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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001199073-09-000016.txt : 20090109
<SEC-HEADER>0001199073-09-000016.hdr.sgml : 20090109
<ACCEPTANCE-DATETIME>20090109144637
ACCESSION NUMBER:		0001199073-09-000016
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090108
FILED AS OF DATE:		20090109
DATE AS OF CHANGE:		20090109

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:		09518324

	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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D.C. 20549</font></div>
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THE SECURITIES EXCHANGE ACT of 1934</font></div>
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2009</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></div>
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BC CANADA V6C 2T6</font></div>
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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
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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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      foreign private issuer must furnish and make public under the laws of the
      jurisdiction in which the registrant is incorporated, domiciled or legally
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    EDGAR.</font></div>
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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></font></div>
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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>
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            <td align="left" valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      </font></td>
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      </font></td>
          </tr>
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            <td align="left" valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      American Silver Corp.</font></div>
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      8,&#160;2009&#160;</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:&#160;&#160;</font></div>
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      PIROOZ</font></font></div>
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      </font></td>
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                <hr style="COLOR: black" align="left" noshade size="1" width="25%">      </div>
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      </font></td>
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      <div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="ex99_1.htm">PAN AMERICAN SILVER ANNOUNCES FIRST SILVER POURED AT
      MANANTIAL ESPEJO AND PROVIDES GENERAL
  UPDATE</a></font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99_1.htm
<DESCRIPTION>PAN AMERICAN SILVER ANNOUNCES FIRST SILVER POURED AT MANANTIAL ESPEJO AND PROVIDES GENERAL UPDATE
<TEXT>
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    <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: left">&#160;</div>
    <div style="TEXT-ALIGN: left"><img src="logo.jpg" alt="GRAPHIC"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PAN
AMERICAN SILVER ANNOUNCES FIRST SILVER POURED AT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MANANTIAL
ESPEJO AND PROVIDES GENERAL UPDATE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(All
amounts in U.S. dollars unless otherwise indicated)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" 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; January 8, 2009 &#8211;
Pan American Silver Corp.</font> (NASDAQ: PAAS; TSX: PAA) is pleased to announce
that its new Manantial Espejo silver and gold mine in Argentina began pouring
dore on December 29, 2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Construction
at Manantial Espejo, the Company&#8217;s eighth silver mine is substantially complete
and the mill start-up activities, which began in late November, are in full
swing, including achievement of the first production of silver and gold
dore.&#160;&#160;Open pit and underground mining continue and previously
stockpiled ore is currently being fed into the processing circuit.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
December 31, 2008, approximately 10,000 ounces of silver and 230 ounces of gold
had been poured.&#160;&#160;Another 65,000 ounces of silver and 1,200 ounces of
gold remained in precipitate and will be poured into dore and shipped by
mid-January.&#160;&#160;The initial commissioning and ramp-up of the plant is
progressing well and management expects to reach design capacity of 2,000 tonnes
per day by the end of the first quarter of 2009.&#160;&#160;At feasibility study
levels, Manantial Espejo is expected to produce an average of 4 million ounces
of silver and 60,000 ounces of gold annually and should be the Company&#8217;s lowest
cost mine.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Mining Operations and
Development Projects Update</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pan
American achieved a new annual silver production record of 18.7 million ounces
in 2008.&#160;&#160;This represents silver production growth of 9% as compared
to 2007 and is within 1% of the Company&#8217;s 2008 forecast.&#160;&#160;Cash costs
for the year are estimated to be in the range of $5.75 to $6.10 per ounce of
silver produced, net of by-product credits.&#160;&#160;During the fourth quarter
of 2008, the Company produced approximately 4.6 million ounces of silver at an
estimated cash cost in the range of $7.75 to $8.25 per ounce, net of by-product
credits.&#160;&#160;Cash costs in the fourth quarter were adversely affected by
significantly reduced by-product metal prices; costs escalation, particularly in
connection with energy and labour; and severance and related employee redundancy
costs.&#160;&#160;Pan American expects the trend in rising cash costs to begin
to reverse commencing late in the first quarter of 2009 in response to actions
the Company initiated in November of last year with respect to its mine
operating plans and reduction in employment levels.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company&#8217;s San Vicente expansion project in Bolivia is also nearing mechanical
completion with the commissioning team in place.&#160;&#160;Efforts are now
focused on finishing the installation of the SAG and ball mills, the electrical
and instrumentation, and the main water supply pumping system.&#160;&#160;The
tailings dam, the crushing plant, the flotation circuits, and the thickening and
filtration circuits are essentially complete.&#160;&#160;Expansion of the
underground mine is also progressing on schedule with the development of the new
mechanized zone in the Litoral vein well advanced.&#160;&#160;Management expects
commissioning activities to begin in late January 2009 with the first ore
expected to be fed to the plant in February 2009.&#160;&#160;At feasibility
study levels, San Vicente is expected to contribute an average of 2.9 million
ounces of silver annually.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">After a
detailed review of all its mines, the Company has decided to initiate the
process necessary to suspend operations at its Quiruvilca mine in Per&#250; during
2009.&#160;&#160;Quiruvilca has been in operation for over 80 years and more
recently has become increasingly reliant on base</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">metal
production, particularly zinc.&#160;&#160;Declining base metal prices have
rendered current reserves uneconomic.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Quiruvilca contributed less than 8% to
the Company&#8217;s total silver production in 2008 and was expected to contribute
even less, on a percentage basis, in 2009.&#160;&#160;The Company intends to
significantly reduce underground development, </font>maximize existing developed
ore and prioritize the most cost efficient areas of the mine while<font style="DISPLAY: inline; FONT-SIZE: 10pt"> methodically preparing the mine for a
period of care and maintenance.&#160;&#160;These activities could take
approximately 6 to 8 months to complete.&#160;&#160;As a result of this
decision, the Company expects to write-down the remaining carrying value of the
mine of approximately $ 12.4 million in the fourth quarter of
2008.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Financial
Update</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pan
American anticipates that its fourth quarter and 2008 year end financial
results, which will be released in mid-February, will be negatively impacted by
several atypical charges which will likely include: 1) an estimated $12.4
million charge for the write-down of Quiruvilca&#8217;s carrying value, 2) negative
provisional pricing adjustments of approximately $8.8 million for concentrate
shipments made in the third quarter but where final pricing had not yet been
settled, 3) a foreign currency loss of approximately $8.6 million, primarily due
to holding Canadian dollar cash balances while the US dollar strengthened, 4) a
mark to market and realized loss of $12.1 million on the Company&#8217;s foreign
exchange forward positions for Peruvian Soles and Mexican Pesos which are used
to pay local in-country operating expenses, partially offset by a mark to market
and realized gain of $6.4 million on the Company&#8217;s zinc and lead forward sales
positions, and 5) an estimated $1.1 million charge for employee reduction
programs.&#160;&#160;It should be noted that all of the above charges are
current estimates and are subject to further adjustments during the upcoming
2008 year end accounting close, which will include the usual assessment of the
carrying values of all the Company&#8217;s assets.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">After
absorbing these anticipated expenses, the Company&#8217;s balance sheet remains
solid.&#160;&#160;Pan American expects to end 2008 with cash and short-term
investments of approximately $34 million, working capital in excess of $115
million, no debt, an un-drawn $70 million credit facility for strategic
corporate development opportunities, and nearly all of its capital expenditures
at Manantial Espejo and San Vicente completed.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">2009
Forecast</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In 2009,
Pan American is forecasting silver production of 21.5 million ounces (excluding
silver production from residual mining at Quiruvilca), an increase of 15% as
compared to 2008.&#160;&#160;With the inclusion of Manantial Espejo, the Company
also expects to more than double its gold production to 85,000 ounces in
2009.&#160;&#160;Cash costs for 2009 are forecast in the range of $6.00 to $6.50
per ounce for the full year, with higher costs expected in the first two
quarters, before the lower cost Manantial Espejo mine ramps up to full
capacity.&#160;&#160;To calculate by-product credits which are included in the
2009 estimated cash costs, the Company has used forecasted average zinc and gold
prices of $1,150 per tonne and $725 per ounce respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At the
current silver price of approximately $11.00 per ounce, the Company expects to
generate significant positive net cash flows in 2009, after covering all planned
capital expenditures, exploration programs, administrative charges and
taxes.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Commenting
on today&#8217;s announcement, Geoff Burns, President &amp; CEO said, &#8220;The development
of Manantial Espejo has been one of our critical growth projects and after two
years of extraordinary effort, it is extremely rewarding to now be pouring
silver and gold at our newest and what we expect to be our lowest cost
mine.&#8221;&#160;&#160;Mr. Burns added, &#8220;The second half of 2008 was a very
challenging period for the mining industry and for Pan American.&#160;&#160;We
had to make</font></div>
    <div style="TEXT-ALIGN: left"><br></div>
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    <div style="TEXT-ALIGN: left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">some
tough decisions with respect to our assets and our people and the fourth quarter
financial results will reflect the implementation of those
decisions.&#160;&#160;However, we achieved a new record for silver production in
2008, our balance sheet remains solid, and we are forecasting an additional 15%
production growth in 2009 fueled by the start up of Manantial
Espejo.&#160;&#160;By the end of the 1<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">st</font> quarter
of this year we will have completed the task of optimizing our operating plans
to generate significant net cash flows at today&#8217;s prices.&#160;&#160;We have and
will continue to take the necessary steps to remain resilient, and I am very
confident that Pan American enters 2009 as a much stronger company, well
positioned to reap the rewards of improving silver and gold
prices.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">About
Pan American Silver</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pan
American Silver&#8217;s mission is to be the world&#8217;s largest and lowest cost primary
silver mining company by increasing its low cost silver production and silver
reserves.&#160;&#160;The Company has eight operating mines in Mexico, Peru,
Bolivia, and Argentina.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Technical
information contained in this news release has been reviewed by Michael
Steinmann, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">P.Geo., Executive Vice President
Geology &amp; Exploration, and Martin Wafforn, P.Eng., VP Technical Services,
who are the Company&#8217;s Qualified Persons</font> <font style="DISPLAY: inline; FONT-STYLE: italic">for the purposes of NI
43-101.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" 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; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; 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; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Coordinator,
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">CAUTIONARY
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">THIS
NEWS RELEASE CONTAINS &#8220;FORWARD-LOOKING STATEMENTS&#8221; WITHIN THE MEANING OF THE
UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND
&#8220;FORWARD-LOOKING INFORMATION&#8221; WITHIN THE MEANING OF 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;.&#160;&#160;SUCH FORWARD-LOOKING STATEMENTS AND INFORMATION INCLUDE,
BUT ARE NOT LIMITED TO STATEMENTS AS TO: THE POURING OF DORE AT MANANTIAL ESPEJO
FROM SILVER AND GOLD IN PRECIPITATE; THE ESTIMATED DATE FOR COMPLETION OF THE
COMMISSIONING AND RAMP-UP OF THE PROCESSING CIRCUIT AT MANANTIAL ESPEJO TO
DESIGN CAPACITY; ESTIMATED ANNUAL SILVER AND GOLD PRODUCTION AND CASH COSTS AT
MANANTIAL ESPEJO; PAN AMERICAN&#8217;S ESTIMATED ANNUAL AND FOURTH QUARTER CASH COSTS
FOR 2008; THE ESTIMATED DATE TO BEGIN COMMISSIONING ACTIVITIES AT SAN VICENTE;
ESTIMATED ANNUAL PRODUCTION AT SAN VICENTE; THE ESTIMATED TIME NECESSARY TO
PREPARE QUIRUVILCA FOR A PERIOD OF CARE AND MAINTENANCE; THE ESTIMATED WRITE
DOWN OF QUIRUVILCA&#8217;S CARRYING VALUE AND OTHER EXTRAORDINARY 2008 FOURTH QUARTER
CHARGES; PAN AMERICAN&#8217;S ESTIMATED CASH, SHORT TERM INVESTMENTS, WORKING.CAPITAL,
DEBT AND REMAINING CAPITAL EXPENDITURES AT MANANTIAL ESPEJO AND SAN VICENTE AS
AT THE END OF 2008; PAN AMERICAN&#8217;S 2009 FORECAST ANNUAL SILVER AND GOLD
PRODUCTION, CASH COSTS AND POSITIVE NET CASH FLOW: AND FORECAST AVERAGE ZINC AND
GOLD PRICES FOR 2009.&#160;&#160;THE COMPANY DOES NOT INTEND, AND DOES NOT
ASSUME ANY OBLIGATION TO, UPDATE SUCH FORWARD-LOOKING STATEMENTS OR INFORMATION,
OTHER THAN AS REQUIRED BY APPLICABLE LAW.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">FORWARD-LOOKING
STATEMENTS OR 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.&#160;&#160;SUCH FACTORS
INCLUDE, AMONG OTHERS:&#160;&#160;FLUCTUATIONS IN THE SPOT AND FORWARD PRICE OF
SILVER, GOLD, BASE METALS OR CERTAIN OTHER COMMODITIES (SUCH AS NATURAL GAS,
FUEL OIL AND ELECTRICITY); FLUCTUATIONS IN THE CURRENCY MARKETS (SUCH AS THE
PERUVIAN SOLE AND MEXICAN PESO VERSUS THE U.S. DOLLAR); CHANGES IN NATIONAL AND
LOCAL GOVERNMENT, LEGISLATION, TAXATION, CONTROLS, REGULATIONS AND POLITICAL OR
ECONOMIC DEVELOPMENTS IN CANADA, PERU, MEXICO, ARGENTINA, BOLIVIA, THE UNITED
STATES OR OTHER COUNTRIES IN WHICH THE COMPANY MAY CARRY ON BUSINESS IN THE
FUTURE; OPERATING OR TECHNICAL DIFFICULTIES IN CONNECTION WITH MINING OR
DEVELOPMENT ACTIVITIES; RISKS AND HAZARDS ASSOCIATED WITH THE BUSINESS OF
MINERAL</font></div>
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DEVELOPMENT AND MINING (INCLUDING ENVIRONMENTAL HAZARDS, INDUSTRIAL ACCIDENTS,
UNUSUAL OR UNEXPECTED FORMATIONS, PRESSURES, CAVE-INS AND FLOODING); INADEQUATE
INSURANCE, OR INABILITY TO OBTAIN INSURANCE, TO COVER THESE RISKS AND HAZARDS;
EMPLOYEE RELATIONS; AVAILABILITY AND INCREASING COSTS ASSOCIATED WITH MINING
INPUTS AND LABOR; THE SPECULATIVE NATURE OF MINERAL EXPLORATION AND DEVELOPMENT,
INCLUDING THE RISKS OF OBTAINING NECESSARY LICENSES AND PERMITS; DIMINISHING
QUANTITIES OR GRADES OF MINERAL RESERVES AS PROPERTIES ARE MINED; BUSINESS
OPPORTUNITIES THAT MAY BE PRESENTED TO, OR PURSUED BY, THE COMPANY; THE
COMPANY&#8217;S ABILITY TO SUCCESSFULLY INTEGRATE ACQUISITIONS; AND CHALLENGES TO THE
COMPANY&#8217;S TITLE TO PROPERTIES; 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.&#160;&#160;ALTHOUGH THE COMPANY HAS ATTEMPTED
TO IDENTIFY IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THOSE CONTAINED IN FORWARD-LOOKING STATEMENTS OR INFORMATION,
THERE MAY BE OTHER FACTORS THAT CAUSE RESULTS TO BE MATERIALLY DIFFERENT FROM
THOSE ANTICIPATED, DESCRIBED, ESTIMATED, ASSESSED OR INTENDED.&#160;&#160;THERE
CAN BE NO ASSURANCE THAT ANY FORWARD-LOOKING STATEMENTS OR INFORMATION WILL
PROVE TO BE ACCURATE AS ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY
FROM THOSE ANTICIPATED IN SUCH STATEMENTS OR
INFORMATION.&#160;&#160;ACCORDINGLY, READERS SHOULD NOT PLACE UNDUE RELIANCE ON
FORWARD-LOOKING STATEMENTS OR INFORMATION.</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
