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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001199073-08-000582.txt : 20080722
<SEC-HEADER>0001199073-08-000582.hdr.sgml : 20080722
<ACCEPTANCE-DATETIME>20080722130223
ACCESSION NUMBER:		0001199073-08-000582
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20080721
FILED AS OF DATE:		20080722
DATE AS OF CHANGE:		20080722

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:		08963061

	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>d6k.htm
<DESCRIPTION>PAN AMERICAN SILVER CORP. FORM 6-K
<TEXT>
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6-K&#160;</font></div>
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OF FOREIGN PRIVATE ISSUER</font></div>
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TO RULE 13a-16 OR 15d-16</font></div>
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THE SECURITIES EXCHANGE ACT of 1934</font></div>
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21, 2008</font></div>
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American Silver Corp.</font></div>
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name of registrant as specified in its charter)</font></div>
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STREET</font></font></div>
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BC CANADA V6C 2T6</font></div>
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of principal executive offices)</font></div>
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File Number)</font></div>
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        </div>
        <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.</font></div>
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by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1). _____</font></div>
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by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): ____ </font></div>
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      jurisdiction in which the registrant is incorporated, domiciled or legally
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by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </font></div>
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is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">______</font></font>

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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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; FONT-FAMILY: Times New Roman">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="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">
          <tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></td>
          </tr>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 12pt">&#160;</font></td>
            <td colspan="2">
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      Silver Corp.</font></font></div>
                </div>
              </div>
            </td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;<br>&#160;</font></td>
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Registrant)</font>&#160;</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">Date:&#160;July
      21,&#160;2008&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt">/s/&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">ROBERT
      PIROOZ</font></font></font></font></td>
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            </td>
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            <td>
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                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-STYLE: italic">General Counsel and
      Secretary</font></font></div>
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              </div>
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          </tr>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left">&#160;</div>
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LIST</font></div>
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                <td width="88%" style="BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Description</font></td>
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                  <div style="MARGIN-LEFT: 16pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font size="2">99.1</font>&#160;</div>
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                                                                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="ex99_1.htm">MANANTIAL ESPEJO COMMISSIONING DELAYED 3
      MONTHS</a></font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>MANANTIAL ESPEJO COMMISSIONING DELAYED 3 MONTHS
<TEXT>
<html>
  <head>
    <title>ex99_1.htm</title>
<!-- Licensed to: CCNMatthews-->
<!-- Document Created using EDGARizer 4.0.6.1 -->
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    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
    <div>&#160;</div>
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    </div>
    <div>
      <div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Exhibit
99.1</font></div>
      <div style="TEXT-ALIGN: right">&#160;</div>
      <div style="TEXT-ALIGN: left">
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><img src="logo.jpg" alt="GRAPHIC"></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">MANANTIAL
ESPEJO COMMISSIONING DELAYED 3 MONTHS</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(All
amounts in US dollars unless otherwise stated)</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Vancouver, B.C. &#8211; July 21, 2008 --
Pan American Silver Corp.</font> <font style="FONT-WEIGHT: normal">(NASDAQ:
PAAS; TSX: PAA)</font> <font style="FONT-WEIGHT: normal">reported today that the
expected commissioning of its newest silver mine, Manantial Espejo, in Argentina
will be delayed approximately 90 days.&#160;&#160;The construction schedule had
called for initial silver production in late August, but the Company now
believes that start up will commence in October, with initial silver production
in November.</font></font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Slower
than planned equipment deliveries and the recent theft, in transit, of critical
electrical switchgear for the process plant has pushed back planned
commissioning by an estimated 3 months.&#160;&#160;The stolen electrical
equipment has since been re-ordered and underground and open pit mining
operations continue to run smoothly.&#160;&#160;The Company expects there to be
in excess of 400,000 tonnes of stockpiled ore available to feed the plant on
start up.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Geoff
Burns, President &amp; CEO, commented: &#8220;It is unfortunate that key, custom
manufactured, electrical components were stolen this close to completing
construction at Manantial Espejo, but despite&#160;&#160;this unforeseen delay,
Manantial Espejo remains a tremendous long term growth asset for Pan American
which will produce low cost ounces for many years to come&#8221;.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Pan
American is reducing Manantial Espejo&#8217;s 2008 production forecast to 0.4 million
ounces of silver and 8,000 ounces of gold from the 1.4 million ounces of silver
and 27,000 ounces of gold originally anticipated.&#160;&#160;Cash costs for
Manantial&#8217;s 2008 silver production are now forecast at $2.00 per
ounce.&#160;&#160;&#160;&#160;At the end of the first quarter the Company
estimated that the capital cost at completion would be approximately 5% over
forecast.&#160;&#160;The Company now estimates that the capital cost at
completion will be between 6% and 8% above the previous estimate of $185.3
million.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Technical
information contained in this news release has been reviewed by Michael
Steinmann, P.Geo., Senior Vice President Geology &amp; Exploration, who is the
Company&#8217;s Qualified Person for the purposes of NI 43-101.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Information
Contact</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Kettina
Cordero</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Coordinator,
Investor Relations</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">604-684-1175</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; TEXT-DECORATION: underline">info@panamericansilver.com</font></font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font size="+0"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">THIS
NEWS RELEASE CONTAINS &#8220;FORWARD-LOOKING INFORMATION&#8221; WITHIN THE MEANING OF THE
UNITED STATES &#8220;PRIVATE SECURITIES LITIGATION REFORM ACT&#8221; OF 1995 AND APPLICABLE
CANADIAN SECURITIES LEGISLATION. STATEMENTS CONTAINING FORWARD-LOOKING
INFORMATION EXPRESS, AS AT THE DATE OF THIS NEWS RELEASE, THE COMPANY&#8217;S PLANS,
ESTIMATES, FORECASTS, PROJECTIONS, EXPECTATIONS, OR BELIEFS AS TO FUTURE EVENTS
OR RESULTS AND THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION
TO, UPDATE SUCH STATEMENTS CONTAINING THE FORWARD-LOOKING INFORMATION.
GENERALLY, FORWARD-LOOKING INFORMATION CAN BE IDENTIFIED BY THE USE OF
FORWARD-LOOKING TERMINOLOGY SUCH AS &#8220;PLANS&#8221;, &#8220;PROJECTS&#8221; OR &#8220;PROJECTED&#8221;,
&#8220;EXPECTS&#8221; OR &#8220;DOES NOT EXPECT&#8221;, &#8220;IS EXPECTED&#8221;, &#8220;ESTIMATES&#8221;, &#8220;FORECASTS&#8221;,
&#8220;SCHEDULED&#8221;, &#8220;INTENDS&#8221;, &#8220;ANTICIPATES&#8221; OR &#8220;DOES NOT ANTICIPATE&#8221;, OR &#8220;BELIEVES&#8221;,
OR VARIATIONS OF SUCH WORDS AND PHRASES, OR STATEMENTS THAT CERTAIN ACTIONS,
EVENTS OR RESULTS &#8220;MAY&#8221;, &#8220;CAN&#8221;, &#8220;COULD&#8221;, &#8220;WOULD&#8221;, &#8220;MIGHT&#8221; OR &#8220;WILL BE TAKEN&#8221;,
&#8220;OCCUR&#8221; OR &#8220;BE ACHIEVED&#8221;. STATEMENTS CONTAINING FORWARD-LOOKING INFORMATION
INCLUDE, BUT ARE NOT LIMITED TO, STATEMENTS WITH RESPECT TO TIMING AND BUDGET OF
CONSTRUCTION AND COMMISSIONING ACTIVITIES AT MANANTIAL ESPEJO, THE ECONOMIC
VIABILITY OF ORE BODIES,&#160;&#160;FUTURE PRODUCTION LEVELS AND AVAILABILITY OF
STOCKPILED MATERIAL, EXPECTATIONS REGARDING MINE PRODUCTION COSTS, </font><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">AND
PAN AMERICAN&#8217;S COMMITMENT TO, AND PLANS FOR DEVELOPING, NEWLY DISCOVERED AND
EXISTING MINERALIZED STRUCTURES.</font></font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
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            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">
                  <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">1500
&#8211; 625 <font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">H</font>OWE
<font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">S</font>TREET,
<font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">V</font>ANCOUVER,
<font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">BC
C</font>ANADA&#160;&#160;V6C 2T6</font></div>
                  <div align="center">
                    <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: bold"><font style="FONT-WEIGHT: normal"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">T</font>EL
604.684.1175&#160;&#160;&#8226;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">F</font>AX
604.684.0147</font></font></font></font></div>
                    <div align="center">
                      <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">www.panamericansilver.com</font></div>
                    </div>
                  </div>
                </div>
              </div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: darkgray" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: center" align="right"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">2</font></div>
            </div>
          </div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">STATEMENTS
CONTAINING FORWARD-LOOKING INFORMATION INVOLVE KNOWN AND UNKNOWN RISKS,
UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE THE ACTUAL RESULTS, LEVEL OF
ACTIVITY, PERFORMANCE OR ACHIEVEMENTS OF PAN AMERICAN AND ITS OPERATIONS TO BE
MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR IMPLIED BY SUCH STATEMENTS. SUCH
FACTORS INCLUDE, AMONG OTHERS, RISKS RELATED TO TECHNOLOGICAL AND OPERATIONAL
NATURE OF THE COMPANY&#8217;S BUSINESS, CHANGES IN LOCAL GOVERNMENT LEGISLATION,
TAXATION OR THE POLITICAL OR ECONOMIC ENVIRONMENT, EXPOSURE TO FLUCTUATIONS IN
THE COMPANY&#8217;S INVESTMENTS AND THE LOCAL CURRENCIES OF THOSE COUNTRIES IN WHICH
PAN AMERICAN CARRIES ON BUSINESS, THE ACTUAL RESULTS OF CURRENT EXPLORATION
ACTIVITIES, CONCLUSIONS OF ECONOMIC EVALUATIONS, CHANGES IN PROJECT PARAMETERS
TO DEAL WITH UNANTICIPATED ECONOMIC FACTORS, FUTURE PRICES OF SILVER, GOLD AND
BASE METALS, INCREASED COMPETITION IN THE MINING INDUSTRY FOR PROPERTIES,
EQUIPMENT, QUALIFIED PERSONNEL, AND THEIR RISING COSTS, UNPREDICTABLE RISKS AND
HAZARDS RELATING TO THE OPERATION AND DEVELOPMENT OF OUR MINES OR PROPERTIES,
UNEXPECTED WORK STOPPAGES OR LABOUR DISPUTES, TRANSPORTATION DISRUPTIONS, THE
SPECULATIVE NATURE OF EXPLORATION AND DEVELOPMENT, FLUCTUATIONS IN THE PRICE FOR
NATURAL GAS, FUEL OIL AND OTHER KEY SUPPLIES, AS WELL AS THOSE FACTORS DESCRIBED
IN THE SECTION &#8220;RISK RELATED TO PAN AMERICAN&#8217;S BUSINESS&#8221; CONTAINED IN THE
COMPANY&#8217;S MOST RECENT FORM 40F/ANNUAL INFORMATION FORM FILED WITH THE SEC AND
CANADIAN PROVINCIAL SECURITIES REGULATORY AUTHORITIES. ALTHOUGH THE COMPANY HAS
ATTEMPTED TO IDENTIFY IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO
DIFFER MATERIALLY FROM THOSE CONTAINED IN FORWARD-LOOKING STATEMENTS, THERE MAY
BE OTHER FACTORS THAT CAUSE RESULTS TO BE MATERIALLY DIFFERENT FROM THOSE
ANTICIPATED, DESCRIBED, ESTIMATED, ASSESSED OR INTENDED. THERE CAN BE NO
ASSURANCE THAT ANY STATEMENTS CONTAINING FORWARD-LOOKING INFORMATION WILL PROVE
TO BE ACCURATE AS ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM
THOSE ANTICIPATED IN SUCH STATEMENTS. ACCORDINGLY, READERS SHOULD NOT PLACE
UNDUE RELIANCE ON STATEMENTS CONTAINING FORWARD-LOOKING
INFORMATION.</font></div>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
