<SEC-DOCUMENT>0001279569-13-000201.txt : 20130221
<SEC-HEADER>0001279569-13-000201.hdr.sgml : 20130221
<ACCEPTANCE-DATETIME>20130221124513
ACCESSION NUMBER:		0001279569-13-000201
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130220
FILED AS OF DATE:		20130221
DATE AS OF CHANGE:		20130221

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:		13629537

	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>panamericansilver6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0"></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<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"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>Washington,
D.C. 20549</B></FONT></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>FORM
6-K&nbsp;</B></FONT></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; 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>

<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>PURSUANT TO RULE 13a-16 OR 15d-16</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>February 20, 2013</B></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; text-align: center">&nbsp;</P>

<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>

<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"><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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)</P>

<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"><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>

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

<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>
<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 if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1). _____</P>

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

<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>
</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">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>

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

<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>
<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 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>

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

<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;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>
</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">If &quot;Yes&quot; is marked, indicate below the file number assigned
to the registrant in connection with Rule 12g3-2(b):&nbsp;<B>______</B></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"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<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">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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
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    <TD STYLE="width: 50%"></TD>
    <TD STYLE="width: 1%"></TD>
    <TD STYLE="width: 49%"></TD></TR>
<TR STYLE="vertical-align: top">
    <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;February 20, 2013</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"></P>

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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 February 20, 2013 - Pan American Silver's Proven and Probable Silver Mineral Reserves Increase to 317 Million Ounces</TD></TR></TABLE>

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



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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED FEBRUARY 20, 2013
<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: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>



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

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



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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Pan American Silver's Proven and Probable Silver Mineral Reserves
Increase to 317 Million Ounces</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Gold Proven and Probable Mineral Reserves Rise to 2.4 Million
Ounces</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">(All amounts in US dollars unless otherwise stated and all
production figures are approximate)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">VANCOUVER, Feb. 20, 2013 /CNW/ -<B> Pan American Silver Corp.</B>
(PAAS: NASDAQ; PAA: TSX) (&quot;Pan American&quot; or the &quot;Company&quot;) more than replaced the proven and probable silver
and gold mineral reserves mined during the past year as a result of another very successful mine-site exploration campaign.&nbsp;
As well, the mineral reserves increased further with the addition of the Dolores mine and the La Bolsa project, following the acquisition
of Minefinders Ltd. (&quot;Minefinders&quot;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Commenting on last year's exploration results, Michael Steinmann,
Executive Vice President Corporate Development and Geology said, &quot;Mine-site exploration has always been an important value
driver for Pan American, allowing for organic production growth.&nbsp; Since 2004, the Company has added 229.4 million ounces of
silver to its mineral reserves solely through exploration activities, excluding acquisitions, and more than replaced the 196.3
million ounces of silver mined during the same period.&nbsp; This impressive track record has extended the mine life of our operations
and continues to ensure our long-term profitability.&nbsp; The average cost of the new silver reserves added since 2004 from exploration
was approximately $0.38 per ounce; without question an excellent return on our investment in exploration&quot;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In 2012, Pan American spent $18.2 million in exploration,
completing over 155,970 meters of diamond drilling at its seven operating mines.&nbsp; Through exploration activities, the Company
discovered 31.2 million ounces of new proven and probable silver mineral reserves to more than replace the 26 million contained
ounces of silver that were mined at its operations during the year (excluding those ounces mined by the Company at the Dolores
mine during 2012). &nbsp;The Company's proven and probable silver mineral reserves at December 31, 2012 were 316.9 million contained
ounces, an increase of 35% from 2011.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In 2012, the La Colorada mine returned outstanding exploration
results with a net addition of 20.7 million contained silver ounces to finish the year with 64.8 million ounces of proven and probable
silver mineral reserves, a 47% increase year-on-year. &nbsp;In the past four years, Pan American has discovered over 64 million
ounces of new proven and probable silver mineral reserves at La Colorada, mainly in sulphide mineralization of the NC2 and Amolillo
veins.&nbsp; The Amolillo vein, a structure parallel to the main NC2 vein currently being exploited, is key to a possible mine
expansion.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Successful exploration results were also achieved at the Huaron
mine, where proven and probable silver mineral reserves increased to 61.6 million ounces and at San Vicente, where proven and probable
silver mineral reserves rose to 35.6 million ounces.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">At the Morococha mine, in spite of the discovery of 4.3 million
ounces of silver, proven and probable silver mineral reserves decreased 8% to 37.1 million ounces at year-end 2012.&nbsp; The decrease
was due to mine depletion and to an increase in the cut-off grade to reflect higher production costs and reduced returns from copper
concentrate sales.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Similarly, at the Manantial Espejo mine, proven and probable
silver mineral reserves declined 27% year-on year to 21.2 million ounces at year end 2012. &nbsp;The reduction is attributed to
a combination of mine depletion, increased mine operating costs and to a temporary suspension of surface exploration activities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">At the newly acquired Dolores mine, the Company's first mineral
reserve and resource estimate yielded a proven and probable mineral reserve of 87.8 million tonnes, containing 76 million ounces
of silver and 1.6 million ounces of gold at December 31, 2012.&nbsp; This represents a reduction from Minefinders' last mineral
reserve estimate, which was done in 2010.&nbsp; In addition to over two years of mining depletion, Pan American also applied higher
mining and processing cost parameters to reflect the current mining method and cost environment.&nbsp; The net effect of these
changes was to increase the cut-off grade for the mineral reserve in order to maintain the operation's profitability.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The following table illustrates the changes in Pan American's
estimated proven and probable<BR>
silver mineral reserves, year-over-year:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Proven &amp; probable silver mineral reserves as of December 31, 2011<SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">235.3 million ounces </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Less: Contained ounces mined during 2012 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(26.0) million ounces </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Plus: Contained ounces discovered by exploration during 2012 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">31.2 million ounces </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Subtotal</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">240.5 million ounces </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Plus: Contained ounces acquired (Dolores and La Bolsa) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">80.6 million ounces </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Less: Contained ounces sold with Quiruvilca </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(4.2) million ounces </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Proven &amp; probable silver mineral reserves as of December 31, 2012<SUP>(1)</SUP></B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>316.9 million ounces</B> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR>
    <TD STYLE="vertical-align: super; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(1)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Prices used to estimate Mineral Reserves for 2011 and 2012 were Ag $25.00 per ounce, Au $1,350 per ounce, Pb $1,850 per tonne, Zn $1,750 per tonne and Cu $6,500 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In 2013 Pan American expects to invest $16.3 million to complete
approximately 124,000 meters of diamond drilling &nbsp;at its seven operating mines.&nbsp; In addition, the Company also plans
to spend $14.7 million on greenfield exploration activities.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Complete mineral reserve and resource information for all
metals, including tonnage and grades is available at www.panamericansilver.com.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Complete silver and gold mineral reserve and resource information
at December 31, 2012 is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>MINERAL RESERVES - PROVEN AND PROBABLE</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Property </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Location </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Classification </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Tonnes</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(Mt) </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Ag</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(g/t) </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Contained</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Ag (Moz) </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Au (g/t) </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Contained</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Au (000's oz) </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Huaron </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Peru </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Proven </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">6.6 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">171 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">36.1 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Probable </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4.7 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">171 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">25.5 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Morococha (92.2%) </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Peru </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Proven </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">187 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">16.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Probable </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.7 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">203 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">17.4 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">La Colorada </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Mexico </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Proven </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.0 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">397 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">25.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.38 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">24.9 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Probable </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.1 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">390 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">39.0 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.42 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">42.1 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Dolores </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Mexico </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Proven </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">49.4 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">29 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">45.6 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.59 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">934.4 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Probable </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">38.4 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">25 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">30.5 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.55 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">682.5 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Alamo Dorado </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Mexico </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Proven </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">6.0 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">74 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">14.3 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.25 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">48.9 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Probable </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1.7 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">89 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.55 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">29.4 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">La Bolsa </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Mexico </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Proven </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">9.5 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">10 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.1 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.67 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">203.0 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Probable </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">6.2 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">7 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1.4 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.57 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">113.1 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Manantial Espejo </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Argentina </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Proven </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.4 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">127 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">13.9 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.02 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">221.8 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Probable </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">129 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">7.3 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.11 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">119.2 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">San Vicente </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Bolivia </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Proven </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1.9 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">428 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">25.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Probable </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">395 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">9.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>TOTALS <SUP>(i)</SUP></B> </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Proven + </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Probable</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>140.8</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>70</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>316.9</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>0.62</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,419.4</B> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>MINERAL RESOURCES - MEASURED AND INDICATED </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Property </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Location </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Classification </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Tonnes</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(Mt) </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Ag</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(g/t) </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Contained</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Ag (Moz) </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Au (g/t) </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Contained</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Au (000's oz) </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Huaron </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Peru </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Measured </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1.0 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">151 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4.9 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Indicated </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">148 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.6 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Morococha (92.2%) </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Peru </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Measured </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1.0 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">191 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">6.1 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Indicated </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1.3 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">217 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">8.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">La Colorada </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Mexico </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Measured </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.2 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">161 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1.1 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.12 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.8 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Indicated </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.0 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">268 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">17.1 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.32 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">20.7 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Dolores </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Mexico </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Measured </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">6.1 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">23 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4.5 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.46 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">89.4 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Indicated </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">31.2 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">22 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">21.9 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.53 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">531.6 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Alamo Dorado </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Mexico </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Measured </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.0 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">54 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.1 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.35 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.5 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Indicated </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1.2 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">78 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.9 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.30 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">11.4 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">La Bolsa </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Mexico </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Measured </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1.4 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">11 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.3 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.90 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">31.4 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Indicated </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4.5 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">9 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1.1 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.50 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">59.8 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Manantial Espejo </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Argentina </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Measured </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.9 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">119 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">11.1 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1.43 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">133.3 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Indicated </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">81 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">9.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.99 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">120.0 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">San Vicente (95%) </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Bolivia </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Measured </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.5 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">131 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.2 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Indicated </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.2 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">116 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.9 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Navidad </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Argentina </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Measured </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">15.4 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">137 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">67.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Indicated </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">139.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">126 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">564.5 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Pico Machay </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Peru </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Measured </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4.7 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.91 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">137.5 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Indicated </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">5.9 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.67 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">127.1 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Calcatreu </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Argentina </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Indicated </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">8.0 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">26 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">6.6 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.63 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">676.0 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>TOTALS <SUP>(i)</SUP></B> </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Proven + </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Probable</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>231.8</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>103</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>735.4</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>0.85</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,939.5</B> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>MINERAL RESOURCES - INFERRED</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-decoration: underline"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>Property</U> </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-decoration: underline"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>Location</U> </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-decoration: underline"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>Classification</U> </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Tonnes</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>(Mt)</U> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Ag</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>(g/t)</U> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Contained</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>Ag (Moz)</U> </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>Au (g/t)</U> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Contained</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>Au (000's oz)</U> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Huaron </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Peru </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Inferred </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">8.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">165 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">46.5 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Morococha (92.2%) </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Peru </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Inferred </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">5.3 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">191 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">32.4 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">La Colorada </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Mexico </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Inferred </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.0 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">304 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">20.0 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.34 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">22.6 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Dolores </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Mexico </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Inferred </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">6.3 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">17 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.4 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.58 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">116.8 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Alamo Dorado </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Mexico </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Inferred </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.0 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">156 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.0 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.29 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.1 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">La Bolsa </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Mexico </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Inferred </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">13.7 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.3 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.51 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">222.4 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Manantial Espejo </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Argentina </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Inferred </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1.6 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">89 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4.6 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1.07 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">54.7 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">San Vicente </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Bolivia </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Inferred </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">347 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">31.4 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Navidad </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Argentina </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Inferred </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">45.9 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">81 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">119.4 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Pico Machay </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Peru </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Inferred </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">23.9 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.58 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">445.7 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Calcatreu </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Argentina </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Inferred </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.4 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">17 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.06 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">226.0 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>TOTALS <SUP>(i)</SUP></B> </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Inferred</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>113.7</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>91</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>262.8</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>0.66</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1088.4</B> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>HISTORICAL ESTIMATES</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-decoration: underline"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>Property</U> </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-decoration: underline"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>Location </U></FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-decoration: underline"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>Unclassified</U> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Tonnes</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>(Mt)</U> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Ag</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>(g/t)</U> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Contained</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>Ag (Moz)</U> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>Au</U></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>(g/t)</U> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Contained <U>Au</U></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>(000's oz)</U> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Hog Heaven <SUP>(ii)</SUP> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">USA </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Historical <SUP>(ii)(iii)</SUP> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.7 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">167 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">14.6 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.62 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">53.9 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Hog Heaven <SUP>(ii)</SUP> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">USA </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Historical <SUP>(ii)(iv)</SUP> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">7.6 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">133 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">32.7 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.70 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">171.9 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Waterloo <SUP>(v)</SUP> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">USA </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Historical </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">33.8 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">93 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">100.9 </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">N/A </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>TOTALS <SUP>(i)</SUP></B> </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Historical</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>44.1</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>104</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>148.2</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.68&nbsp; </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>225.8</B> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Notes:&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mineral reserves and resources are as defined by the Canadian
        Institute of Mining, Metallurgy and Petroleum.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mineral resources do not have demonstrated economic viability.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American does not expect these mineral reserve estimates
        to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political, marketing or
        other relevant issues.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">This table illustrates Pan American Silver Corp's share of mineral reserves and resources. Properties in which Pan American Silver has less than 100% interest are noted next to the property name. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Metal prices used for all Mines: Ag: $25/oz, Au: $1,350/oz, Pb: $1,850/tonne, Cu: $6,500/tonne, Zn $1,750/tonne.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Metal prices used for Navidad were Ag: $12.52/oz and Pb: $1,100/tonne.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Metal prices used for Calcatreu were Ag: $12.50/oz and Au: $650/oz.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Metal prices used for La Bolsa were Ag: $14.00/oz and Au: $825/oz </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR>
    <TD STYLE="vertical-align: super; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(i)</SUP> &nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Totals may not add-up due to rounding. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: super; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(ii) &nbsp;</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">The historical estimate for Hog Heaven was prepared by Gregory Hahn, Chief Geological Engineer for CoCa Mines Inc., a previous owner of the property, in a report titled &quot;Hog Heaven Project Optimization Study&quot; dated May 1989, prior to implementation of NI 43-101. The historical estimate was based on extensive diamond drilling, and was estimated using a silver price of $6.50 per ounce and a gold price of $400 per ounce (these were relevant prices at the time of the estimate).&nbsp; Michael Steinmann, P.Geo, has reviewed the available data, including drill sections, surface maps, and additional supporting information sources, and believes that the historic estimate was conducted in a professional and competent manner and is relevant for the purposes of the Company's decision to maintain its interest in this property. In the study, the historic estimate was sub-categorized as follows:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-decoration: underline"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>Category</U> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-decoration: underline"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>Tons</U> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>oz/ton Ag</U> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-decoration: underline; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><U>oz/ton Au</U> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Proven Reserves </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,981,690 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4.88 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.018 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Probable &amp; Possible Reserves </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">904,200 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">10.40 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.020 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Heap leach ore </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">316,100 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1.56 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.014 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Possible Resources </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4,500,000 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.41 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.020 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Inferred Resources </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,700,000 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4.44 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.022 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">However, the Company has not completed the work necessary to verify the historical estimate. Accordingly, the Company is not treating the historical estimate as NI 43-101-compliant categories of mineral resources based on information prepared by or under the supervision of a QP.&nbsp; These historical estimates should not be relied upon. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">The Company believes that the historical estimate category of &quot;proven reserves&quot; for Hog Heaven most closely corresponds to 2,705,000 tonnes in the CIM definition category of &quot;indicated mineral resources&quot;. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">The Company believes that the historical estimate categories of &quot;proven &amp; possible reserves&quot;, &quot;heap leach ore stockpile&quot;, &quot;possible resources&quot; and &quot;inferred resources&quot; most closely correspond to 7,639,000 tonnes in the CIM definition category of &quot;inferred mineral resources&quot;. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: super; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(iii)</SUP>&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">The historical estimate for Waterloo was initially prepared by Asarco Inc. in 1968.&nbsp; In September 1994 Robert J. Rodger, P.Eng., reviewed the Asarco reports and prepared a Technical Evaluation Report on the Waterloo property, prior to the implementation of NI 43-101. The Technical Evaluation Report confirmed that the historical estimate was based on reverse circulation drilling and underground sampling, and concluded the estimate was based on sound methodology. The historical estimate at Waterloo was prepared using a silver price of $5.00 per ounce (the relevant price at the time of the estimate).&nbsp; Michael Steinmann, P.Geo., has reviewed the Technical Evaluation Report and believes the historic estimate was conducted in a professional and competent manner and is relevant for purposes of the Company's decision to maintain its interest in the property. The Company believes that the historical estimate category of 37,235,000 tons (at 2.71 ounces per ton silver) of &quot;measured and indicated reserves&quot; most closely corresponds to 33,758,000 tonnes in the CIM definition category of &quot;indicated mineral resource.&quot;&nbsp; However, the Company has not completed the work necessary to verify the historical estimate. Accordingly, the Company is not treating the historical estimate as NI 43-101 compliant categories of mineral resources based on information prepared by or under the supervision of a QP. These historical estimates should not be relied upon. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: super; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(iv)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">The Company believes that the historical estimate categories of &quot;proven &amp; possible reserves&quot;, &quot;heap leach ore stockpile&quot;, &quot;possible resources&quot; and &quot;inferred resources&quot; most closely correspond to 7,639,000 tonnes in the NI 43-101 category of &quot;inferred resources&quot; </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: super; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(v)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">The historical estimate for Waterloo was initially prepared by Asarco Inc. in 1968.&nbsp; In September 1994 Robert J. Rodger, P.Eng., reviewed the Asarco reports and prepared a Technical Evaluation Report on the Waterloo property, prior to the implementation of NI 43-101. The Technical&nbsp;Evaluation Report confirmed that the historical estimate was based on reverse circulation drilling and underground sampling, and concluded the estimate was based on sound methodology. The historical estimate at Waterloo was prepared using a silver price of $5.00 per ounce (the relevant price at the time of the estimate).&nbsp; Michael Steinmann, P.Geo., QP for the Company, has reviewed the Technical Evaluation Report and believes the historic estimate was conducted in a professional and competent manner and is relevant for purposes of the Company's decision to maintain its interest in the property. The Company believes that the historical estimate category of 37,235,000 tons (at 2.71 ounces per ton silver) of &quot;measured and indicated reserves&quot; most closely corresponds to 33,758,000 tonnes in the NI 43-101 category of &quot;indicated resource&quot;. However; the Company has not completed the work necessary to verify the historical estimate. Accordingly, the Company is not treating the historical estimate as NI 43-101 compliant categories of mineral resources based on information prepared by or under the supervision of a QP. These historical estimates should not be relied upon. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mineral resource and reserve estimates for Huaron, Dolores,
San Vicente, La Colorada, Manantial Espejo, Alamo Dorado, Morococha, Pico Machay and Calcatreu were prepared under the supervision,
or were reviewed by Michael Steinmann, P. Geo., Executive Vice-President Corporate Development and Geology and Martin G. Wafforn,
P. Eng., Vice-President Technical Services as Qualified Persons as that term is defined in National Instrument 43-101 (&quot;NI
43-101&quot;).&nbsp; Navidad mineral resource estimates were prepared by Pamela De Mark, P. Geo., Director, Resources, formerly
Sr. Consultant of Snowden Mining Industry Consultants, also a Qualified Person as that term is defined in NI 43-101.&nbsp; &nbsp;Mineral
resource estimates for Hog Heaven and Waterloo are based on historical third party estimates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Michael Steinmann and Martin Wafforn, each of whom are Qualified
Persons, as the term is defined in NI 43-101, have reviewed and approved the contents of this press release.</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 pre-eminent
silver producer, with a reputation for excellence in discovery, engineering, innovation and sustainable development.&nbsp; The
Company has seven operating mines in Mexico, Peru, Argentina and Bolivia, including the recently acquired Dolores gold/silver mine
in Chihuahua, Mexico.&nbsp; Pan American also owns the La Virginia and La Bolsa development projects in Sonora, Mexico,&nbsp; the
Waterloo silver project in California, USA, the Pico Machay gold project in Peru, as well as both the Navidad silver project and
Calcatreu gold project in Argentina.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>THIS NEWS RELEASE CONTAINS &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 SECURITIES LEGISLATION. &nbsp;WHEN USED IN THIS NEWS RELEASE, THE WORDS &quot;BELIEVES&quot;,
&quot;EXPECTS&quot;, &quot;INTENDS&quot;, &quot;PLANS&quot;, &quot;TARGETS&quot;, &quot;POTENTIAL&quot;, AND OTHER SIMILAR WORDS
AND EXPRESSIONS IDENTIFY FORWARD-LOOKING STATEMENTS OR INFORMATION.&nbsp; FORWARD-LOOKING STATEMENTS AND INFORMATION EXPRESS, AS
AT THE DATE OF THIS NEWS RELEASE, THE COMPANY'S PLANS, ESTIMATES, FORECASTS, PROJECTIONS, EXPECTATIONS, OR BELIEFS AS TO FUTURE
EVENTS OR RESULTS AND THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION TO, UPDATE SUCH FORWARD-LOOKING STATEMENTS
OR INFORMATION, OTHER THAN AS REQUIRED BY APPLICABLE LAW.&nbsp; SUCH FORWARD-LOOKING STATEMENTS AND INFORMATION INCLUDE, BUT ARE
NOT LIMITED TO STATEMENTS AS TO: THE ACCURACY OF ESTIMATED MINERAL RESERVES AND RESOURCES, ANTICIPATED RESULTS OF FUTURE EXPLORATION,
AND FORECAST FUTURE PRECIOUS METAL PRICES. AND EXPECTATIONS THAT METALLURGICAL, ENVIRONMENTAL, PERMITTING, LEGAL, TITLE, TAXATION,
SOCIO-ECONOMIC, POLITICAL, MARKETING OR OTHER ISSUES WILL NOT MATERIALLY AFFECT ESTIMATES OF MINERAL RESERVES.&nbsp; </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 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 AND&nbsp; 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, INCLUDING THOSE
CURRENTLY IN THE PROVINCE OF CHUBUT, ARGENTINA; DIMINISHING QUANTITIES OR GRADES OF MINERAL RESERVES AS PROPERTIES ARE MINED; GLOBAL
FINANCIAL CONDITIONS; 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 PARAMETERS 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 40F 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"><B><I>CAUTIONARY NOTE TO US INVESTORS CONCERNING ESTIMATES
OF MEASURED AND INDICATED RESOURCES</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>THIS NEWS RELEASE HAS BEEN PREPARED IN ACCORDANCE WITH
THE REQUIREMENTS OF CANADIAN PROVINCIAL SECURITIES LAWS, WHICH DIFFER FROM THE REQUIREMENTS OF U.S. SECURITIES LAWS. UNLESS OTHERWISE
INDICATED, ALL MINERAL RESERVE AND RESOURCE ESTIMATES INCLUDED IN THIS NEWS RELEASE HAVE BEEN PREPARED IN ACCORDANCE WITH CANADIAN
NATIONAL INSTRUMENT 43-101 - STANDARDS OF DISCLOSURE FOR MINERAL PROJECTS (''NI 43-101'') AND THE CANADIAN INSTITUTE OF MINING,
METALLURGY AND PETROLEUM CLASSIFICATION SYSTEM. NI 43-101 IS A RULE DEVELOPED BY THE CANADIAN SECURITIES ADMINISTRATORS THAT ESTABLISHES
STANDARDS FOR ALL PUBLIC DISCLOSURE AN ISSUER MAKES OF SCIENTIFIC AND TECHNICAL INFORMATION CONCERNING MINERAL PROJECTS. </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>CANADIAN STANDARDS, INCLUDING NI 43-101, DIFFER SIGNIFICANTLY
FROM THE REQUIREMENTS OF THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE &quot;SEC&quot;), AND INFORMATION CONCERNING
MINERALIZATION, DEPOSITS, MINERAL RESERVE AND RESOURCE INFORMATION CONTAINED OR REFERRED TO HEREIN MAY NOT BE COMPARABLE TO SIMILAR
INFORMATION DISCLOSED BY U.S. COMPANIES. IN PARTICULAR, AND WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THIS PRESS RELEASE
USES THE TERMS ''MEASURED RESOURCES'', ''INDICATED RESOURCES'' AND ''INFERRED RESOURCES''. U.S. INVESTORS ARE ADVISED THAT, WHILE
SUCH TERMS ARE RECOGNIZED AND REQUIRED BY CANADIAN SECURITIES LAWS, THE SEC DOES NOT RECOGNIZE THEM. UNDER U.S. STANDARDS, MINERALIZATION
MAY NOT BE CLASSIFIED AS A ''RESERVE'' UNLESS THE DETERMINATION HAS BEEN MADE THAT THE MINERALIZATION COULD BE ECONOMICALLY AND
LEGALLY PRODUCED OR EXTRACTED AT THE TIME THE RESERVE DETERMINATION IS MADE. U.S. INVESTORS ARE CAUTIONED NOT TO ASSUME THAT ANY
PART OF A &quot;MEASURED RESOURCE&quot; OR &quot;INDICATED RESOURCE&quot; WILL EVER BE CONVERTED INTO A &quot;RESERVE&quot;.&nbsp;
U.S. INVESTORS SHOULD ALSO UNDERSTAND THAT &quot;INFERRED RESOURCES&quot; HAVE A GREAT AMOUNT OF UNCERTAINTY AS TO THEIR EXISTENCE
AND GREAT UNCERTAINTY AS TO THEIR ECONOMIC AND LEGAL FEASIBILITY. IT CANNOT BE ASSUMED THAT ALL OR ANY PART OF &quot;INFERRED RESOURCES&quot;
EXIST, ARE ECONOMICALLY OR LEGALLY MINEABLE OR WILL EVER BE UPGRADED TO A HIGHER CATEGORY.&nbsp; UNDER CANADIAN SECURITIES LAWS,
ESTIMATED &quot;INFERRED RESOURCES&quot; MAY NOT FORM THE BASIS OF FEASIBILITY OR PRE-FEASIBILITY STUDIES EXCEPT IN RARE CASES.&nbsp;
DISCLOSURE OF &quot;CONTAINED OUNCES&quot; IN A MINERAL RESOURCE IS PERMITTED DISCLOSURE UNDER CANADIAN SECURITIES LAWS.&nbsp;
HOWEVER, THE SEC NORMALLY ONLY PERMITS ISSUERS TO REPORT MINERALIZATION THAT DOES NOT CONSTITUTE &quot;RESERVES&quot; BY SEC STANDARDS
AS IN PLACE TONNAGE AND GRADE, WITHOUT REFERENCE TO UNIT MEASURES.&nbsp; THE REQUIREMENTS OF NI 43-101 FOR IDENTIFICATION OF &quot;RESERVES&quot;
ARE ALSO NOT THE SAME AS THOSE OF THE SEC, AND RESERVES REPORTED BY THE COMPANY IN COMPLIANCE WITH NI 43-101 MAY NOT QUALIFY AS
&quot;RESERVES&quot; UNDER SEC STANDARDS. ACCORDINGLY, INFORMATION CONCERNING MINERAL DEPOSITS SET FORTH HEREIN MAY NOT BE COMPARABLE
WITH INFORMATION MADE PUBLIC BY COMPANIES THAT REPORT IN ACCORDANCE WITH U.S. STANDARDS.</I></P>

<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: 12pt Times New Roman, Times, Serif; margin: 0"></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 23:03e 20-FEB-13</P>



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