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<SEC-DOCUMENT>0001341004-09-002104.txt : 20091022
<SEC-HEADER>0001341004-09-002104.hdr.sgml : 20091022
<ACCEPTANCE-DATETIME>20091022171728
ACCESSION NUMBER:		0001341004-09-002104
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20091022
FILED AS OF DATE:		20091022
DATE AS OF CHANGE:		20091022

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:		091133062

	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>form6-k.htm
<TEXT>
<html>
<head>
    <title>form6-k.htm</title>
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<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
    <div>&#160;</div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div>
          <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="4">
          <hr style="MARGIN-TOP: -10px; COLOR: #000000" noshade size="1">
        </div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">SECURITIES
AND EXCHANGE COMMISSION</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Washington,
D.C. 20549</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif">FORM
6-K</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Report
of Foreign Private Issuer</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Pursuant
to Rule 13a-16 or 15d-16 of</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">the
Securities Exchange Act of 1934</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
              <td align="left" valign="middle" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">For
      the month of,</font></div>
              </td>
              <td valign="middle" width="43%" style="BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">October</font></div>
              </td>
              <td valign="middle" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="middle" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">2009</font></div>
              </td>
            </tr><tr>
              <td align="left" valign="middle" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Commission
      File Number</font></div>
              </td>
              <td valign="middle" width="43%" style="BORDER-BOTTOM: black 0.5pt solid">
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              </td>
              <td valign="middle" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="middle" width="12%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr><tr>
              <td colspan="4" valign="top" width="82%" style="BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <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, serif">Pan
      American Silver Corp</font></div>
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            </tr><tr>
              <td colspan="4" valign="top" width="82%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">(Translation
      of registrant&#8217;s name into English)</font></div>
              </td>
            </tr><tr>
              <td colspan="4" valign="top" width="82%" style="BORDER-BOTTOM: black 0.5pt solid">
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      Howe Street, Vancouver BC Canada V6C 2T6</font></div>
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registrant files or will file annual reports under cover of Form 20-F or Form
40F:</font></div>
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              <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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      20-F&#160;&#160;&#160; </font></div>
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              <td valign="top" width="15%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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      X </font></div>
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      </font></td>
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registrant is submitting the Form&#160;6-K in paper as permitted by
Regulation&#160;S-T Rule&#160;101(b)(1): <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></font></div>
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by check mark if the registrant is submitting the Form&#160;6-K in paper as
permitted by Regulation&#160;S-T Rule&#160;101(b)(7): <font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></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>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
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<tr>
              <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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              <td align="right" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">No&#160;&#160;&#160;
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file number assigned to the registrant in connection with Rule
12g3-2(b):&#160;&#160;82-_______________</font></div>
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INCLUDED AS PART OF THIS REPORT</font></div>
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<tr>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Document</font></div>
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              <td valign="top" width="72%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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              <td valign="top" width="13%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="top" width="72%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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      Change Report.</font></div>
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report on Form 6-K is incorporated by reference into all of the Registrant's
outstanding registration statements on Form F-10 and S-8 that have been filed
with the Securities and Exchange Commission.</font></div>
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1</font></div>
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51-102F3</font></div>
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Change Report</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, serif">Pan
      American Silver Corp. (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Pan American</font>&#8221; or the
      &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Company</font>&#8221;)</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, serif">1500
      &#8211; 625 Howe Street</font></div>
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              </tr><tr>
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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, serif">Vancouver,
      British Columbia, V6C 2T6</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
              </tr><tr>
                <td valign="top" width="6%">
                  <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, serif">2.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
                <td valign="top" width="73%">
                  <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, serif">Date
      of Material Change</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
              </tr><tr>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="73%">
                  <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, serif">October
      14, 2009</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
              </tr><tr>
                <td valign="top" width="6%">
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                </td>
                <td valign="top" width="73%">
                  <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, serif">News
      Release</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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              </tr><tr>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                <td valign="top" width="73%">
                  <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, serif">A
      news release dated October 14, 2009 was issued through Marketwire and was
      filed with regulatory authorities in Canada and published on SEDAR the
      same day.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
              </tr><tr>
                <td valign="top" width="6%">
                  <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, serif">4.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
                <td valign="top" width="73%">
                  <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, serif">Summary
      of Material Change</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
              </tr><tr>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                <td valign="top" width="73%">
                  <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, serif">On
      October 14, 2009, the Company announced that it had signed a support
      agreement with Aquiline Resources Inc. (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Aquiline</font>&#8221;) pursuant to
      which the Company will make formal take-over bids to acquire (i) all of
      the issued and outstanding common shares of Aquiline, (ii) each
      outstanding series of Aquiline warrants and (iii) the Aquiline convertible
      debenture.&#160;&#160;The transaction value implied by the take-over bids
      is approximately $626 million.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
              </tr><tr>
                <td valign="top" width="6%">
                  <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, serif">5.</font></div>
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                </td>
                <td valign="top" width="73%">
                  <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, serif">Full
      Description of Material Change</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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              </tr><tr>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                <td valign="top" width="73%">
                  <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, serif">On
      October 14, 2009, the Company announced it had signed a support agreement
      (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Support
      Agreement</font>&#8221;) with Aquiline pursuant to which the Company will make a
      formal take-over bid to acquire all of the issued and outstanding shares
      of Aquiline (excluding Aquiline shares already owned by the Company) (the
      &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Share
      Offer</font>&#8221;).&#160;&#160;Contemporaneously with the Share Offer, the
      Company will also make formal take-over bids for each outstanding series
      of Aquiline warrants and the Aquiline convertible debenture (together, the
      &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Convertible Securities
      Offers</font>&#8221;).&#160;&#160;The transaction value implied by all of the
      offers is approximately $626 million.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
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                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                <td valign="top" width="73%">
                  <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, serif">The
      Share Offer will be made on the basis of 0.2495 of a Pan American common
      share, plus 0.1 of a Pan American common share purchase warrant (the
      &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Pan American
      Consideration Warrant</font>&#8221;) for each Aquiline common
      share.&#160;&#160;Each Pan American Consideration Warrant will entitle its
      holder to acquire one Pan American common share at an exercise price of
      $35.00 per Pan American common share for a period of five years after the
      date on which the Company first pays for Aquiline common shares tendered
      to the Share Offer.&#160;&#160;The consideration offered pursuant to the
      Convertible Security Offers will consist of replacement Pan American
      securities, exercisable to acquire Pan American common shares, with
      similar terms to the respective Aquiline securities subject to an
      adjustment to their exercise price by a 0.2495 exchange
ratio.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                <td valign="top" width="73%">
                  <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, serif">Based
      on the closing price of the Company&#8217;s common shares on the TSX on
      October&#160;13, 2009 (and assuming a value of $0.81 for each 0.1 of a Pan
      American Consideration Warrant), the implied value of the Share Offer is
      $7.47 per Aquiline common share, which represents a premium of
      approximately 36.6% over the closing price of the Aquiline common shares
      on the TSX on the same date, and a 62.0% premium to Aquiline&#8217;s 10-day
      volume weighted average price.&#160;&#160;Aquiline shareholders will own
      approximately 19% of the Company following consummation of the
      transaction.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
              </tr><tr>
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                  <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, serif">The
      Board of Directors of Aquiline, after receiving the recommendation of
      their special committee of independent directors, has unanimously
      determined (i) that the Share Offer is fair to Aquiline</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
              </tr></table>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        <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">&#160;</div>
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<tr>
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                <td valign="top" width="73%">
                  <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, serif">shareholders,
      and is in the best interest of Aquiline, and (ii) to recommend that
      Aquiline shareholders tender their common shares to the Share
      Offer.&#160;&#160;BMO Capital Markets, financial advisor to Aquiline, has
      delivered a fairness opinion to the Board of Directors of Aquiline in
      connection with the Share Offer. Cormark Securities Inc. has also
      delivered a fairness opinion to the Board of Directors of Aquiline in
      connection with the Share Offer. The offers are conditional on the
      directors and senior officers of Aquiline entering into lock-up agreements
      with the Company and agreeing to tender all of their Aquiline shares in
      support of the Share Offer.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
              </tr><tr>
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      the terms of the Support Agreement, Aquiline is subject to certain
      customary non-solicitation covenants including the obligation to pay the
      Company a non-completion fee of $18 million under certain
      circumstances.&#160;&#160;In addition, Aquiline has provided the Company
      with certain other customary rights including a five business day right to
      match a proposal deemed superior by Aquiline&#8217;s Board of
      Directors.&#160;&#160;Under certain other circumstances, where the Support
      Agreement is terminated, Aquiline is obligated to reimburse the Company&#8217;s
      reasonable expenses up to a maximum of $3 million.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
              </tr><tr>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                  <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, serif">The
      Share Offer and each of the Convertible Securities Offers are conditional
      upon a minimum of 66&#8532;% of the outstanding Aquiline common shares on a
      diluted basis being tendered to the Share Offer.&#160;&#160;The Share
      Offer is not contingent on a successful take-up under any of the
      Convertible Securities Offers.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
              </tr><tr>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                  <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, serif">The
      Company expects to launch the formal take-over bids as soon as
      practicable.&#160;&#160;Detailed terms and conditions of the Share Offer
      and the Convertible Securities Offers will be set out in the formal offer
      and bid circular to be mailed to Aquiline security holders. The
      transaction is subject to stock exchange approvals, the receipt of certain
      confirmations under Argentinean anti-trust laws, and other customary
      closing conditions. Pan American shareholders will not be required to vote
      on the transaction.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
              </tr><tr>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                <td valign="top" width="73%">
                  <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, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Additional Information
      About The Transaction And Where To Find It</font></font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
              </tr><tr>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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      connection with the proposed transaction, the Company will file relevant
      materials with the United States Securities and Exchange Commission (the
      &#8220;SEC&#8221;), including one or more registration statements that contain a
      prospectus.&#160;&#160;Investors and security holders are urged to read
      these documents (if and when they become available) and any other relevant
      documents filed by the Company with the SEC, as well as any amendments or
      supplements to these documents because they will contain important
      information.&#160;&#160;Investors and security holders may obtain these
      documents free of charge at the SEC's website at
      www.sec.gov.&#160;&#160;In addition, the documents filed with the SEC by
      the Company may be obtained free of charge by directing such request to:
      Kingsdale Shareholder Services (&#8220;Kingsdale&#8221;) at 1-888-518-6824 or from the
      Company&#8217;s website at www.panamericansilver.com.&#160;&#160;Such documents
      are not currently available.&#160;&#160;Investors and security holders are
      urged to read the prospectus and the other relevant materials when they
      become available before making any investment decision with respect to the
      proposed transaction.&#160;&#160;Security holders who have questions about
      the transaction can also contact Kingsdale. Kingsdale has been retained by
      Pan American to act as Information Agent for the transaction.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
              </tr><tr>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                <td valign="top" width="73%">
                  <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, serif">This
      communication shall not constitute an offer to sell or the solicitation of
      an offer to buy, nor shall there be any sale of securities in any
      jurisdiction in which such offer, solicitation or sale would be unlawful
      prior to registration or qualification under the securities laws of any
      such jurisdiction. No offering of securities shall be made except by means
      of a prospectus meeting the requirements of Section 10 of the Securities
      Act of 1933, as amended.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
              </tr><tr>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                <td valign="top" width="73%">
                  <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, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Cautionary Note
      Regarding Forward-Looking Information</font></font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
              </tr><tr>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                  <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, serif">Certain
      of the statements and information in this material change report
      constitute &#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 provincial
      securities laws relating to Pan American, Aquiline and their respective
      operations. All statements, other than statements of historical fact, are
      forward looking statements. When used in this material change report, the
      words &#8220;will&#8221;, &#8220;believe&#8221;,</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- 2
- -</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
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            </div>
          </div>
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        </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">&#160;</div>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                <td valign="top" width="73%">
                  <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, serif">&#8220;estimate&#8221;,
      &#8220;expect&#8221;, &#8220;goal&#8221;, &#8220;implied&#8221;, &#8220;may&#8221;, and other similar words and
      expressions, identify forward-looking statements or information. These
      forward looking statements or information relate to, among other things:
      the satisfaction or waiver of the conditions precedent of the Support
      Agreement, the directors and senior officers of Aquiline entering into
      lock-up agreements with Pan American, the timing of the expected launch of
      the formal take-over bids, and the timing and prospects for security
      holder acceptance of the offers and the implementation
      thereof.&#160;&#160;These statements reflect the current views of Pan
      American and Aquiline, respectively, with respect to future events and are
      necessarily based upon a number of assumptions and estimates that, while
      considered reasonable by each of Pan American and Aquiline, respectively,
      are inherently subject to significant business, economic, competitive,
      political and social uncertainties and contingencies. Many factors, both
      known and unknown, could cause actual results, performance or achievements
      to be materially different from the results, performance or achievements
      that are or may be expressed or implied by such forward looking statements
      contained in this material change report and both Pan American and
      Aquiline, respectively, has made assumptions based on or related to many
      of these factors. Such factors include without limitation: the
      fluctuations in spot and forward markets for silver, gold, base metals and
      certain other commodities (such as natural gas, fuel oil and electricity);
      fluctuations in currency markets (such as the Argentine peso, Peruvian
      sol, Mexican peso and Bolivian boliviano versus the U.S. dollar); risks
      related to the technological and operational nature of Pan American and
      Aquiline&#8217;s businesses, respectively; changes in national and local
      government, permitting, legislation, taxation, controls or regulations and
      political or economic developments in Canada, the United States,
      Argentina, Mexico, Peru, Bolivia or other countries where Pan American and
      Aquiline may carry on business in the future; risks and hazards associated
      with the business of mineral exploration, development and mining
      (including environmental hazards, industrial accidents, unusual or
      unexpected geological or structural 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; global financial conditions;
      business opportunities that may be presented to, or pursued by Pan
      American or Aquiline; Pan American&#8217;s ability to complete and successfully
      integrate acquisitions; challenges to Pan American&#8217;s or Aquiline&#8217;s title
      to properties; litigation; the actual results of current exploration
      activities, conclusions of economic evaluations, and changes in project
      parameters to deal with unanticipated economic or other factors;
      discrepancies between actual and estimated production, price volatility,
      increased competition in the mining industry for properties, equipment,
      qualified personnel, and their costs; and those factors identified under
      the caption &#8220;Risks Related to Pan American&#8217;s Business&#8221; in Pan American&#8217;s
      most recent Form 40-F and annual information form filed with the United
      States Securities and Exchange Commission and Canadian provincial
      securities regulatory authorities and those factors identified under the
      caption &#8220;Description of Business - Risk Factors&#8221; in Aquiline&#8217;s annual
      information form filed with certain Canadian provincial securities
      regulatory authorities and elsewhere in Aquiline documents filed from time
      to time with applicable regulatory authorities. Investors are cautioned
      against attributing undue certainty or reliance on forward-looking
      statements. Although Pan American and Aquiline, respectively, have
      attempted to identify important factors that could cause actual results to
      differ materially, there may be other factors that cause results not to be
      as anticipated, estimated, described or intended. Pan American and
      Aquiline do not intend, and do not assume any obligation, to update these
      forward-looking statements or information to reflect changes in
      assumptions or changes in circumstances or any other events affecting such
      statements or information, other than as required by applicable
      law.</font></div>
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                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
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      been omitted.</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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                  <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, serif">Executive
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                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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      material change and may be contacted by any of the Securities Commissions
      in respect to the change:</font></div>
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- -</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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<tr>
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                  <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, serif">Robert
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                </td>
              </tr><tr>
                <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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                <td valign="top" width="73%">
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                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
              </tr><tr>
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                </td>
                <td align="left" valign="top" width="73%">
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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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<tr>
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