<SEC-DOCUMENT>0001279569-12-001048.txt : 20120815
<SEC-HEADER>0001279569-12-001048.hdr.sgml : 20120815
<ACCEPTANCE-DATETIME>20120815162413
ACCESSION NUMBER:		0001279569-12-001048
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120815
FILED AS OF DATE:		20120815
DATE AS OF CHANGE:		20120815

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:		121037362

	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
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<FILENAME>panamericansilver6k.htm
<DESCRIPTION>FORM 6-K
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STATES</B></FONT></P>

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6-K&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT of 1934</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>August 15, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">_____________________</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 24pt Times New Roman, Times, Serif"><B>Pan
American Silver Corp.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>&nbsp;</B></FONT><B><FONT STYLE="font-size: 10pt">1500-625
HOWE STREET</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>VANCOUVER BC CANADA V6C 2T6</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>&nbsp;</B></FONT><B><FONT STYLE="font-size: 10pt">000-13727</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission File Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">_____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.</P>

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<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 29%; text-align: right">&nbsp;Form 20-F</TD>
    <TD STYLE="width: 21%; text-align: center">&nbsp;<FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center">&nbsp;Form 40-F</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1). _____</P>

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<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 3%"></TD>
    <TD STYLE="width: 97%;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Note: Regulation S-T Rule
    101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security
    holders.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____</P>

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<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 3%"></TD>
    <TD STYLE="width: 97%">Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
    Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make
    public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant&rsquo;s
    &ldquo;home country&rdquo;), or under the rules of the home country exchange on which the registrant&rsquo;s securities are
    traded, as long as the report or other document is not a press release, is not required to be and has not been distributed
    to the registrant&rsquo;s security holders, and, if discussing a material event, has already been the subject of a Form 6-K
    submission or other Commission filing on EDGAR.</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate 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.</P>

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    <TD STYLE="width: 29%; text-align: right">&nbsp;Yes</TD>
    <TD STYLE="width: 21%; text-align: center"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center">&nbsp;No</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></TD></TR>
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to the registrant in connection with Rule 12g3-2(b):&nbsp;<B>______</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Signatures&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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.</P>

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    <TD STYLE="width: 49%"></TD></TR>
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    <TD></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><B>Pan American Silver Corp.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2">(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:&nbsp;August 15, 2012</TD>
    <TD>By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/&nbsp;<B><I>ROBERT PIROOZ</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Robert Pirooz</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD STYLE="font-style: italic">General Counsel</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT LIST</B></P>

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    <TD STYLE="width: 8%; border-bottom: black 1pt solid">Exhibit</TD>
    <TD STYLE="width: 4%; padding-bottom: 0.75pt"></TD>
    <TD STYLE="border-bottom: black 1pt solid">Description</TD></TR>
<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;&nbsp;99.1</TD>
    <TD></TD>
    <TD>News Release dated August    15, 2012 -Pan American Silver Provides Update On Successful 2012 Exploration Program
</TD></TR></TABLE>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED AUGUST 15, 2012
<TEXT>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Pan American Silver Provides Update On Successful 2012 Exploration
Program</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>La Colorada mine on track for significant Mineral Resources growth</B>
</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>First phase drilling at Waterloo Silver project returns 108 metres
with 181 g/t Silver starting at surface, including 36 metres with 285 g/t Silver</B> </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">VANCOUVER, Aug. 15, 2012 /CNW/ - <B>Pan American Silver Corp.
(PAAS: NASDAQ) (PAA: TSX), </B>(the<B> &quot;Company&quot;</B>,<B> </B>or<B> &quot;Pan American&quot;</B>)<B> </B>is pleased to
report drill results from this year's ongoing exploration programs at the La Colorada mine in Zacatecas, Mexico and one of its
development projects, the Waterloo silver project in San Bernardino County, California.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Exploration Results - La Colorada Mine</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Exploration has been very successful over recent years, adding
new Mineral Reserves and Resources.&nbsp; Most of the past exploration and Mineral Resource additions were focused on the main
HW and NC2 structures.&nbsp; Approximately 88% of the current production comes from these two structures, which have a combined
strike length of over 1,500 metres and are producing almost 960 tonnes per day (&quot;tpd&quot;) of oxide and sulphide ore.&nbsp;
Underground drilling has substantially expanded the Mineral Resources down-dip over the past three years, with the deepest hole
intersecting the NC2 vein at the 1,008 level, more than 1,000 metres below surface (drill hole U-21-12, 0.60 metres @ 378 g/t silver
and 0.63 g/t gold).&nbsp; The current Probable Mineral Reserves only includes mineralization to the 600 level.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The 2012 campaign is focused on the Amolillo vein, located
about 500 metres northwest of the HW/NC2 structures.&nbsp; Amolillo is currently producing 125 tpd of oxide ore from the 245 and
275 levels, along a 400-metre strike length.&nbsp; Drilling is targeting a potential lateral and vertical Mineral Resource and
Mineral Reserve expansion.&nbsp; To date, a total of 23 holes have been drilled, 16 from surface and 7 from underground, for a
combined total of approximately 9,643 metres of diamond drilling.&nbsp; The first phase drilling intersected the vein down to the
520 level, 245 metres below the deepest mining level, and expanded the lateral extension to the east and west by 500 metres for
a total of 900 metres of current strike length.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Drill results have been exceptional from both oxide and sulphide
mineralization. Impressive sulphide intersections were encountered in hole S-04-12, which returned a true width of 2.41 metres
containing 1,750 g/t silver, 0.63 g/t gold, 3.01% lead and 6.70% zinc.&nbsp; In addition, hole U-20-12 returned 2.62 metres containing
1,096 g/t silver, 1.38 g/t gold, 2.76% lead and 4.17% zinc.&nbsp; In hole U-29-12 silver grades reached highs of up to 3,308 g/t
with 37% lead and 2.88% zinc over a true width of 0.43 metres.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Oxide intercepts were also impressive.&nbsp; As an example,
hole U-48-12 returned 2.41 metres of true width containing 840 g/t silver and 1.15 g/t gold and hole S-55-12 returned 465 g/t silver
and 0.38 g/t gold over a true width of 3.43 metres. Detailed results for 23 drill holes are shown in Table 1 in the Appendix to
this news release.&nbsp; The Company is very encouraged by the results and will intensify drilling over the next six months.&nbsp;
Pan American expects to incorporate these results into the December 2012 Mineral Reserves and Resources update, which is scheduled
for release in February 2013.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Michael Steinmann, Executive Vice-President, Geology and Exploration,
commented on the results at La Colorada, &quot;For over three years now, La Colorada has returned excellent exploration results.
The large and high grade extension of the Amolillo mineralisation represents another step towards our goal of adding substantially
to the Mineral Reserves and Mineral Resources at La Colorada and the future potential expansion of the plant and mining operations.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The following table shows selected drill results from La Colorada's
Amolillo Vein.&nbsp; For the complete drill results, please refer to Table 1 in the Appendix of this news release.&nbsp; A detailed
long section and map will be posted on the Company's website at www.panamericansilver.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Selected Drill Results - Amolillo Vein at La Colorada</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">Drill Hole</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">Vein</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">True Width (m)</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">Ag (g/t)</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">Au (g/t)</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">Pb (%)</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">Zn (%)</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">Mineralisation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">S-04-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.41</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">1,750</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.63</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">3.01</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">6.70</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">S-06-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">4.10</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">396</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.56</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.06</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">3.31</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">U-20-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.62</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">1,096</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">1.38</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.76</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">4.17</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">S-23-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.36</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">439</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.34</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.15</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">4.76</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">U-29-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.43</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">3,308</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.70</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">37.00</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.88</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">S-42-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">3.92</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">305</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.11</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Oxides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">U-48-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.41</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">840</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">1.15</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Oxides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">S-55-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">3.43</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">465</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.38</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Oxides</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Drill holes are sampled and logged according to industry-accepted
standards. All exploration samples are prepared and analyzed at the on-site La Colorada lab, which uses fire assay with gravimetric
finish for gold and silver. Base metals are assayed using acid digestion and atomic absorption finish. The QAQC program at La Colorada
includes the submission of tertiary lab check assays on 2% to 5% of the samples and 1% to 2% of check samples. All of the drilling,
sampling and QAQC programs are conducted under the direct supervision of Pan American's geology staff.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Exploration Results - Waterloo Silver Project</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Waterloo silver project is located 16 kilometres northeast
of the town of Barstow, in the Calico Mining District of San Bernardino County, California. The silver-barite mineral property
covering 769 hectares consists of 18 patented and 20 unpatented mining claims and surface lands. Pan American has held 100% of
the mineral properties since 1996. Part of the Waterloo project hosted a small high-grade operation from 1882 to 1892, reportedly
mining 50 tpd with average grades of over 700 g/t silver. Asarco Ltd. (&quot;Asarco&quot;) acquired the Waterloo project in 1964
and undertook an intensive two-year exploration program. In addition to geological mapping, sampling and surface trenching, Asarco
drilled 181 reverse circulation (&quot;RC&quot;) holes for a total length of 12,443 metres. Based on the drilling, Asarco outlined
a historical silver-barite Mineral Resource close to or at surface.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The historical Mineral Resource estimate from Asarco was 33.8
million tonnes at 93 g/t silver for a total of 101 million contained silver ounces.&nbsp; The historical estimate was prepared
prior to implementation of National Instrument 43-101, Standards of Disclosure for Mineral Projects (&quot;NI 43-101&quot;), and
the Company has not yet completed the work necessary to verify the historical estimate or to classify the historical estimate as
current Mineral Resources.&nbsp; Accordingly, the Company is not treating the historical estimate as a current Mineral Resource
or NI 43-101-compliant based on information prepared by or under the supervision of a Qualified Person (&quot;QP&quot;).&nbsp;
The historical estimate should not be relied upon; however, Michael Steinmann, P.Geo., the QP for Pan American, has reviewed all
the available data and believes that the historical estimate was conducted in an appropriate manner and is relevant for the purposes
of the Company's decision to maintain its interest in the property.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American decided to actively evaluate the potential of
the property and started a first phase drilling campaign in 2012. The drill program consisted of 11 RC holes for a total of 974
metres and 4 short diamond drill holes with a total length of 259 metres. Much more work is needed on the geological interpretation,
but the deposit could represent a sedimentary exhalative style (&quot;SEDEX&quot;) mineralisation dipping 20&deg; to 25&deg; to
the southwest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">All of Asarco's and Pan American's drill holes are vertical.
Mineralisation starts in all holes at or close to the surface and drilling has returned wide intersects and high silver grades.
For example, hole W-RC-S-12007 intersected 108 metres at 181 g/t silver, including 36 metres at 285 g/t silver. Hole W-RC-S-12008
also intersected&nbsp;108 metres, containing 142 g/t silver, including a shorter interval of 62 metres at 192 g/t silver. The same
section also hosts hole W-RC-S-12006 with 94 metres at 109 g/t silver, including 26 metres at 170 g/t silver and hole W-RC-S-12009,
which intersected 106 metres at 120 g/t silver, including 40 metres containing 166 g/t silver. These four holes cover a horizontal
distance of 130 metres. Further to the northwest, intersections are somewhat narrower, as encountered in holes W-RC-S-12001, 12002,
12003, 12010 and 12011, which intersected mineralisation over down-hole lengths of between 34 metres to 80 metres.&nbsp; All intervals
are reported as down-hole lengths and are not corrected to true widths for mineralized intervals. The geometries of mineralized
zones remain speculative until further drilling is completed.&nbsp; RC holes have been continuously sampled over a standardized
length of 2 metres.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Michael Steinmann commented on results at Waterloo, &quot;The
first phase drill results from Waterloo are exceptional. The first 11 RC holes returned consistent high grade and wide intersects
starting from the surface in most holes. They compare very well to the historic drill results from Asarco and in some instances
are even higher grade. Drilling will continue with a second phase in order to confirm the historic Mineral Resource. Waterloo is
well on its way to being Pan American's newest development project.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">For the remainder of the year, the Company will increase its
exploration efforts at Waterloo, including metallurgical test work, continued RC and diamond drilling, geological mapping and geophysical
surveys.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The following table shows selected drill results from the
Waterloo Project.&nbsp; For Waterloo's complete drill results, please refer to Table 2 in the Appendix of this news release.&nbsp;
A geological map will be posted on the Company's website at www.panamericansilver.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Selected Drill Results - Waterloo Project</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold">Hole number</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">From (m)</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">To (m)</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">Length (m)</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">Ag (g/t)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">W-RC-S-12006</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">94</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">94</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">109</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;&nbsp;including</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">30</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">46</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">16</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">153</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;&nbsp;and</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">56</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">82</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">26</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">170</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">W-RC-S-12007</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">108</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">108</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">181</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;&nbsp;including</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">32</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">68</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">36</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">285</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">W-RC-S-12008</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">108</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">108</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">142</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;&nbsp;including</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">36</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">98</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">62</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">192</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">W-RC-S-12009</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">106</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">106</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">120</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;&nbsp;including</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">50</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">90</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">40</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">166</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Samples are prepared and analyzed by ALS Laboratories in North
Vancouver, Canada, using acid digestion with atomic absorption for samples less than 100 g/t silver and fire assay for samples
greater than 100 g/t.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: center">***</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>About Pan American Silver</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American Silver's mission is to be the world's largest
and lowest cost primary silver mining company by increasing its low cost silver production and silver Mineral Reserves.&nbsp; The
Company has seven operating mines in Mexico, Peru, Argentina and Bolivia, including the recently acquired Dolores gold/silver mine
in Chihuahua, Mexico. Pan American also owns the Navidad silver development project in Chubut, Argentina, the Calcatreu gold project
in Rio Negro, also in Argentina and the La Virginia development project in Sonora, Mexico.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>Technical information contained in this news release with
respect to Pan American has been reviewed by Michael Steinmann, P.Geo., Executive VP Geology &amp; Exploration, who is the Company's
Qualified Person</I> <I>for the purposes of NI 43-101. </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B><I>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>CERTAIN OF THE STATEMENTS AND INFORMATION IN THIS NEWS
RELEASE CONSTITUTE &quot;FORWARD-LOOKING STATEMENTS&quot; WITHIN THE MEANING OF THE UNITED STATES PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995 AND &quot;FORWARD-LOOKING INFORMATION&quot; WITHIN THE MEANING OF APPLICABLE CANADIAN PROVINCIAL SECURITIES
LAWS.&nbsp; ALL STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS.&nbsp; WHEN USED IN THIS NEWS
RELEASE THE WORDS, &quot;BELIEVES&quot;, &quot;EXPECTS&quot;, &quot;INTENDS&quot;, &quot;PLANS&quot;, &quot;FORECAST&quot;, &quot;OBJECTIVE&quot;,
&quot;OUTLOOK&quot;, &quot;POSITIONING&quot;, &quot;POTENTIAL&quot;, &quot;ANTICIPATED&quot;, &quot;BUDGET&quot;, AND OTHER SIMILAR
WORDS AND EXPRESSIONS, IDENTIFY FORWARD-LOOKING STATEMENTS OR INFORMATION.&nbsp; THESE FORWARD-LOOKING STATEMENTS OR INFORMATION
RELATE TO, AMONG OTHER THINGS: ESTIMATES OF MINERAL RESOURCES OR MINERAL RESERVES AND ANY FUTURE CHANGES TO MINERAL RESOURCES OR
MINERAL RESERVES BASED ON EXPLORATION RESULTS; FUTURE EXPLORATION ACTIVITY, INCLUDING THE COMPANY'S PLANS FOR FUTURE DRILLING,
LOCATION OF EXPLORATION AND THE RESULTS OF ANY SUCH EXPLORATION; THE COMPANY'S ABILITY TO EXPAND MINE OR PLANT AT THE LA COLORADA
MINE; TIMING OF RELEASE OF UPDATED MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES OR TECHNICAL OR OTHER REPORTS; AND THE COMPANY'S
PLANS AND EXPECTATIONS FOR ITS PROPERTIES AND OPERATIONS. </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>THESE STATEMENTS REFLECT THE COMPANY'S CURRENT VIEWS WITH
RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF ASSUMPTIONS AND ESTIMATES THAT, WHILE CONSIDERED REASONABLE
BY THE COMPANY, ARE INHERENTLY SUBJECT TO SIGNIFICANT BUSINESS, ECONOMIC, COMPETITIVE, POLITICAL AND SOCIAL UNCERTAINTIES AND CONTINGENCIES.&nbsp;
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
NEWS RELEASE AND THE COMPANY HAS MADE ASSUMPTIONS AND ESTIMATES BASED ON OR RELATED TO MANY OF THESE FACTORS.&nbsp; SUCH FACTORS
INCLUDE, WITHOUT LIMITATION: 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 CANADIAN DOLLAR, PERUVIAN SOL, MEXICAN
PESO, ARGENTINE PESO AND BOLIVIAN BOLIVIANO VERSUS THE U.S. DOLLAR); RISKS RELATED TO THE TECHNOLOGICAL AND OPERATIONAL NATURE
OF THE COMPANY'S BUSINESS; CHANGES IN NATIONAL AND LOCAL GOVERNMENT, LEGISLATION, TAXATION, CONTROLS OR REGULATIONS INCLUDING AMONG
OTHERS; POLITICAL OR ECONOMIC DEVELOPMENTS IN CANADA, THE UNITED STATES, MEXICO, PERU, ARGENTINA, BOLIVIA OR OTHER COUNTRIES WHERE
THE COMPANY 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); EMPLOYEE RELATIONS; RELATIONSHIPS WITH AND CLAIMS BY LOCAL COMMUNITIES AND INDIGENOUS POPULATIONS; AVAILABILITY
AND INCREASING COSTS ASSOCIATED WITH MINING INPUTS AND LABOUR; THE SPECULATIVE NATURE OF MINERAL EXPLORATION AND DEVELOPMENT, INCLUDING
THE RISKS OF OBTAINING NECESSARY LICENSES AND PERMITS AND THE PRESENCE OF LAWS AND REGULATIONS THAT MAY IMPOSE RESTRICTIONS ON
MINING; DIMINISHING QUANTITIES OR GRADES OF MINERAL RESERVES AS PROPERTIES ARE MINED; CHALLENGES TO, OR DIFFICULTY IN MAINTAINING,
THE COMPANY'S TITLE TO PROPERTIES AND CONTINUED OWNERSHIP THEREOF; THE ACTUAL RESULTS OF CURRENT EXPLORATION ACTIVITIES, CONCLUSIONS
OF ECONOMIC EVALUATIONS, AND CHANGES IN PROJECT PARAMETRES TO DEAL WITH UNANTICIPATED ECONOMIC OR OTHER FACTORS; INCREASED COMPETITION
IN THE MINING INDUSTRY FOR PROPERTIES, EQUIPMENT, QUALIFIED PERSONNEL, AND THEIR COSTS; AND THOSE FACTORS IDENTIFIED UNDER THE
CAPTION &quot;RISKS RELATED TO PAN AMERICAN'S BUSINESS&quot; IN THE COMPANY'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.&nbsp;
INVESTORS ARE CAUTIONED AGAINST ATTRIBUTING UNDUE CERTAINTY OR RELIANCE ON FORWARD-LOOKING STATEMENTS.&nbsp; ALTHOUGH THE COMPANY
HAS 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.&nbsp; THE COMPANY DOES NOT INTEND, AND DOES 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.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: center"><B>Appendix - Complete Drill Results </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Table 1 - Complete Drill Results from the Amolillo Vein,
La Colorada Mine</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold">Drill Hole</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">Vein</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">True width (m)</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">Ag (g/t)</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">Au&nbsp; (g/t)</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">Pb&nbsp;&nbsp; (%)</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">Zn (%)</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">Mineralisation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">S-02-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">4.08</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">329</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.29</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">1.04</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">3.11</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">S-04-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.41</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">1,750</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.63</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">3.01</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">6.70</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">S-06-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">4.10</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">396</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.56</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.06</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">3.31</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">S-12-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">3.21</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">246</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.32</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">3.14</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">4.91</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">S-16-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.34</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">398</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.33</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Oxides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">S-19-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.46</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">111</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.03</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">1.12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.76</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">U-20-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.62</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">1,096</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">1.38</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.76</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">4.17</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">S-23-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.36</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">439</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.34</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.15</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">4.76</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">U-29-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.43</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">3,308</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.70</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">37.00</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.88</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">U-33-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.56</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">204</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.25</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Oxides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">S-34-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.39</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">522</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.17</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">1.62</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">4.69</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">U-36-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.46</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">159</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.42</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">1.18</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.51</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">S-38-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.30</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">246</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Oxides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">U-40-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">3.21</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">247</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.05</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Oxides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">S-42-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">3.92</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">305</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.11</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Oxides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">U-44-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.73</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">511</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.24</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">1.86</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">1.47</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">S-46-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">1.54</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">154</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.35</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">1.42</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">7.18</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">U-48-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.41</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">840</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">1.15</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Oxides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">S-49-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.42</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">394</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.35</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Oxides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">S-52-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.40</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">248</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.41</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.23</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">3.59</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">S-55-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">3.43</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">465</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.38</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">N/A</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Oxides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">S-57-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.16</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">272</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.15</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">1.29</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2.44</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">S-62-12</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Amolillo</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.54</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">248</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.18</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.38</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0.47</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">Sulphides</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Table 2 - Complete Drill Results from the Waterloo Project
</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold">Hole number</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">From (m)</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">To (m)</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">Length (m)</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center">Ag ppm</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">W-RC-S-12001</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">8</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">62</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">54</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">93</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;&nbsp;including</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">36</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">50</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">14</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">154</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">W-RC-S-12002</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">4</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">38</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">34</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">87</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;&nbsp;including</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">24</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">30</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">6</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">168</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">W-RC-S-12003</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">72</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">72</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">111</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;&nbsp;including</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">8</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">8</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">369</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">W-RC-S-12004</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">32</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">32</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">185</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">including</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">24</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">22</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">250</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">W-RC-S-12005</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">62</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">62</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">105</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;&nbsp;including</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">6</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">26</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">20</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">160</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">W-RC-S-12006</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">94</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">94</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">109</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;&nbsp;including</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">30</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">46</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">16</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">153</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;&nbsp;and</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">56</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">82</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">26</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">170</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">W-RC-S-12007</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">108</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">108</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">181</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">including</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">32</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">68</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">36</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">285</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">W-RC-S-12008</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">108</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">108</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">142</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">including</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">36</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">98</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">62</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">192</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">W-RC-S-12009</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">106</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">106</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">120</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;&nbsp;including</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">50</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">90</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">40</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">166</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">W-RC-S-12010</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">0</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">64</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">64</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">152</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;&nbsp;including</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">14</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">62</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">48</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">176</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">W-RC-S-12011</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">2</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">82</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">80</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center">77</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">SOURCE: Pan American Silver Corp.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">%CIK: 0000771992</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Kettina Cordero<BR>
Manager, Investor Relations<BR>
(604) 684-1175<BR>
info@panamericansilver.com<BR>
www.panamericansilver.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CO: Pan American Silver Corp.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CNW 08:00e 15-AUG-12</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

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