<SEC-DOCUMENT>0001279569-14-000113.txt : 20140131
<SEC-HEADER>0001279569-14-000113.hdr.sgml : 20140131
<ACCEPTANCE-DATETIME>20140130194737
ACCESSION NUMBER:		0001279569-14-000113
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140130
FILED AS OF DATE:		20140131
DATE AS OF CHANGE:		20140130

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:		14562320

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>panamericansilver6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0"></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>Washington,
D.C. 20549</B></FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>January 30, 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>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
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    <TD STYLE="width: 50%"></TD>
    <TD STYLE="width: 1%"></TD>
    <TD STYLE="width: 49%"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><B>Pan American Silver Corp.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2">(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date: January   30, 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   30, 2014 - Pan American Silver increases silver reserves at the La Colorada mine and files NI 43-101 report for mine expansion on SEDAR</FONT></TD></TR></TABLE>

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



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

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



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED JANUARY 30, 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">&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"><B>Pan American Silver increases silver reserves at the La Colorada
mine and files NI 43-101 report for mine expansion on SEDAR</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Proven and Probable reserves at La Colorada increased by
26% to 81.4 M oz Ag</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. 30, 2014 /CNW/ - <B>Pan American Silver Corp.
(&quot;Pan American&quot; or the &quot;Company&quot;)</B> (PAAS: NASDAQ) (PAA: TSX) After another year of successful exploration,
the La Colorada mine in Zacatecas, Mexico increased its proven and probable silver mineral reserves to 81.4 million ounces, an
increase of 26% compared to the year before. Net of 2013 silver production, the mine added an estimated 16.7 million ounces of
new silver reserves during the year.&nbsp;The updated mineral reserve and resource estimate for La Colorada as of December 31,
2013 is as follows:</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Proven and Probable Reserves<SUP>(2),(3)</SUP> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Category </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">Tonnes (Mt)<SUP>(1)</SUP> </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">Ag g/mt </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">Ag&nbsp;(Moz)<SUP>(1)</SUP> </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">Au g/mt </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">Pb % </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">Zn % </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Proven </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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">406 </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">31.2 </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">0.31 </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">1.35 </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">2.47 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Probable </FONT></TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.1 </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">378 </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">50.2 </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">0.39 </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">1.30 </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">2.35 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total Reserves </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">6.5 </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">388 </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">81.4 </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">0.36 </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">1.32 </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">2.40 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Measured and Indicated Resources<SUP>(2),(3)</SUP> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Category </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">Tonnes (Mt)<SUP>(1)</SUP> </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">Ag g/mt </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">Ag&nbsp;(Moz)<SUP>(1)</SUP> </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">Au g/mt </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">Pb % </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">Zn % </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Measured </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">0.4 </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">164 </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">2.2 </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">0.15 </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">0.40 </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">0.65 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Indicated </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">1.7 </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">255 </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">13.8 </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">0.29 </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">0.51 </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">0.83 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total M&amp;I Resources </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">2.1 </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">237 </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">16.0 </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">0.26 </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">0.49 </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">0.80 </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Inferred Resources<SUP>(2),(3)</SUP> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Category </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">Tonnes (Mt)<SUP>(1)</SUP> </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">Ag g/mt </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">Ag&nbsp;(Moz)<SUP>(1)</SUP> </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">Au g/mt </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">Pb % </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">Zn % </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total Inferred Resources </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">2.9 </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">265 </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">24.5 </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">0.42 </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">1.34 </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">2.17 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Notes:&nbsp; &nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1) Rounded to the nearest hundred thousand. </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2) Metal prices used: Ag: $22/oz, Au: $1,300/oz, Pb: $1,950/tonne, Cu: $6,800/tonne, Zn $1,850/tonne </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3) Mineral reserves and mineral resources have been reported separately.&nbsp;Mineral resources do not have demonstrated economic viability. </FONT></TD></TR>
<TR>
    <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 the past five years, Pan American has discovered 86 million
ounces of new proven and probable silver mineral reserves at La Colorada, mainly in the NC2 and Amolillo veins. Based on this exploration
success, the Company announced on December 18, 2013 (&quot;Pan American Silver to expand its La Colorada mine&quot;) a mine expansion
plan to increase estimated annual silver production from current 4.6 million ounces (2013) to 7.7 million ounces in 2018 when the
full expansion project is completed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Comprehensive details regarding this expansion project are
outlined in a preliminary economic assessment technical report (&quot;<B>PEA</B>&quot;) which was published today on SEDAR (Technical
Report, Preliminary Economic Analysis for the Expansion of the La Colorada Mine, Zacatecas, Mexico. Effective date December 31,
2013).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American will release a detailed reserve and resource
update for all of its operations on February 19, 2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The PEA completed for the expansion project is based on La
Colorada's mineral reserves and resources as of December 31, 2012 adjusted for production information available as of mid-2013.
The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have
the economic considerations applied to them that would enable them to be categorized as mineral reserves.&nbsp;There is no certainty
that the results of the PEA, including the expanded mine plan and production forecasts described herein, will be realized. Mineral
resources that are not mineral reserves have no demonstrated economic viability.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Company's decision to expand the La Colorada mine as described
herein and in our press release of December 18, 2013 is not based on a feasibility study of mineral reserves demonstrating economic
and technical viability and as such may be subject to increased uncertainty and risks.</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 and approved 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>

<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>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 SECURITIES LAWS.&nbsp;ALL
STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS OR INFORMATION.&nbsp; WHEN USED IN THIS NEWS
RELEASE THE WORDS, &quot;ESTIMATES&quot;, &quot;PLANS&quot;, &quot;FORECASTS&quot;, &quot;POTENTIAL&quot; &quot;WILL&quot; AND
OTHER SIMILAR WORDS AND EXPRESSIONS IDENTIFY FORWARD-LOOKING STATEMENTS OR INFORMATION. THESE FORWARD-LOOKING STATEMENTS OR INFORMATION
RELATE TO, AMONG OTHER THINGS: OUR MINERAL RESERVE AND RESOURCE ESTIMATES, OUR PLANS TO EXPAND THE LA COLORADA MINE, OUR EXPANDED
MINE PLAN AND PRODUCTION FORECASTS.</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; THE ACCURACY OF 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.&nbsp;SUCH RISKS AND UNCERTAINTIES
INCLUDE, BUT ARE NOT LIMITED TO: 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
AND MEXICAN PESO 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); DEVELOPMENT, MINING OR PRODUCTION PLANS ARE DELAYED OR DO NOT SUCCEED FOR ANY REASON; 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 NATIONAL AND LOCAL GOVERNMENT, LAWS, TAXATION, CONTROLS, REGULATIONS AND GOVERNMENT PRACTICES, INCLUDING
ENVIRONMENTAL,&nbsp; EXPORT AND IMPORT LAWS AND REGULATIONS, POLITICAL OR ECONOMIC DEVELOPMENTS, PARTICULARILY IN MEXICO AND CANADA;
DIMINISHING QUANTITIES OR GRADES OF MINERAL RESERVES AS MINING OCCURS; CHANGES IN THE PARAMETERS OF THE LA COLORADA MINE TO DEAL
WITH UNANTICIPATED ECONOMIC OR OTHER FACTORS; ESCALATION OF CAPITAL AND OPERATING COSTS; INCREASED COMPETITION IN THE MINING INDUSTRY
FOR EQUIPMENT AND 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 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 UNDERTAKE ANY OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING
STATEMENTS OR INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT TO THE EXTENT REQUIRED BY
LAW.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B><I>CAUTIONARY NOTE FOR U.S. INVESTORS </I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>CANADIAN STANDARDS, INCLUDING NI 43-101, DIFFER SIGNIFICANTLY
FROM THE REQUIREMENTS OF THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE &quot;SEC&quot;), AND INFORMATION CONCERNING
MINERALIZATION, DEPOSITS, AND</I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<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: 0">%CIK: 0000771992</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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 19:00e 30-JAN-14</P>



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