">V </FONT><FONT size=1 face="serif">A N C O U V E R , </FONT><FONT size=2 face="serif">B C&nbsp;
C </FONT><FONT size=1 face="serif">A N A D A&nbsp;</FONT> <FONT size=1 face="serif">V 6 C 2 T 6&nbsp;
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6</FONT>&nbsp;<FONT size=1 face="serif">0 4 . 6 8 4 . 1 1 7 5  &#149;&nbsp; </FONT><FONT size=2 face="serif">F </FONT><FONT size=1 face="serif">A X 6 0 4 . 6 8 4 . 0 1 4 7</FONT>
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<FONT size=2 face="serif">w w w . p a n a m e r i c a n s i l v e r . c o m</FONT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
