<SEC-DOCUMENT>0001279569-14-000057.txt : 20140121
<SEC-HEADER>0001279569-14-000057.hdr.sgml : 20140120
<ACCEPTANCE-DATETIME>20140121084340
ACCESSION NUMBER:		0001279569-14-000057
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140120
FILED AS OF DATE:		20140121
DATE AS OF CHANGE:		20140121

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:		14536757

	BUSINESS ADDRESS:	
		STREET 1:		1500-625 HOWE STREET
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			V6C 2T6

	MAIL ADDRESS:	
		STREET 1:		1500 625 HOWE ST
		CITY:			VANCOUVER BC V6C 2T6
		STATE:			A1
		ZIP:			999999999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>panamericansilver6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="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>January 20, 2014</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 STYLE="width: 50%"></TD>
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    <TD STYLE="width: 49%"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><B>Pan American Silver Corp.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2">(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date: January   20, 2014</TD>
    <TD>By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/&nbsp;<B><I>ROBERT PIROOZ</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Robert Pirooz</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD STYLE="font-style: italic">General Counsel</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

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

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    <TD STYLE="width: 8%; border-bottom: black 1pt solid">Exhibit</TD>
    <TD STYLE="width: 4%; padding-bottom: 0.75pt"></TD>
    <TD STYLE="border-bottom: black 1pt solid">Description</TD></TR>
<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;&nbsp;99.1</TD>
    <TD></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">News Release dated January   20, 2014 - Pan American Silver
    produced 6.8 million silver ounces and a record 46,200 gold ounces in the fourth quarter of 2013 </FONT></TD></TR></TABLE>

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



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED JANUARY 20, 2014
<TEXT>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></FONT></P>

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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Pan American Silver produced 6.8 million silver ounces and a record
46,200 gold ounces in the fourth quarter of 2013</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Record Annual Production of 26 Million Silver Ounces and
149,800 Gold Ounces for 2013</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>(All amounts expressed in US$ unless otherwise indicated)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">VANCOUVER, Jan. 20, 2014 /CNW/ - <B>Pan American Silver Corp.
(&quot;Pan American&quot; or the &quot;Company&quot;)</B> (PAAS: NASDAQ) (PAA: TSX) produced 6.8 million ounces of silver at its
seven operating mines during the fourth quarter of 2013, setting a new consolidated production record of 26 million silver ounces
for fiscal 2013, in-line with the upper end of our annual guidance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American also set a new quarterly production record for
gold at 46,200 ounces, boosting 2013's annual gold production to a Company record of 149,800 ounces, comfortably exceeding our
revised annual guidance.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<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>Fourth Quarter 2013 Preliminary Unaudited Operational Highlights*</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Silver production of 6.8 million ounces, 1% lower than in the fourth
        quarter of 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">Record gold production of 46,200 ounces, 42% higher than in the fourth
        quarter of 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">Preliminary, consolidated cash costs of $9.56 per ounce of silver,
        net of by-product credits, a decrease of 19% from the fourth quarter of 2012 </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>2013 Full-Year Preliminary Unaudited Operational Highlights*</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Record silver production of 26 million ounces, an increase of 4% from
        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">Record gold production of 149,800 ounces, an increase of 33% from
        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">Preliminary consolidated cash costs of $10.81 per ounce of silver,
        net of by-product credits, a decrease of 10% from 2012 </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">* Cash costs per ounce, net of by-product credits, for both
the fourth quarter and full-year 2013 are considered preliminary and could change based on final audited financial results. Cash
costs per ounce, is a non-GAAP measure and does not have a standardized meaning.&nbsp;Please refer to the note entitled &quot;Non-GAAP
Measures - Cash Costs per Ounce&quot; at the end of this news release for further discussion of this measure.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Commenting on the fourth quarter results, Geoff Burns, Pan
American's President and CEO said, &quot;We closed 2013 with very strong production, a continuation of the momentum we generated
during the previous quarter.&nbsp;Our fourth quarter's silver production was 6.8 million ounces, the second highest in our history,
while we established a new quarterly record for gold production at 46,200 ounces. This helped us finish 2013 by establishing new
annual production records for both silver and gold.&quot;&nbsp;Burns continued, &quot;Our costs control measures and improved by-product
production remained effective, as we achieved cash costs of $9.56 per ounce of silver in the fourth quarter and $10.81 per ounce
of silver for the full year; both well below the same periods in 2012, in spite of lower by-product prices.&nbsp;Looking forward
to 2014, we have some very clear objectives; to maintain our silver production, to increase our gold production, to continue to
focus on cost control, and to meaningfully progress our organic growth projects at La Colorada and Dolores.&nbsp;We are well positioned
financially and operationally to deliver another solid year at current silver and gold prices.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American's 2013 precious metals production by mine and
preliminary unaudited cash costs are presented in the following table:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Mine</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2013 Ag Production</B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(Moz)<SUP>(1)</SUP></B> </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2013 Au Production (Koz)<SUP>(1)</SUP></B> </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Cash Costs<SUP>(2)</SUP></B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">La Colorada </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4.6 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.6 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$9.43 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Alamo Dorado </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">5.1 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">17.6 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$7.45 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Dolores </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.5 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">65.2 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$7.47 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Huaron </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.3 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$14.61 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Morococha (92.3%) </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.4 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.7 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$17.56 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">San Vicente (95%) </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$15.51 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Manantial Espejo </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.1 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">60.8 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$8.55 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total </B></FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>26.0</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>149.8</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$10.81</B> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="width: 100%; font: 10pt 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>&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Silver production rounded to the nearest 100,000 ounces and gold production rounded to the nearest 100 ounces. </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;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Preliminary, unaudited cash costs per silver ounce, net of by-product credits.&nbsp;Average by-product metal prices during 2013 were: Au $1,411/oz, Zn $1,909/tonne, Pb $2,141/tonne, Cu $7,322/tonne. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In addition, Pan American produced a total of 42,100 tonnes
of zinc, 13,500 tonnes of lead and 5,500 tonnes of copper, all well above the Company's full-year 2013 guidance for base metals
production (note: all base metals production figures have been rounded to the nearest 100 tonnes).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>2014 Operational Forecast</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Company expects its seven mines to produce between 25.75
million and 26.75 million ounces of silver in 2014, a modest increase from 2013.&nbsp; However, gold production is expected to
increase to between 155,000 and 165,000 ounces on the strength of higher gold grades at Manantial Espejo, where increased open
pit stripping in the first part of 2014 should provide access to better gold grade ore during the fourth quarter of the year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">This year, Pan American anticipates base metals production
to remain consistent with 2013's levels and forecasts full-year 2014 consolidated production of between 39,500 tonnes to 42,500
tonnes of zinc, 12,700 tonnes to 13,700 tonnes of lead, and 5,200 tonnes to 5,700 tonnes of copper.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Cash costs for the full year 2014 are expected to increase
to between $11.70 and $12.70 per ounce of silver, net of by-product credits, which represents an increase at the mid-point of approximately
13% as compared to 2013.&nbsp; It is worth noting that 2014's cash costs forecast assumes a gold price of $1,200 per ounce for
estimating gold by-product credits, which is a 15% reduction as compared to the average realized price in 2013 of $1,411 per ounce.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The following table presents Pan American's 2014 forecast
precious metals production and cash costs by mine:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Mine</B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2014 Ag Production</B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(Moz)<SUP>(1)</SUP></B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2014 Au Production</B></FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>(Koz)<SUP>(1)</SUP></B> </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Cash Costs<SUP>(2)</SUP></B> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">La Colorada </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">4.85 - 4.95 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.6 - 2.8 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$9.00 - $9.50 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Alamo Dorado </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.75 - 3.80 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">17.0 - 19.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$12.50 - $13.50 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Dolores </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.60 - 3.85 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">64.0 - 68.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$12.25 - $14.25 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Huaron </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.40 - 3.50 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.6 - 1.2 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$14.50 - $15.00 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Morococha (92.3%) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">2.50 - 2.60 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">1.8 - 2.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$15.00 - $16.50 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">San Vicente (95%) </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.90 - 4.00 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">- </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$12.50 - $13.00 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Manantial Espejo </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">3.75 - 4.05 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">69.0 - 72.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">$8.75 - $10.00 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Total <SUP>(3)</SUP></B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>25.75 - 26.75</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>155.0 - 165.0</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$11.70 - 12.70</B> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(1)</SUP>&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Silver production rounded to the nearest 100,000 ounces and gold production rounded to the nearest 100 ounces. </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(2)</SUP>&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Cash costs per silver ounce, net of by-product credits.&nbsp;By-product metal prices assumptions used for 2014 cash costs calculation: Au $1,200/oz, Zn $1,850/tonne, Pb $2,100/tonne, Cu $7,000/tonne </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><SUP>(3)</SUP>&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Totals may not add up due to rounding </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>2014 Capital Investments </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In 2014, Pan American plans to spend $95.5 million on sustaining
capital and a further $67.0 million on long term projects.&nbsp; The following table details the estimate of capital to be invested
at each operation and project:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2014 Capital </B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>$ Millions</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">La Colorada </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">8.0 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Alamo Dorado </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">0.5 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Dolores </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">32.5 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Huaron </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">9.5 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Morococha </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">9.0 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">San Vicente </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">6.0 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Manantial Espejo </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">30.0 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Sustaining Capital Sub-total</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>95.5</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">La Colorada Project </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">32.0 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">Dolores Project </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">35.0 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>Project Sub-total </B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>67.0</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>2014 Total Capital </B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black"><B>162.5 Million </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Planned sustaining capital investments this year include $26.0
million for open pit pre-stripping and haul truck replacements at Dolores, $25.0 million for open pit pre-stripping and a tailings
dam expansion at Manantial Espejo, approximately $7.0 million for underground development across all 5 underground mines and $13
million for brownfield mine-site exploration.&nbsp; In addition, the Company plans project capital expenditures of approximately
$32.0 million for the La Colorada expansion and $35.0 million at Dolores. Dolores' expenditures are predominantly for Leach Pad
3 expansion, but also include further process plant optimization and the commencement of work on a new 115 KV power line to the
mine.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Commenting on 2014's production and sustaining capital forecasts,
Steve Busby, Chief Operating Officer, said, &quot;I am extremely pleased with the industry-leading performance of our operating
and project teams, who managed to establish new Company production records during 2013, while at the same time decisively responding
to the unexpected decline in precious metal price by reducing our cash costs to well below the goal we originally established.&nbsp;In
addition, our team also managed to establish yet another remarkable annual safety performance record for Pan American.&nbsp;I'd
like to extend my personal thanks to all of our dedicated employees and contractors for all their enormous efforts.&nbsp;I am very
happy to announce that we are targeting another record-breaking year of precious metal production during 2014, while advancing
some value-enhancing organic projects that can provide us with the ability to establish even further production records beyond
2014.&quot;</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 announce its unaudited 2013 fourth quarter and 2013 full-year consolidated results on Thursday, February 20, 2014 prior to market open.&nbsp;A conference call and live audio webcast to discuss the results will be held that same day at 1:00 pm EST (10:00 am PST).&nbsp;To participate in the conference, please dial toll number 1-604-638-5340.</FONT><BR>
<BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: black">A live audio webcast and Power Point presentation will be available at http://services.choruscall.ca/links/pan140220.html.&nbsp;The call and webcast will also 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>About Pan American Silver</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American Silver's mission is to be the world's pre-eminent
silver producer, with a reputation for excellence in discovery, engineering, innovation and sustainable development. The Company
has seven operating mines in Mexico, Peru, Argentina and Bolivia.&nbsp;Pan American also owns several development projects in the
USA, Mexico, Peru and Argentina.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B><I>Non-IFRS Measure - Cash costs per ounce, NET OF BY-PRODUCT
CREDITS</I></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, NET OF BY-PRODUCT CREDITS, IS
CALCULATED AS FOLLOWS: EXCEPT AS OTHERWISE NOTED, CASH COSTS PER OUNCE PRODUCED IS CALCULATED BY DIVIDING TOTAL CASH COSTS NET
OF BY-PRODUCT CREDITS BY TOTAL SILVER OUNCES PRODUCED AT THE RELEVANT MINE OR MINES.&nbsp; 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.&nbsp; CASH
COST PER OUNCE OF SILVER PRODUCED, NET OF BY-PRODUCT CREDITS, 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, NET OF BY-PRODUCT CREDITS, MAY ENABLE INVESTORS TO BETTER UNDERSTAND YEAR-OVER-YEAR
CHANGES IN OUR PRODUCTION COSTS, WHICH IN TURN AFFECT PROFITABILITY AND CASH FLOW. CASH COSTS PER OUNCE, NET OF BY-PRODUCT CREDITS,
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, NET OF BY-PRODUCT CREDITS, 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 MEASURED USED BY OTHER ENTITIES. </I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>CERTAIN OF THE STATEMENTS AND INFORMATION IN THIS NEWS
RELEASE CONSTITUTE &quot;FORWARD-LOOKING STATEMENTS&quot; WITHIN THE MEANING OF THE UNITED STATES PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995 AND &quot;FORWARD-LOOKING INFORMATION&quot; WITHIN THE MEANING OF APPLICABLE CANADIAN PROVINCIAL SECURITIES
LAWS.&nbsp; ALL STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS OR INFORMATION.&nbsp; FORWARD-LOOKING
STATEMENTS OR INFORMATION IN THIS NEWS RELEASE RELATE TO, AMONG OTHER THINGS: OUR PRODUCTION OF SILVER, GOLD AND OTHER METALS IN
2014; OUR ESTIMATED CASH COSTS PER OUNCE OF SILVER IN 2013 AND FORECAST CASH COSTS PER OUNCE OF SILVER IN 2014; OUR ANTICIPATED
CAPITAL INVESTMENTS FOR 2014; THE ABILITY OF THE COMPANY TO SUCCESSFULLY COMPLETE ANY CAPITAL&nbsp; INVESTMENT PROGRAMS AND PROJECTS
AND THE IMPACTS OF ANY SUCH PROGRAMS AND PROJECTS ON THE COMPANY;&nbsp; AND ANY ANTICIPATED LEVEL OF FINANCIAL AND OPERATIONAL
SUCCESS IN 2014.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>THESE STATEMENTS REFLECT THE COMPANY'S CURRENT VIEWS WITH
RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF ASSUMPTIONS THAT, WHILE CONSIDERED REASONABLE BY THE COMPANY,
ARE INHERENTLY SUBJECT TO SIGNIFICANT OPERATIONAL, BUSINESS, ECONOMIC AND REGULATORY UNCERTAINTIES AND CONTINGENCIES.&nbsp; THESE
ASSUMPTIONS INCLUDE: TONNAGE OF ORE TO BE MINED AND PROCESSED; ORE GRADES AND RECOVERIES; PRICES FOR SILVER, GOLD AND BASE METALS;
CAPITAL, DECOMMISSIONING AND RECLAMATION ESTIMATES; OUR MINERAL RESERVE AND RESOURCE ESTIMATES AND THE ASSUMPTIONS UPON WHICH THEY
ARE BASED; PRICES FOR ENERGY INPUTS, LABOUR, MATERIALS, SUPPLIES AND SERVICES (INCLUDING TRANSPORTATION); NO LABOUR-RELATED DISRUPTIONS
AT ANY OF OUR OPERATIONS: NO UNPLANNED DELAYS IN OR INTERRUPTIONS IN SCHEDULED PRODUCTION; ALL NECESSARY PERMITS, LICENCES AND
REGULATORY APPROVALS FOR OUR OPERATIONS ARE RECEIVED IN A TIMELY MANNER; AND OUR ABILITY TO COMPLY WITH ENVIRONMENTAL, HEALTH AND
SAFETY LAWS. THE FOREGOING LIST OF ASSUMPTIONS IS NOT EXHAUSTIVE. </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>THE COMPANY CAUTIONS THE READER THAT FORWARD-LOOKING STATEMENTS
AND INFORMATION INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS AND DEVELOPMENTS
TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS OR INFORMATION CONTAINED IN THIS NEWS RELEASE
AND THE COMPANY HAS MADE ASSUMPTIONS AND ESTIMATES BASED ON OR RELATED TO MANY OF THESE FACTORS. SUCH FACTORS INCLUDE, WITHOUT
LIMITATION: FLUCTUATIONS IN SILVER, GOLD AND&nbsp; BASE METALS PRICES; FLUCTUATIONS IN PRICES FOR ENERGY INPUTS, LABOUR, MATERIALS,
SUPPLIES AND SERVICES (INCLUDING TRANSPORTATION); FLUCTUATIONS IN CURRENCY MARKETS (SUCH AS THE CANADIAN DOLLAR, PERUVIAN SOL,
MEXICAN PESO AND BOLIVIAN BOLIVIANO VERSUS THE U.S. DOLLAR); OPERATIONAL RISKS AND HAZARDS INHERENT WITH THE BUSINESS OF MINING
(INCLUDING ENVIRONMENTAL ACCIDENTS AND HAZARDS, INDUSTRIAL ACCIDENTS, EQUIPMENT BREAKDOWN, UNUSUAL OR UNEXPECTED GEOLOGICAL OR
STRUCTURAL FORMATIONS, CAVE-INS, FLOODING AND SEVERE WEATHER); 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; RELATIONSHIPS WITH, AND CLAIMS BY, LOCAL COMMUNITIES AND INDIGENOUS POPULATIONS;
OUR ABILITY TO OBTAIN ALL NECESSARY PERMITS, LICENSES AND REGULATORY APPROVALS IN A TIMELY MANNER;CHANGES IN LAWS, REGULATIONS
AND GOVERNMENT PRACTICES IN THE JURISDICTIONS WHERE WE OPERATE, INCLUDING ENVIRONMENTAL, EXPORT AND IMPORT LAWS AND REGULATIONS;
DIMINISHING QUANTITIES OR GRADES OF MINERAL RESERVES AS PROPERTIES ARE MINED; INCREASED COMPETITION IN THE MINING INDUSTRY FOR
EQUIPMENT AND QUALIFIED PERSONNEL; 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; 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;INVESTORS ARE CAUTIONED AGAINST UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS AND INFORMATION.&nbsp;
FORWARD-LOOKING STATEMENTS AND INFORMATION ARE DESIGNED TO HELP READERS UNDERSTAND MANAGEMENT'S CURRENT VIEWS OF OUR NEAR AND LONGER
TERM PROSPECTS AND MAY NOT BE APPROPRIATE FOR OTHER PURPOSES.&nbsp; THE COMPANY DOES NOT INTEND, NOR DOES IT ASSUME ANY OBLIGATION
TO UPDATE OR REVISE FORWARD-LOOKING STATEMENTS AND INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION, CHANGES IN ASSUMPTIONS,
FUTURE EVENTS OR OTHERWISE, EXCEPT TO THE EXTENT REQUIRED BY APPLICABLE LAW.</I></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">Kettina Cordero<BR>
Manager, Investor Relations<BR>
(604) 684-1175<BR>
ir@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 05:00e 20-JAN-14</P>



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