<SEC-DOCUMENT>0001279569-13-001559.txt : 20131114
<SEC-HEADER>0001279569-13-001559.hdr.sgml : 20131114
<ACCEPTANCE-DATETIME>20131114153058
ACCESSION NUMBER:		0001279569-13-001559
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131114
FILED AS OF DATE:		20131114
DATE AS OF CHANGE:		20131114

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:		131219586

	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
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<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>

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<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>November 14, 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>

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<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>

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    <TD></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><B>Pan American Silver Corp.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2">(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date: November  14, 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; 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><FONT STYLE="font: 10pt Times New Roman, Times, Serif">News Release dated November 14, 2013 - Pan American Silver Reports Net Earnings of $14.2 Million or $0.09 Per Share for the Third Quarter of 2013</FONT></TD></TR></TABLE>

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



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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED NOVEMBER 14, 2013
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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: right"></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 Reports Net Earnings of $14.2 Million or $0.09
Per Share for the Third Quarter of 2013</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Cash Costs Decrease 25% While Silver and Gold Production
Rise 7% and 48% </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">(Unaudited results - 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 12pt">VANCOUVER, Nov. 14, 2013 /CNW/ - <B>Pan American Silver
Corp.</B> (NASDAQ: PAAS; TSX: PAA) (the &quot;Company&quot;, or &quot;Pan American&quot;) reported net earnings of $14.2 million
or $0.09 per share for the third quarter of 2013.&nbsp; Adjusted earnings for the same period were $12.2 million or $0.08 per share.&nbsp;
Cash flow generated from operating activities was $40.7 million or $0.27 per share.&nbsp; Year-to-date silver and gold production
are on track to meet the Company's full year 2013 production forecast, at significantly lower than forecast cash costs.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
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    <TD STYLE="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><I>&nbsp; </I><B>Third Quarter 2013 Highlights (unaudited)<SUP>(1)</SUP></B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Silver production of 6.7 million ounces, up 7% over Q3 2012 and 8%
        over Q2 2013 </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Record gold production of 41,600 ounces, up 48% over Q3 2012 and 39%
        over Q2 2013 </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Production costs were $130.0 million, down 8% from Q3 2012 and 4%
        down from Q2 2013. </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Consolidated cash costs<SUP>(2)</SUP> of $10.40 per ounce of silver,
        net of by-product credits, down 25% from Q2 2012 and 14% from Q2 2013. </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">All-in sustaining costs per silver ounce sold (&quot;AISCSOS&quot;)<SUP>(3)
        </SUP>of $16.26 per ounce of silver sold, down 33% from Q3 2012. </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Mine operating earnings<SUP>(4)<B> </B></SUP>of $33.9 million. </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net earnings of $14.2 million or $0.09 per share. </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adjusted net earnings<SUP>(5)</SUP> of $12.2 million or $0.08 per
        share. </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net cash generated from operating activities of $40.7 million or $0.27
        per share<SUP>(6)</SUP> </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Revenue of $213.6 million. </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cash dividends of $18.9 million paid to holders of common shares.
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Financial Position (at September 30, 2013)</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cash and short term investments of $421.0 million. </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Working capital of $699.3 million. </FONT></P></TD></TR>
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<TABLE CELLPADDING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(1)</SUP> Financial information in this news release is based on International Financial Reporting Standards (&quot;IFRS&quot;); results are unaudited; percentages compare period-on-period.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(2) </SUP>Cash costs per payable ounce of silver, net of by-product credits, is a non-GAAP measure. The Company believes that in addition to production costs, depreciation and amortization, and royalties, cash costs per ounce is a useful and complementary benchmark that investors use to evaluate the Company's performance and ability to generate cash flow and is well understood and widely reported in the silver mining industry.&nbsp; However, cash costs per ounce does not have a standardized meaning prescribed by IFRS as an indicator of performance.&nbsp; Investors are cautioned that cash costs per ounce should not be construed as an alternative to production costs, depreciation and amortization, and royalties determined in accordance with IFRS as an indicator of performance. The Company's method of calculating cash costs per ounce may differ from the methods used by other entities and, accordingly, the Company's cash costs per ounce may not be comparable to similarly titled measures used by other entities.&nbsp; See &quot;Financial and Operating Highlights&quot; below for a reconciliation of this measure to the Company's production costs, depreciation and amortization, and royalties<SUP> (1)</SUP></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(3)</SUP> All-In sustaining costs per silver ounce sold (&quot;AISCSOS&quot;) is a non-GAAP measure. The Company has adopted the reporting of AISCSOS as a measure of a silver mining company's consolidated operating performance and the ability to generate cash flow from all operations collectively.&nbsp; We believe it is a more comprehensive measure of the cost of operating our consolidated business than traditional cash and total costs per ounce as it includes the cost of replacing ounces through exploration, the cost of ongoing capital investments (sustaining capital), general and administrative expenses, as well as other items that affect the Company's consolidated earnings and cash flow. This measure including its subcomponent Sustaining Capital are non - GAAP measures and readers should refer to the section of Q3 2013 MD&amp;A &quot;Alternative Performance (Non-GAAP) Measures&quot; for a reconciliation of this measure to the Q3 2013 unaudited condensed interim consolidated financial statements.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(4)</SUP> Mine operating earnings is a non-GAAP measure used by the Company to assess the performance of its silver mining operations.&nbsp; Mine operating earnings is calculated as revenue less production costs, depreciation and amortization and royalties.&nbsp; The Company and certain investors use this information to evaluate the Company's performance.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(5)</SUP> Adjusted earnings and adjusted earnings per share attributable to common shareholders are non-GAAP measures.&nbsp; Adjusted earnings is calculated as net earnings (loss) for the period adjusting for the gains or losses recorded on fair market value adjustments on the Company's outstanding derivative instruments, impairment of mineral property, unrealized foreign exchange gains or losses, unrealized gain or loss on commodity contracts, realized and unrealized losses on silver and gold forward contracts, severance expense, the transaction costs arising from the Minefinders transaction, gain or loss on sale of assets, and the effect for taxes on the above items.&nbsp; The Company considers this measure to better reflect normalized earnings as it does not include items which may be volatile from period to period.</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(6)</SUP> Cash flow from operating activities per share is a non-GAAP measure. This non-GAAP measure is used by the Company to manage and evaluate operating performance before capital investment and financing activities and is calculated using cash flow from operating activities divided by basic weighted average shares outstanding.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0 12pt"><BR>
Geoff Burns, President &amp; CEO, commented on the third quarter 2013 results, &quot;Our quarterly results are a clear indication
of the success of our focused efforts over the past 5 months to enhance our production and reduce our costs.&nbsp; Silver production
rose and we achieved a new quarterly record for gold production.&nbsp; At the same time, we trimmed our mine site production costs
by 9% or $12 million compared to the same period last year, which netted us a healthy 25% reduction in our cash costs per ounce.&quot;&nbsp;
Burns continued, &quot;This effort allowed Pan American to post respectable financial results, generate significant operating cash
flows and return to bottom line profitability.&nbsp; We have successfully re-positioned the Company to prosper and grow in the
current price environment.&quot;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American generated revenue of $213.6 million during the
third quarter of 2013, 15% lower year-on-year, due to lower precious metals prices, partially offset by greater quantities of all
metals produced by the Company. On average, during the quarter Pan American realized a price of $20.52 per ounce of silver and
$1,319, per ounce of gold, 30% and 19% lower than a year ago, respectively.&nbsp; Zinc and copper prices remained stable at $1,862
per tonne and $7,146 per tonne, respectively.&nbsp; In contrast, the lead price rose 9% from a year ago to $2,100 per tonne.&nbsp;
Silver accounted for 61% of quarterly revenue while gold accounted for 23%.&nbsp; Zinc, lead and copper contributed only 9%, 3%
and 4%, respectively, to consolidated quarterly revenue.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the third quarter of 2013, Pan American generated net
earnings of $14.2 million, or $0.09 per share, compared to net earnings of $22.6 million, or $0.15 per share, in the same quarter
of 2012.&nbsp; Net earnings declined due to lower revenue, higher depreciation and amortization, and higher losses on commodity
and foreign currency contracts, mainly associated with the previously announced cancellation of gold and silver forward contracts,
partially offset by gains in foreign exchange.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Adjusted earnings for the quarter ended September 30, 2013
were $12.2 million or $0.08 per share.&nbsp; Adjusted earnings were calculated by adjusting for several non-recurring items, most
notably an unrealized gain of $7.8 million in foreign exchange and $6.3 million in unrealized and realized losses for the cancellation
of precious metals forward contracts.&nbsp; For a detailed reconciliation of adjusted earnings, please refer to the financial and
operating highlights table at the end of this news release.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mine operating earnings generated during the third quarter
of 2013 were $33.9 million, compared to $65.4 million in the third quarter of 2012.&nbsp; The decline was directly attributable
to significantly lower metal prices compared to a year ago and higher depreciation and amortization, partially offset by lower
production costs and royalties; however, the present quarter's mine operating earnings improved vastly from the $3.8 million generated
in the second quarter of 2013.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Operating cash flow generated during the third quarter of
2013 was $40.7 million, or $0.27 per share, compared to $79.5 million a year ago, and $0.5 million generated in the second quarter
of 2013.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">As a result of cost reduction measures implemented earlier
this year, general and administration expenses for the third quarter of 2013 fell to $3.9 million from $4.6 million in both the
third quarter of 2012 and in the preceding quarter of 2013.&nbsp; Additionally, exploration and project development expenses went
down to $2.6 million, from $8.2 million during the third quarter of 2012 and $5.6 million during the preceding quarter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American remains in solid financial condition with $421.0
million in cash and short term investments, $63.7 million in debt, and working capital of $699.3 million at September 30, 2013.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In the third quarter of 2013, Pan American paid $18.9 million
in cash dividends to holders of its common shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Income taxes for the third quarter of 2013 were $11.7 million,
down from $16.1 million in the comparable quarter of 2012, and the Company's effective tax rate was 45%.&nbsp; Effective rates
vary considerably between periods and from the amounts that would result from applying the Canadian statutory income tax rates
to earnings before income taxes.&nbsp; Please refer to the Company's MD&amp;A dated September 30, 2013 for a detailed reconciliation
of Pan American's consolidated tax rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Production and Operations</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American produced 6.7 million ounces of silver during
the third quarter of 2013, 7% more year-on-year, thanks to significant production gains at Dolores, Huaron, Morococha and San Vicente,
slightly offset by small production declines at La Colorada and Manantial Espejo.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the reporting quarter, the Company's Mexican operations
produced a total of 3.3 million ounces of silver.&nbsp; La Colorada and Alamo Dorado maintained steady production levels compared
to a year ago at 1.3 million ounces of silver and 1.1 million ounces of silver, respectively.&nbsp; Dolores recovered from a sluggish
second quarter as a result of increasing grades and mining and processing rates to produce 1.0 million ounces of silver, a 25%
increase year-on-year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In Per&uacute;, both Huaron and Morococha achieved significant
production improvements from last year, due to higher grades, throughput and recoveries.&nbsp; Huaron produced 0.9 million ounces
of silver, 18% more year-on-year, while Morococha produced 0.7 million ounces of silver, 24% more year-on-year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In Bolivia, San Vicente produced 1.1 million ounces of silver,
9% more than in the third quarter of 2012.&nbsp; The increase was attributable to higher grades, throughput and recoveries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In Argentina, Manantial Espejo produced 0.8 million ounces
of silver, which was 9% less than in the third quarter of 2012, but 17% higher than in the previous quarter.&nbsp; The decline
was due to lower silver grades, primarily caused by mine sequencing and encountering more complex mineralized structures requiring
additional ore control.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the quarter Pan American produced 41,600 ounces of
gold in total, 48% more than a year ago.&nbsp; The rise was due to production increases of 60% at Dolores and 56% at Manantial
Espejo because of better grades and recoveries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American increased its quarterly base metals production
substantially.&nbsp; Consolidated quarterly production was 10,600 tonnes of zinc, 24% more year-on-year, 3,400 tonnes of lead,
27% more year-on-year and 1,500 tonnes of copper, 52% more year-on-year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American's quarterly consolidated cash costs were $10.40
per ounce of silver, net of by-product credits, a decrease of 25% compared to the third quarter of 2012 and 14% lower than in the
second quarter of 2013.&nbsp; The decrease resulted from the Company's cost control strategy implemented earlier this year and
to higher quantities of by-product metals sold during the quarter, partially offset by lower by-product credits on lower metals
prices, with the exception of lead.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American has adopted the reporting of AISCSOS as a measure
of the Company's consolidated operating performance and its ability to generate cash flow from all operations collectively.&nbsp;
For the quarter ended September 30, 2013, AISCOS was $16.26, compared to $24.27 in the third quarter of 2012, or 33% lower.&nbsp;
The following table provides a detailed reconciliation of AISCSOS:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Three months ended Sept. 30,</B> </FONT></TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Nine months ended Sept. 30,</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2012</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Production costs </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>129,959</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">141,977 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>394,390</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">358,509 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Royalties </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>7,668</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">14,161 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>20,889</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">29,384 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Smelting, refining and</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">transportation charges<SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>27,334</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">25,571 </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>69,850</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">72,537 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Less by-product credits<SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(89,313)</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(76,742) </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(246,113)</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(214,036) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Cash cost of sales net of by- </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>products</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>75,648</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">104,968 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>239,016</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">246,395 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Sustaining capital<SUP>(2)</SUP> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>29,543</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">33,808 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>88,944</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">68,810 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Exploration </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,622</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">8,193 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>14,485</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">26,341 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Reclamation cost accretion </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>759</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">710 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,273</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,344 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">General &amp; administrative expense&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3,939</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4,591 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>14,377</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">16,152 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>All-in sustaining costs</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>A</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>112,511</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">152,270 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>359,095</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">360,042 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Payable ounces sold</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>B</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>6,920,757</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">6,273,353 </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>19,042,012</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">17,358,691 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>All-in sustaining cost per silver </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>ounce sold, net of by-products </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(A*$1000)/B</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>16.26</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">24.27 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>18.86</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">20.74 </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 Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(1)</SUP>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Included in the revenue line of the unaudited condensed interim consolidated income statements and are reflective of realized metal prices for the applicable periods. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(2)</SUP>&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Non - GAAP measure: please refer to section Alternative Performance (Non-GAAP) Measures for a reconciliation of this measure to the unaudited condensed interim consolidated financial statements. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the quarter, Pan American spent a total of $29.5 million
in sustaining capital at its seven operations, 16% less than in the previous quarter.&nbsp; In addition, the Company spent $10.6
million at Dolores on the expansion of leach pad 2 and construction of leach pad 3, as well as $1.8 million at other expansion
projects at Dolores.&nbsp; The expansion of leach pad 2 was completed at the end of last quarter, providing essential expanded
stacking capacity until leach Pad 3 is completed.&nbsp; Construction of leach pad 3 progressed as planned despite heavy rains and
the installation of the pad liner was completed in late September.&nbsp; The well risers, solution collection system and over liner
material are currently being installed, and leach pad 3 is on track for the commencement of leaching operations.&nbsp; At the start
of November, the operation began stacking lower grade coarse crushed ore and should see high grade ore stacked and under leach
in the coming weeks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Project Development - Organic Growth Opportunities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Significant progress has been made on an expansion study at
the La Colorada mine to take advantage of the exploration success of recent years, which has led to an increase in proven and probable
mineral reserves to 65 million ounces of silver at the beginning of 2013, from 18 million ounces of silver in 2009.&nbsp; The expansion
study is nearing completion to the preliminary economic assessment level and is expected to include the development of a hoisting
shaft to increase mine capacity and a subsequent expansion of the sulphide floatation plant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American plans to spend $3 million on an expansion study
at the Dolores mine, where the installation of a new crushing, grinding and pulp agglomeration plant is being considered to improve
silver and gold recoveries of high grade ores, and to increase overall processing capacity.&nbsp; In addition to confirmatory metallurgical
test work currently in progress, the Company is constructing a small pilot plant at the mine in order to finalize the flow sheet
of the proposed new plant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Commenting on the Company's operating results, Steve Busby,
Chief Operating Officer, said; &quot;I am particularly pleased with our efforts to reduce costs in light of reduced silver and
gold prices, while delivering solid outcomes essentially across all of our mines.&nbsp; I believe Dolores' quarterly performance
begins to highlight the capabilities of this mine. We expect the operation will stabilize nicely after the capital-intensive pad
3 is commissioned into production this month.&nbsp; Our multi-year efforts and investments to mechanize our operations in Peru
are beginning to deliver excellent results and I expect a steady trend of improvement over the next few years as we advance on
some interesting underground developments at both of these mines.&nbsp; Our La Colorada, Alamo Dorado and San Vicente mines continue
to deliver solid operating performances and I believe we are starting to see a positive turn-around at Manantial Espejo as we expose
higher grade ore in the open pit.&quot;&nbsp; Busby continued, &quot;Capital expenditures for 2013 are expected to be near $157
million.&nbsp; Looking forward into 2014, further efforts will be made to re-optimize our three Mexican mines under the scenario
of the new royalty tax and expected diesel fuel cost increases; however, I do expect to see reduced sustaining capital in 2014
relative to the extensive investments of 2013.&nbsp; Our excellent quarterly operating performance would not have been possible
without the dedicated effort of our experienced operating team and I would like to personally thank them for all their efforts.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Subsequent Events</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In October 2013, the Mexican Senate approved a bill to introduce
a deductible royalty of 7.5% on mine operating income, before certain deductions including amortization and depreciation, as well
as a 0.5% royalty on revenues derived from silver, gold and platinum.&nbsp; In addition, the bill proposes a 10% withholding tax
on dividends paid to non-resident shareholders (subject to tax treaty reductions). This could result in a significant non-cash
adjustment to deferred taxes, which could run through our earnings in the fourth quarter of 2013.&nbsp; Although the bill still
requires presidential approval prior to being enacted with an expected January 1, 2014 effective date, Pan American considers the
bill substantially enacted and is in the process of evaluating its effect on future cash flows, earnings and growth opportunities
in Mexico beyond 2013.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>2013 Outlook&nbsp; </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Year-to-date, Pan American produced 19.2 million ounces of
silver and 103,600 ounces of gold at cash costs of $11.25 per ounce of silver, net of by-product credits and all-in sustaining
costs of $18.86 per ounce of silver, net of by-product credits.&nbsp; The Company is confident that it will achieve its full-year
2013 guidance of 25 to 26 million ounces of silver and 125,000 to 135,000 ounces of gold at cash costs below the original forecast
of $11.50 to $12.80, net of by-product credits.*</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American also expects to produce 38,500 to 41,500 tonnes
of zinc, 12,500 to 13,500 tonnes of lead and 4,500 to 5,000 tonnes of copper.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">* Cash costs estimations are based on assumed metals prices
for H2 2013 of $1,200 per ounce of gold, $1,925 per tonne of zinc, $1,975 per tonne of lead and $7,800 per tonne of copper.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American'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 and several development projects in USA, Mexico, Peru and Argentina.</P>

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

<TABLE CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Pan American will host a conference call to discuss these results on Thursday, November 14, 2013 at 1:00 pm ET (10:00 am PT).&nbsp; To access the conference, North American and International participants dial toll number 1-604-638-5340.&nbsp; A live audio webcast and Power Point presentation can be accessed at http://services.choruscall.ca/links/pan131114.html.&nbsp;The call will be available for replay for one week after the call by dialing 1-604-638-9010 and entering code # 6218 followed by the # sign. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B><I>CAUTIONARY NOTE REGARDING </I>Non-IFRS Measure - Cash
costs per ounce</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>This News Release presents information about our cash costS
of production of an ounce of silver for our operating mines.&nbsp; Cash costS per ounce produced is calculated as follows:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>except as otherwise noted, cash costs per ounce produced is calculated
by dividing total cash costs by total silver ounces produced at the relevant mine or mines</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>total cash costs include mine operating costs such as mining, processing,
administration, royalties and operating taxes, but exclude amortization, reclamation costs, financing costs and capital development
and exploration.&nbsp; Certain amounts of stock-based compensation are excluded as well</I> </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>Cash cost per ounce of silver produced is included in this
news release because certain investors use this information to assess our performance and also to determine our ability to generate
cash flow for use in investing and other activities.&nbsp; The inclusion of cash costs per ounce produced may enable investors
to better understand year-over-year changes in our production costs, which in turn affect profitability and cash flow.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>Cash costs per ounce produced does not have a standardized
meaning or a consistent basis of calculation prescribed by Canadian accounting standards.&nbsp; Investors are cautioned that cash
costs per ounce produced should not be considered in isolation or construed as a substitute to costs determined in accordance with
Canadian accounting standards as prescribed under IFRS as an indicator of performance.&nbsp; Our method of calculating cash costs
per ounce produced may differ from the methods used by other entities and, accordingly, our cash costs per ounce produced may not
be comparable to similarly titled measures used by other entities.&nbsp; See our MD&amp;A for the year ended December&nbsp;31,
2012 filed on SEDAR at www.sedar.com for a reconciliation of cash costs per ounce produced to the most directly comparable accounting
measure under IFRS.</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><FONT STYLE="text-transform: uppercase"><I>CERTAIN OF THE
STATEMENTS AND INFORMATION IN THIS NEWS RELEASE CONSTITUTE &quot;FORWARD-LOOKING STATEMENTS&quot; WITHIN THE MEANING OF THE UNITED
STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND &quot;FORWARD-LOOKING INFORMATION&quot; WITHIN THE MEANING OF APPLICABLE
CANADIAN PROVINCIAL SECURITIES LAWS.&nbsp; ALL STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS.&nbsp;
WHEN USED IN THIS NEWS RELEASE THE WORDS, &quot;BELIEVES&quot;, &quot;EXPECTS&quot;, &quot;INTENDS&quot;, &quot;PLANS&quot;, &quot;FORECAST&quot;,
&quot;OBJECTIVE&quot;, &quot;OUTLOOK&quot;, &quot;POSITIONING&quot;, &quot;POTENTIAL&quot;, &quot;ANTICIPATED&quot;, &quot;BUDGET&quot;,
AND OTHER SIMILAR WORDS AND EXPRESSIONS, IDENTIFY FORWARD-LOOKING STATEMENTS OR INFORMATION.&nbsp; THESE FORWARD-LOOKING STATEMENTS
OR INFORMATION RELATE TO, AMONG OTHER THINGS: FUTURE PRODUCTION OF SILVER, GOLD AND OTHER METALS AND THE TIMING OF SUCH PRODUCTION;
FUTURE CASH COSTS PER OUNCE OF SILVER; THE PRICE OF SILVER AND OTHER METALS; THE EFFECTS OF LAWS, REGULATIONS AND GOVERNMENT POLICIES
AFFECTING PAN AMERICAN'S OPERATIONS OR POTENTIAL FUTURE OPERATIONS INCLUDING, BUT NOT LIMITED TO recent proposed changes to the
LAWS IN MEXICO relating to a new mining royalty; THE CONTINUING NATURE OF HIGH INFLATION, RISING CAPITAL AND OPERATING COSTS,
CAPITAL RESTRICTIONS AND RISKS OF EXPROPRIATION IN ARGENTINA, AND THEIR EFFECTS ON THE COMPANY AND ITS ASSETS; THE TIMING OF PRODUCTION
AND THE CASH AND TOTAL COSTS OF PRODUCTION AT EACH OF THE COMPANY'S PROPERTIES; THE SUFFICIENCY OF THE COMPANY'S CURRENT WORKING
CAPITAL, ANTICIPATED OPERATING CASH FLOW OR ITS ABILITY TO RAISE NECESSARY FUNDS; THE ABILITY OF THE COMPANY TO ACHIEVE&nbsp;
ANY PLANNED EXPANSIONS AND DEVELOPMENT, INCLUDING BUT NOT LIMITED TO, POTENTIAL OPPORTUNITIES AT THE DOLORES MINE in connection
with the pulp agglomeration project and expansion of the la colorada mine, THE TIMING FOR THE SAME and the expected results of
any such opportunities or expansions; the ability of the company to reduce capital costs and the effects of such reduction measures
on the company; THE ESTIMATES OF EXPECTED OR ANTICIPATED ECONOMIC RETURNS FROM THE COMPANY'S MINING PROJECTS; FORECAST CAPITAL
AND NON-OPERATING SPENDING; FUTURE SALES OF THE METALS, CONCENTRATES OR OTHER PRODUCTS PRODUCED BY THE COMPANY; AND THE COMPANY'S
PLANS AND EXPECTATIONS FOR ITS PROPERTIES AND OPERATIONS.</I></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><FONT STYLE="text-transform: uppercase"><I>THESE STATEMENTS
REFLECT THE COMPANY'S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF ASSUMPTIONS AND ESTIMATES
THAT, WHILE CONSIDERED REASONABLE BY THE COMPANY, ARE INHERENTLY SUBJECT TO SIGNIFICANT BUSINESS, ECONOMIC, COMPETITIVE, POLITICAL
AND SOCIAL UNCERTAINTIES AND CONTINGENCIES.&nbsp; MANY FACTORS, BOTH KNOWN AND UNKNOWN, COULD CAUSE ACTUAL RESULTS, PERFORMANCE
OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT ARE OR MAY BE EXPRESSED OR IMPLIED
BY SUCH FORWARD-LOOKING STATEMENTS CONTAINED IN THIS NEWS RELEASE AND THE COMPANY HAS MADE ASSUMPTIONS AND ESTIMATES BASED ON
OR RELATED TO MANY OF THESE FACTORS.&nbsp; SUCH FACTORS INCLUDE, WITHOUT LIMITATION: FLUCTUATIONS IN SPOT AND FORWARD MARKETS
FOR SILVER, GOLD, BASE METALS AND CERTAIN OTHER COMMODITIES (SUCH AS NATURAL GAS, FUEL OIL AND ELECTRICITY); FLUCTUATIONS IN CURRENCY
MARKETS (SUCH AS THE CANADIAN DOLLAR, PERUVIAN SOL, MEXICAN PESO, ARGENTINE PESO AND BOLIVIAN BOLIVIANO VERSUS THE U.S. DOLLAR);
RISKS RELATED TO THE TECHNOLOGICAL AND OPERATIONAL NATURE OF THE COMPANY'S BUSINESS; CHANGES IN NATIONAL AND LOCAL GOVERNMENT,
LEGISLATION, TAXATION, CONTROLS OR REGULATIONS INCLUDING AMONG OTHERS, CHANGES TO IMPORT AND EXPORT REGULATIONS AND LAWS RELATING
TO THE REPATRIATION OF CAPITAL AND FOREIGN CURRENCY CONTROLS; 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); RISKS RELATING TO THE CREDIT WORTHINESS
OR FINANCIAL CONDITION OF SUPPLIERS, REFINERS AND OTHER PARTIES WITH WHOM THE COMPANY DOES BUSINESS; INADEQUATE INSURANCE, OR
INABILITY TO OBTAIN INSURANCE, TO COVER THESE RISKS AND HAZARDS; EMPLOYEE RELATIONS AND THE EFFECTS OF LABOUR LAWS IN THOSE COUNTRIES
IN WHICH THE COMPANY OPERATES; 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; THE COMPANY'S ABILITY TO COMPLETE AND SUCCESSFULLY INTEGRATE ACQUISITIONS AND
TO MITIGATE OTHER BUSINESS COMBINATION RISKS; 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 40-F AND ANNUAL INFORMATION FORM FILED WITH THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION AND CANADIAN PROVINCIAL SECURITIES REGULATORY AUTHORITIES.&nbsp; INVESTORS ARE CAUTIONED AGAINST ATTRIBUTING
UNDUE CERTAINTY OR RELIANCE ON FORWARD-LOOKING STATEMENTS.&nbsp; ALTHOUGH THE COMPANY HAS ATTEMPTED TO IDENTIFY IMPORTANT FACTORS
THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY, THERE MAY BE OTHER FACTORS THAT CAUSE RESULTS NOT TO BE AS ANTICIPATED,
ESTIMATED, DESCRIBED OR INTENDED.&nbsp; THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE THESE FORWARD-LOOKING
STATEMENTS OR INFORMATION TO REFLECT CHANGES IN ASSUMPTIONS OR CHANGES IN CIRCUMSTANCES OR ANY OTHER EVENTS AFFECTING SUCH STATEMENTS
OR INFORMATION, OTHER THAN AS REQUIRED BY APPLICABLE LAW.</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Pan American Silver Corp</B>. </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Financial &amp; Operating Highlights </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Three months ended </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>September 30,</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Nine months ended </B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>September 30,</B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2012<SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2012<SUP>(1)</SUP> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Consolidated Financial Highlights </B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(Unaudited in thousands of U.S. Dollars,&nbsp; except per share amounts) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Net earnings (loss) for the period </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>14,236</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">22,608 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(152,783)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">109,890 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Earnings (loss) per share attributable to common shareholders (basic) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>0.09</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.15 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(1.00)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.80 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjusted earnings for the period<SUP>(2)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>12,240</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">37,259 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>34,803</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">114,627 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjusted earnings per share attributable to common shareholders (basic) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>0.08</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.25 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>0.23</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.84 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Mine operating earnings </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>33,934</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">65,440 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>112,564</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">218,854 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Net cash generated from operating activities </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>40,730</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">79,507 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>73,450</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">111,702 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Operating cash flows before interest and income taxes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>49,102</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">102,531 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>150,386</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">244,634 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Capital spending </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>41,708</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">41,821 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>125,732</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">94,646 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Dividends paid </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>18,926</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">7,612 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>56,874</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">17,301 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Shares repurchased </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">7,548 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>6,740</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">31,030 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Cash and short-term investments </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>421,014</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">547,958 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>421,014</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">547,958 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Working capital<SUP>(3)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>699,344</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">774,262 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>699,344</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">774,262 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Consolidated Ore Milled &amp; Metals Recovered to Concentrate</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Tonnes milled </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2,625,476</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,529,520 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>7,571,824</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">6,197,260 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Silver metal - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>6,695,229</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">6,278,728 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>19,159,426</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">18,181,133 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Gold metal - ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>41,555</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">28,162 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>103,588</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">79,902 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Zinc metal - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>10,569</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">8,502 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>30,871</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">27,963 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Lead metal - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3,381</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2,671 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>10,034</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">9,461 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Copper metal - tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,537</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1,009 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>3,856</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3,026 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Consolidated Cost per Ounce of Silver (net of by-product credits)</B><SUP> (4)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total cash cost per ounce </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>10.40</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">13.87 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>11.25</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">12.14 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Total production cost per ounce </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>16.85</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">19.73 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>17.27</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">17.17 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>All-in Sustaining Cost per Silver Ounce Sold (net of by-products)<SUP>(5)</SUP></B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>16.26</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">24.27 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>18.86</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">20.74 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Payable ounces of silver (used in cost per ounce calculations) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>6,345,533</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">5,942,625 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>18,165,371</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 1.5pt 12pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">17,187,839</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Certain 2012 balances have been recast to reflect the effects of finalizing the purchase price allocation of the Minefinders transaction during the 2013 first quarter. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(2)</SUP>&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjusted earnings and adjusted earnings per share attributable to common shareholders are non-GAAP measures.&nbsp; Adjusted earnings is calculated as net earnings (loss) for the period adjusting for the gains or losses recorded on fair market value adjustments on the Company's outstanding derivative instruments, impairment of mineral property, unrealized foreign exchange gains or losses, unrealized gain or loss on commodity contracts, realized and unrealized losses on silver and gold forward contracts, severance expense, the transaction costs arising from the Minefinders transaction, gain or loss on sale of assets, and the effect for taxes on the above items.&nbsp; The Company considers this m_easure to better reflect normalized earnings as it does not include items which may be volatile from period to period. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Three months ended September 30,</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Nine months ended September 30,</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Adjusted (Loss) Earnings Reconciliation</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2012 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2013</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2012 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Net earnings (loss) for the period </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>14,236</B> </FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">22,608 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(152,783)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">109,890 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjust derivative (gain) loss </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(1,333)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">13,950 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(15,466)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(9,956) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjust impairment of mineral property </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>203,443</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjust unrealized foreign exchange (gains) losses </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(7,830)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(2,943) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(266)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">6,708 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjust unrealized loss (gain) on commodity contracts </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>388</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">522 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(235)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">9 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjust loss on silver and gold forward contracts </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>6,254</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>6,254</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjust severance expense </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>617</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>617</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjust gain (loss) on sale of assets </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(135)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3,122 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(8,099)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">(8,186) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjust acquisition costs </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">16,162 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Adjust for effect of taxes </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>43</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>1,338</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Adjusted earnings for the period</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>12,240</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">37,259 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>34,803</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">114,627 </FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(3)</SUP>&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Working capital is a non-GAAP measure calculated as current assets less current liabilities. The Company and certain investors use this information to evaluate whether the Company is able to meet its current obligations using its current assets. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(4)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">&nbsp;Consolidated cost per ounce of silver is a non-GAAP measure.&nbsp; The Company believes that in addition to production costs, depreciation and amortization, and royalties, cash cost per ounce is a useful and complementary benchmark that investors use to evaluate the Company's performance and ability to generate cash flows and is well understood and widely reported in the silver mining industry.&nbsp; However, cash cost per ounce does not have a standardized meaning prescribed by IFRS as an indicator of performance.&nbsp; Investors are cautioned that cash costs per ounce should not be construed as an alternative to production costs, depreciation and amortization, and royalties determined in accordance with IFRS as an indicator of performance.&nbsp; The Company's method of calculating cash costs per ounce may differ from the methods used by other entities. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(5)</SUP>&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">All-In Sustaining Costs per Silver Ounce sold (&quot;AISCOS&quot;) is a non-GAAP measure. The Company has adopted the reporting AISCSOS as a measure of a silver mining company's consolidated operating performance and the ability to generate cash flow from all operations collectively.&nbsp; We believe it is a more comprehensive measure of the cost of operating our consolidated business than traditional cash and total costs per ounce as it includes the cost of replacing ounces through exploration, the cost of ongoing capital investments (sustaining capital), general and administrative expenses, as well as other items that affect the Company's consolidated earnings and cash flow. This measure including its subcomponent Sustaining Capital are non - GAAP measures and readers should refer to the section of Q3 2013 MD&amp;A &quot;Alternative Performance (Non-GAAP) Measures&quot; for a reconciliation of this measure to the Q3 2013 unaudited condensed interim consolidated financial statements. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CNW 08:30e 14-NOV-13</P>



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

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